Tenaris Announces 2010 Second Quarter Results

The Financial and Operational Information Contained in This Press Release Is Based on Unaudited Consolidated Condensed Interim Financial Statements Presented in U.S. Dollars (US$) and Prepared in Accordance With International Financial Reporting Standards as Issued by the International Accounting Standard Board and Adopted by the European Union, or IFRS

LUXEMBOURG, Aug 04, 2010 (MARKETWIRE via COMTEX News Network) -- Tenaris S.A. (NYSE: TS) (BAE: TS) (MXSE: TS) (MILAN: TEN) ("Tenaris") today announced its results for the quarter and semester ended June 30, 2010 with comparison to its results for the quarter and semester ended June 30, 2009.

Summary of 2010 Second Quarter Results
(Comparison with first quarter of 2010 and second quarter of 2009)
                                    Q2 2010     Q1 2010        Q2 2009
                                    -------  -------------  -------------
Net sales (US$ million)             1,981.8  1,638.7    21% 2,096.3    (5%)
Operating income (US$ million)        405.3    309.3    31%   436.8    (7%)
Net income (US$ million)              295.0    222.2    33%   336.4   (12%)
Shareholders' net income (US$
 million)                             282.1    219.5    28%   343.3   (18%)
Earnings per ADS (US$)                 0.48     0.37    28%    0.58   (18%)
Earnings per share (US$)               0.24     0.19    28%    0.29   (18%)
EBITDA (US$ million)                  531.2    435.4    22%   563.1    (6%)
EBITDA margin (% of net sales)           27%      27%            27%

Our results in the second quarter include a strong recovery in OCTG shipments to the Middle East and South America. More generally, they reflect the recovery we are seeing in most of our markets, particularly in the United States where OCTG inventories have declined to more normal levels and oil and gas drilling activity continues to increase. Net sales, operating income and net income rose significantly on a sequential basis with EBITDA margin stable at 27%.

Cash flow from operations during the second quarter of 2010 remained positive although we increased our investment in working capital by US$187.7 million due to the increase in activity levels. Our net cash position (total financial debt less cash and other current investments) decreased by US$378.6 million to US$568.7 million during the quarter after paying a dividend of US$247.9 million in June and investing US$190.4 million in capital expenditures.

Market Background and Outlook

In the first half of 2010, global drilling activity has continued to recover led by substantially higher oil and gas shales drilling activity in the United States and Canada. Activity has increased in most markets reflecting the stability of oil prices at attractive levels and increased investment in regional gas developments.

In the second half of the year, we expect the global recovery in drilling activity to continue its gradual recovery but at a lower pace. Lower conventional gas drilling activity in North America will limit increases in the North American rig count and the International rig count, as published by Baker Hughes, has already returned to pre-crisis levels. Recovery in the hydrocarbon processing sector is also expected to take hold as refining projects move forward in the Middle East, Asia and Brazil.

In the second half, we expect revenues to increase driven by higher sales in the United States and Canada and a recovery of shipments in our Projects operating segment in the fourth quarter. Sales in other regions should remain stable. We also expect to maintain our operating margins as a percentage of sales at current levels as like-for-like price increases offset the impact of higher raw material and labor costs and a less favorable seamless/welded product mix.

Analysis of 2010 Second Quarter Results
                                                               Increase/
   Sales volume (metric tons)            Q2 2010     Q2 2009   (Decrease)
                                       ----------  ----------  ----------
Tubes - Seamless                          603,000     497,000          21%
Tubes - Welded                            179,000      65,000         175%
Tubes - Total                             782,000     562,000          39%
Projects - Welded                          32,000      90,000         (64%)
Total                                     814,000     652,000          25%
                                                               Increase/
           Tubes                         Q2 2010     Q2 2009   (Decrease)
                                       ----------  ----------  ----------
(Net sales - $ million)
North America                               736.4       661.0          11%
South America                               315.3       244.9          29%
Europe                                      179.4       222.3         (19%)
Middle East & Africa                        376.0       452.7         (17%)
Far East & Oceania                          114.2       137.8         (17%)
Total net sales ($ million)               1,721.4     1,718.7           0%
Cost of sales (% of sales)                     58%         57%
Operating income ($ million)                355.6       385.0          (8%)
Operating income (% of sales)                  21%         22%

