EURONAV NV
|
||
(Registrant)
|
||
Dated: May 4, 2015
|
||
By:
|
/s/ Hugo De Stoop
|
|
Hugo De Stoop
|
||
Chief Financial Officer
|
· | EBITDA +182% to USD 131.3 million - best quarterly performance since Q3 2008 |
· | Balance sheet strengthened and simplified post NYSE listing |
· | New dividend policy commitment - at least 80% of net income over financial year |
· | Euronav shares now fully tradable since 28 April on both NYSE and Euronext Brussels |
The most important key figures are:
|
|||||||||
|
|
||||||||
in thousands of USD
|
First quarter 2015
|
First quarter 2014
|
|||||||
|
|||||||||
Revenue
|
204,521
|
106,051
|
|||||||
Other operating Income
|
2,488
|
1,879
|
|||||||
|
|||||||||
Voyage expenses and commissions
|
(21,916
|
)
|
(23,800
|
)
|
|||||
Vessel operating expenses
|
(36,809
|
)
|
(24,931
|
)
|
|||||
Charter hire expenses
|
(9,052
|
)
|
(4,125
|
)
|
|||||
General and administrative expenses
|
(10,020
|
)
|
(8,540
|
)
|
|||||
Net Gain (loss) on disposal of tangible assets
|
2,120
|
-
|
|||||||
|
|||||||||
EBITDA
|
131,332
|
46,534
|
|||||||
|
|||||||||
Depreciation
|
(49,116
|
)
|
(33,444
|
)
|
|||||
EBIT (result from operating activities)
|
82,216
|
13,090
|
|||||||
Net finance expenses
|
(16,534
|
)
|
(19,264
|
)
|
|||||
Share of profit (loss) of equity accounted investees
|
13,624
|
7,529
|
|||||||
Result before taxation
|
79,306
|
1,355
|
|||||||
|
|||||||||
Tax Benefit (Expense)
|
1,549
|
14
|
|||||||
Profit (loss) for the period
|
80,855
|
1,369
|
|||||||
Attributable to:
|
Owners of the company
|
80,855
|
1,369
|
||||||
|
Non-controlling intrests
|
-
|
-
|
The contribution to the result is as follows
|
||||||||
|
||||||||
in thousands of USD
|
First quarter 2015
|
First quarter 2014
|
||||||
|
||||||||
Tankers
|
72,772
|
(5,889
|
)
|
|||||
FSO
|
8,083
|
7,258
|
||||||
result after taxation
|
80,855
|
1,369
|
||||||
|
Information per share:
|
||||||||
|
||||||||
in USD per share
|
First quarter 2015
|
First quarter 2014
|
||||||
|
||||||||
Weighted average number of shares (basic) *
|
148,065,537
|
89,747,361
|
||||||
EBITDA
|
0.89
|
0.52
|
||||||
EBIT (operating result)
|
0.56
|
0.15
|
||||||
result after taxation
|
0.55
|
0.02
|
In USD per day
|
First quarter
2015
|
First quarter
2014
|
||||||
VLCC
|
||||||||
Average spot rate (in TI Pool)
|
50,845
|
34,777
|
||||||
Average time-charter rate*
|
44,547
|
42,444
|
||||||
Suezmax
|
||||||||
Average spot rate**
|
41,944
|
26,800
|
||||||
Average time-charter rate*
|
41,593
|
27,350
|
* Including profit share where applicable
|
** Excluding technical offhire days
|
Webcast Information
|
|
Event Type:
|
Audio webcast with user-controlled slide presentation.
