Indiana
|
001-07349
|
35-0160610
|
||||
(State of
|
(Commission
|
(IRS Employer
|
||||
Incorporation)
|
File No.)
|
Identification No.)
|
□
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
□
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
□
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
□
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No.
|
Description
|
||
Exhibit 99.1
|
Ball Corporation Press Release dated January 28, 2016
|
||
BALL CORPORATION
|
|||
(Registrant)
|
|||
By:
|
/s/ Scott C. Morrison
|
||
Name:
|
Scott C. Morrison
|
||
Title:
|
Senior Vice President and
Chief Financial Officer |
EXHIBIT INDEX
|
||
Description
|
Exhibit No.
|
|
Ball Corporation Press Release dated January 28, 2016
|
99.1
|
|
|
News Release
For Immediate Release
www.ball.com |
Investor Contact: Ann T. Scott
303-460-3537, ascott@ball.com Media Contact: Renee Robinson
303-460-2476, rarobins@ball.com |
Highlights
|
Condensed Financial Statements (Fourth Quarter 2015)
|
||||||||||||||||
Unaudited Condensed Consolidated Statements of Earnings
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
($ in millions, except per share amounts)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Net sales
|
$
|
1,804.6
|
$
|
2,032.4
|
$
|
7,997.0
|
$
|
8,570.0
|
||||||||
Costs and expenses
|
||||||||||||||||
Cost of sales (excluding depreciation and amortization)
|
(1,434.0
|
)
|
(1,636.9
|
)
|
(6,460.3
|
)
|
(6,903.5
|
)
|
||||||||
Depreciation and amortization
|
(74.0
|
)
|
(71.2
|
)
|
(285.5
|
)
|
(280.9
|
)
|
||||||||
Selling, general and administrative
|
(110.8
|
)
|
(124.3
|
)
|
(451.3
|
)
|
(466.5
|
)
|
||||||||
Business consolidation and other activities
|
(56.4
|
)
|
(62.7
|
)
|
(194.7
|
)
|
(80.5
|
)
|
||||||||
(1,675.2
|
)
|
(1,895.1
|
)
|
(7,391.8
|
)
|
(7,731.4
|
)
|
|||||||||
Earnings before interest and taxes
|
129.4
|
137.3
|
605.2
|
838.6
|
||||||||||||
Interest expense
|
(36.2
|
)
|
(39.0
|
)
|
(143.2
|
)
|
(159.9
|
)
|
||||||||
Debt refinancing and other costs
|
(30.6
|
)
|
–
|
(116.5
|
)
|
(33.1
|
)
|
|||||||||
Total interest expense
|
(66.8
|
)
|
(39.0
|
)
|
(259.7
|
)
|
(193.0
|
)
|
||||||||
Earnings before taxes
|
62.6
|
98.3
|
345.5
|
645.6
|
||||||||||||
Tax (provision) benefit
|
0.9
|
(10.3
|
)
|
(47.0
|
)
|
(149.9
|
)
|
|||||||||
Equity in results of affiliates, net of tax
|
1.0
|
0.4
|
4.4
|
2.3
|
||||||||||||
Net earnings
|
64.5
|
88.4
|
302.9
|
498.0
|
||||||||||||
Less net earnings attributable to noncontrolling interests
|
(9.2
|
)
|
(12.4
|
)
|
(22.0
|
)
|
(28.0
|
)
|
||||||||
Net earnings attributable to Ball Corporation
|
$
|
55.3
|
$
|
76.0
|
$
|
280.9
|
$
|
470.0
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.40
|
$
|
0.56
|
$
|
2.05
|
$
|
3.39
|
||||||||
Diluted
|
$ |
0.39
|
$ |
0.54
|
$ |
1.99
|
$ |
3.30
|
||||||||
Weighted average shares outstanding (000s):
|
||||||||||||||||
Basic
|
136,976
|
136,653
|
137,300
|
138,508
|
||||||||||||
Diluted
|
140,525
|
140,746
|
140,984
|
142,430
|
||||||||||||
Condensed Financial Statements (Fourth Quarter 2015)
|
||||||||
Unaudited Condensed Consolidated Statements of Cash Flows
|
||||||||
Year Ended
|
||||||||
($ in millions)
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net earnings
|
$
|
302.9
|
$
|
498.0
|
||||
Depreciation and amortization
|
285.5
|
280.9
|
||||||
Business consolidation and other activities
|
194.7
|
80.5
|
||||||
Deferred tax provision (benefit)
|
(61.8
|
)
|
11.9
|
|||||
Other, net
|
145.2
|
(26.7
|
)
|
|||||
Changes in working capital
|
140.2
|
167.9
|
||||||
