AMG Advanced Metallurgical Group N.V. Reports Full Year and Fourth Quarter 2013 Results

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| Source: AMG Advanced Metallurgical Group N.V.

Key Highlights

  • Revenue was $1,158.4 million in 2013, a 5% decrease from 2012; fourth quarter 2013 revenue was $284.0 million, a 3% increase over the same period in 2012
  • EBITDA(1) was $72.6 million in 2013, a 13% decrease from 2012; fourth quarter 2013 EBITDA was $10.5 million, a 45% decrease from the same period in 2012
  • Loss per share on a fully diluted basis was ($1.51) in 2013; fourth quarter 2013 loss per share was ($0.12), consistent with the same period in 2012
  • Cash flows from operating activities were $69.7 million in 2013; fourth quarter 2013 cash flows from operating activities were $12.4 million, compared to $32.1 million in the same period in 2012
  • AMG Processing generated revenue of $568.6 million and EBITDA of $21.5 million in 2013; fourth quarter revenue and EBITDA were $132.9 million and $0.2 million, respectively
  • AMG Engineering generated revenue of $260.2 million and EBITDA of $20.6 million in 2013; fourth quarter revenue and EBITDA were $67.0 million and $2.4 million, respectively
  • AMG Mining generated revenue of $329.6 million and EBITDA of $30.5 million in 2013; fourth quarter revenue and EBITDA were $84.2 million $8.0 million, respectively
  • As of December 31, 2013, cash on the balance sheet was $103.1 million; net debt was $160.5 million, a reduction of $33.7 million during 2013

AMSTERDAM, Netherlands, March 19, 2014 (GLOBE NEWSWIRE) -- (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported fourth quarter 2013 revenue of $284.0 million, a 3% increase from $275.2 million in the fourth quarter 2012.

EBITDA decreased 45% to $10.5 million in the fourth quarter 2013 from $19.2 million in the fourth quarter 2012.  Net loss attributable to shareholders for the fourth quarter 2013 was $3.2 million, or ($0.12) per fully diluted share, compared to net loss of $3.3 million, or loss attributable to shareholders of ($0.12) in the fourth quarter 2012.  

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "The specialty metals industry experienced substantial price declines during the fourth quarter 2013, a continuation of the sharp decreases in the third quarter.  Market price declines in the fourth quarter were most significant in chrome metal, tantalum and vanadium chemicals.  We made significant management changes in AMG Superalloys and Titanium Alloys & Coatings during the quarter to adjust operations to these market conditions.  We continue to make changes to improve operational performance and these activities should continue to create strong cash flows, which is our primary focus.  During 2013, AMG generated the second highest level of operating cash flow in its history and reduced net debt by $33.7 million.  Strategically, we are evaluating which combination of assets provide the highest returns and will enable AMG to create financial resources to obtain critical mass in critical materials."

Key Figures

In 000's US Dollar          
  Q4 '13 Q4 '12 Change    FY '13 FY '12 Change
               
Revenue $284,023 $275,176       3%     $1,158,444 $1,215,602 (5%)
Gross profit 41,034 41,552    (1%)   177,702 196,423      (10%)
Gross margin 14.4% 15.1%     15.3% 16.2%  
               
Operating (loss) profit (4,289) 4,348 N/A   (26,196) 34,782 N/A
Operating margin (1.5%) 1.6%     (2.3%) 2.9%  
               
Net (loss) income attributable to shareholders (3,175) (3,282) 3%   (41,538) 2,843         N/A
               
EPS- Fully diluted          ($0.12)        ($0.12)               ($1.51)           $0.10        
               
EBIT  (1) 2,090 8,932 (77%)   39,353 51,967      (24%)
EBITDA (2)        10,516 19,238 (45%)   72,601 83,525    (13%)
EBITDA margin 3.7% 7.0%     6.3% 6.9%  
               
Cash Flow from Operating Activities 12,389 32,129 (61%)   69,707 65,637 6%

Note:  