|
Event Date:
|
30 April 2015
|
Event Time:
|
9:30 a.m. EST / 3:30 p.m. CET
|
Event Title:
|
"Euronav Q1 2015 Earnings Call"
|
Event Site/URL:
|
http://services.choruscall.com/links/euronav150430.html
|
Extraordinary and Annual General Meetings of Shareholders 2015: Wednesday 13 May 2015
|
Consolidated statement of financial position
|
||||||||
(in thousands of USD except per share amounts)
|
||||||||
March 31, 2015
|
December 31, 2014
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Trade and other receivables
|
195,602
|
194,733
|
||||||
Current tax assets
|
32
|
36
|
||||||
Cash and cash equivalents
|
162,213
|
254,086
|
||||||
Non-current assets held for sale
|
-
|
89,000
|
||||||
Total current assets
|
357,847
|
537,855
|
||||||
|
||||||||
Non-current assets
|
||||||||
Vessels
|
2,290,455
|
2,258,334
|
||||||
Other tangible assets
|
1,132
|
1,226
|
||||||
Prepayments
|
8,001
|
16,601
|
||||||
Intangible assets
|
25
|
29
|
||||||
Receivables
|
264,736
|
258,447
|
||||||
Investments in equity-accounted investees
|
18,384
|
17,332
|
||||||
Deferred tax assets
|
8,006
|
6,536
|
||||||
Total non-current assets
|
2,590,739
|
2,558,505
|
||||||
|
||||||||
TOTAL ASSETS
|
2,948,586
|
3,096,360
|
||||||
|
||||||||
EQUITY and LIABILITIES
|
||||||||
Equity
|
||||||||
Share capital
|
173,046
|
142,441
|
||||||
Share premium
|
1,215,228
|
941,770
|
||||||
Translation reserve
|
(125
|
)
|
379
|
|||||
Hedging reserve
|
-
|
-
|
||||||
Treasury shares
|
(46,062
|
)
|
(46,062
|
)
|
||||
Other equity interest
|
-
|
75,000
|
||||||
Retained earnings
|
421,647
|
359,180
|
||||||
Equity attributable to owners of the Company
|
1,763,734
|
1,472,708
|
||||||
Current Liabilities
|
||||||||
Trade and other payables
|
85,088
|
125,555
|
||||||
Tax liabilities
|
66
|
1
|
||||||
Bank loans
|
162,398
|
146,303
|
||||||
Convertible and other Notes
|
-
|
23,124
|
||||||
Provisions
|
508
|
412
|
||||||
Total current liabilities
|
248,060
|
295,395
|
||||||
Non-current liabilities
|
||||||||
Bank loans
|
927,688
|
1,088,026
|
||||||
Convertible and other Notes
|
-
|
231,373
|
||||||
Other payables
|
464
|
489
|
||||||
Deferred tax liabilities
|
-
|
-
|
||||||
Employee benefits
|
2,091
|
2,108
|
||||||
Amounts due to equity-accounted joint ventures
|
5,880
|
5,880
|
||||||
Provisions
|
669
|
381
|
||||||
Total non-current liabilities
|
936,792
|
1,328,257
|
||||||
|
||||||||
TOTAL EQUITY and LIABILITIES
|
2,948,586
|
3,096,360
|
Consolidated statement of profit or loss
|
||||||||
(in thousands of USD except per share amounts)
|
||||||||
2015
|
2014
|
|||||||
Jan.1 - Mar 31, 2015
|
Jan.1 - Mar 31, 2014
|
|||||||
Shipping revenue
|
||||||||
Revenue
|
204,521
|
106,051