Net sales of tubular products and services amounted to US$1,721.4 million in the second quarter of 2010, flat compared to the second quarter of 2009, as a 39% increase in volumes was offset by lower average selling prices. In North America, higher sales were driven by a strong increase in demand for OCTG in the United States, which were partially offset by a decline in average selling prices. Sales increased strongly in South America, mainly due to a high demand in Argentina and Ecuador. In Europe, although demand for mechanical tubes and from energy related sectors increased, sales were negatively affected by lower average selling prices. Sales in the Middle East and Africa and in the Far East and Oceania were also negatively affected by lower average selling prices, which offset higher shipments mainly in the Middle East and North Africa.

                                                              Increase/
        Projects                       Q2 2010     Q2 2009    (Decrease)
                                      ----------  ----------  -----------
Net sales ($ million)                       94.0       254.4          (63%)
Cost of sales (% of sales)                    63%         75%
Operating income ($ million)                19.0        45.5          (58%)
Operating income (% of sales)                 20%         18%

Net sales of pipes for pipeline projects decreased 63% to US$94.0 million in the second quarter of 2010, compared to US$254.4 million in the second quarter of 2009, reflecting a decrease in shipments to gas and other pipeline projects in Brazil and Argentina.

                                                                Increase/
          Others                          Q2 2010     Q2 2009   (Decrease)
                                        ----------  ----------  ----------
Net sales ($ million)                        166.3       123.2          35%
Cost of sales (% of sales)                      72%         78%
Operating income ($ million)                  30.7         6.3         384%
Operating income (% of sales)                   18%          5%

Net sales of other products and services increased 35% to US$166.3 million in the second quarter of 2010, compared to US$123.2 million in the second quarter of 2009, as all the main business activities included in the segment increased their revenues.

Selling, general and administrative expenses, or SG&A, increased as a percentage of net sales to 19.7% in the quarter ended June 30, 2010, compared to 18.9% in the corresponding quarter of 2009, mainly due to the effect of fixed expenses on lower revenues.

Net interest expenses increased to US$17.5 million in the second quarter of 2010 compared to US$16.3 million in the same period of 2009. Interest expenses in the second quarter of 2010 were negatively affected by higher interest rates, which are partially offset by foreign exchange gains recorded under other financial results. In addition, interest income in the second quarter of 2009 included one-off gains amounting to US$3.0 million.

Other financial results generated a loss of US$7.4 million during the second quarter of 2010, compared to a loss of US$15.9 million during the second quarter of 2009. These results largely reflect gains and losses on net foreign exchange transactions and the fair value of derivative instruments and are partially offset by changes to our net equity position. These gains and losses are mainly attributable to variations in the exchange rates between our subsidiaries' functional currencies (other than the US dollar) and the US dollar, in accordance with IFRS.

Equity in earnings of associated companies generated a gain of US$19.3 million in the second quarter of 2010, compared to a gain of US$66.5 million in the second quarter of 2009. These gains were derived mainly from our equity investment in Ternium.

Income tax charges totalled US$104.7 million in the second quarter of 2010, equivalent to 28% of income before equity in earnings of associated companies and income tax, compared to US$114.5 million in the second quarter of 2009, equivalent to 28% of income before equity in earnings of associated companies and income tax.

Results attributable to non-controlling interests amounted to a gain of US$12.9 million in the second quarter of 2010, compared with a loss of US$6.8 million in the second quarter of 2009, mainly due to better results at our Confab subsidiary and to the discontinuation of our Venezuelan operations.

Cash Flow and Liquidity

Net cash provided by operations during the second quarter of 2010 was US$58.6 million (US$494.9 million in the first half), compared to US$1.1 billion in the second quarter of 2009 (US$1.9 billion in the first half). Working capital increased by US$187.7 million during the second quarter of 2010, as inventories increased by US$242.6 million, trade receivables increased by US$121.3 million, partially offset by an increase in trade payables of US$179.2 million.

Capital expenditures amounted to US$190.4 million in the second quarter of 2010 (US$348.4 million in the first half), compared to US$106.5 million in the second quarter of 2009 (US$226.3 million in the first half).