Cash provided by (used in) operating activities
|
1,006.7
|
1,012.5
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Capital expenditures
|
(527.9
|
)
|
(390.8
|
)
|
||||
Business acquisitions
|
(29.1
|
)
|
–
|
|||||
(Increase) decrease in restricted cash
|
(2,182.7
|
)
|
–
|
|||||
Other, net
|
19.0
|
(0.6
|
)
|
|||||
Cash provided by (used in) investing activities
|
(2,720.7
|
)
|
(391.4
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Changes in borrowings, net
|
2,001.2
|
|
(417.7
|
)
|
||||
Net issuances (purchases) of common stock
|
(99.5
|
)
|
(360.1
|
)
|
||||
Dividends
|
(71.8
|
)
|
(72.7
|
)
|
||||
Other, net
|
(92.8
|
)
|
5.2
|
|||||
Cash provided by (used in) financing activities
|
1,737.1
|
|
(845.3
|
)
|
||||
Effect of currency exchange rate changes on cash
|
9.5
|
(0.4
|
)
|
|||||
Change in cash
|
32.6
|
(224.6
|
)
|
|||||
Cash–beginning of period
|
191.4
|
416.0
|
||||||
Cash–end of period
|
$
|
224.0
|
$
|
191.4
|
Condensed Financial Statements (Fourth Quarter 2015)
|
||||||||
Unaudited Condensed Consolidated Balance Sheets
|
||||||||
December 31,
|
||||||||
($ in millions)
|
2015
|
2014
|
||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
224.0
|
$
|
191.4
|
||||
Receivables, net
|
885.4
|
957.1
|
||||||
Inventories, net
|
898.4
|
1,016.7
|
||||||
Deferred taxes and other current assets
|
176.2
|
148.3
|
||||||
Total current assets
|
2,184.0
|
2,313.5
|
||||||
Property, plant and equipment, net
|
2,685.9
|
2,430.7
|
||||||
Goodwill
|
2,176.5
|
2,254.5
|
||||||
Restricted cash
|
2,154.4
|
–
|
||||||
Other assets, net
|
576.2
|
572.3
|
||||||
Total assets
|
$
|
9,777.0
|
$
|
7,571.0
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Short-term debt and current portion of long-term debt
|
$
|
77.3
|
$
|
175.1
|
||||
Payables and other accrued liabilities
|
2,064.3
|
1,831.7
|
||||||
Total current liabilities
|
2,141.6
|
2,006.8
|
||||||
Long-term debt
|
5,054.2
|
2,993.8
|
||||||
Other long-term liabilities
|
1,319.9
|
1,330.8
|
||||||
Shareholders' equity
|
1,261.3
|
1,239.6
|
||||||
Total liabilities and shareholders' equity
|
$
|
9,777.0
|
$
|
7,571.0
|
Notes to the Condensed Financial Statements (Fourth Quarter 2015)
|
1. Business Segment Information
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
($ in millions)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Net sales–
|
||||||||||||||||
Metal beverage packaging, Americas & Asia
|
$
|
1,018.4
|
$
|
1,039.5
|
$
|
4,245.3
|
$
|
4,246.8
|
||||||||
Metal beverage packaging, Europe
|
342.4
|
398.5
|
1,652.7
|
1,896.3
|
||||||||||||
Metal food & household products packaging
|
284.3
|
345.0
|
1,296.6
|
1,504.4
|
||||||||||||
Aerospace & technologies
|
161.7
|
251.3
|
810.1
|
934.8
|
||||||||||||
Corporate and intercompany eliminations
|
(2.2
|
)
|
(1.9
|
)
|
(7.7
|
)
|
(12.3
|
)
|
||||||||
Net sales
|
$
|
1,804.6
|
$
|
2,032.4
|
$
|
7,997.0
|
$
|
8,570.0
|
||||||||
Earnings before interest and taxes–
|
||||||||||||||||
Metal beverage packaging, Americas & Asia
|
$
|
127.5
|
$
|
134.0
|
$
|
510.9
|
$
|
534.8
|
||||||||
Business consolidation and other activities
|
(0.3
|
)
|
(9.2
|
)
|
(24.1
|
)
|
(7.5
|
)
|
||||||||
Total metal beverage packaging, Americas & Asia
|
127.2
|
124.8
|
486.8
|
527.3
|
||||||||||||
Metal beverage packaging, Europe
|
42.7
|
29.9
|
192.3
|
222.9
|
||||||||||||
Business consolidation and other activities
|
(1.2
|
)
|
(2.1
|
)
|
(9.8
|
)
|
(8.7
|
)
|
||||||||
Total metal beverage packaging, Europe
|
41.5
|
27.8
|
182.5
|
214.2
|
||||||||||||
Metal food & household products packaging