|
||||||
Gains on disposal of vessels/other tangible assets
|
2,122
|
-
|
||||||
Other operating income
|
2,488
|
1,879
|
||||||
Total shipping revenue
|
209,131
|
107,930
|
||||||
Operating expenses
|
||||||||
Voyage expenses and commissions
|
(21,916
|
)
|
(23,800
|
)
|
||||
Vessel operating expenses
|
(36,809
|
)
|
(24,931
|
)
|
||||
Charter hire expenses
|
(9,052
|
)
|
(4,125
|
)
|
||||
Losses on disposal of vessels/other tangible assets
|
(2
|
)
|
-
|
|||||
Impairment on non-current assets held for sale
|
-
|
-
|
||||||
Depreciation tangible assets
|
(49,111
|
)
|
(33,439
|
)
|
||||
Depreciation intangible assets
|
(5
|
)
|
(5
|
)
|
||||
General and administrative expenses
|
(10,020
|
)
|
(8,540
|
)
|
||||
Total operating expenses
|
(126,915
|
)
|
(94,840
|
)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
82,216
|
13,090
|
||||||
Finance income
|
643
|
242
|
||||||
Finance expenses
|
(17,177
|
)
|
(19,506
|
)
|
||||
Net finance expenses
|
(16,534
|
)
|
(19,264
|
)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
13,624
|
7,529
|
||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
79,306
|
1,355
|
||||||
Income tax benefit (expense)
|
1,549
|
14
|
||||||
PROFIT (LOSS) FOR THE PERIOD
|
80,855
|
1,369
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
80,855
|
1,369
|
||||||
Basic net income/(loss) per share
|
0.55
|
0.02
|
||||||
Diluted net income/(loss) per share
|
0.54
|
0.01
|
||||||
Weighted average number of shares (basic)
|
148,065,537
|
89,747,361
|
||||||
Weighted average number of shares (diluted)
|
150,117,560
|
91,497,361
|
Consolidated statement of comprehensive income
|
||||||||
(in thousands of USD except per share amounts)
|
||||||||
Profit/(loss) for the period
|
80,855
|
1,369
|
||||||
Other comprehensive income, net of tax
|
||||||||
Items that will never be reclassified to profit or loss:
|
||||||||
Remeasurements of the defined benefit liability (asset)
|
-
|
-
|
||||||
Items that are or may be reclassified to profit or loss:
|
||||||||
Foreign currency translation differences
|
(504
|
)
|
-2
|
|||||
Cash flow hedges - effective portion of changes in fair value
|
-
|
1,291
|
||||||
Equity-accounted investees - share of other comprehensive income
|
238
|
555
|
||||||
Other comprehensive income, net of tax
|
(266
|
)
|
1,844
|
|||||
Total comprehensive income for the period
|
80,589
|
3,213
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
80,589
|
3,213
|
Consolidated statement of changes in equity
|
||||||||||||||||||||||||||||||||||||
(in thousands of USD except per share amounts)
|
||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Capital and reserves
|
Other equity interest
|
Total equity
