Earnings Release • Sep 8, 2021
Earnings Release
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Milan – September 8th, 2021
The Board of Directors approved Tod's Group 2021 Half-Year Report
Group's sales: 398.4 million Euros, +55.1% from H1 2020
EBITDA: 65 million Euros, with a 16.3% margin on sales
EBIT: -2.7 million Euros, compared to a 94.1 million Euros operating loss in H1 20
Group's Net Result: -20.7 million Euros, compared to a 80.6 million Euros loss in H1 20
Net Financial Debt1 : 131.7 million Euros
Approval of the merger plan for incorporation of the wholly owned subsidiaries Filangieri 29 S.r.l. and Del.Pav. S.r.l.
The Board of Directors of Tod's S.p.A., the Italian company listed on the Milan Stock Exchange and holding of the luxury goods group of the same name operating in luxury and quality shoes, accessories and apparel with the Tod's, Roger Vivier, Hogan and Fay brands, today approved the Group's report for the first half of 2021 (January 1st – June 30th, 2021).
Diego Della Valle, Chairman and CEO of the Group, commented as follows:
"The second quarter of the year confirmed an acceleration of the Group's performance, especially in the areas of the world where the stores are working at full capacity. Very strong growth in China, while the areas penalized by the absence of tourists are still weak. Roger Vivier registered solid results and consumer feedback on the Tods brand collections was very satisfactory, both for shoes and for all leather goods; we are also very satisfied with the good start of the Fall Winter collections currently in stores.
The results of the e-commerce channel were excellent, thanks also to the important investments made in the digital division.
I believe that the increase in volumes and the quality of revenues, together with the careful control of overhead costs, will allow us to achieve a gradual improvement in margins.
1 The balance is calculated excluding 425.8 million Euros of lease liabilities.
TOD'S S.P.A. – SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID – REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)–VIA FILIPPO DELLA VALLE N. 1 FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
I am more and more convinced that the exclusive positioning of our brands will allow us to increasingly satisfy a clientele of young people, who love great quality and good taste."
In the first half of 2021, consolidated sales were 398.4 million Euros, up 55.1% from H1 20202.
Currency fluctuations gave a negative contribution, mainly to Tod's and Roger Vivier, which have the greatest presence abroad; at constant exchange rates, meaning by using the average exchange rates of H1 2020, including the related effects of hedging contracts, sales would have been 405.5 million Euros, up 57.8% from H1 2020.
Considering that the pandemic has heavily affected business in the various regions of the world, in the present financial year and, above all, in the 2020 comparison basis, we also introduce the comparison with the first half of the 2019 financial year at constant rates. In this analysis, it's important to realize that in the first half of 2021, the average opening rate of the store network was 85%, as a world average, and that, given the persistent pandemic context, the Group has decided to remain prudent and not to place too many goods on the market, to protect the prestige of the brands.
(million Euros)
| H1 2021 | % change | % change | ||||
|---|---|---|---|---|---|---|
| reported rates | constant rates | H1 2020 | reported rates | constant rates | H1 2019 | |
| Tod's | 188,0 | 192,0 | 124,5 | +50,9% | +54,2% | -17,1% |
| Roger Vivier | 112,7 | 115,4 | 61,4 | +83,6% | +88,0% | +14,2% |
| Hogan | 80,5 | 80,9 | 58,4 | +38,0% | +38,6% | -19,4% |
| Fay | 16,8 | 16,8 | 12,4 | +35,0% | +35,1% | -22,2% |
| Other | 0,4 | 0,4 | 0,2 | n.m. | n.m. | n.m. |
| TOTAL | 398,4 | 405,5 | 256,9 | +55,1% | +57,8% | -10,9% |
The pandemic affected the sales results of all the Group's brands, in all geographic areas, product categories and on both distribution channels.
The revenue trend of each brand reflects its different geographical mix and its distribution structure; consequently, the Roger Vivier brand, which has the highest exposure to the Asian market, was the best performer in the period.
We are very satisfied with the results of the Tod's brand in the geographical areas, where the stores have been regularly opened and with the excellent start of sales of the Fall/Winter collections, since their arrival in the stores.
