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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  3i Group plc    III   GB00B1YW4409

3I GROUP PLC

(III)
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3i : Presentation (1.7mb)

11/12/2020 | 06:27am EST

Results for the six months to 30 September 2020

12 November 2020

Business review

Simon Borrows

Chief Executive

2

Resilient performance despite severe disruption from Covid-19

Six months to 30 September 2020

Group

Private Equity

Infrastructure

Total return

Operating cash

First dividend

Gross investment

Gross investment

on equity

profit

per share

return

return

15%

£14m

17.5p

19%

12%

NAV per share

Liquidity

Gearing

Proprietary capital

Cash income

invested

905p

£1.1bn

3%

£231m

£33m

3

Private Equity

Strong post-lockdown recovery and focused investment activity

Good performance across the portfolio

  • 19% gross investment return
  • 85% of top 20 assets by value grew earnings in the period

Disciplined investment approach, focus on buy-and-build

  • £64m new investment in GartenHaus, a platform business
  • £115m invested in transformational bolt-ons for Evernex and SaniSure

Measured approach to realisations

  • Kinolt sold for proceeds of £81m
  • Strong balance sheet and no pressure to realise investments

4

Private Equity

Good performance and resilience to Covid-19 across the portfolio

Strong performance

Good recovery since the

throughout pandemic

lifting of lockdowns

Tato

Themes and trends

Value-for-money / recession

Remote working

Shift to e-commerce

Stay-at-home lifestyle

Focus on hygiene

Continued challenges

(less than 5% of portfolio value)

Themes and trends

  • Longer-termvulnerability to the pandemic
  • Cyclical headwinds

5

Private Equity

Portfolio earnings growth of top 20 PE investments1

>40%

3 companies

£584m

20 - 40%

3 companies

£785m

10 - 19%

£4,818m

0 - 9%

£401m

<0% £1,204m

1 Last 12 months' earnings growth. This represents 99% of the Private Equity portfolio by value (31 March 2020: 98%).

6

Private Equity

Action - an impressive growth trajectory

Net sales (€m)

5,114

+10%1

4,216

4,373

28%

CAGR

3,418

2,675

Buyout

1,995

21%

1,506

CAGR

873

1,155

607

718

426

515

341

231

284

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

YTD P10

Action has shown impressive growth through 2020 P10 YTD

1 10% growth YTD P10 2020 vs YTD P10 2019.

7

Private Equity

Action - trading has been strong since stores reopened

Like for like sales growth by period

13%

17%

9%

11%

12%

12%

7%

(11%)

(20%)

(61%)

P1

P2

P3

P4

P5

P6

P7

P8

P9

P10

  • Strong performance weeks 1-11
  • Over 900 stores closed in the peak of the crisis
  • All but two distribution centres closed or partially closed
  • Strong performance since P5 with double digit LFL growth
  • Stores in Netherlands open all year with c.9% LFL YTD P10

8

Private Equity

Action - strong growth in all geographies and categories

LFLs by country (week 20-43)1

Netherlands

c.9%

Belgium

c.14%

Germany

c.20%

France

c.15%

Austria

c.22%

Poland

c.16%

Total

c.14%

Top performing category LFL growth (Q3 2020)

Garden & Outdoor

c.34%

Household Goods

c.21%

Sports

c.20%

Decoration

c.20%

Linen

c.19%

DIY

c.13%

1 All shops across all geographies were open as of week 20.

9

Private Equity

Action - strong current trading and operational performance

YTD P9 (P1-9)

P10

Actual

Last year

Variance

Actual

Last year

Variance

Net sales (€m)

3,833

3,550

+8%

540

417

+29%

Operating EBITDA (€m)

376

338

+11%

75

46

+63%

as % of sales

9.8%

9.5%

+30bps

13.8%

11.1%

+270bps

New stores

93

129

-36

22

22

No change

P10 LTM EBITDA: €608m (2019: €519m) +17%

10

Private Equity

Action - store network continues to expand

+7

394

+27

84

+4

+33

380

186

+1

+5

5

9

+10

+28

64

545

# Stores open at end of P10 2020

# Additions in 2020 (to P10)

11

Private Equity

Action - DC network has demonstrated resilience and flexibility

DC Verrières, FR (2020)