  1. EBIT is defined as earnings before interest, tax and excludes non-recurring items 
  2. EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items 

Operational Review

AMG Processing

  Q4 '13 Q4 '12 Change  FY '13 FY '12 Change
Revenue $132,882 $132,447 0% $568,629 $614,031 (7%)
Gross profit 10,498 17,052 (38%) 61,149 86,358 (29%)
Operating (loss) profit (8,229) 6,694 N/A 2,139 28,089 (92%)
EBITDA 167 9,643 (98%) 21,501 42,781 (50%)
Capital expenditures 3,400 8,213 (59%) 17,293 22,280 (22%)

AMG Processing's fourth quarter 2013 revenue increased $0.4 million, to $132.9 million.  An 11% increase in AMG Superalloys revenue due to improved chrome metal volumes, despite lower market prices, was offset by a 6% decline in AMG Aluminum revenue due to lower volumes. AMG Vanadium revenue increased 10% on volume increases from the capacity expansion completed earlier in 2013; however, lower volumes and prices for aerospace alloys resulted in a 12% decline in AMG Titanium Alloys & Coatings revenue.  

The fourth quarter 2013 gross margin decreased to 8% from 13% in the fourth quarter 2012, as declining metal prices significantly affected AMG Processing's margins.  Specifically, an unfavorable product mix combined with lower prices resulted in an 84% decline in AMG Titanium Alloys & Coatings gross margins.  Chrome products experienced a sharp decline in market prices, leading to significant margin erosion at AMG Superalloys during the quarter.  These impacts more than offset a 56% increase in AMG Vanadium gross margins, which was the result of productivity improvements and increased capacity utilization.  

The fourth quarter 2013 EBITDA decreased $9.5 million to 0% of revenue from 7% of revenue in the fourth quarter 2012.  The EBITDA decrease was the result of the $6.6 million decline in gross profit, a $1.9 million increase in variable compensation expenses and a $0.8 million increase in professional fees related to efficiency initiatives.  

Capital expenditures were $3.4 million for the fourth quarter 2013, a 59% decrease from the fourth quarter 2012.  Capital investments made in the fourth quarter included $2.0 million of maintenance expenditures.

AMG Engineering

  Q4 '13 Q4 '12 Change  FY '13 FY '12 Change  
Revenue $66,978 $69,280 (3%) $260,200 $273,924 (5%)
Gross profit 15,388 16,199 (5%) 62,922 60,788 4%
Operating (loss) profit (609) 134 N/A (10,957) (673) N/A
EBITDA 2,379 7,670 (69%) 20,593 21,155 (3%)
Capital expenditures 749 91 723% 2,106 5,421 (61%)

AMG Engineering's fourth quarter 2013 revenue decreased $2.3 million, or 3%, to $67.0 million.  Revenue from turbine blade coating furnaces increased 34% to $4.8 million, the result of one significant order.  This increase was offset by a 27% decline in heat treatment systems to $12.8 million.

Order backlog decreased 18% to $109.7 million at December 31, 2013 from $133.5 million at September 30, 2013.  AMG Engineering generated order intake of $39.6 million in the fourth quarter 2013, a 42% decrease compared to the fourth quarter 2012, and a 0.59x book to bill ratio. Customers delayed investment decisions during the quarter due to market uncertainty and lower than anticipated end market demand.

The fourth quarter 2013 gross margin was 23%, consistent with the fourth quarter 2012.  Improved profitability on certain large projects and an increased focus on cost control resulted in a consistent margin, despite the slight decline in revenue.  

The fourth quarter 2013 EBITDA decreased $5.3 million, to 4% of revenue from 11% of revenue in the fourth quarter 2012.  The EBITDA decrease was the result of the $0.8 million decrease in gross profit and a $2.4 million increase in SG&A compensation expenses.

Capital expenditures were $0.7 million in the fourth quarter 2013, which were primarily maintenance capital expenditures for the heat treatment services business.