|
||||||||||||||||||||||||||||
Balance at January 1, 2014
|
58,937
|
365,574
|
946
|
(1,291
|
)
|
(46,062
|
)
|
422,886
|
800,990
|
-
|
800,990
|
|||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
-
|
-
|
-
|
1,369
|
1,369
|
-
|
1,369
|
|||||||||||||||||||||||||||
Total other comprehensive income
|
-
|
-
|
(2
|
)
|
1,291
|
-
|
555
|
1,844
|
-
|
1,844
|
||||||||||||||||||||||||||
Total comprehensive income
|
-
|
-
|
(2
|
)
|
1,291
|
-
|
1,924
|
3,213
|
-
|
3,213
|
||||||||||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||||||||||
Issue of ordinary shares
|
41,645
|
308,355
|
-
|
-
|
-
|
-
|
350,000
|
-
|
350,000
|
|||||||||||||||||||||||||||
Issue and conversion convertible Notes
|
30,369
|
154,231
|
-
|
-
|
-
|
(19,220
|
)
|
165,380
|
-
|
165,380
|
||||||||||||||||||||||||||
Issue and conversion perpetual convertible preferred equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
75,000
|
75,000
|
|||||||||||||||||||||||||||
Equity-settled share-based payment
|
-
|
-
|
-
|
-
|
-
|
1,099
|
1,099
|
-
|
1,099
|
|||||||||||||||||||||||||||
Total transactions with owners
|
72,014
|
462,586
|
-
|
-
|
-
|
(18,121
|
)
|
516,479
|
75,000
|
591,479
|
||||||||||||||||||||||||||
Balance at March 31, 2014
|
130,951
|
828,160
|
944
|
-
|
(46,062
|
)
|
406,689
|
1,320,682
|
75,000
|
1,395,682
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Capital and reserves
|
Other equity interest
|
Total equity
|
|||||||||||||||||||||||||||
Balance at January 1, 2015
|
142,441
|
941,770
|
379
|
-
|
(46,062
|
)
|
359,180
|
1,397,708
|
75,000
|
1,472,708
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
-
|
-
|
-
|
80,855
|
80,855
|
-
|
80,855
|
|||||||||||||||||||||||||||
Total other comprehensive income
|
-
|
-
|
(504
|
)
|
-
|
-
|
238
|
(266
|
)
|
-
|
(266
|
)
|
||||||||||||||||||||||||
Total comprehensive income
|
-
|
-
|
(504
|
)
|
-
|
-
|
81,093
|
80,589
|
-
|
80,589
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||||||||||
Issue of ordinary shares
|
20,324
|
208,739
|
-
|
-
|
-
|
(19,212
|
)
|
209,851
|
-
|
209,851
|
||||||||||||||||||||||||||
Issue and conversion convertible Notes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Issue and conversion perpetual convertible preferred equity
|
10,281
|
64,719
|
-
|
-
|
-
|
-
|
75,000
|
(75,000
|
)
|
-
|
||||||||||||||||||||||||||
Equity-settled share-based payment
|
-
|
-
|
-
|
-
|
-
|
586
|
586
|
-
|
586
|
|||||||||||||||||||||||||||
Total transactions with owners
|
30,605
|
273,458
|
-
|
-
|
-
|
(18,626
|
)
|
285,437
|
(75,000
|
)
|
210,437
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2015
|
173,046
|
1,215,228
|
(125
|
)
|
-
|
(46,062
|
)
|
421,647
|
1,763,734
|
-
|