(million Euros)
| H1 2021 | % change | % change | ||||
|---|---|---|---|---|---|---|
| reported rates | constant rates | H1 2020 | reported rates | constant rates | H1 2019 | |
| Shoes | 327,1 | 332,7 | 211,8 | +54,5% | +57,1% | -9,5% |
| Leather goods and accessories |
49,8 | 51,2 | 30,0 | +65,9% | +70,5% | -18,3% |
| Apparel | 21,1 | 21,2 | 14,9 | +41,4% | +41,8% | -12,2% |
| Other | 0,4 | 0,4 | 0,2 | n.m. | n.m. | n.m. |
| TOTAL | 398,4 | 405,5 | 256,9 | +55,1% | +57,8% | -10,9% |
Good results were recorded both in the core business of shoes and in the new families of leather goods and accessories.
| (million Euros) | |||||||
|---|---|---|---|---|---|---|---|
| H1 2021 | H1 2020 | % change | |||||
| reported rates | constant rates | reported rates | constant rates | H1 2019 | |||
| Italy | 88,8 | 88,8 | 65,6 | +35,5% | +35,5% | -29,0% | |
| Europe (excl. Italy) |
74,9 | 74,9 | 61,2 | +22,1% | +22,3% | -35,2% | |
| Americas (*) | 25,4 | 27,4 | 16,1 | +58,2% | +70,6% | -21,6% | |
| Greater China (**) |
156,2 | 159,6 | 74,3 | +110,2% | +114,7% | +43,5% | |
| Rest of World |
53,1 | 54,8 | 39,7 | +33,8% | +37,8% | -20,0% | |
| TOTAL | 398,4 | 405,5 | 256,9 | +55,1% | +57,8% | -10,9% |
(*) This line includes the whole American continent (Northern and Southern America).
2 As also highlighted in the previous years, the analysis of the data of the individual quarters is not fully significant, given the imperfect homogeneity in the different months of the year of the revenues from industrial activity. This
TOD'S S.P.A. – SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID – REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)–VIA FILIPPO DELLA VALLE N. 1 FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
(**) This line includes: mainland China, Hong Kong SAR, Macao SAR and Taiwan Region.
The pandemic has heavily affected business in the various regions of the world, both in the current year and in the comparison base for 2020; for this reason, it's more meaningful to make the comparison with the first half of 2019. However, in this regard, it should be noted that in the first half of 2021, the average opening rate of the store network was 85%, as a world average. This percentage of operations drops to 76%, if referring to Italy, and even to 61%, if referring to the rest of Europe.
Revenues in Greater China recorded a growth of 43,5% compared to the values of 2019, showing an acceleration in the second quarter of the year compared to the first. Conversely, new cases of infections and new store closures in Japan, Korea and other Asian countries caused a slight slowdown in the "Rest of the World" area in the second quarter. Obviously, the results of European countries, including Italy, are still very weak, penalized by the absence of tourist flows, although we are very satisfied with the spending attitude of local customers.
| H1 2021 | % change | |||||
|---|---|---|---|---|---|---|
| reported rates | constant rates | H1 2020 | reported rates | constant rates | % change H1 2019 |
|
| Retail (DOS+online) |
292,0 | 297,8 | 185,1 | +57,7% | +60,9% | -6,7% |
| Third parties (Franchised stores + Independent retailers) |
106,4 | 107,7 | 71,8 | +48,2% | +50,0% | -20,8% |
| TOTAL | 398,4 | 405,5 | 256,9 | +55,1% | +57,8% | -10,9% |
(million Euros)
The retail channel registered strong results, also driven by the excellent growth of the e-commerce channel.
The results of the wholesale channel were also influenced by the different timing of deliveries among the quarters; as expected, the performance of this channel, when compared with the 2019 figures, reflects the physiological downsizing taking place worldwide.
As of June 30th, 2021 the Group's distribution network was composed by 304 DOS and 96 franchised stores, compared to 292 DOS and 112 franchised stores as of June 30th, 2020.