During the first half of 2010, our net cash position decreased by US$107.0 million, from US$675.7 million at December 31, 2009, to US$568.7 million at June 30, 2010. Total financial debt during the first half of 2010 decreased by US$234.0 million to US$1.2 billion at June 30, 2010.

Analysis of 2010 First Half Results
                                                              Increase/
                                        H1 2010     H1 2009   (Decrease)
                                      ----------  ----------  -----------
Net sales (US$ million)                  3,620.5     4,530.6          (20%)
Operating income (US$ million)             714.6     1,122.4          (36%)
Net income (US$ million)                   517.2       729.5          (29%)
Shareholders' net income (US$
 million)                                  501.6       709.3          (29%)
Earnings per ADS (US$)                      0.85        1.20          (29%)
Earnings per share (US$)                    0.42        0.60          (29%)
EBITDA* (US$ million)                      966.6     1,370.5          (29%)
EBITDA margin (% of net sales)                27%         30%

Net income attributable to equity holders in the Company during the first semester of 2010 was US$501.6 million, or US$0.42 per share (US$0.85 per ADS), which compares with net income attributable to equity holders in the Company during the first semester of 2009 of US$709.3 million, or US$0.60 per share (US$1.20 per ADS). Operating income was US$714.6 million, or 20% of net sales during the first semester of 2010, compared to US$1,122.4 million, or 25% of net sales during the first semester of 2009. Operating income plus depreciation and amortization for the first semester of 2010, was US$966.6 million, or 27% of net sales, compared to US$1,370.5 million, or 30% of net sales during the first semester of 2009.

Net Sales, Cost of Sales and Operating Income by segment

The following table shows our net sales by business segment for the periods indicated below:

                                                               Increase/
Net sales ($ million)               H1 2010        H1 2009     (Decrease)
                                 -------------  -------------  ----------
Tubes                             3,131.8   87%  3,809.4   84%        (18%)
Projects                            187.2    5%    476.6   11%        (61%)
Others                              301.4    8%    244.7    5%         23%
Total                             3,620.5  100%  4,530.6  100%        (20%)

The following table indicates our sales volume of seamless and welded pipes by business segment for the periods indicated below:

                                                              Increase/
   Sales volume (metric tons)            H1 2010    H1 2009   (Decrease)
                                        ---------- ---------- ----------
Tubes - Seamless                         1,070,000  1,076,000         (1%)
Tubes - Welded                             318,000    175,000         82%
Tubes - Total                            1,388,000  1,251,000         11%
Projects - Welded                           66,000    174,000        (62%)
Total                                    1,454,000  1,424,000          2%

Tubes

The following table indicates, for our Tubes business segment, net sales by geographic region, cost of sales as a percentage of net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

                                                              Increase/
        Tubes                           H1 2010     H1 2009   (Decrease)
                                      ----------  ----------  ----------
(Net sales - $ million)
North America                            1,412.8     1,676.8         (16%)
South America                              518.3       494.3           5%
Europe                                     378.8       484.9         (22%)
Middle East & Africa                       625.3       848.0         (26%)
Far East & Oceania                         196.6       305.4         (36%)
Total net sales ($ million)              3,131.8     3,809.4         (18%)
Cost of sales (% of sales)                    58%         55%
Operating income ($ million)               634.7     1,026.3         (38%)
Operating income (% of sales)                 20%         27%

Net sales of tubular products and services decreased 18% to US$3,131.8 million in the first half of 2010, compared to US$3,809.4 million in the first half of 2009, as an 11% increase in volumes was more than offset by a 26% reduction in average selling prices.

Cost of sales of tubular products and services, expressed as a percentage of net sales, rose from 55% in the first half of 2009, to 58% in the first half of 2010.

Operating income from tubular products and services decreased 38% to US$634.7 million in the first half of 2010, from US$1,026.3 million in the first half of 2009, mainly due to the reduction in sales. Operating income expressed as a percentage of net sales decreased to 20% in the first half of 2010, compared to 27% in the first half of 2009. Our operating income in the first half of 2010 was affected by the decrease in the average selling prices, by the effect of fixed and semi-fixed costs over lower revenues and by the time lag between raw material cost variations and their impact on the cost of sales.

