Wednesday, May 31, 2023

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Roberto Peckham

Medellin-based pension-funds manager Protección announced that its full-year 2021 net income dipped to COP$276 billion (US$72.6 million), down from COP$291 billion (US$76.5 million) in 2020.

Gross income nevertheless actually rose year-on-year, to COP$1.15 trillion (US$302 million) in 2021 versus COP$1.1 trillion (US$289 million) in 2020.

Commenting on the dip in profitability, Protección president Juan David Correa cited “higher disability rates as a result of Covid-19 and the change in the [Colombian] minimum wage due to an increase higher-than-inflation, which generated greater impacts on the [pension payment] provisions.

“For Protección, we insist on the urgency of solving this structural problem by the competent authorities, and we will continue as we have done so far, proposing alternative solutions,” he added.

Protección is one of the three biggest pension fund managers in Colombia, with COP$128 trillion (US$33.6 billion) in assets-under-management for its 8 million customers, the company noted.

However, all pension-fund managers in Colombia now face the possibility of potentially disastrous confiscation of private pensions as currently proposed by left-wing Colombian presidential Candidate Gustavo Petro.

As a result, “2022 will be a transcendent year,” Correa said. “As a country we will go through an electoral period during the first half of the year, which will mark the social, economic and reform agenda for the coming years.

“It is essential that the next government advance a pension reform that promotes principles of equity, sustainability and coverage, as well as the search for mechanisms that allow the complementarity of pension models with those of insurance and that guarantee the sustainability of the system,” he added.

On another front, Correa revealed in a March 23 interview with Colombian business newspaper La Republica that Protección this year realized a one-time COP$1.1 trillion (US$289 million) gain for selling to Cali-based Gilinski Group all of its shareholdings in multinational foods giant Nutresa and multinational insurance/health-care giant Sura,both of which are based in Medellin.

Medellin-based multinational utilities giant Grupo EPM announced March 23 that its full-year 2021 net income dipped to COP$3.3 trillion (US$872 million), down from COP$3.7 trillion (US$978 million) for full-year 2020.

Despite the profits dip, 2021 revenues grew 28% year-on-year, to COP$25.3 trillion (US$6.7 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29%, to COP$7.4 trillion (US$1.95 billion).

EBITDA margin for 2021 came-in at 30%, according to the company, which is 100% owned by the city of Medellin.

Infrastructure investment in 2021 totaled COP$$4.2 trillion (US$1.1 billion), of which 79% went into energy projects and the remaining 21% in the water businesses.

The giant “Hidroituango” hydroelectric project in Antioquia accounted for COP$1.5 trillion (US$396 million) of investments last year.

While operating income improved, some of that gain was “offset by the growth in income tax” including the new “social investment law” enacted during 2021, according to the company.

EPM gave the city of Medellín COP$1.4 trillion (US$370 million) of its 2021 profits, “contributing to the reactivation of the local economy and providing new opportunities for citizens,” according to the company.

At year-end 2021, Grupo EPM’s total assets grew 6% year-on-year, to COP$67.8 trillion (US$17.9 billion), while liabilities also rose 6%, to COP$39 trillion (US$10.3 billion), according to EPM.

Financial indebtedness stood at 40%, while the long-term debt-to-EBITDA ratio closed at 3.36, compared to 4.37 for 2020, the company added.

Medellin-based real-estate developer Valores Simesa – 66% of which is owned by Bancolombia’s investment-banking division -- announced March 16 that its full-year 2021 net loss came-in at COP$4.56 billion (US$1.2 million), an improvement over the COP$12.47 billion (US$3.26 million) net loss in 2020.

Valores Simesa –created via a spin-off from the long-defunct “Siderúrgica de Medellín” steel mill here nearly 22 years ago – mainly invests in real estate, subdivisions and commercial/industrial projects, including the “Ciudad del Rio” residential/commercial development in Medellin, the same site of the former steel mill.

“After a difficult year 2020 for both Valores Simesa and the economy in general, 2021 brought us a more favorable outlook, a good performance of the real estate sector and a slightly more optimistic environment, with the hope that the economic and social crisis unleashed by Covid-19 has begun to come to an end,” according to the company’s announcement.

“After several months of negotiations and after defining by the shareholders’ meeting how to resolve conflicts of interest, in January 2021 we were able to sign the new agreement for the sale of lots ‘B2’ and ‘B4’ in Ciudad Del Río, allowing to guarantee the continuity of the project.