AMG Mining

  Q4 '13 Q4 '12 Change  FY '13 FY '12 Change
Revenue $84,163 $73,449 15% $329,615 $327,647 1%
Gross profit 15,148 8,301 82% 53,631 49,277 9%
Operating profit (loss) 4,549 (2,480) N/A (17,378) 7,366 N/A
EBITDA 7,970 1,925 314% 30,507 19,589 56%
Capital expenditures 5,342 5,930 (10%) 12,626 20,408 (38%)

AMG Mining's fourth quarter 2013 revenue increased $10.7 million, or 15%, to $84.2 million.  Volumes for most products increased, while prices were mixed.  Prices increased 21% and 4% for AMG Mineração's tantalum and AMG Graphite products, respectively, while AMG Antimony product prices decreased 10%, compared to the fourth quarter 2012.

The fourth quarter 2013 gross margin increased to 18%, from 11% in the fourth quarter 2012.  The gross margin increase was primarily the result of an increase in prices for higher volume products at AMG Mineração and improved product mix at AMG Graphite.  
   
The fourth quarter 2013 EBITDA increased $6.0 million, to 9% of revenue from 3% of revenue in the fourth quarter 2012.  The EBITDA increase was the result of $6.8 million increase in gross profit and a $0.8 million decrease in SG&A, primarily due to costs related to the squeeze-out of non-controlling interest, which were incurred in the fourth quarter 2012, offset slightly by lower depreciation expense included in the gross profit.

Capital expenditures were $5.3 million in the fourth quarter 2013, 10% less than the fourth quarter 2012.  Capital expenditures were primarily composed of $3.3 million for maintenance expenditures.

Financial Review

For purposes of this release, AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.  IAS 19 Employee Benefits (Revised 2011) (IAS 19R) and IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine were effective for periods beginning after January 1, 2013 and require restatement for comparability.

Tax

AMG recorded an income tax benefit of $6.8 million in the fourth quarter 2013.  The income tax benefit was the result of AMG generating income in jurisdictions in which it has tax loss carry forwards, the recognition of certain income tax benefits related to previously unrecognized tax losses, and temporary differences related to a German subsidiary that were recognized in 2013.  The income tax expense in the fourth quarter 2012 was $2.0 million.  AMG's income tax benefit for the full year 2013 was $4.4 million.    

SG&A

AMG's fourth quarter 2013 SG&A expenses were $38.5 million, compared to $33.9 million in the fourth quarter 2012, an increase of 14%.  The $4.6 million increase in SG&A expenses was primarily due to a $4.4 million increase in variable compensation expense.

Non-Recurring Items

AMG's fourth quarter 2013 operating loss of $4.3 million includes non-recurring items, which are not included in the calculation of EBITDA. These items are comprised of income and expense items that in the view of management do not arise in the normal course of business and items that due to their nature and/or size should be presented separately to enable better analysis of the results.

A summary of non-recurring items in the fourth quarter 2013 and 2012 are below:

                     For the three
December


                   2013
months ended
December


           2012
Non-recurring items included in operating (loss) profit:    
Restructuring expense $5,737 $1,349
Asset impairment expense 1,321 3,553
Total non-recurring items included in operating (loss) profit 7,058 4,902

AMG incurred $7.1 million of restructuring and asset impairment expense in the fourth quarter 2013, consisting of $4.8 million, $1.2 million and $1.1 million related to AMG Processing, AMG Engineering and AMG Mining, respectively.  The restructuring expenses are part of the Company's process to simplify its corporate structure and ongoing cost reduction efforts.

Currency Fluctuations

AMG transacts business in many currencies other than the U.S. dollar, the Company's reporting currency.  AMG's financial statements are prepared in U.S. dollars, so fluctuations in the exchange rates between the U.S. dollar and other currencies have an effect both on the results of operations and on the reported value of assets and liabilities as measured in U.S. dollars.  The depreciation in the value of the U.S. dollar as of December 31, 2013 compared to September 30, 2013, resulted in an increase in the assets and liabilities on the balance sheet of $7.7 million and $5.5 million, respectively.  The net result of the depreciation in the value of the U.S. dollar in the fourth quarter 2013 compared to the fourth quarter 2012, resulted in an increase in revenue and EBITDA of $7.5 million and $0.4 million, respectively.