Projects

The following table indicates, for our Projects business segment, net sales, cost of sales as a percentage of net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

                                                              Increase/
      Projects                          H1 2010     H1 2009   (Decrease)
                                      ----------  ----------  -----------
Net sales ($ million)                      187.2       476.6          (61%)
Cost of sales (% of sales)                    65%         72%
Operating income ($ million)                27.5        94.5          (71%)
Operating income (% of sales)                 15%         20%

Net sales of pipes for pipeline projects decreased 61% to US$187.2 million in the first half of 2010, compared to US$476.6 million in the first half of 2009, reflecting lower deliveries in Brazil and Argentina to gas and other pipeline projects.

Operating income from pipes for pipeline projects decreased 71% to US$27.5 million in the first half of 2010, from US$94.5 million in the first half of 2009, mainly due to the reduction in sales.

Others

The following table indicates, for our Others business segment, net sales, cost of sales as a percentage of net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

                                                                Increase/
        Others                            H1 2010     H1 2009   (Decrease)
                                        ----------  ----------  ----------
Net sales ($ million)                        301.4       244.7          23%
Cost of sales (% of sales)                      72%         84%
Operating income ($ million)                  52.4         1.6        3109%
Operating income (% of sales)                   17%          1%

Net sales of other products and services increased 23% to US$301.4 million in the first half of 2010, compared to US$244.7 million in the first half of 2009, as all the main business activities included in the segment increased their revenues.

Operating income from other products and services increased to US$52.4 million in the first half of 2010, compared to US$1.6 million during the first half of 2009, mainly due to the improved results of our electric conduits operations in the United States.

Selling, general and administrative expenses, or SG&A, increased as a percentage of net sales to 20.4% in the semester ended June 30, 2010 compared to 17.3% in the corresponding semester of 2009, mainly due to the effect of fixed and semi-fixed expenses over lower revenues.

Net interest expenses decreased to US$30.5 million in the first half of 2010 compared to US$50.8 million in the same period of 2009, reflecting the change in our net debt position to a net cash position and lower interest rates.

Other financial results recorded a gain of US$0.3 million during the first half of 2010, compared to a loss of US$52.3 million during the first half of 2009. These results largely reflect gains and losses on net foreign exchange transactions and the fair value of derivative instruments and are partially offset by changes to our net equity position. These gains and losses are mainly attributable to variations in the exchange rates between our subsidiaries' functional currency (other than the US dollar) and the US dollar, in accordance with IFRS.

Equity in earnings of associated companies generated a gain of US$42.8 million in the first half of 2010, compared to a gain of US$57.9 million in the first half of 2009. These gains were derived mainly from our equity investment in Ternium.

Income tax charges totalled US$210.1 million in the first half of 2010, equivalent to 31% of income before equity in earnings of associated companies and income tax, compared to US$319.6 million in the first half of 2009, equivalent to 31% of income before equity in earnings of associated companies and income tax.

Results for discontinued operations reflected a loss of US$28.1 million in the first half of 2009, relating to the nationalization of certain Venezuelan subsidiaries by the Venezuelan government, while there were no discontinued operations in the first half of 2010.

Income attributable to non-controlling interests amounted to US$15.5 million in the first half of 2010, compared to US$20.2 million in the corresponding semester of 2009, mainly due to lower results at NKKTubes.

Corporate reorganization in light of the impending termination of Luxembourg's 1929 holding company regime

The Company was established as a societe anonyme holding under Luxembourg's 1929 holding company regime and the provisions relating thereto. 1929 holding companies are exempt from Luxembourg corporate and withholding tax over dividends distributed to holders of shares and ADSs. These benefits will terminate effective December 31, 2010. On January 1st, 2011, the Company will become an ordinary public limited liability company (societe anonyme) and, effective as from that date, the Company will be subject to all applicable Luxembourg taxes, including, among others, corporate income tax on its worldwide income, and its dividend distributions will generally be subject to Luxembourg withholding tax. However, dividends from high income tax subsidiaries will continue to be tax-exempt under Luxembourg's participation exemption.