“Similarly, talks were resumed for the sale of lots ‘B5’ and ‘B6,’ with the corresponding signing of contracts in October, and progress was made with interested parties in lot ‘A16,’ for the development of what could be the first rental housing project in the city.

“At the end of 2021, the company had a loss of COP$4.56 billion [US$1.2 million] explained by a lower commercial appraisal of lots B1, B3 and B5 in Ciudad Del Río, due to the fact that the demand for real estate projects for commerce and services had not yet picked up.

“Negotiations are currently being carried out with the municipality of Medellín, seeking to enable, in the short term, the possibility of building housing on the lots located on the edge of the ‘partial plan,’ based on the transformation that the sector has undergone since the issuance of the decree,” the company added.

Net assets at year-end 2021 dipped by COP$13 billion (US$3.4 million), to COP$253 billion (US$66 million), “mainly explained by the lower value of the appraisals of the aforementioned lots and the payment of the repurchase of shares,” according to the company.

Liabilities totaled COP$15.9 billion (US$4.15 million), “where the most significant items continue to be the deferred tax liability at COP$9.8 billion [US$2.56 million] and dividends payable, at COP$2.5 billion [US$653,000],” according to the company.

With the Covid-19 crisis seemingly moving into recovery, “this trend is expected to continue throughout 2022,” helping to boost demand for residential and commercial real estate, according to the company.

“As for construction, a sector that directly impacts Valores Simesa, this sector presented a historical recovery that was leveraged by the 200,000 subsidies from the national government” during 2021, according to the company.

“As of December 2021, the unemployment rate in Colombia was 13.7%, showing a reduction of 2.2 percentage points in relation to the same month in 2020, with just over 1.2 million jobs missing to reach employment levels of 2019.

“In 2022, the economy is expected to continue its path towards recovery, framed by the political uncertainty brought about by the legislative and presidential elections, as well as the eventual emergence of new variants of Covid-19 that may impact different economic sectors.

“A good year is also expected for the sale of new homes and the resurgence of demand for offices to the extent that the health crisis caused by the pandemic is left behind,” the company added.

Medellin-based historical textile giant Coltejer revealed in a March 8 filing with Colombia’s Superfinanciera financial oversight agency that its full-year 2021 net loss grew to a negative COP$121 billion (US$32 million), compared to a net loss of COP$94 billion (US$25 million) in 2020.

Sales plummeted to COP$16.9 billion (US$4.5 million) in 2021, versus COP$74.8 billion (US$20 million) in 2020, according to the company.

Gross corporate-wide revenues also fell by nearly half, to COP$55 billion (US$14.7 million) versus COP$104 billion (US$28 million) in 2020.

The company shuttered all textile production last September (see Medellin Herald 09/10/2021) as it had been unable to overcome the combined impacts of the prior Covid-19 global crisis along with textile imports contraband, including below-cost competition from China.

Earlier last year, Coltejer reported net losses in second-quarter 2021 (see Medellin Herald 08/18/2021); shuttered its non-woven fibers production in July (see Medellin Herald 07/16/2021); and had announced closure of its historic, foundational factory in the Medellin suburb of Itagüí at the end of 2020 (see Medellin Herald 12/18/2020).

Medellin-based textiles and plastics recycling giant Enka de Colombia announced March 4 that its full-year-2021 net income jumped 3.8-times over 2020, hitting COP$57.4 billion (US$15 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) doubled, to COP$76.4 billion (US$19.9 million), even though gross revenues were almost flat year-on-year, at COP$536 billion (US$140 million).

The profits boost came “mainly due to the recovery of the affected markets by Covid-19, increase in the TRM [dollar-to-peso exchange rate, favoring exports] and proper management of the situation,” according to Enka.

“Our solid financial situation reflected a low level of net indebtedness, at 0.15-times EBITDA, after making capital investments of more than COP$38 billion [US$9.9 million] in the new ‘EKO-PET’ plant and guaranteeing working capital as resulting from the recovery of sales and increase in international sales prices,” the company added.

Construction of the new EKO-PET plant “progresses according to schedule and budget. In the coming months, assembly of equipment will begin, to start operations at the end of 2022,” according to the company.

While global supply chains have been snagged as a result of the Covid-19 pandemic, “the supply diversification strategy implemented by the company in recent years has made it possible to manage this situation, fulfilling commitments to clients without affecting business continuity,” the company added.