Inbound operations have started. Construction of DC Verrières was delayed around 3 months as a result of Covid-19 restrictions

DC Ensuès, FR (2022)

Wrocław, PL (Hub, 2020)

DC Bieruń, PL (2021)

DC Bratislava, SL (2021)

Opening DC Bratislava

delayed to 2021

  • 9th distribution centre in Verrières, France, has started inbound operations
  • Opened Action's 2nd hub in Wrocław, Poland
  • DC network continues to allow for planned growth

DCs to open in ≥2020

DCs/Hubs opened in 2020

DCs/Hubs opened <2020

12

Private Equity

Action - all countries continue to operate within new Covid-19 restrictions

As at 10th November

YTD stores / DCs

Stores / DCs open

Full assortment

Netherlands

394

All open

Belgium

188

All open

Essentials only

Luxembourg

9

All open

France

547

All open

Essentials only

Germany

382

All open

Austria

65

All open

Poland

87

All open

Czech Republic

5

All open

Stores now closed on

Sundays

Total

1,677

1,677

DCs1

9

9

n/a

Note: Situation as at COB 10 November.

13

1 Of which eight fully operational; DC 9 in Verrières, currently taking inbound inventory, will start outbound operations on Monday 16 November.

Private Equity

Action - business plan remains on track

The fastest growing non-food discounter in Europe

Exceptional track record of growth and attractive returns

Further European white space potential of c.5,000 stores

First class senior management team

A discount platform primed to deliver outstanding growth for the long term

2011 2019 2023

Sales

€0.7bn 7.3x

€5.1bn

c.€9.0bn

EBITDA

€86m 6.3x €541m

>€1bn

# Stores

269

5.8x

1,552

c.2,750

# Countries

3

7

>12

# DCs

1

8

c.15

14

Private Equity

Portfolio value growth of £1.1bn supported by robust performance

Largest value increases (>£20m)

Value

Value at

Portfolio

growth

30 Sep

Key driver of value

company

(excl FX)

2020

movement

Action

£644m

£4,269m

Performance

Royal Sanders

£91m

£294m

Performance

Cirtec

£86m

£374m

Performance

Multiple

Luqom

£85m

£228m

Performance

Tato

£50m

£247m

Performance

Multiple

Hans Anders

£48m

£272m

Performance

Havea

£40m

£253m

Performance

SaniSure

£28m

£165m

Multiple

Performance

Evernex

£27m

£296m

Performance

Multiple

Largest value declines (>£20m)

Value

Value at

Portfolio

decline

30 Sep

Key driver of value

company

(excl FX)

2020

movement

Audley

£(52)m

£72m

Performance

Formel D

£(35)m

£110m

Performance

Note: Unquoted assets only.

15

Private Equity

Attractive growth in an online niche market: GartenHaus

£64m new investment1

  • Online leader in garden buildings, sheds, saunas, and related products in the DACH region
  • Differentiated through own product development, excellent customer service, management of complex logistics and on-site assembly services
  • Attractive market with double-digit growth
  • Key focus on internationalisation and expansion into adjacent product categories organically and through M&A

GermanyConsumer

1 Post 30 September 2020, GartenHaus returned £3 million of overfunding, reducing 3i's proprietary capital investment to £61 million.

16

Private Equity

Expansion of our global bioprocessing consumables platform: SaniSure

Bioprocessing platform acquires Sani-Tech West and rebrands as SaniSure

  • Transformational acquisition delivers immediate scale and global reach, and enhances product offering and capabilities in high value therapeutic applications, including biologics and cell & gene therapies
  • Growth opportunities from high cross-selling potential and further internationalisation
  • Combination of the two businesses enhances ability to serve Covid-19 related vaccine and therapeutic production

US/Europe Healthcare

Note: The total 3i investment in the SaniSure platform is £135 million.