At its August 4th, 2010 meeting, the Company's board of directors approved a multi-step corporate reorganization plan. This reorganization, which is expected to be completed prior to year-end, will include the contribution of all of the Company's assets and liabilities to a wholly-owned Luxembourg subsidiary and the restructuring of holdings in certain subsidiaries. Following the completion of the reorganization, and upon its conversion into an ordinary Luxembourg holding company, the Company will record a special reserve for tax purposes in a significant amount. The Company expects that its current overall tax burden will not increase and that any potential future dividend distributions out of such special reserve should be exempt from Luxembourg withholding tax.

Some of the statements contained in this press release are "forward-looking statements." Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Press releases and financial statements can be downloaded from Tenaris's website at www.tenaris.com/investors.

Consolidated Condensed Interim Income Statement
(all amounts in thousands
 of U.S. dollars, unless      Three-month period    Six-month period ended
 otherwise stated)              ended June 30,             June 30,
                            ----------------------  ----------------------
                               2010        2009        2010        2009
                            ----------  ----------  ----------  ----------
Continuing operations             (Unaudited)             (Unaudited)
Net sales                    1,981,762   2,096,344   3,620,483   4,530,632
Cost of sales               (1,183,429) (1,264,899) (2,170,472) (2,628,211)
                            ----------  ----------  ----------  ----------
Gross profit                   798,333     831,445   1,450,011   1,902,421
Selling, general and
 administrative expenses      (391,144)   (395,926)   (738,531)   (783,006)
Other operating income
 (expense), net                 (1,886)      1,278       3,163       3,024
                            ----------  ----------  ----------  ----------
Operating income               405,303     436,797     714,643   1,122,439
Interest income                  4,352       8,163      11,500      12,737
Interest expense               (21,889)    (24,435)    (41,958)    (63,582)
Other financial results         (7,368)    (15,907)        323     (52,266)
                            ----------  ----------  ----------  ----------
Income before equity in
 earnings of associated
 companies and income tax      380,398     404,618     684,508   1,019,328
Equity in earnings of
 associated companies           19,288      66,514      42,814      57,935
                            ----------  ----------  ----------  ----------
Income before income tax       399,686     471,132     727,322   1,077,263
Income tax                    (104,716)   (114,518)   (210,142)   (319,592)
                            ----------  ----------  ----------  ----------
Income for continuing
 operations                    294,970     356,614     517,180     757,671
Discontinued operations
Result for discontinued
 operations                          -     (20,176)          -     (28,138)
                            ----------  ----------  ----------  ----------
Income for the period          294,970     336,438     517,180     729,533
Attributable to:
Equity holders of the
 Company                       282,098     343,268     501,647     709,315
Non-controlling interests       12,872      (6,830)     15,533      20,218
                            ----------  ----------  ----------  ----------
                               294,970     336,438     517,180     729,533
                            ----------  ----------  ----------  ----------
Consolidated Condensed Interim Statement of Financial Position
(all amounts in thousands of
 U.S. dollars)                    At June 30, 2010    At December 31, 2009
                                --------------------- ---------------------
                                    (Unaudited)
ASSETS
Non-current assets
  Property, plant and
   equipment, net                3,329,749             3,254,587
  Intangible assets, net         3,576,341             3,670,920
  Investments in associated
   companies                       635,180               602,572
  Other investments                 34,973                34,167
  Deferred tax assets              217,197               197,603
  Receivables                      109,856  7,903,296    101,618  7,861,467
                                ----------            ----------
Current assets
  Inventories                    2,062,844             1,687,059
  Receivables and prepayments      229,644               220,124
  Current tax assets               229,477               260,280
  Trade receivables              1,291,338             1,310,302
  Available for sale assets         21,572                21,572
  Other investments                504,623               579,675
  Cash and cash equivalents      1,276,814  5,616,312  1,542,829  5,621,841
                                ---------- ---------- ---------- ----------
Total assets                               13,519,608            13,483,308
EQUITY
Capital and reserves
 attributable to the Company's
 equity holders                             9,203,282             9,092,164
Non-controlling interests                     618,525               628,672