Sales in the local Colombian market increased by 57%, to COP$319 billion (US$83 million), while exports increased by 40%, to COP$216 billion (US$56.4 million), representing 40% of total sales, according to the company. North America accounted for 19% of sales while Brazil took another 16%.

In Enka’s plastics-recycling “green business” lines, “cumulative sales at the end of the year amounted to COP$152.6 billion [US$39.9 million], or 28% of total revenue. The growth is 25% year-on-year, mainly due to higher international prices and the recovery of sales of ‘EKO-Fibras,’” according to Enka.

As for the “EKO-PET” line (17,280 tons), “high demand worldwide was driven by advances in environmental and sustainability regulations,” according to Enka.

As for the ‘EKO-Polyolefins’ line (1,744 tons), “we continue with the strategy of developing high-quality products, awaiting the results of the homologations in large brands of products made from the ‘Revoloop’ resin developed with Dow,” according to Enka.

As for its plastic bottle recycling in Colombia, “bottle collection grew by 24% in 2021, supplying 100% of current needs and preparing for the entry into operation of the new B2B plant,” according to Enka.

As for its textile and industrial business lines, “excluding non-recurring sales of virgin PET (COP$36.7 billion/US$9.6 million), revenue from the textile and industrial businesses amounted to COP$345.8 billion [US$90 million], an increase of 49% compared to the previous year, due to the recovery in demand after the strong restrictions generated by the pandemic and by the increase in international prices in the petrochemical chain,” according to Enka.

Industrial yarns (12,542 tons) volume increased 9% year-on-year, “mainly in canvas for the Mexican market. Technical yarn sales remain stable, with increasing sales to the United States and Colombia,” the company added.

Textile filaments (9,100 tons) grew 26% year-on-year, “due to recovery in demand affected by Covid-19 and lower supply of Asian products. Sales of nylon filaments in 2021, one of the development focuses of recent years, exceeded those of polyester for the first time,” according to Enka.

Resins (11,883 tons) sales of nylon likewise grew “driven by the recovery in demand and by new developments for sausage-coating applications,” while virgin PET sales also grew to 7,566 tons, “supporting the reactivation of the industry,” according to Enka.

Medellin-based construction giant Conconcreto announced this morning (March 1) that its full-year 2021 net income rose 108.8% year-on-year, to COP$48 billion (US$12 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) also rose 35.6% year-on-year, to COP$139 billion (US$35.4 million), according to the company.

Revenues also rose 31% year-on-year, to COP$754 billion (US$192 million), the company added.

“Higher revenues came as a result of the start of construction of our main backlog contracts, as well as a greater contribution from investments, especially [real-estate venture] Pactia Industrial Conconcreto,” according to the company.

On other positive fronts, Conconcreto once again confirmed that it is moving to terminate an earlier-announced bankruptcy move triggered by a since-cancelled Controller-General finding that otherwise could have imposed hundreds of millions of dollars in fines on several companies (including Conconcreto) for the 2018 collapse of a diversion tunnel at the Hidroituango hydroelectric project.

Meanwhile, Conconcreto cited another positive developments as its construction-contract backlog in the U.S. stood at a healthy US$203 million at year-end 2021, while projects currently in execution there totaled US$290 million.

In Colombia, the company’s end-2021 backlog closed at COP$3.1 trillion (US$790 million), with COP$1.9 trillion (US$484 million) “concentrated mainly in the ‘Doble Calzada Oriente’ [east-of-Medellin highway project] and Hidroituango projects,” according to the company.

Construcciones El Condor Results

Meanwhile, Medellin-based highway construction giant Construcciones El Condor announced February 28 that its full-year 2021 net income fell 72% year-on-year, to COP$8.8 billion (US$2.2 million).

Revenues also fell 32% year-on-year, to COP $566 billion (US$144 million).

The drop in profits and revenues were the result of “completion of projects that were executed during previous years with important billings; with the suspension of some projects that were awaiting environmental and property decisions (Ruta al Mar and Pacífico 3); and the postponement of Invias public-works contracts until the beginning of 2022, including the Toyo tunnel and Putumayo highway,” according to El Condor.

“Additionally, the effects of the La Niña [exceptional rainy weather] phenomenon and the National Strike that began at the end of April also affected the pace of the works,” according to the company.

For full year 2021, EBITDA margin dipped to 12.5%, from 16.6% in 2020.

