AGCO Corporation | |
By: | /s/ Andrew H. Beck |
Andrew H. Beck Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release of AGCO Corporation, issued February 3, 2015 |
For Immediate Release | CONTACT: | |
Tuesday, February 3, 2015 | Greg Peterson | |
Director of Investor Relations | ||
770-232-8229 | ||
greg.peterson@agcocorp.com |
• | Fourth quarter regional sales results(1): North America (15.6)%, Europe/Africa/ Middle East (“EAME”) (6.1)%, South America +2.2%, Asia/Pacific (“APAC”) +12.7% |
• | Fourth quarter regional operating margin performance: EAME 9.8%, North America 5.6%, South America 9.6%, APAC (4.0)% |
• | Inventory reduced significantly in the fourth quarter; approximately $80 million below year-end 2013 on a constant currency basis |
• | Expense and workforce reduction program initiated; fourth quarter operating expenses 8% below 2013 levels on a constant currency basis |
• | Full year earnings per share guidance for 2015 remains at approximately $3.00 |
• | Share repurchase program resulted in reduction of 10 million shares during the full year of 2014. Initial $500 million program completed in December 2014. New $500 million repurchase program authorized through 2016 |
• | Quarterly dividend increased 9% to $0.12 effective first quarter 2015 |
Year ended December 31, 2014 | Tractors Change from Prior Year Period | Combines Change from Prior Year Period | ||
North America(1) | (2)% | (25)% | ||
South America | (15)% | (24)% | ||
Western Europe | (9)% | (11)% |
Three Months Ended December 31, | 2014 | 2013 | % change from 2013 | % change from 2013 due to currency translation(1) | ||||||||
North America | $ | 549.2 | $ | 658.1 | (16.5)% | (1.0)% | ||||||
South America | 414.6 | 461.7 | (10.2)% | (12.4)% | ||||||||
Europe/Africa/Middle East | 1,374.7 | 1,602.9 | (14.2)% | (8.1)% | ||||||||
Asia/Pacific | 146.7 | 137.0 | 7.1% | (5.6)% | ||||||||
Total | $ | 2,485.2 | $ | 2,859.7 | (13.1)% | (7.0)% | ||||||
Years Ended December 31, | 2014 | 2013 | % change from 2013 | % change from 2013 due to currency translation(1) | ||||||||
North America | $ | 2,414.2 | $ | 2,757.8 | (12.5)% | (0.9)% | ||||||
South America | 1,663.4 | 2,039.7 | (18.4)% | (8.8)% | ||||||||
Europe/Africa/Middle East | 5,158.5 | 5,481.5 | (5.9)% | (0.7)% | ||||||||
Asia/Pacific | 487.6 | 507.9 | (4.0)% | (2.6)% | ||||||||
Total | $ | 9,723.7 | $ | 10,786.9 | (9.9)% | (2.4)% | ||||||
(1) See Footnotes for additional disclosures |
• | Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. |
• | A majority of our sales and manufacturing take place outside the United States, and, as a result, we are exposed to risks related to foreign laws, taxes, economic conditions, labor supply and relations, political conditions and governmental policies. These risks may delay or reduce our realization of value from our international operations. |
• | Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance approximately 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, was expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. |
• | Both AGCO and our retail finance joint ventures have substantial account receivables from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was not consistent with historical experience; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. |