Liquidity

   December
31, 2013
    December
     31, 2012

Change
Total debt $263,580 $315,844 (17%)
Cash and cash equivalents 103,067 121,639 (15%)
Net debt 160,513 194,205 (17%)

AMG had a net debt position of $160.5 million as of December 31, 2013.  In a continuing effort to right size its balance sheet and reduce finance expense, AMG used its strong cash flow from operating activities of $69.7 million and cash on hand to reduce its gross debt balance by $52.2 million.  Including the $103.1 million of cash, AMG had $174.8 million of total liquidity as of December 31, 2013.

Cash Flow

  For the year ended December 31
      2013              2012
     
Net cash flows from operating activities  $69,707                $65,637
Capital expenditures (32,025) (48,109)
Cash flows from (used in) other investing activities    3,163 (430)
Net cash flows used in investing activities  (28,862) (48,539)
Net cash flows (used in) from financing activities   (62,252)                   21,661

Cash flows from operating activities were $69.7 million for the year ended December 31, 2013 compared to cash flows from operating activities of $65.6 million in the same period in 2012.  Net cash flows from operating activities are comprised of $72.6 million in EBITDA and $40.2 million decrease in working capital and deferred revenue, offset by $12.1 million of cash tax payments, $18.8 million of cash interest payments, and restructuring payments of $8.3 million.

Cash flows used in investing activities were $28.9 million for the year ended December 31, 2013.  The $19.7 million decrease compared to the same period in 2012 is primarily composed of a $16.1 million decrease in capital investments.  This reduction in capital investments reflects management's cash control initiatives and more stringent return metrics.

Cash flows used in financing activities were $62.3 million for the year ended December 31, 2013 as the Company repaid $61.7 million of borrowings.  In the same period in 2012, AMG generated $21.7 million from financing activities primarily to fund the Brazilian mine expansion and the acquisition of Graphit Kropfmühl shares.

Outlook

AMG is making progress on improving its operational performance and it is executing on the strategy to gain critical mass in critical materials. This is beginning to produce results; however, these improvements are being offset by the weak specialty metals markets.  The industry is experiencing destocking in the global aerospace value chain, low demand for high performance steel, and a deceleration of growth in China. These conditions are showing signs of stabilization, however, many prices remain low, and excess capacity exists.  Overall, AMG should produce significant operating cash flow in 2014, and ROCE, EBITDA and net income should improve over 2013 levels.

AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

For the three months ended December 31      
In thousands of US Dollars         2013           2012
          Unaudited             Unaudited 2
Continuing operations      
Revenue   284,023 275,176
Cost of sales   242,989 233,624
Gross profit   41,034 41,552
         
Selling, general and administrative expenses   38,502 33,868
Restructuring expense   5,737 1,349
Asset impairment   1,321 3,553
Environmental   (211) (1,228)
Other income, net   (26) (338)
Operating (loss) profit   (4,289) 4,348
         
Finance income   (170) (196)
Finance expense   4,319 8,045
Foreign exchange loss   488 771
Net finance costs   4,637 8,620
       
Share of (loss) profit of associates and joint ventures   (1,618) 1,896
Loss before income tax   (10,544) (2,376)
       
Income tax (benefit) expense   (6,759) 2,045
Loss for the period   (3,785) (4,421)
       
Attributable to:      
  Shareholders of the Company   (3,175) (3,282)
  Non-controlling interests   (610) (1,139)
Loss for the period   (3,785) (4,421)
       
Loss per share      
Basic loss per share   (0.12) (0.12)
Diluted loss per share   (0.12) (0.12)

 

AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

For the year ended December 31      
In thousands of US Dollars         2013           2012
    Unaudited Unaudited3
Continuing operations      
Revenue   1,158,444 1,215,602
Cost of sales   980,742 1,019,179
Gross profit   177,702 196,423
         
Selling, general and administrative expenses   140,856 145,053
Restructuring expense   14,225 6,151
Asset impairment expense       51,024 9,891
Environmental   (86) 1,772
Other income, net   (2,121) (1,226)
Operating (loss) profit   (26,196) 34,782
         
Finance income   (810) (1,051)
Finance expense   21,703 26,256
Foreign exchange loss   175 581
Net finance costs   21,068 25,786
       
Share of (loss) profit of associates and joint ventures   (2,148) 2,353
(Loss) profit before income tax   (49,412) 11,349
       
Income tax (benefit) expense   (4,376) 10,828
(Loss) profit for the year   (45,036) 521
       
Attributable to:      
  Shareholders of the Company   (41,538) 2,843
  Non-controlling interests   (3,498) (2,322)
(Loss) profit for the year   (45,036) 521
       
(Loss) earnings per share      
Basic (loss) earnings per share   (1.51) 0.10
Diluted (loss) earnings per share   (1.51) 0.10
AMG Advanced Metallurgical Group N.V.      
Condensed interim consolidated statement of financial position

 

In thousands of US Dollars
       
    Dec 31, 2013           Dec 31,20124  
     Unaudited    
Assets      
  Property, plant and equipment   259,683 288,269
  Goodwill   25,078 24,751
  Intangible assets   12,116 13,971
  Investments in associates and joint ventures   4,755 7,351
  Derivative financial instruments   271 527
  Deferred tax assets   27,003 35,455
  Restricted cash   7,967 11,888
  Notes receivable   - 227
  Other assets   25,519 22,262
Total non-current assets   362,392 404,701
         
  Inventories   179,343 211,531
  Trade and other receivables   150,807 177,232
  Derivative financial instruments   2,177 3,229
  Other assets   34,430 30,438
  Cash and cash equivalents   103,067 121,639
Total current assets   469,824 544,069
Total assets   832,216 948,770
           
           
           
           
           
           
           
           
         
           
           
           
           
           
           
         
         
  AMG Advanced Metallurgical Group N.V.        
  Condensed interim consolidated statement of financial position (continued)  

In thousands of US Dollars
       
      Dec 31, 2013

Unaudited
Dec 31, 20125        
Equity        
  Issued capital   744 743  
  Share premium   382,518 382,176  
  Other reserves   (4,605) (9,909)  
  Retained earnings (deficit)   (246,304) (204,565)  
Equity attributable to shareholders of the Company 132,353 168,445  
Non-controlling interests 2,237 6,818  
Total equity   134,590 175,263  
           
Liabilities        
  Loans and borrowings   223,788 265,553  
  Employee benefits   138,009 137,957  
  Provisions   30,443 31,852  
  Deferred revenue   11,776 2,724  
  Government grants   883 472  
  Other liabilities   8,425 6,690  
  Derivative financial instruments   7,702 11,082  
  Deferred tax liabilities   3,121 26,120  
Total non-current liabilities   424,147 482,450  
  Loans and borrowings   20,873 20,333  
  Short term bank debt   18,919 29,958  
  Government grants   74 55  
  Other liabilities   54,383 58,934  
  Trade and other payables   127,381 125,342  
  Derivative financial instruments   5,298 3,900  
  Advance payments   16,341 26,989  
  Deferred revenue   5,009 2,533  
  Current taxes payable   2,329 8,623  
  Employee benefits   1,350 -  
  Provisions   21,522 14,390  
Total current liabilities   273,479 291,057  
Total liabilities   697,626 773,507  
Total equity and liabilities   832,216 948,770  

AMG Advanced Metallurgical Group N.V.