Meanwhile, El Condor’s year-end 2021 total assets came-in at COP$2.34 trillion (US$596 million), “of which our investment portfolio at book value is COP$1.05 trillion [US$267 million],” according to the company.

“Liabilities closed at COP$1.28 trillion [US$326 million], with 55% of liabilities current and 45% non-current. With the structured loan granted by Bancolombia and Davivienda with a 24-month term, the structure of current liabilities is maintained at levels close to 50%.

“The company’s indebtedness increased by 11% compared to the end of December 2020, due to the working capital needs of the new projects,” El Condor added.

As of December 2021, El Condor’s construction backlog -- the balance of works contracted and still to be executed -- stood at COP$2.67 trillion (US$681 million), the company added.

Medellin-based multinational gold mining giant Mineros SA announced February 28 that its full-year 2021 net income dropped 31% year-on-year, to COP$162 billion (US$41.3 million).

However, revenues increased 4% year-on-year, to COP$1.8 trillion (US$459.6 million), versus COP$1.79 trillion (US$457 million) in 2020.

The revenue boost came from a “slight increase in gold prices and higher revenues from energy sales and hedges, which managed to offset lower gold production, given the delay of some environmental permits in Colombia and the natural depletion of the mine in Argentina,” according to Mineros.

On the other hand, gross profit fell 25% year-on-year, to COP$464 billion (US$118 million), “mainly due to higher purchase costs of artisanal [gold mining] mineral, which translates into higher production. The decline was also due to the increase in depreciation and amortization, an increase in payroll costs, higher maintenance costs and higher inventory consumption, along with an increase in administration expenses and by the increase in exploration expenses,” according to Mineros.

On the upside, Mineros President Andrés Restrepo commented that “2021 was a historic year for Mineros, as we became the first Colombia-based company to be listed on both the TSX [Toronto exchange] and the Colombian Stock Exchange.

“We continue to pay dividends consistently, with COP$66 billion [US$16.8 million) in total dividends paid in 2021.

“Our production was above 260,000 ounces of gold, according to our estimates, allowing us to continue to strengthen our overall capital position. Cash costs per ounce of gold sold were also within the expected range, while the AISC [all-in sustaining cost] was slightly higher than expected.

“We entered 2022 with a focus on maintaining strong production levels at our current operations and pursuing annual production growth through a combination of brownfield exploration at current operations, greenfield exploration (exploration in areas that are not in operation) and evaluating possible acquisitions,” Restrepo added.

In Colombia, alluvial gold production rose 5% year-on-year, to 73,129 ounces, “thanks to the nearly 10,000 ounces produced under the formalization program” of formerly irregular artisanal miners, the company noted.

“The formalization is a collaborative work scheme, through contracts with third parties, in which previously informal miners are working on the company’s mining titles, with emphasis on the reprocessing of tailings from massive extraction. Currently, the formalization process includes nine operating units and generates nearly 200 direct jobs,” the company added..

In Nicaragua, the Hemco mining operation produced 127,151 ounces of gold, up 4% year-on-year, “largely explained by higher purchases of artisanal material, an increase in milled tons and a higher grade” of mined rock, according to the company.

In Argentina, mining operations dipped 14% year-on-year, to 61,487 ounces of gold, “explained by the natural depletion of the open-pit deposit and the slow recovery process in the leach pads,” according to Mineros.

Colombian Output Seen Rising in 2022

As for its year-2022 projections, Mineros foresees consolidated production in the range of 262,000 to 285,000 ounces.

“This projection foresees an increase in production in Colombia, including the new ounces from the formalization program, the maintenance of production levels in Nicaragua and a slight decrease in production in Argentina in accordance with the depletion of the mine, while new fronts are being explored.

“For 2022, cash cost is estimated in a range between US$1,090 and US$1,180 per ounce and AISC between US$1,350 and US$1,450 per ounce,” the company added.

Medellin-based multinational insurance, pensions, health care and financial services giant Grupo Sura announced February 25 that its full-year 2021 net income jumped 353% year-on-year, to COP$1.5 trillion (US$282 million).

Operating earnings rose 16.5% year-on-year, to COP$24.8 trillion (US$6.64 billion) -- COP$4 trillion (US$1.02 billion) more than in 2020 -- “due to the performance dynamics of its subsidiaries and a record high in revenues obtained via the equity method," including its major shareholdings in Medellin-based financial/industrial giants Grupo Nutresa, Grupo Argos and Bancolombia.