• | We have experienced substantial and sustained volatility with respect to currency exchange rate and interest rate changes, including uncertainty associated with the Euro, which can adversely affect our reported results of operations and the competitiveness of our products. |
• | Our success depends on the introduction of new products, particularly engines that comply with emission requirements, which requires substantial expenditures. |
• | Our production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades at our manufacturing facilities, could adversely affect our results. |
• | Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. |
• | We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell |
• | We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and profitability would decline. |
• | We have a substantial amount of indebtedness, and, as result, we are subject to certain restrictive covenants and payment obligations that may adversely affect our ability to operate and expand our business. |
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 363.7 | $ | 1,047.2 | |||
Accounts and notes receivable, net | 963.8 | 940.6 | |||||
Inventories, net | 1,750.7 | 2,016.1 | |||||
Deferred tax assets | 217.2 | 241.2 | |||||
Other current assets | 232.5 | 272.0 | |||||
Total current assets | 3,527.9 | 4,517.1 | |||||
Property, plant and equipment, net | 1,530.4 | 1,602.3 | |||||
Investment in affiliates | 424.1 | 416.1 | |||||
Deferred tax assets | 25.8 | 24.4 | |||||
Other assets | 141.1 | 134.6 | |||||
Intangible assets, net | 553.8 | 565.6 | |||||
Goodwill | 1,192.8 | 1,178.7 | |||||
Total assets | $ | 7,395.9 | $ | 8,438.8 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | 94.3 | $ | 110.5 | |||
Convertible senior subordinated notes | — | 201.2 | |||||
Accounts payable | 670.2 | 960.3 | |||||
Accrued expenses | 1,244.1 | 1,389.2 | |||||
Other current liabilities | 208.3 | 150.8 | |||||
Total current liabilities | 2,216.9 | 2,812.0 | |||||
Long-term debt, less current portion | 997.6 | 938.5 | |||||
Pensions and postretirement health care benefits | 269.0 | 246.4 | |||||
Deferred tax liabilities | 238.8 | 251.2 | |||||
Other noncurrent liabilities | 176.7 | 145.9 | |||||
Total liabilities | 3,899.0 | 4,394.0 | |||||
Stockholders’ Equity: | |||||||
AGCO Corporation stockholders’ equity: | |||||||
Common stock | 0.9 | 1.0 | |||||
Additional paid-in capital | 582.5 | 1,117.9 | |||||
Retained earnings | 3,771.6 | 3,402.0 | |||||
Accumulated other comprehensive loss | (906.5 | ) | (510.7 | ) | |||
Total AGCO Corporation stockholders’ equity | 3,448.5 | 4,010.2 | |||||
Noncontrolling interests | 48.4 | 34.6 | |||||
Total stockholders’ equity | 3,496.9 | 4,044.8 | |||||
Total liabilities and stockholders’ equity | $ | 7,395.9 | $ | 8,438.8 |
Three Months Ended December 31, | |||||||
2014 | 2013 | ||||||
Net sales | $ | 2,485.2 | $ | 2,859.7 | |||
Cost of goods sold | 1,987.2 | 2,268.7 | |||||
Gross profit | 498.0 | 591.0 | |||||
Selling, general and administrative expenses | 244.4 | 295.2 | |||||
Engineering expenses | 84.1 | 86.7 | |||||
Restructuring and other infrequent expenses | 43.5 | — | |||||