TOD'S S.P.A. – SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID – REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)–VIA FILIPPO DELLA VALLE N. 1 FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
reminder becomes even more important this year, given the huge impact of the Covid-19 pandemic on the results.
In the first half of 2021, EBITDA was equal to 65 million Euros, or 16.3% of sales, which compares to a 18.7 million Euros operating loss in the first half of 2020 (this value included the 30 million Euros extraordinary inventory write-down). If compared to the pre-pandemic situation in the first half of 2019, there is a decline in the industrial margin, mainly due to higher costs of raw materials and logistics, and a greater incidence on revenues of operating costs, despite the careful and prudent cost review policy. In particular, the incidence on sales of labour costs increased from 23.6% of H1 2020 to 25.7% of H1 2021, despite the substantial stability of the Group's workforce3.
The incidence on revenues of the cost of rents was substantially unchanged, also thanks to the benefit of the renegotiation of rents for lockdown.
The amount of ordinary depreciation, amortization, provisions and write-downs was also stable, i.e. net of depreciation on assets for right of use (which amounted to 48.4 million euros in the first half of 2021, compared to 54.7 million euros in first semester 2020).
The value of EBIT is negative for 2.7 million euros, a marked improvement compared to the operating loss of 94.1 million euros in the first half of 2020.
The impact of currency fluctuations was slightly negative; at constant exchange rates, EBITDA would have been 68.8 million Euros and EBIT would have shown a negative value of 0.5 million Euros.
The Group's result before taxes, which is also affected by financial charges related to the application of IFRS16, is negative for 13.9 million euros, while it presented a negative balance of 106.1 million euros in the first half of 2020.
The trends commented above resulted in a consolidated result for the first half of 2021, net of current and deferred taxes for the period, negative for 20.7 million Euros, which compares with a loss of 80.6 million Euros in the first half of 2020.
In the first half of 2021, the Group invested 19 million Euros in tangible and intangible fixed assets, up from 14.9 million Euros in the first half of 2020. As usual, the majority of these investments were devoted to the widening and update of the DOS network; the rest of the investments were referred to the continuous renewal at industrial and corporate level, with particular focus on digital.
The net operating working capital totalled 314.5 million Euros as of June 30th, 2021, showing an improvement from the 367.8 million Euros balance as of June 2020, also due to the visible reduction of inventories.
As required by the accounting standard IFRS 16, as of June 30th, 2021 the Group accounted for lease liabilities of 425.8 million Euros, compared to 422.5 million Euros as of June 30th, 2020. Net of these liabilities, the net financial debt was 131.7 million Euros as of June 30th, 2021, which compares to a net debt of 165.1 million Euros as of June 30th, 2020. The Net Financial Position was negative and equal to 557.4 million Euros, compared to a negative debt of 587.5 million Euros, as of June 30th, 2020.
As of June 30th, 2021, the Group's shareholders' equity was 984.6 million Euros, compared to the 1,001.7 million Euro balance as of June 2020.
Today the Board of Directors also approved the merger plan for incorporation into Tod's S.p.A. of the wholly owned subsidiaries Filangieri 29 S.r.l. and Del.Pav S.r.l., which are entrusted with the retail distribution of the Group's products through a network of 6 stores in aggregate (3 managed by Filangieri 29 S.r.l. and 3 by Del.Pav S.r.l.), as already communicated in the press release issued on May 12th, 2021.
The minutes of the merger resolutions, together with the documentation relating to the two merger transactions, were filed today in the Marche Company Register and are available to the public at the registered office, on the Company's website at www. todsgroup.com and on the ** authorized storage mechanism at .
The merger deeds will be stipulated after the deadline referred to in art. 2503 of the civil code and will be published in compliance with the terms and the procedures established by the legislation, even regulatory, in force.
We remind also that these transactions are exempt from the application of the OPC Procedure, pursuant to art. 9.1 letter f), as implemented by the issuer with its own subsidiaries in which there are no significant interests of other related parties of the issuer.