17

Private Equity

Creating a global leader in data centre equipment maintenance: Evernex

Evernex acquires Technogroup with 3i funding of £41m

  • Leading provider of third-party maintenance of critical IT infrastructure in DACH region and Poland
  • 5,200+ customers in Central Europe; quadrupled in size over the past ten years organically and through acquisitions
  • Combined group provides single point of contact for customers on a truly global basis

France/Germany

Business & Technology Services

18

Infrastructure

Resilient performance and good cash contribution to the Group

Good performance across portfolios

  • 12% gross investment return
  • Good contribution from 3iN, with 17% share price appreciation and £12m of dividend income in the period

Strong contribution to operating cash profit

  • £33m of cash income through management fees and portfolio income
  • AUM of £4.9bn, up from £4.4bn at the end of March

Progress in AUM development

  • 3i European operational projects fund now c.60% invested
  • Established a new 3i-managed vehicle to co-invest alongside 3iN, with €400m contribution from Industriens Pension of Denmark

19

Infrastructure

Strong recovery in the share price driven by robust portfolio performance

3iN relative share price performance since 1 April 2020

HY2021 highlights

(rebased to 3iN, pence per share)

19% TSR and 4% total return

Focused investment in existing

portfolio

Good portfolio income

On track to deliver 9.8p dividend

target for the year

Source: Bloomberg

20

* Basket includes: HICL, BBGI and INPP

Scandlines

Solid despite significant disruption to traffic from Covid-19

  • Gross investment return of £15m, or 3% of opening portfolio
  • Solid performance through the pandemic
    • freight volumes >90% of prior-year levels
    • good recovery in passenger traffic once travel restrictions lifted
  • Denmark again subject to selected travel restrictions
  • Well positioned to manage further uncertainties ensuing from the pandemic

21

Financial review

Julia Wilson

Group Finance Director

23

NAV per share up 13% to 905 pence demonstrating portfolio resilience

NAV per share (pence)

950

124

(7)

(12)

9

4

(17)

905

900

850

804

800

750

31-Mar-20

Value growth

Net carry

Pension

Other 1

FX

Dividends

30-Sep-20

payable

1 Other includes portfolio income, third party fee income and operating costs.

24

Strong value growth of £1,210 million

Value movement by basis (£ million)

644

Action

546

PE increases

(119)

PE reductions

127

Infrastructure

12

Scandlines

25

Private Equity

Good performance and resilience reflected in valuation approach

Strong performance

Good recovery since the

throughout pandemic

lifting of lockdowns

Tato

  • Substantially all valued on June LTM
  • Some normalisations to deal with lockdown period
  • Small number of multiple increases consistent with strong performance

Continued challenges

(less than 5% of portfolio value)

  • Maintainable or forecast earnings approach; or
  • DCF

26

Private Equity

£1,071 million value increase

Value movement by basis (£ million)

644

Action performance

1

392

Performance increases

(154)

Performance decreases 1

211

Multiples

(60)

DCF

(1)

Other

11

Imminent sales

28

Quoted

1 Performance includes value movements relating to earnings and net debt movements in the period.

27

Private Equity

Action - approach to valuation

Enterprise value (post discount)

€10.25bn

€10.80bn

€10.25bn

Sep-191

Dec-19 EV

Mar-20

Transaction EV

Fair value EV

  • March 20 valuation consistent with EFV transaction value; reverted to run rate basis in Q1

1 The September 2019 valuation was based on run rate earnings.

28

Private Equity

Action continues to compare well to peers

EV/ LTM EBITDA

40x

Five Below, 39.0x

35x

30x

25x

Costco, 21.8x

Average, 21.1x

20x

Ollie's, 21.0x

Grocery Outlet, 20.0x

Dollarama, 19.5x

15x

Dollar General, 14.8x

B&M, 11.6x

10x

5x

0x

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Source: CAPIQ (pre-IFRS 16)

29

Private Equity

Action - approach to valuation

Enterprise value (post discount)

€11.26bn

€10.80bn

€10.25bn

€10.25bn

Sep-191

Dec-19 EV

Mar-20

Sep-20

Transaction EV

Fair value EV

  • Run rate earnings of €626m
  • 18.0x multiple post discount
  • Triangulation against peer group and DCF model
  • March 20 valuation consistent with EFV transaction value; reverted to run rate basis in Q1

Valuation at 30 September 2020 £4,269m

1 The September 2019 valuation was based on run rate earnings.

30

Private Equity

Strong performance from the Private Equity Portfolio

Six months to 30 September

£ million

2020

2019

Gross investment return

1,245

666

% of opening portfolio

19%

11%

Realisations1

82

1

Cash investment2

231

221

Six months to 30 September

£ million

2020

2019

New investment

64

139

Further investment

52

82

Bolt-on investment

115

-

Total cash investment2

231

221

1

Realised proceeds may differ from cash proceeds due to timing of receipts. During the period 3i received £105 million of cash proceeds which were recognised as realised

proceeds in FY2020.