1,763,734
|
Consolidated statement of cash flows
|
||||||||
(in thousands of USD except per share amounts)
|
||||||||
|
||||||||
2015
|
2014
|
|||||||
Jan.1 - Mar 31, 2015
|
Jan.1 - Mar 31, 2014
|
|||||||
Cash flows from operating activities
|
||||||||
Profit (loss) for the period
|
80,855
|
1,369
|
||||||
Adjustments for:
|
49,385
|
46,264
|
||||||
Depreciation of tangible assets
|
49,111
|
33,439
|
||||||
Depreciation of intangible assets
|
5
|
5
|
||||||
Impairment on non-current assets held for sale
|
-
|
-
|
||||||
Provisions
|
441
|
-
|
||||||
Tax benefits (expenses)
|
(1,549
|
)
|
(14
|
)
|
||||
Share of profit of equity-accounted investees, net of tax
|
(13,624
|
)
|
(7,529
|
)
|
||||
Net finance expense
|
16,534
|
19,264
|
||||||
Capital gain (loss) on disposal of assets
|
(2,120
|
)
|
-
|
|||||
Equity-settled share-based payment transactions
|
587
|
1,099
|
||||||
Changes in working capital requirements
|
(28,011
|
)
|
(28,934
|
)
|
||||
Change in cash guarantees
|
35
|
-
|
||||||
Change in trade receivables
|
802
|
2,447
|
||||||
Change in accrued income
|
(107,422
|
)
|
(21,928
|
)
|
||||
Change in deferred charges
|
4,090
|
(16,609
|
)
|
|||||
Change in other receivables
|
101,604
|
12,153
|
||||||
Change in trade payables
|
11,245
|
(6,233
|
)
|
|||||
Change in accrued payroll
|
(1,103
|
)
|
(538
|
)
|
||||
Change in accrued expenses
|
899
|
1,461
|
||||||
Change in deferred income
|
1,723
|
(1,573
|
)
|
|||||
Change in other payables
|
(39,884
|
)
|
1,886
|
|||||
Change in provisions for employee benefits
|
-
|
-
|
||||||
Income taxes paid during the period
|
148
|
110
|
||||||
Interest paid
|
(25,159
|
)
|
(20,517
|
)
|
||||
Interest received
|
131
|
103
|
||||||
Dividends received from equity-accounted investees
|
275
|
9,200
|
||||||
Net cash from (used in) operating activities
|
77,624
|
7,595
|
||||||
Acquisition of vessels
|
(72,526
|
)
|
(81,541
|
)
|
||||
Proceeds from the sale of vessels
|
91,065
|
-
|
||||||
Acquisition of other tangible assets
|
(54
|
)
|
(88,099
|
)
|
||||
Acquisition of intangible assets
|
-
|
-
|
||||||
Proceeds from the sale of other (in)tangible assets
|
57
|
-
|
||||||
Loans from (to) related parties
|
6,210
|
(538
|
)
|
|||||
Proceeds of disposals of joint ventures, net of cash disposed
|
-
|
-
|
||||||
Purchase of joint ventures, net of cash acquired
|
-
|
-
|
||||||
Net cash from (used in) investing activities
|
24,752
|
(170,178
|
)
|
|||||
Proceeds from issue of share capital
|
229,063
|
350,000
|
||||||
Transaction costs related to issue of share capital
|
(19,212
|
)
|
(8,305
|
)
|
||||
Proceeds from issue of perpetual convertible preferred equity
|
-
|
150,000
|
||||||