Amortization of intangibles | 10.6 | 11.9 | |||||
Income from operations | 115.4 | 197.2 | |||||
Interest expense, net | 14.9 | 17.8 | |||||
Other expense, net | 14.9 | 14.9 | |||||
Income before income taxes and equity in net earnings of affiliates | 85.6 | 164.5 | |||||
Income tax provision | 23.9 | 38.7 | |||||
Income before equity in net earnings of affiliates | 61.7 | 125.8 | |||||
Equity in net earnings of affiliates | 14.8 | 11.1 | |||||
Net income | 76.5 | 136.9 | |||||
Net loss attributable to noncontrolling interests | 1.1 | 2.4 | |||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 77.6 | $ | 139.3 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 0.85 | $ | 1.43 | |||
Diluted | $ | 0.85 | $ | 1.40 | |||
Cash dividends declared and paid per common share | $ | 0.11 | $ | 0.10 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 90.8 | 97.4 | |||||
Diluted | 91.2 | 99.7 |
Years Ended December 31, | |||||||
2014 | 2013 | ||||||
Net sales | $ | 9,723.7 | $ | 10,786.9 | |||
Cost of goods sold | 7,657.4 | 8,396.3 | |||||
Gross profit | 2,066.3 | 2,390.6 | |||||
Selling, general and administrative expenses | 995.4 | 1,088.7 | |||||
Engineering expenses | 337.0 | 353.4 | |||||
Restructuring and other infrequent expenses | 46.4 | — | |||||
Amortization of intangibles | 41.0 | 47.8 | |||||
Income from operations | 646.5 | 900.7 | |||||
Interest expense, net | 58.4 | 58.0 | |||||
Other expense, net | 49.1 | 40.1 | |||||
Income before income taxes and equity in net earnings of affiliates | 539.0 | 802.6 | |||||
Income tax provision | 187.7 | 258.5 | |||||
Income before equity in net earnings of affiliates | 351.3 | 544.1 | |||||
Equity in net earnings of affiliates | 52.9 | 48.2 | |||||
Net income | 404.2 | 592.3 | |||||
Net loss attributable to noncontrolling interests | 6.2 | 4.9 | |||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 410.4 | $ | 597.2 | |||
Net income per common share attributable to AGCO Corporation and subsidiaries: | |||||||
Basic | $ | 4.39 | $ | 6.14 | |||
Diluted | $ | 4.36 | $ | 6.01 | |||
Cash dividends declared and paid per common share | $ | 0.44 | $ | 0.40 | |||
Weighted average number of common and common equivalent shares outstanding: | |||||||
Basic | 93.4 | 97.3 | |||||
Diluted | 94.2 | 99.4 |
Years Ended December 31, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 404.2 | $ | 592.3 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 239.4 | 211.6 | |||||
Deferred debt issuance cost amortization | 2.7 | 3.5 | |||||
Amortization of intangibles | 41.0 | 47.8 | |||||
Amortization of debt discount | — | 9.2 | |||||
Stock compensation (credit) expense | (10.8 | ) | 34.6 | ||||
Equity in net earnings of affiliates, net of cash received | (25.4 | ) | (19.0 | ) | |||
Deferred income tax provision | 3.6 | 21.7 | |||||
Other | 2.5 | 0.3 | |||||
Changes in operating assets and liabilities, net of effects from purchase of businesses: | |||||||
Accounts and notes receivable, net | (103.9 | ) | (36.2 | ) | |||
Inventories, net | 111.4 | (356.9 | ) | ||||
Other current and noncurrent assets | 29.1 | 7.0 | |||||
Accounts payable | (219.4 | ) | 54.7 | ||||
Accrued expenses | (71.2 | ) | 123.4 | ||||
Other current and noncurrent liabilities | 35.2 | 103.0 | |||||