Condensed interim consolidated statement of cash flows

For the year ended December 31      
In thousands of US Dollars          2013       2012
    Unaudited Unaudited6
Cash flows from operating activities      
(Loss) profit for the period   (45,036) 521
Adjustments to reconcile net (loss) profit to net cash flows:      
Non-cash:      
   Income tax (benefit) expense   (4,376) 10,828
   Depreciation and amortization   33,248 31,558
   Asset impairment expense   51,024 9,891
   Net finance costs   21,068 25,786
   Share of loss (profit) of associates and joint ventures   2,148 (2,353)
   (Gain) loss on sale or disposal of property, plant and equipment   (1,296) 327
   Equity-settled share-based payment transactions   475 1,724
   Movement in provisions, pensions and government grants   2,427 8,617
Change in working capital and deferred revenue   40,200 9,910
Cash flows from operating activities   99,882 96,809
Finance costs paid, net   (18,046) (18,601)
Income tax paid, net   (12,129) (12,571)
Net cash flows from operating activities   69,707 65,637
       
Cash flows used in investing activities      
Proceeds from sale of property, plant and equipment   2,515 332
Proceeds from sale of investment in associate   650 -
Acquisition of subsidiaries (net of cash acquired of nil and $133)   - (166)
Acquisition of property, plant and equipment and intangibles   (32,025) (48,109)
Change in restricted cash   3,989 (671)
Acquisition of other non-current asset investments   (4,000) -
Other   9 75
Net cash flows used in investing activities   (28,862) (48,539)
       
Cash flows (used in) from financing activities      
Proceeds from issuance of debt   38 72,078
Repayment of borrowings   (61,679) (35,126)
Contributions by non-controlling interests   392 -
Change in non-controlling interests   (1,007) (15,291)
Other   4 -
Net cash flows (used in) from financing activities   (62,252) 21,661
       
Net (decrease) increase in cash and cash equivalents   (21,407) 38,759
Cash and cash equivalents at January 1   121,639 79,571
Effect of exchange rate fluctuations on cash held   2,835 3,309
Cash and cash equivalents at December 31   103,067 121,639

AMG Advanced Metallurgical Group N.V.
Condensed interim consolidated income statement

About AMG

AMG creates and applies innovative metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction.  AMG produces highly engineered specialty metal products and advanced vacuum furnace systems for the Energy, Aerospace, Infrastructure, and Specialty Metals and Chemicals end markets.

AMG Processing develops and produces specialty metals, alloys, and high performance materials.  AMG is a significant producer of specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, for Energy, Aerospace, Infrastructure and Specialty Metal and Chemicals applications.  Other key products include specialty alloys for titanium and superalloys, coating materials and vanadium chemicals.

AMG Engineering designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the Aerospace and Energy (including solar and nuclear) industries.  Furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, turbine blade coating and sintering.  AMG also provides vacuum case-hardening heat treatment services on a tolling basis.

AMG Mining produces critical materials utilizing its secure raw material sources in Africa, Asia, Europe, and South America.  AMG Mining produces critical materials such as high purity natural graphite, tantalum, antimony and silicon metal.  These materials are of significant importance to the global economy and are available in limited supply.  End markets for these materials include electronics, energy efficiency, green energy, and infrastructure.

With over 3,000 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Mexico, Brazil, Turkey, Poland, India, and Sri Lanka and has sales and customer service offices in Belgium, Russia, and Japan (www.amg-nv.com).  

For further information, please contact:

AMG Advanced Metallurgical Group N.V.   +1 610 975 4901

Jonathan Costello

Vice President of Corporate Development and Communications

jcostello@amg-nv.com

Disclaimer

Certain statements in this press release are not historical facts and are "forward-looking."  Forward-looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information.  When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements.  By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved.  These forward-looking statements speak only as of the date of this press release.  AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

  1. EBITDA is defined as earnings before interest, tax, depreciation and amortization and excludes non-recurring items 

1 AMG restated the December 31, 2012 statement of financial position and 2012 income statement to comply with new IFRS standards and interpretations.
March 19 2014 http://hugin.info/138060/R/1769748/602087.pdf

HUG#1769748