Transaction costs related to issue perpetual convertible preferred equity
|
-
|
(3,500
|
)
|
|||||
Proceeds from new long-term borrowings
|
128,400
|
200,175
|
||||||
Repayment of long-term borrowings
|
(532,317
|
)
|
(283,698
|
)
|
||||
Transaction costs related to issue of loans and borrowings
|
-
|
(680
|
)
|
|||||
Dividends paid
|
(2
|
)
|
(1
|
)
|
||||
Net cash from (used in) financing activities
|
(194,068
|
)
|
403,991
|
|||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
(91,692
|
)
|
241,408
|
|||||
Net cash and cash equivalents at the beginning of the period
|
254,086
|
74,309
|
||||||
Effect of changes in exchange rates
|
(181
|
)
|
(80
|
)
|
||||
Net cash and cash equivalents at the end of the period
|
162,213
|
315,637
|
S'*[01U_&A2B#C/N@`7O5E_"9;P>VB_:L$R!S+MZ?,&Z?A4 M^L>'IKF_BU'3;H6E\D?EEV7 J(C %]"E&5MV<_?G7C\0HH(+Z`` MVS.BL&V!<\Y]Z[09VC=UQSQ6+K6@W5UJ]OJ>F7JVEU$AB8NF\,A.?SK97.T; MR"V.2!UI2Y7:Q4$XMBT?YZT45FUV--UJ%%%%,-0HHHH`****`"@D*I+'`')) M[44R=HUMY&G`,04EP5SD8YX[T@*]GJ^FZA(\=AJ%K=.GWU@F5ROU`/%+%J=A M->O9PWMM)=1_?@252Z_5 \B_Y:1)EM[,.H!!')ZYJU&_]>8VK)_UTN>H M22)%&TDKJB("S,QP%`ZDFH$U*QDL#?1WEN]H`2;A95,8`ZG=G%<_\0+R5/#Z MZ;9J[W6J2K:QHF-Q!^]U('3(Y(ZURL;-I7A[Q;X>EMYK1$MVN[2"=U+"-A@C MY688!'8]ZFVC8[;'H]IK.F7ZR&QU&TN1$-TAAG5]@]3@\4VTUW2;^?R+#5+* MYEQGRX;A';'K@&N6M=&O;BKX6]NMOHY@BC@D:1I0R9RY*KCZ#/UKG]":6 M"#P=-K31_P!EKO\`LTL2%#'.20JR,2<@]L8]^E7RJ]OZZ_Y$=+_UT_S/2HM; MTJ>\-I!J=G)<@D&%+A2X(Z_*#GC%6+:ZM[VW6>SGCN(6SMDB<,IP<'!''6N0 MTO4+.3XE:^D=W`[R6T*(JR@EF4-N`YY([CM2_#?5=/\`^$2L+#[?;?;-TO\` MHWG+YG^L8_=SGIS]*E1NK_UU*:M_7D=5>ZE8Z:BOJ-[;VBN<*T\JH&/H,FEF MU"SM[,7=Q=P16Q`(F>0*F#T^8\5C^+O$5EX>TX23"%[V8&*UB<@;B<`Y)Z+T MR3Q7*6]O%I6F^$'>_@N["SNI#=W$,H>**1@2N6&0`"2,FA*X6/1HKJWGM1 ]MULR`1<&51&0>`=V<5Q>DK:?\(EXAFU0 M6XTVXOIY;0W.WRV4_=9=W'+=/TIVD)H^L?">TLM2U!8;58HX[B2*5086#`@, M2"%[=?6BWZ?B%M;>OX'866K:=J9<:;?VMV8\;_(F63;GIG!XZ5;KF?"VHW=W MJFI6WVS^TM,M_+%K?;4&\D?,NY`%;'J!6Q>0ZL\^;"]LH(L?=FLWE;/U$J_R MH:L+4O54MM5T^\N9+>TO[6>:/[\44RLR_4`Y%,OA,N@W(G3[7,+=MR6ZF/S# MM/"@DXSVY->?>%G+ZQX8C'V>]^RV\RE8,K)9$CI,.YZKSMR3G%$5=V_KK_D. MVEST^BN6\9:@;>?3+0N;9+N5E-Z]S+#'`0N?F\MUW$]@6%1>$_$*0^%[)M;O MVDEGO'LX965F,C;R%'<]!U)^IH2N@::.NHKRV;4]12UO[M-2O!+#XC^SQ_Z0 MQ58R0"FTG!'L1Q70:1KJZ7JGB@:K>2_V?I]Q&4:5GE,8<<@=3C...U"C=?UY M?YA)-.W]=?\`([*J<.LZ9<3RPV^HVDLL(+21I.K,@'4D`\8JIXE2ZN_".H+I M>YKB6V;RMG!;([>^*RM-U'1IO"4-G9/#]H@L6'V8`&2!A&0VX=5/49.,Y]ZE MZ)OL-*]O,VHO$FASL5@UG3Y&"EB$ND)``R3P>@'-$'B/1+J=(;;6-/FED.$C MCND9F/H`#S7,_#K4@V@:;9MK.F2$0L!8HN+A3DGD^8?K]P5=\-?\CQXK_P"N MMO\`^BZT<4I-?UN0G>-SJZ***@84444`7O!7_(XZY_UX6/\`Z,NJ[FN&\%?\ MCCKG_7A8_P#HRZKN:\O$?Q7\OR/9PW\)?UU"O,O"/_(DZ'_V#K?_`-%K7IM> M3:;X2^)NF:7:6$$OA-HK6%(49WNMQ55"C.!UXIT9))W"M%R:.D!_SFE*I(A6 M0!E/!!&