|
18.2
|
35.1
|
107.7
|
154.2
|
||||||||||||
Business consolidation and other activities
|
0.5
|
(30.3
|
)
|
(0.5
|
)
|
(41.9
|
)
|
|||||||||
Total metal food & household products packaging
|
18.7
|
4.8
|
107.2
|
112.3
|
||||||||||||
Aerospace & technologies
|
20.9
|
23.5
|
81.8
|
93.6
|
||||||||||||
Business consolidation and other activities
|
–
|
(13.9
|
)
|
0.7
|
(13.9
|
)
|
||||||||||
Total aerospace & technologies
|
20.9
|
9.6
|
82.5
|
79.7
|
||||||||||||
Segment earnings before interest and taxes
|
208.3
|
167.0
|
859.0
|
933.5
|
||||||||||||
Undistributed corporate expenses and intercompany eliminations, net
|
(23.5
|
)
|
(22.5
|
)
|
(92.8
|
)
|
(86.4
|
)
|
||||||||
Business consolidation and other activities
|
(55.4
|
)
|
(7.2
|
)
|
(161.0
|
)
|
(8.5
|
)
|
||||||||
Total undistributed corporate expenses and intercompany eliminations, net
|
(78.9
|
)
|
(29.7
|
)
|
(253.8
|
)
|
(94.9
|
)
|
||||||||
Earnings before interest and taxes
|
$
|
129.4
|
$
|
137.3
|
$
|
605.2
|
$
|
838.6
|
Notes to the Condensed Financial Statements (Fourth Quarter 2015)
|
|
2. Business Consolidation Activities and Other Noncomparable Items
|
Announcement |
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
($ in millions)
|
Date
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Business Consolidation Activities:
|
|||||||||||||||||
Metal beverage packaging, Americas & Asia
|
|||||||||||||||||
Bristol facility closure costs (1)
|
Jul. 2015
|
$
|
1.4
|
$
|
–
|
$
|
(18.8
|
)
|
$
|
–
|
|||||||
Pension benefit noncash settlement
|
Sep. 2014
|
–
|
(13.9
|
)
|
–
|
(13.9
|
)
|
||||||||||
Asia business reorganizational activities (2)
|
Sep. 2014
|
(0.3
|
)
|
(0.7
|
)
|
(3.5
|
)
|
(1.0
|
)
|
||||||||
Monticello fire damage
|
May 2014
|
–
|
5.5
|
2.0
|
3.5
|
||||||||||||
Shenzhen compensation
|
Jul. 2013
|
–
|
–
|
–
|
5.0
|
||||||||||||
Individually insignificant items
|
(1.4
|
) |
(0.1
|
)
|
(3.8
|
)
|
(1.1
|
)
|
|||||||||
Total metal beverage packaging, Americas & Asia
|
(0.3
|
)
|
(9.2
|
)
|
(24.1
|
)
|
(7.5
|
)
|
|||||||||
Metal beverage packaging, Europe
|
|||||||||||||||||
Asset impairment (3)
|
Jun. 2015
|
–
|
–
|
(4.7
|
)
|
–
|
|||||||||||
Lublin capitalized cost write-off
|
Sep. 2014
|
–
|
–
|
–
|
(3.4
|
)
|
|||||||||||
Individually insignificant items
|
(1.2
|
)
|
(2.1
|
)
|
(5.1
|
)
|
(5.3
|
) | |||||||||
Total metal beverage packaging, Europe
|
(1.2
|
)
|
(2.1
|
)
|
(9.8
|
)
|
(8.7
|
)
|
|||||||||
Metal food & household products packaging
|
|||||||||||||||||
Long-term note write-off
|
Dec. 2014
|
–
|
(16.5
|
)
|
(0.7
|
)
|
(16.5
|
)
|
|||||||||
Pension benefit noncash settlement
|
Sep. 2014
|
–
|
(10.3
|
)
|
–
|
(10.3
|
)
|
||||||||||
Elgin facility closure costs
|
Feb. 2013
|
–
|
(0.1
|
)
|
–
|
(5.1
|
)
|
||||||||||
Danville facility closure costs
|
Nov. 2013
|
(0.4
|
)
|
(0.1
|
)
|
(0.5
|
)
|
(3.9
|
)
|
||||||||
Individually insignificant items
|
0.9
|
(3.3
|
)
|
0.7
|
(6.1
|
)
|
|||||||||||
Total metal food & household products packaging
|
0.5
|
(30.3
|
)
|
(0.5
|
)
|
(41.9
|
)
|
||||||||||
Aerospace & technologies
|
|||||||||||||||||
Pension benefit noncash settlement
|
Sep. 2014
|
–
|
(13.9
|
)
|
–
|
(13.9
|
)
|
||||||||||
Individually insignificant items
|
–
|
–
|
0.7
|
–
|
|||||||||||||
Total aerospace & technologies
|
–
|
(13.9
|
)
|
0.7
|
(13.9
|
)
|
|||||||||||
Corporate
|
|||||||||||||||||
Currency exchange loss for restricted cash and 2020, 2023 euro senior notes (4)
|
Dec. 2015
|
(14.2
|
)
|
–
|
(14.2
|
)
|
–
|
||||||||||
Cross-currency swaps (6)
|
Dec. 2015
|
(7.4
|