                                           ----------            ----------
Total equity                                9,821,807             9,720,836
LIABILITIES
Non-current liabilities
  Borrowings                       461,535               655,181
  Deferred tax liabilities         849,072               860,787
  Other liabilities                187,089               192,467
  Provisions                        83,206                80,755
  Trade payables                     3,555  1,584,457      2,812  1,792,002
                                ----------            ----------
Current liabilities
  Borrowings                       751,186               791,583
  Current tax liabilities          201,201               306,539
  Other liabilities                273,300               192,190
  Provisions                        27,865                28,632
  Customer advances                 44,357                95,107
  Trade payables                   815,435  2,113,344    556,419  1,970,470
                                ---------- ---------- ---------- ----------
Total liabilities                           3,697,801             3,762,472
Total equity and liabilities               13,519,608            13,483,308
Consolidated Condensed Interim Cash Flow Statement
                        Three-month period ended   Six-month period ended
                                June 30,                  June 30,
                        ------------------------  ------------------------
(all amounts in
 thousands of U.S.
 dollars)                   2010         2009         2010         2009
Cash flows from
 operating activities   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Income for the period       294,970      336,438      517,180      729,533
Adjustments for:
Depreciation and
 amortization               125,888      126,320      251,916      248,061
Income tax accruals
 less payments              (87,690)    (179,194)    (115,948)    (329,690)
Equity in earnings of
 associated companies       (19,784)     (65,532)     (43,310)     (57,073)
Interest accruals less
 payments, net               10,449      (47,865)      19,496      (23,698)
Changes in provisions        (3,740)      25,675        1,684       14,200
Changes in working
 capital                   (187,740)     787,515      (63,493)   1,175,460
Other, including
 currency translation
 adjustment                 (73,732)     127,781      (72,632)     117,792
                        -----------  -----------  -----------  -----------
Net cash provided by
 operating activities        58,621    1,111,138      494,893    1,874,585
                        -----------  -----------  -----------  -----------
Cash flows from
 investing activities
Capital expenditures       (190,431)    (106,506)    (348,393)    (226,335)
Acquisition of
 subsidiaries and
 changes in
 non-controlling
 interests                   (3,329)     (67,593)      (3,356)     (73,535)
Proceeds from disposal
 of property, plant and
 equipment and
 intangible assets            2,836        7,749        5,746       10,328
Dividends received from
 associated companies        11,486        4,283       12,958        5,223
Investments in short
 terms securities           141,157     (210,337)      75,052     (227,587)
                        -----------  -----------  -----------  -----------
Net cash used in
 investing activities       (38,281)    (372,404)    (257,993)    (511,906)
                        -----------  -----------  -----------  -----------
Cash flows from
 financing activities
Dividends paid             (247,913)    (354,161)    (247,913)    (354,161)
Dividends paid to
 non-controlling
 interests in
 subsidiaries               (14,577)     (27,176)     (14,577)     (27,176)
Proceeds from
 borrowings                 151,533       69,096      349,856      263,841
Repayments of
 borrowings                (281,709)    (808,801)    (588,754)  (1,149,484)
                        -----------  -----------  -----------  -----------
Net cash used in
 financing activities      (392,666)  (1,121,042)    (501,388)  (1,266,980)
                        -----------  -----------  -----------  -----------
(Decrease) Increase in
 cash and cash
 equivalents               (372,326)    (382,308)    (264,488)      95,699
Movement in cash and
 cash equivalents
At the beginning of the
 period                   1,624,909    1,968,707    1,528,707    1,525,022
Effect of exchange rate
 changes                     (8,182)      31,992      (19,818)      (2,330)
Decrease due to
 deconsolidation                  -       (9,696)           -       (9,696)
(Decrease) Increase in
 cash and cash
 equivalents               (372,326)    (382,308)    (264,488)      95,699
At June 30,               1,244,401    1,608,695    1,244,401    1,608,695
                               At June 30,               At June 30,
                        ------------------------  ------------------------
Cash and cash
 equivalents                2010         2009         2010         2009
Cash and bank deposits    1,276,814    1,622,908    1,276,814    1,622,908
Bank overdrafts             (32,413)     (14,213)     (32,413)     (14,213)
                          1,244,401    1,608,695    1,244,401    1,608,695

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com


SOURCE: Tenaris S.A.

http://www.tenaris.com

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