3 The Group has 4,596 employees as of June 30th, 2021, compared to 4,657 as of June 30th, 2020.
TOD'S S.P.A. – SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID – REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)–VIA FILIPPO DELLA VALLE N. 1 FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
The manager responsible for preparing the company's financial reports, Mr. Rodolfo Ubaldi, declares, pursuant to article 154 bis, paragraph 2, of Legislative Decree n. 58/98 (the "Unified Financial Act"), that the accounting information contained in this press release corresponds to the document results, books and accounting records.
Should you need explanations, please contact: Investor Relations Office - tel. +39 02 77 22 51 e-mail: [email protected] Corporate website: www.todsgroup.com
Unaudited
| euro 000's | ||
|---|---|---|
| H1 2021 | H1 2020 | |
| Revenue | ||
| Sales revenue | 398,365 | 256,913 |
| Other income | 6,691 | 4,224 |
| Total revenue and income | 405,056 | 261,137 |
| Operating Costs | ||
| Change in inventories of work in progress and finished goods | (22,704) | (4,039) |
| Cost of raw materials, supplies and materials for consumption | (85,088) | (82,879) |
| Costs for services | (94,751) | (77,461) |
| Costs of use of third party assets | (23,705) | (8,671) |
| Personnel costs | (102,482) | (93,301) |
| Other operating charges | (11,013) | (12,511) |
| Amortisation and depreciation | (67,624) | (75,408) |
| Write downs/Reversing of assets | (349) | (1,010) |
| Total operating costs | (407,716) | (355,280) |
| Operating profit | (2,660) | (94,143) |
| Financial income and expenses | ||
| Financial income | 9,701 | 13,601 |
| Financial expenses | (20,907) | (25,534) |
| Total financial income (expenses) | (11,206) | (11,933) |
| Income (losses) from equity investments | ||
| Profit before taxes | (13,866) | (106,076) |
| Income taxes | (6,862) | 25,110 |
| Profit/(loss) for the period | (20,729) | (80,966) |
| Non-controlling interests | 344 | |
| Profit/(loss) of the Group | (20,729) | (80,622) |
| Basic Earnings/(Loss) per share (in euro) | (0.63) | (2.44) |
| Diluted Earnings/(Loss) per share (in euro) | (0.63) | (2.44) |
4 It should be noted that, starting with this half year condensed financial statements, in line with the reference best practice, Tod's Group consolidated income statement does not include the alternative performance indicator EBITDA. The comparative information of the previous period has been updated consequently. Anyway, this indicator is shown in the interim report on operations in order to achieve a better understanding of the economic performance.
Unaudited
| euro 000's | ||
|---|---|---|
| H1 2021 | H1 2020 | |
| Profit (loss) for the period (A) | (20,729) | (80,966) |
| Other comprehensive income that will be reclassified subsequently to profit and loss: | ||
| Gains/(Losses) on derivative financial instruments (cash flow hedge) | (4,092) | 1,330 |
| Gains/(Losses) on currency translation of foreign subsidiaries | 1,477 | 2,951 |
| Gains/(Losses) on net investments in foreign operations | 532 | (1,106) |
| Total other comprehensive income that will be reclassified subsequently to profit and | ||
| loss (B) | (2,083) | 3,176 |
| Other comprehensive income that will not be reclassified subsequently to profit and | ||
| loss: | ||
| Cumulated actuarial gains/(losses) on defined benefit plans | 284 | |
| Total other comprehensive income that will not be reclassified subsequently to profit | ||
| and loss (C) | 284 | |