31

2

Investment is different to cash investment per the cash flow due to £31 million of syndication which was recognised in FY2020 and received in FY2021.

Infrastructure

Strong performance from 3iN

Six months to 30 September

£ million

2020

2019

3iN

113

53

Smarte Carte

(5)

3

Regional Rail

12

1

Other funds

7

2

Portfolio revaluation

127

59

Dividend, interest income and FX

7

29

Gross investment return

134

88

% of opening portfolio

12%

9%

32

Scandlines

Solid performance

Six months to 30 September

£ million

2020

2019

Gross investment return

15

44

% of opening portfolio

3%

8%

30 September

31 March

£ million

2020

2020

Valuation

452

429

33

Operating cash profit provides resilience

Six months to 30 September

£ million

2020

2019

Private Equity

50

13

Infrastructure

33

37

Scandlines

27

Cash income

83

77

Operating cash expenses1

(69)

(79)

Operating cash profit/(loss)

14

(2)

Objective is to at least break even

1 Operating cash expenses includes leases paid.

34

Pension buy-in

One-off impact on NAV of 12 pence

  • Trustees of UK defined benefit plan executed a £650m buy-in contract
  • No financial contribution required from 3i
  • IAS19 accounting write-down of £118m

Good outcome for plan members and 3i

35

Simple balance sheet and conservative capital management

£9,578m High quality, defensive portfolio

£687m Gross cash held centrally with no material restrictions

£975m

Gross debt made up of 2023, 2032 and the new £400m bond expiring

in 2040

£400m Undrawn RCF expiring in March 2025

£1.1bn liquidity at 30 September 2020

36

Q&A

Sustainability

Sustainability

Our sustainability strategy is defined by three key priorities

  1. Invest responsibly
  2. Recruit and develop a diverse pool of talent
  3. Act as a good corporate citizen

40

Sustainability

Our values are at the core of how we operate

Ambition

Focus on generating value for all our stakeholders

Strive for excellence and continuous improvement

Rigour and energy

Clarity of vision supported by practical execution

Thorough analysis leading to clear decision- making and effective implementation

High levels of energy, strong work ethic and effective team working

Accountability

Integrity

Personal & collective responsibility for protecting

Doing the "right thing" even when difficult

and enhancing 3i's assets and reputation

Relationships built on trust, candour and respect

An ownership mentality in managing costs, resources and investments

An aversion to building hierarchy

41

Sustainability

Our Responsible Investment policy has been in place for over a decade

Our RI policy applies to allinvestments. We invest only in businesses which are committed to:

The environment

Fair and safe

working conditions

Business integrity

Good governance

Specific exclusion list for "no go" sectors. Referral list for further IC consideration.

For more information:

3i.com/sustainability/sustainability-policies/

42

Sustainability

Action has launched multiple initiatives to make its business more sustainable

Sustainable cotton increased to

Sustainable timber increased to

DC BREEAM certifications

Replaced disposables

71% (Q2 2020)

57% (Q2 2020)

sustainability

assessment

method

Partnership with SOS Children's

Support Lesbos refugees with

Supplier and packaging policies

Embedded ASR in campaign

Villages extended for 3 years

consumables

activities

43

Sustainability

Transparency and disclosure are important to our approach

Disclosures since 2017

Disclosures since 2006

Rated 'B' in 2019 assessment

Signatories since 2011

Member of several sustainability indices

Rated 'A' in the 2020 assessment

44

Additional information

Our business model

Delivering sustainable returns over the cycle

What we offer

Value creation

  • Conservative balance sheet management
  • Tight grip on operating costs

Expertise

Operating cash profit

Access to capital

BLN

1

Active partnership

Invest

Reputation

Institutional culture

3

2

Strong corporate

Realise

Grow

governance

Responsible approach

Who benefits

Shareholders

Portfolio

companies

Employees

46

The portfolio has defensive underlying exposures

Portfolio value as at 30 September 2020

Examples

Value-for-money

Action, Hans Anders, Basic-Fit

10%

4%

Infrastructure

3iN, Scandlines,

Regional Rail, Smarte Carte

11%

49%

Healthcare

Cirtec, Q Holding, SaniSure

8%

Exposure to consumer

WP, Royal Sanders, Havea, Tato

staples / essentials

18%

B2B Services

Evernex, Magnitude

Other

47

Q2 NAV increased from 858 pence to 905 pence

NAV per share (pence)