Total adjustments | 34.2 | 204.7 | |||||
Net cash provided by operating activities | 438.4 | 797.0 | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (301.5 | ) | (391.8 | ) | |||
Proceeds from sale of property, plant and equipment | 2.8 | 2.6 | |||||
Purchase of businesses, net of cash acquired | (130.3 | ) | (9.5 | ) | |||
Investment in unconsolidated affiliates | (3.9 | ) | (10.0 | ) | |||
Net cash used in investing activities | (432.9 | ) | (408.7 | ) | |||
Cash flows from financing activities: | |||||||
Purchases and retirement of common stock | (499.7 | ) | (1.0 | ) | |||
Repurchase or conversion of convertible senior subordinated notes | (201.2 | ) | — | ||||
Proceeds from (repayment of) debt obligations, net | 100.6 | (58.1 | ) | ||||
Payment of dividends to stockholders | (40.8 | ) | (38.9 | ) | |||
Payment of minimum tax withholdings on stock compensation | (13.2 | ) | (17.0 | ) | |||
Excess tax benefit related to stock compensation | (0.2 | ) | 11.4 | ||||
Purchase of or distribution to noncontrolling interests | (6.1 | ) | (3.1 | ) | |||
Payment of debt issuance costs | (1.4 | ) | (0.1 | ) | |||
Net cash used in financing activities | (662.0 | ) | (106.8 | ) | |||
Effects of exchange rate changes on cash and cash equivalents | (27.0 | ) | (15.6 | ) | |||
(Decrease) increase in cash and cash equivalents | (683.5 | ) | 265.9 | ||||
Cash and cash equivalents, beginning of year | 1,047.2 | 781.3 | |||||
Cash and cash equivalents, end of year | $ | 363.7 | $ | 1,047.2 |
1. | STOCK COMPENSATION EXPENSE (CREDIT) |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Cost of goods sold | $ | 0.1 | $ | — | $ | (0.9 | ) | $ | 2.3 | ||||||
Selling, general and administrative expenses | 0.1 | 0.7 | (9.7 | ) | 32.6 | ||||||||||
Total stock compensation expense (credit) | $ | 0.2 | $ | 0.7 | $ | (10.6 | ) | $ | 34.9 |
2. | RESTRUCTURING AND OTHER INFREQUENT EXPENSES |
December 31, 2014 | December 31, 2013 | ||||||
4½% Senior term loan due 2016 | $ | 242.0 | $ | 275.0 | |||
Credit facility expires 2019 | 380.0 | 360.0 | |||||
5⅞% Senior notes due 2021 | 300.0 | 300.0 | |||||
Other long-term debt | 169.9 | 114.0 | |||||
1¼% Convertible senior subordinated notes due 2036 | — | 201.2 | |||||
1,091.9 | 1,250.2 | ||||||
Less: Current portion of long-term debt | (94.3 | ) | (110.5 | ) | |||
1¼% Convertible senior subordinated notes due 2036 | — | (201.2 | ) | ||||
Total indebtedness, less current portion | $ | 997.6 | $ | 938.5 |
December 31, 2014 | December 31, 2013 | ||||||
Finished goods | $ | 616.6 | $ | 775.7 | |||
Repair and replacement parts | 536.4 | 550.2 | |||||
Work in process | 130.5 | 109.0 | |||||
Raw materials | 467.2 | 581.2 | |||||
Inventories, net | $ | 1,750.7 | $ | 2,016.1 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Basic net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 77.6 | $ | 139.3 | $ | 410.4 | $ | 597.2 | |||||||
Weighted average number of common shares outstanding | 90.8 | 97.4 | 93.4 | 97.3 | |||||||||||
Basic net income per share attributable to AGCO Corporation and subsidiaries | $ | 0.85 | $ | 1.43 | $ | 4.39 | $ | 6.14 | |||||||
Diluted net income per share: | |||||||||||||||
Net income attributable to AGCO Corporation and subsidiaries | $ | 77.6 | $ | 139.3 | $ | 410.4 | $ | 597.2 | |||||||