| Total Comprehensive Income (A) + (B) + (C) | (22,528) | (77,790) |
| Of which: | ||
| Attributable to Shareholders of the Parent company | (22,528) | (77,446) |
| Attributable to non-controlling interests | (344) |
Unaudited
| euro 000's | |||
|---|---|---|---|
| 06.30.21 | 12.31.20 | 06.30.20 | |
| Non current assets | |||
| Right of use assets | |||
| Right of use assets | 411,684 | 382,521 | 424,169 |
| Total Right of use assets | 411,684 | 382,521 | 424,169 |
| Intangible fixed assets | |||
| Assets with indefinite useful life | 554,234 | 554,234 | 565,934 |
| Other intangible assets | 27,166 | 25,628 | 24,465 |
| Total Intangible fixed assets | 581,400 | 579,862 | 590,398 |
| Tangible fixed assets | |||
| Buildings and land | 52,777 | 53,706 | 54,609 |
| Plant and machinery | 9,031 | 9,563 | 10,032 |
| Equipment | 10,919 | 10,700 | 11,309 |
| Leasehold improvement | 30,969 | 31,507 | 36,333 |
| Others | 31,016 | 30,652 | 31,819 |
| Total Tangible fixed assets | 134,712 | 136,127 | 144,103 |
| Other assets | |||
| Investment properties | 10 | 11 | 13 |
| Deferred tax assets | 106,570 | 105,655 | 70,972 |
| Others | 18,847 | 18,329 | 18,914 |
| Total other assets | 125,427 | 123,995 | 89,899 |
| Total non current assets | 1,253,223 | 1,222,505 | 1,248,571 |
| Current assets | |||
| Inventories | 334,787 | 353,982 | 378,349 |
| Trade receivables | 78,117 | 73,653 | 72,860 |
| Tax receivables | 11,515 | 15,437 | 18,696 |
| Derivative financial instruments | 483 | 2,739 | 4,254 |
| Others | 70,553 | 65,987 | 70,667 |
| Cash and cash equivalents | 188,147 | 330,940 | 509,461 |
| Total current assets | 683,601 | 842,739 | 1,054,287 |
| Total assets | 1,936,823 | 2,065,244 | 2,302,858 |
to be continued
| euro 000's | |||
|---|---|---|---|
| (continuing) | 06.30.21 | 12.31.20 | 06.30.20 |
| Equity | |||
| Share capital | 66,187 | 66,187 | 66,187 |
| Capital reserves | 416,588 | 416,588 | 416,588 |
| Hedging and translation reserves | 15,228 | 17,311 | 18,616 |
| Other reserves | 507,374 | 580,280 | 582,368 |
| Profit/(loss) attributable to the Group | (20,729) | (73,190) | (80,622) |
| Total Equity attributable to the Group | 984,648 | 1,007,176 | 1,003,137 |
| Non-controlling interest | |||
| Share capital and reserves | (1,057) | ||
| Profit/(loss) attributable to non-controlling interests | (344) | ||
| Total Equity attributable to non-controlling interests | (1,401) | ||
| Total Equity | 984,648 | 1,007,176 | 1,001,736 |
| Non-current liabilities | |||
| Provisions for risks | 13,112 | 12,692 | 11,534 |
| Deferred tax liabilities | 7,288 | 4,030 | 36,254 |
| Employee benefits | 15,695 | 15,234 | 14,980 |
| Derivative financial instruments | 567 | 90 | |
| Bank borrowings | 227,902 | 9,375 | 533,285 |
| Non-current lease liabilities | 333,887 | 305,013 | 330,826 |
| Others | 12,165 | 12,801 | 12,251 |
| Total non-current liabilities | 610,615 | 359,145 | 939,222 |
| Current liabilities | |||
| Trade payables | 98,410 | 105,270 | 83,409 |
| Tax payables | 7,428 | 11,426 | 5,218 |
| Derivative financial instruments | 4,935 | 1,827 | 1,559 |
| Others | 53,057 | 40,350 | 43,620 |
| Banks | 83,401 | 446,501 | 134,088 |
| Current lease liabilities | 91,863 | 91,337 | 91,653 |
| Provisions for risks | 2,465 | 2,213 | 2,353 |
| Total current liabilities | 341,560 | 698,924 | 361,899 |
| Total Equity and liabilities | 1,936,823 | 2,065,244 | 2,302,858 |
Unaudited
| euro 000's | ||
|---|---|---|
| Jan.-Jun. 21 | Jan.-Jun. 20 | |
| Profit/(Loss) for the period | (20,729) | (80,966) |
| Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities: |
||
| Amortizat., deprec., revaluat., and write-downs | 70,603 | 112,265 |
| Other non monetary expenses/(income) | 3,222 | (5,817) |
| Income taxes for the period | 6,862 | (25,110) |
| Changes in operating assets and liabilities: | ||
| Trade receivables | (2,303) | 23,953 |
| Inventories | 14,228 | (30,218) |
| Tax receivables and tax payables | (2,547) | (1,468) |
| Trade payables | (6,860) | (53,782) |
| Other assets and liabilities | 5,003 | (6,064) |
| Change in reserve for employee | 745 | 394 |
| Cash flows from operating activities | 68,224 | (66,812) |
| Interests (paid)/collected | (2,998) | (614) |
| Interests (paid) on lease liabilities | (5,934) | (7,132) |
| Income taxes (paid)/refunded | (2,049) | (18,667) |
| Net cash flows from operating activities (A) | 57,244 | (93,226) |
| Acquisitions of intangible and tangible fixed assets | (18,960) | (14,938) |
| Transfers of intangible and tangible fixed assets | 754 | 335 |
| Cash flows generated (used) in investing activities (B) | (18,206) | (14,603) |
| Repayments of lease liabilities | (42,585) | (38,055) |
| Repayments of financial liabilities | (397,292) | (40,833) |
| Proceeds from financial liabilities | 257,609 | 517,774 |
| Cash flows generated (used) in financing (C) | (182,268) | 438,886 |
| Translation differences (D) | 1,907 | 569 |
| Cash flows from continuing operations (E)=(A)+(B)+(C)+(D) | (141,322) | 331,626 |
| Cash flow from assets held for sale (F) | ||
| Cash flows generated (used) (G)=(E)+(F) | (141,322) | 331,626 |
| Net cash and cash equivalents at the beginning of the period | 316,172 | 160,609 |
| Net cash and cash equivalents at the end of the period | 174,850 | 492,235 |
| Change in net cash and cash equivalents | (141,322) | 331,626 |
TOD'S S.P.A. – SHARE CAPITAL EURO 66,187,078 ENTIRELY PAID – REGISTERED OFFICE: SANT'ELPIDIO A MARE (FM)–VIA FILIPPO DELLA VALLE N. 1 FISCAL CODE AND REGISTRATION NUMBER WITH THE FERMO REGISTER: 01113570442 - CORPORATE WEBSITE: www.todsgroup.com
Unaudited
| January-June 2021 euro 000's |
Share Capital |
Capital reserves |
Hedging and reserve for translation |
Retained earnings |
Group interests |
Non controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Balances as of 01.01.21 | 66,187 | 416,588 | 17,311 | 507,090 | 1,007,176 | 1,007,176 | |
| Profit & Los s account | (20,729) | (20,729) | (20,729) | ||||
| Directly in equity | (2,083) | 284 | (1,799) | (1,799) | |||
| Total Comprehensive Income | (2,083) | (20,445) | (22,528) | (22,528) | |||
| Dividend paid | |||||||
| Capital increase | |||||||
| Share based payments | |||||||
| Other | |||||||
| Balances as of 06.30.21 | 66,187 | 416,588 | 15,228 | 486,645 | 984,648 | 984,648 |
| January-June 2020 euro 000's |
Share Capital |
Capital reserves |
Hedging and reserve for translation |
Retained earnings |
Group interests |
Non controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Balances as of 01.01.20 | 66,187 | 416,588 | 15,441 | 583,421 | 1,081,637 | (1,089) | 1,080,548 |
| Profit & Los s account | (80,622) | (80,622) | (344) | (80,966) | |||
| Directly in equity | 3,176 | 3,176 | 3,176 | ||||
| Total Comprehensive Income | 3,176 | (80,622) | (77,446) | (344) | (77,790) | ||
| Dividend paid | |||||||
| Capital increase | |||||||
| Share based payments | |||||||
| Other | (1,053) | (1,053) | 32 | (1,022) | |||
| Balances as of 06.30.20 | 66,187 | 416,588 | 18,616 | 501,746 | 1,003,137 | (1,401) | 1,001,736 |
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