950

81

(5)

(10)

5

(7)

(17)

905

900

858

850

800

Other 1

30-Jun-20

Value growth

Net carry

Pension

FX

Dividends

30-Sep-20

payable

1 Other includes portfolio income, third party fee income, operating costs and the fair value movement on FX hedging derivatives.

48

3i Group

20 large investments

Investment

Business description

Valuation

Valuation

Sep 20 (£m)

Mar 20 (£m)

Action

General merchandise discount retailer

4,269

3,536

3i Infrastructure plc

Quoted investment company, investing in infrastructure

778

665

Scandlines

Ferry operator between Denmark and Germany

452

429

Cirtec Medical

Outsourced medical device manufacturing

374

302

Evernex

Provider of third-party maintenance services for data centre infrastructure

296

217

Royal Sanders

Private label and contract manufacturing producer of personal care products

294

198

Hans Anders

Value-for-money optical retailer

272

196

WP

Supplier of plastic packaging solutions

260

244

Havea

Manufacturer of natural healthcare cosmetics

253

182

Tato

Manufacturer and seller of speciality chemicals

247

196

Luqom (Lampenwelt)

Online lighting specialist retailer

228

144

Q Holding

Manufacturer of precision engineered elastomeric components

203

222

Regional Rail

Owns and operates short-line freight railroads and rail-related businesses

199

195

AES Engineering

Manufacturer of mechanical seals and support systems

175

158

Sanisure (Bioprocesing platform)

Manufacturer, distributor and integrator of single-use bioprocessing systems and components

165

64

Smarte Carte

Provider of self-serve vended luggage carts, electronic lockers and concession carts

165

172

Basic-Fit

Discount gyms operator

141

93

BoConcept

Urban living designer

130

119

Magnitude Software

Leading provider of unified application data management solutions

116

121

Formel D

Quality assurance provider for the automotive industry

110

141

49

Group investment portfolio

Portfolio value at 30 September 2020 (£m)

Portfolio value at 31 March 2020 (£m)

472

394

452

429

452

458

778

665

3,536

4,269

523

281

1,850

1,472

776

869

Action

2013-2016 Private Equity

Action

2013-2016 Private Equity

2016-2019 Private Equity

2019-2022 Private Equity

2016-2019 Private Equity

2019-2022 Private Equity

3iN

Scandlines reinvestment

3iN

Scandlines reinvestment

Other Infrastructure

Other

Other Infrastructure

Other

Note: The 2013 further Scandlines investment is not allocated to the 2013-2016 vintage for the purposes of this analysis.

50

Net asset exposure by currency

2%

15% 15%

68%

Sterling/non-revaluing

Euro

US dollar

Danish krone & other

Currency

Net assets

Change

Change

YTD

£m

Sterling

£1,268m

n/a

n/a

Euro1

£5,954m

(2.5%)

£130m

US dollar1

£1,347m

4.3%

£(53)m

Danish krone

£130m

(2.7%)

£3m

Other2

£42m

n/a

n/a

Total

£8,741m

£80m

1% movement in euro = £59 million, 1% in US dollar = £13 million

1

Net of impact of FX hedging derivatives.

51

2

Other mainly includes Indian rupee.

Private Equity portfolio by value

By office location (%)

By sector (%)

1%

13%

13%

6%

8%

9%

65%

9%

54%

7%

16%

Netherlands

France

Action (Consumer)

Consumer

Germany

UK

Industrials

B&TS*

US

Others

Healthcare

By vintage (%)

1%

5% 7%

12%

5%

60%

4%

4%

2%

Pre 2014

2014

2015

2016

2017

2018

2019

2020

2021

Portfolio of 32 investments (31 March 2020: 32)

* Business and Technology Services.