)
|
–
|
(7.4
|
)
|
–
|
||||||||||
Economic hedges–currency exchange rate risk (5)
|
Feb. 2015
|
(4.7
|
)
|
–
|
(41.0
|
)
|
–
|
||||||||||
Transaction costs (5)
|
Feb. 2015
|
(29.1
|
)
|
–
|
(97.9
|
)
|
–
|
||||||||||
Pension benefit noncash settlement
|
Sep. 2014
|
–
|
(7.2
|
)
|
–
|
(7.2
|
)
|
||||||||||
Individually insignificant items
|
–
|
–
|
(0.5
|
)
|
(1.3
|
)
|
|||||||||||
Total corporate
|
(55.4
|
)
|
(7.2
|
)
|
(161.0
|
)
|
(8.5
|
)
|
|||||||||
Total business consolidation and other activities, pretax
|
(56.4
|
)
|
(62.7
|
)
|
(194.7
|
)
|
(80.5
|
)
|
|||||||||
Tax effect on business consolidation and other activities
|
20.0
|
22.6
|
68.5
|
26.2
|
|||||||||||||
Tax effect related to relocation of the company's European headquarters
|
Mar. 2012
|
(1.7
|
)
|
(1.9
|
)
|
(6.7
|
)
|
(7.9
|
)
|
||||||||
Total tax effect
|
18.3
|
20.7
|
61.8
|
18.3
|
|||||||||||||
Total business consolidation and other activities, net of tax
|
$
|
(38.1
|
)
|
$
|
(42.0
|
)
|
$
|
(132.9
|
)
|
$
|
(62.2
|
)
|
|||||
Debt Refinancing and Other Costs:
|
|||||||||||||||||
Partial extinguishment of committed bridge facility (10)
|
Dec. 2015
|
$ |
(10.7
|
)
|
$ |
–
|
$ |
(10.7
|
)
|
$ |
–
|
||||||
Interest expense on 3.5% and 4.375% senior notes (11)
|
Dec. 2015
|
(4.6
|
)
|
–
|
(4.6
|
)
|
–
|
||||||||||
Partial extinguishment of revolving credit facility (8)
|
Jun. 2015
|
–
|
–
|
(5.0
|
)
|
–
|
|||||||||||
Redemption of 6.75% and 5.75% senior notes, due September 2020 and May 2021, respectively (7)
|
Feb. 2015
|
–
|
–
|
(55.8
|
)
|
–
|
|||||||||||
Refinance of senior credit facilities (7)
|
Feb. 2015
|
–
|
–
|
(1.7
|
)
|
–
|
|||||||||||
Unsecured, committed bridge facility (9)
|
Feb. 2015
|
(9.4
|
)
|
–
|
(22.8
|
)
|
–
|
||||||||||
Economic hedge–interest rate risk (5)
|
Feb. 2015
|
(5.9
|
)
|
–
|
(15.9
|
)
|
–
|
||||||||||
Redemption of 7.375% senior notes, due September 2019
|
Jan. 2014
|
–
|
–
|
–
|
(33.1
|
)
|
|||||||||||
Total debt refinancing and other costs
|
(30.6
|
)
|
–
|
(116.5
|
)
|
(33.1
|
)
|
||||||||||
Tax effect
|
11.0
|
–
|
40.2
|
12.5
|
|||||||||||||
Total debt refinancing and other costs, net of tax
|
$
|
(19.6
|
)
|
$
|
–
|
$
|
(76.3
|
)
|
$
|
(20.6
|
)
|
||||||
(1) | During the third quarter of 2015, the company announced the closure of the Bristol, Virginia plant, a metal beverage packaging end-making facility, which will cease production in the second quarter of 2016. The closure will realign end-making capacities in North America to position the company to meet customer demand. Initial charges in the third quarter were comprised primarily of severance, pension and other employee benefits, as well as other individually insignificant items. |
(2) | During 2015, the company recorded charges related to business reorganization activities in the company's metal beverage packaging, Asia, operations. |
(3) | During 2015, the company recorded charges for the write down of property held for sale to the property's fair value less costs to sell. |
(4) | The company recorded net foreign currency exchange gains and losses from the revaluation of foreign currency denominated restricted cash held to pay a portion of the cash component of the proposed Rexam acquisition purchase price and the revaluation of the euro-denominated debt issuance in December 2015 (see note 11). |
Notes to the Condensed Financial Statements (Fourth Quarter 2015)
|
|
2. Business Consolidation Activities and Other Noncomparable Items (continued)
|