Weighted average number of common shares outstanding | 90.8 | 97.4 | 93.4 | 97.3 | |||||||||||
Dilutive stock-settled appreciation rights and performance share awards | 0.4 | 0.7 | 0.3 | 0.8 | |||||||||||
Weighted average assumed conversion of contingently convertible senior subordinated notes | — | 1.6 | 0.5 | 1.3 | |||||||||||
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net income per share | 91.2 | 99.7 | 94.2 | 99.4 | |||||||||||
Diluted net income per share attributable to AGCO Corporation and subsidiaries | $ | 0.85 | $ | 1.40 | $ | 4.36 | $ | 6.01 |
Three Months Ended December 31, | North America | South America | Europe/Africa/ Middle East | Asia/ Pacific | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 549.2 | $ | 414.6 | $ | 1,374.7 | $ | 146.7 | $ | 2,485.2 | ||||||||||
Income (loss) from operations | 30.9 | 39.8 | 134.2 | (5.9 | ) | 199.0 | ||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 658.1 | $ | 461.7 | $ | 1,602.9 | $ | 137.0 | $ | 2,859.7 | ||||||||||
Income (loss) from operations | 54.1 | 32.8 | 155.2 | (1.6 | ) | 240.5 | ||||||||||||||
Years Ended December 31, | North America | South America | Europe/Africa/ Middle East | Asia/ Pacific | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 2,414.2 | $ | 1,663.4 | $ | 5,158.5 | $ | 487.6 | $ | 9,723.7 | ||||||||||
Income (loss) from operations | 219.2 | 134.0 | 500.2 | (11.5 | ) | 841.9 | ||||||||||||||
2013 | ||||||||||||||||||||
Net sales | $ | 2,757.8 | $ | 2,039.7 | $ | 5,481.5 | $ | 507.9 | $ | 10,786.9 | ||||||||||
Income from operations | 325.9 | 212.7 | 558.2 | 0.5 | 1,097.3 | |||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Segment income from operations | $ | 199.0 | $ | 240.5 | $ | 841.9 | $ | 1,097.3 | |||||||
Corporate expenses | (29.4 | ) | (30.7 | ) | (117.7 | ) | (116.2 | ) | |||||||
Stock compensation (expense) credit | (0.1 | ) | (0.7 | ) | 9.7 | (32.6 | ) | ||||||||
Restructuring and other infrequent expenses | (43.5 | ) | — | (46.4 | ) | — | |||||||||
Amortization of intangibles | (10.6 | ) | (11.9 | ) | (41.0 | ) | (47.8 | ) | |||||||
Consolidated income from operations | $ | 115.4 | $ | 197.2 | $ | 646.5 | $ | 900.7 |
Three months ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Income From Operations | Net Income (1) | Earnings Per Share (1) | Income From Operations | Net Income (1) | Earnings Per Share (1) | ||||||||||||||||||
As adjusted | $ | 158.9 | $ | 107.9 | $ | 1.18 | $ | 197.2 | $ | 139.3 | $ | 1.40 | |||||||||||
Restructuring and other infrequent expenses (2) | 43.5 | 30.3 | 0.33 | — | — | — | |||||||||||||||||
As reported | $ | 115.4 | $ | 77.6 | $ | 0.85 | $ | 197.2 | $ | 139.3 | $ | 1.40 | |||||||||||
Years ended December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Income From Operations | Net Income (1) | Earnings Per Share (1) | Income From Operations | Net Income (1) | Earnings Per Share (1) | ||||||||||||||||||
As adjusted | $ | 692.9 | $ | 442.6 | $ | 4.70 | $ | 900.7 | $ | 597.2 | $ | 6.01 | |||||||||||
Restructuring and other infrequent expenses (2) | 46.4 | 32.2 | 0.34 | — | — | — | |||||||||||||||||
As reported | $ | 646.5 | $ | 410.4 | $ | 4.36 | $ | 900.7 | $ | 597.2 | $ | 6.01 | |||||||||||