52

Private Equity

Increase in portfolio value driven by strong performance

£ million

8,500

8,000

1,071

(80)

116

7,890

7,500

7,000

6,552

231

6,500

6,000

5,500

5,000

4,500

4,000

Portfolio value as at

Cash investment

Value growth

Divestment value

FX / Other1

Portfolio value as at 30

31 March 2020

September 2020

1 Includes capitalised and other non-cash investment.

53

Private Equity

Top 20 assets continue to show good earnings growth

3i carrying value at 30 September 2020

(£ million)

Number of

companies:3

4,818

9

3

3

2

1,204

401

785

584

<0%

0-9%

10-19%

20-40%

>40%

Last 12 months' earnings growth1

1 This represents 99% of the Private Equity portfolio by value (31 March 2020: 98%)

54

Private Equity

Portfolio leverage

Ratio of total net debt to earnings by 3i carrying value at 30 September 20201 (£ million)

4,643

839

898

228

130

317

<1x

1 - 2x

2 - 3x

3 - 4x

4 - 5x

5 - 6x

4.0x leverage across the whole portfolio

1 This represents 89% of the Private Equity portfolio by value (31 March 2020: 91%). Quoted holdings, deferred consideration and companies with net cash are excluded

55

from the calculation.

Private Equity

Proprietary capital and external funds

Vintage1

Proprietary capital value at 30 September 2020

Vintage money multiple at 30 September 20202

Buyouts 2010-2012

£1,470m

10.0x

Growth 2010-2012

£19m

2.1x

2013-2016

£776m

2.2x

2016-2019

£1,850m

1.3x

2019-2022

£523m

1.2x

Other3

£3,252m

n/a

Total proprietary capital value

£7,890m

External capital value as at 30

Gross money multiple

Fee income received in the

External capital

September 2020

at 30 September 20204

year

3i Eurofund V

£21m

3.0x

-

3i Growth Capital Fund

£8m

1.2x

-

Other

£2,602m

n/a

£1m

Total external

£2,631m

£1m

1

Assets in these vintages are disclosed on glossary section of the Half-year report.

2

Vintage money multiple includes unrealised value.

3

Includes value of £2,799 million (31 March 2020: £1,913 million) held in Action through the 2020 Co-investment vehicles and 3i.

56

4

Gross money multiple of the fund in external fund currency.

Private Equity

Carried interest payable reduction a result of carry paid in the period

Six months to 30 September

2020

2019

£ million

Income statement

Carried interest receivable

(2)

81

Carried interest payable

(61)

(63)

Net total (expense)/return

(63)

18

£ million

30 September

31 March

2020

2020

Balance sheet

Carried interest receivable

9

11

Carried interest payable

(564)

(998)

Net total payable

(555)

(987)

57

Infrastructure

AUM of £4.9 billion at 30 September 2020

AUM by fund or strategy (%)

7

3i

Infrastructure plc

2

7

3i

Managed Infrastructure Acquisitions LP

10

3i

European Operational Projects Fund

53

BIIF

5

3i

India Infrastructure Fund

16

3i

Managed accounts

US Infrastructure

AUM increased by £452m in the first half

58

Infrastructure

Assets under management

Fee income

3i commitment/

Remaining 3i

% invested at

received

Close date

Fund size

share

commitment

September 2020

AUM1

in the period

3iN1

Mar 07

n/a

£778m

n/a

n/a

£2,576m

£12m

3i Managed Infrastructure

Jun 17

£698m

£35m

£5m

86%

£784m

£3m

Acquisitions LP

3i European Operational Projects

Apr 18

€456m

€40m

€16m

59%

£244m

£1m

Fund

BIIF

May 08

£680m

n/a

n/a

90%

£477m

£2m

3i India Infrastructure Fund

Mar 08

US$1,195

US$250m

US$35m

73%

£119m

-

m

3i managed accounts

various

n/a

n/a

n/a

n/a

£326m

£1m

US Infrastructure

various

n/a

n/a

n/a

n/a

£367m

-

Total Infrastructure AUM

£4,893m

£19m

1 3iN AUM is based on share price at 30 September 2020.

59

Disclaimer

3i Group plc published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 11:26:04 UTC


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