(5) | During 2015, the company recorded charges for professional services and other costs associated with the proposed acquisition of Rexam announced in February 2015. |
(6) | In connection with the December 2015 issuance of $1 billion of U.S. dollar senior notes due 2020, the company executed cross-currency swaps to convert this fixed rate U.S. dollar debt issuance to fixed rate euro debt for the life of the notes to more effectively match the future cash flows of our business. These contracts are not accounted for as hedges, and therefore, changes in the fair value of these contracts are recognized in earnings. |
(7) | In February 2015, the company entered into a new $3 billion revolving credit facility to: 1) replace its existing revolving credit facility, 2) repay its Term C loan, 3) repay the outstanding balance on the existing revolving credit facility, 4) redeem the 2020 and 2021 senior notes and 5) repay the existing private placement debt of Rexam upon closing of the announced, proposed acquisition of Rexam. |
(8) | In June 2015, Ball issued $1 billion of 5.25 percent senior notes due in June 2025. The company used the net proceeds of the offering and other available cash to repay borrowings under its revolving credit facility and reduce the borrowing capacity under the revolving credit facility from $3 billion to $2.25 billion. As a result, the company recorded charges for the partial extinguishment related to the revolving credit facility during the second quarter of 2015. |
(9) | During 2015, the company recorded charges for the amortization of deferred financing costs associated with the unsecured, committed bridge loan agreement, entered into in February 2015, in connection with the announced, proposed acquisition of Rexam. |
(10) | In December 2015, the company reduced the bridge loan agreement capacity from £3.3 billion to £1.9 billion, which resulted in the write-off of unamortized deferred financing costs for the partial extinguishment of the bridge loan agreement. |
(11) | In December 2015, the company recorded interest expense for the issuance of $1 billion of 4.375 percent senior notes, €400 million of 3.5 percent senior notes, all due in December 2020, and €700 million of 4.375 percent senior notes, due in December 2023. Ball intends to use the net proceeds to fund a portion of the cash component of the purchase price in connection with the announced, proposed acquisition of Rexam. |
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
($ in millions, except per share amounts)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Net earnings attributable to Ball Corporation, as reported
|
$
|
55.3
|
$
|
76.0
|
$
|
280.9
|
$
|
470.0
|
||||||||
Business consolidation and other activities, net of tax
|
38.1
|
42.0
|
132.9
|
62.2
|
||||||||||||
Debt refinancing and other costs, net of tax
|
19.6
|
–
|
76.3
|
20.6
|
||||||||||||
Net earnings attributable to Ball Corporation before above transactions (Comparable Net Earnings)
|
$
|
113.0
|
$
|
118.0
|
$
|
490.1
|
$
|
552.8
|
||||||||
Per diluted share before above transactions
|
$
|
0.80
|
$
|
0.84
|
$
|
3.48
|
$
|
3.88
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
($ in millions)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Earnings before interest and taxes, as reported
|
$
|
129.4
|
$
|
137.3
|
$
|
605.2
|
$
|
838.6
|
||||||||
Business consolidation and other activities
|
56.4
|
62.7
|
194.7
|
80.5
|
||||||||||||
EBIT before above transactions (Comparable EBIT)
|
$
|
185.8
|
$
|
200.0
|
$
|
799.9
|
$
|
919.1
|
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