AZ$^XKC[SX)WBN?L.J02+Z2*5Q^6:]`&A_%,=)/"`_P"!W7^% M/_L;XJ?W_!__`'U=?X5<<34CU(EA: 7K\&=;)^:]L@,_WF_PK8T_X+PHR MMJFILX[I"F/U-=L=#^*1_B\'_P#?5U_A1_8?Q3_O^$/^^KK_``JWBYO1-&:P M=/J3Z'X3T;P_&/[.LXUD[RO\S'\:W,\8S7._V)\4_P"_X0_[[NO\*/[%^*G_ M`#T\(?\`?5U_A7/*?,[R9V1BHJT58Z+-&3_DUSO]B_%3_GIX0_[ZNO\`"E_L M;XJ?W_!__?5U_A4\R&=%D^M)GWKG?[&^*G]_PA_WU=?X4'1?BH?X_"'_`'U= M?X4 SG/ M/6A5S_C6#_8?Q3_O^$/^^KK_``I1HOQ4'1_"'_?5U_A1S>86[G0`!5YY_&HW MDW9K".B?%0_\M/"'_?5U_A3?[`^*7]_PA_WW=?X4U*/],'?9&V>O-)G'2L7^ MP/BE_P`]/"'_`'U=?X4?V!\4O[_A#_OJZ_PJO:+H9\LC:_&C^M8O]@?%+^_X M0_[[NO\`"C^P/BE_ST\(?]]77^%+GCU#DD;+OC([YSUJ//N/SK(/A[XHG_EI MX0_[ZNO\*/\`A'?BC_ST\(_]]77^%4JD5_PYDZ4V:^?V@'U:H:F1Z_7D49'^367 M_P`(W\4/^>GA+_ONZ_PH_P"$;^*'_/3PE_WW=?X4>V@'U:H:F1_DT9'MFLO_ M`(1OXH?\]/"7_?=U_A1_PC?Q0_YZ>$O^^[K_``H]M`/JTS4SZ=?K2'Z&LO\` MX1OXH'K)X1_[ZN?\*3_A&?B?G_6>$?\`OJY_^)H]M`7U:H:A'H/TI.:S?^$9 M^)_]_P`(_P#?5S_\32?\(Q\3_P#GIX1_[ZN?_B:?MH!]6J&GSCO1SVK,_P"$ M8^)__/3PC_WU<_\`Q-'_``C'Q/\`^>GA'_OJY_\`B:/;0#ZM4-+GWI>?3%9G M_",?$_\`YZ>$?^^KG_XFC_A&/B?_`,]/"/\`WU<__$T>V@'U:H:G/IU&*3&" M<9K,_P"$8^)__/3PC_WU<_\`Q-'_``C'Q/\`^>GA'_OJY_\`B:7MH#6'FC3Y MZ8Z]:!GW%9?_``C'Q/\`^>GA'_OJY_\`B:/^$8^)_P#ST\(_]]7/_P`31[:` M_J\S2?KT-,Q[?I6>?"WQ//63PC_WU<__`!-'_"*_$[_GIX1_[ZN?_B:/;0#Z MO,T/P-Z'\JS_\`A%?B=_ST\(_]]7/_`,31_P`(K\3O^>GA'_OJY_\`B:/; M0%]6J&C@^A_*C!]#^59O_"*?$[_GIX1_[ZN?_B:/^$4^)W_/3PC_`-]7/_Q- M'MH!]6J&E@^A_*C!]#^59O\`PBGQ._YZ>$?^^KG_`.)H_P"$4^)W_/3PC_WU M<_\`Q-'MH!]6J&E@^A_*C!]#^59O_"*?$[_GIX1_[ZN?_B:/^$4^)W_/3PC_ M`-]7/_Q-'MH!]6J&E@^A_*C!]#^59O\`PBGQ._YZ>$?^^KG_`.)H_P"$4^)W M_/3PC_WU<_\`Q-'MH!]6J&E@^A_*C!]#^59O_"*?$[_GIX1_[ZN?_B:/^$4^ M)W_/3PC_`-]7/_Q-'MH!]6J&E@^A_*C!]#^59O\`PBGQ._YZ>$?^^KG_`.)H M_P"$4^)W_/3PC_WU<_\`Q-'MH!]6J&E@^A_*C!]#^59O_"*?$[_GIX1_[ZN? M_B:/^$4^)W_/3PC_`-]7/_Q-'MH!]6J&E@^A_*C!]#^59O\`PBGQ._YZ>$?^ M^KG_`.)H_P"$4^)W_/3PC_WU<_\`Q-'MH!]6J&E@^A_*C!]#^59O_"*?$[_G MIX1_[ZN?_B:/^$4^)W_/3PC_`-]7/_Q-'MH!]6J&E@^A_*C!]#^59O\`PBGQ M._YZ>$?^^KG_`.)H_P"$4^)W_/3PC_WU<_\`Q-'MH!]6J&E@^A_*C!]#^59O M_"*?$[_GIX1_[ZN?_B:/^$4^)W_/3PC_`-]7/_Q-'MH!]6J&E@^A_*C!]#^5 M9O\`PBGQ._YZ>$?^^KG_`.)H_P"$4^)W_/3PC_WU<_\`Q-'MH!]6J&E@^A_* MC!]#^59O_"*?$[_GIX1_[ZN?_B:/^$4^)W_/3PC_`-]7/_Q-'MH!]6J&E@^A M_*C!]#^59O\`PBGQ._YZ>$?^^KG_`.)H_P"$4^)W_/3PC_WU<_\`Q-'MH!]6 MJ&E@^A_*C!]#^59O_"*?$[_GIX1_[ZN?_B:/^$4^)W_/3PC_`-]7/_Q-'MH! M]6J&E@^A_*C!]#^59O\`PBGQ._YZ>$?^^KG_`.)H_P"$4^)W_/3PC_WU<_\` MQ-'MH!]6J&E@^A_*C!]#^59O_"*?$[_GIX1_[ZN?_B:/^$4^)W_/3PC_`-]7 M/_Q-'MH!]6J&E@^A_*C!]#^59O\`PBGQ._YZ>$?^^KG_`.)H_P"$4^)W_/3P MC_WU<_\`Q-'MH!]6J&_X*_Y'+7/^O"Q_]&75=S7%^!/#OB/2-2U2^\4R:6TE MU#;PPC36D*@1F4G=O`Y_>]O2NTKAK24JC:/2H1<::3"BBBL38****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH G`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`__9 ` end