Earnings Per Share (1) | |||
As adjusted | $ | 3.00 | |
Restructuring and other infrequent expenses | 0.11 | ||
As targeted | $ | 2.89 | |
Three Months Ended December 31, | Change due to currency translation | ||||||||||||||||
2014 | 2013 | % change from 2013 | $ | % | |||||||||||||
North America | $ | 549.2 | $ | 658.1 | (16.5 | )% | $ | (6.5 | ) | (1.0 | )% | ||||||
South America | 414.6 | 461.7 | (10.2 | )% | (57.3 | ) | (12.4 | )% | |||||||||
Europe/Africa/Middle East | 1,374.7 | 1,602.9 | (14.2 | )% | (129.9 | ) | (8.1 | )% | |||||||||
Asia/Pacific | 146.7 | 137.0 | 7.1 | % | (7.7 | ) | (5.6 | )% | |||||||||
$ | 2,485.2 | $ | 2,859.7 | (13.1 | )% | $ | (201.4 | ) | (7.0 | )% | |||||||
Years Ended December 31, | Change due to currency translation | ||||||||||||||||
2014 | 2013 | % change from 2013 | $ | % | |||||||||||||
North America | $ | 2,414.2 | $ | 2,757.8 | (12.5 | )% | $ | (25.3 | ) | (0.9 | )% | ||||||
South America | 1,663.4 | 2,039.7 | (18.4 | )% | (180.1 | ) | (8.8 | )% | |||||||||
Europe/Africa/Middle East | 5,158.5 | 5,481.5 | (5.9 | )% | (40.0 | ) | (0.7 | )% | |||||||||
Asia/Pacific | 487.6 | 507.9 | (4.0 | )% | (13.3 | ) | (2.6 | )% | |||||||||
$ | 9,723.7 | $ | 10,786.9 | (9.9 | )% | $ | (258.7 | ) | (2.4 | )% | |||||||
December 31, 2014 | December 31, 2013 | Change from 2013 | Change due to currency translation | Change excluding currency translation | ||||||||||||||||
Inventories, net | $ | 1,750.7 | $ | 2,016.1 | $ | (265.4 | ) | $ | (182.0 | ) | $ | (83.4 | ) |
Three Months Ended December 31, | Change due to currency translation | ||||||||||||||||
2014 | 2013 | % change from 2013 | $ | % | |||||||||||||
Selling, general and administrative expenses | $ | 244.4 | $ | 295.2 | |||||||||||||
Engineering expenses | 84.1 | 86.7 | |||||||||||||||
$ | 328.5 | $ | 381.9 | (14.0 | )% | $ | (21.5 | ) | (5.6 | )% |
TUY7\99 MHS)I,(<&11(Q7/(!VX/Z'\JR_P#A`_&W_/P__@:?\:=:_"C7KNY#:A1Q17T/:^$](M;2&`6BN(D5-S=6P,9/O10`FM: MZ^BZGIJSQ)_9]VYA>X)P8GQ\N>V#_2J6G>-[*6S:\U.6&SMYIG6S!)+RQJ<; MR,<#-6O&NGR:GX3O[:"`SS,@,:`9)8$$8K#ETV[T;5[6]BTJ:[M3I(LA%``3 M$X.<$$]#ZT`= B16T-P^HQ+%.I>- MCGYP#M../7BN1L-&U?0'T"5]/FO&BLI;>5(64F-W8L`23C'.,^U.\-Z!?6]S MX6-Y8NJVD%R)=Z\1LS';GZYH`[37=571=%NK\KO,291/[['A1^)(JIH_B*.\ MT&34=1\NS:V=X[E2WRQ,K8(S^7YU4\76&H:Q<:5I]ENBA\_SYKDIN6/8,J". M^6[>U T_!O5NVAO4E""-)9`PWIC.`2`/RH`[*+Q9HD\,LT6HQ- M'#&)9"`?D4G&3QQS4?\`PD$5WJNG1:=?6 .H!(!P/R`KI+W2+@ZYX7:WMV2"UBF25D7` MB)B`&?QH`UCXJT437$7]H1%[96:7;DA0.O(&.*;JVOV]KI]V;2XC:\2Q>\B0 M@G*`<-],UR]A8:E'X+O/#,FDW"7:0S*MP`OE2DDD$-GJ R42@9>08XW[9H`WK3QO:"?1K&\(^U7ULDLCKD*C,H(&/ KQC3-.?2K@+9:U]IDN.-A0LV". 9YTCU"$M;HTDN M3C8JG:2<].>*GTW6+#6(WDT^Y2=8SM?&05/N#R*XM?#5_-X*UFTCMC%>SWSS M*K84RJ'#`9/J!QFMOPK9;;Z^OY(]52>=8TD;4!&N_;G&T(!T]?>@!U]X@U&? M79M(T&S@GFM45[F:YD*QQ[N0O`R215VX\166E0VRZW G3 M/ M5=1BU!-9N]3_`+'N MKF/4M,$"1*%+0O\`W'&>!SR:`.EOO$^C::RK>:A#$6B$R\D[D)P",=?PHM_$ M^C7 VMKHDCV;QK;:1 ^N'@MK^*25%+E1D94=2,CG\*XG0+?4;^W\,-9Z=)`--MI9#<28$ MBY[]^*`.PM_%N MAW L6$S62QW*,;Y2]N!G]X`,DC\*XO2-! MO8/^$-$MBZ"U2Y%UE?N;E.-WUS3_``5ITR>(;V*;YH-$5[.W. ._^1-U$]PBD?7<***`,+X3*&T&ZG8`S23X>0CY MFP.,GJ:[ZBB@`HHHH`****`"BBB@`HHHH`*IZQ_R!;__`*]Y/_03110!1\'< M>$-)_P"O=?Y5M444`0WIQ8W!'7RV_E7*_#!1_P`(=%)@;Y)79V[L<]2>YHHH (`["BBB@#_]D_ ` end