Fourth-quarter (4Q) 2021 net income came-in at COP$406.7 billion (US$103 million), a reversal from the COP$61 billion (US$15.5 million) net loss in 4Q 2020.

Beyond the encouraging results in 2021, “Grupo Sura expects its full-year 2022 net income to increase between 10% and 15%” over 2021, according to the company.

Sura credited the rise in 2021 income to increases in written premiums by its Suramericana insurance division; fee and commission income obtained by pensions/financial services division Sura Asset Management, as well as “good performance of the equity method in associated companies, which had record results, freeing-up of provisions with Bancolombia due to a lower risk exposure in its loan portfolio,” according to Sura.

“The results obtained at year-end 2021 exceeded our growth expectations for all of the Sura lines of business, thereby bringing us closer to our pre-pandemic figures,” added Sura CEO Gonzalo Pérez.

Operating expense also rose 15.7% year-on-year, “mainly due to a higher claims rate at Suramericana as a result of the pandemic, which was partially mitigated by a greater control over administrative expense as well as greater efficiencies obtained by the different companies,” according to the company.

“Consequently, consolidated operating earnings rose by 59.2% to COP$2.6 trillion (US$685 million) and consolidated net income came to COP$1.5 trillion (US$407 million), 4.5-times higher than for 2020 and corresponding to 89% of that obtained in 2019,” the company added.

Consolidated shareholders' equity likewise rose by 9.5% year-on-year, to COP$31.3 trillion (US$7.85 billion), according to the company.

During 2021, the Sura Asset Management division (retirement savings, investments and asset management) grew to 21.6 million clients in six countries in Latin America, and its assets-under-management increased by 7.4%, to COP$566 trillion (US$142 billion), generating COP$3 trillion (US$810 million) in operating income, up 10.6% year-on-year, according to the company.

“This was mainly driven by its fee and commission income, which increased by 11.8% in the retirement savings business and 25.4% in the ‘voluntary savings’ segment, through Inversiones Sura (voluntary savings for private individuals) and Sura Investment Management (the regional platform for the institutional segment),” according to the company.

As a result, Sura Asset Management’s 2021 consolidated net income rose 45.3% year-on-year, to COP$ 627 billion (US$167 million), while its net debt level fell by COP$668 billion (US$155.9 million), according to the company.

As for the Suramericana insurance and risk-management division, this group posted a 16.5% hike in written premiums at year-end 2021, reaching COP$21.8 trillion (US$5.8 billion), “driven by the good levels of performance for all three of its insurance segments, namely Life (13.2%), Health Care (30.7%) and Property and Casualty (10.9%). This, together with a rigorous control over administrative expenses, partially mitigated the increase in claims due to the reopening of the economies and the pandemic,” according to the company.

In 2021, Suramericana allocated COP$1.6 trillion (US$408 million) to Covid-related claims, but “thanks to the progress made with mass vaccination programs, the claims rate has so far shown an improvement in the Life and Health Care segments,” according to the company.

Because of the heavy costs of Covid-19 claims last year, Suramericana net income fell to COP$66.35 billion (US$18 million), or 68.6% lower than for 2020.

“Finally, Suramericana ended the year with technical reserves worth COP$23.3 trillion (US$5.8 billion), having increased by 10.6%,” according to the company.

Medellin-based electric power giant Celsia – a division of Grupo Argos – on February 24 reported a 60.7% year-on-year jump in 2021 net income, to COP$544 billion (US$138.5 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10.7%, to COP$1.2 trillion (US$305.5 million), while revenues rose 16.3%, to COP$4.1 trillion (US$1.04 billion).

Power generation accounted for COP$1.48 trillion (US$376.8 million) of total revenues, while power distribution and marketing accounted for the remaining $2.63 trillion (US$669 million), according to Celsia.

“This positive behavior is due to the good dynamism of all the company’s segments added to the economic recovery reflected in a greater demand for energy,” according to the company.

“During 2021, net non-recurring revenues were recorded for nearly COP$131 billion [US$33 million] associated with the recovery of the provision for the legal process related to the Bajo Anchicayá power plant and the structured closure of Bahía Las Minas,” the company added.

Fourth-quarter (4Q) 2021 net income soared by 172% year-on-year, to COP$235 billion (US$59.8 million), while 4Q 2021 EBITDA rose by 20%, to COP$402 billion (US$102 million).

“Platforms developed with Cubico Sustainable Investments for non-conventional renewable energy and power transmission businesses represented COP$147 billion [US$37 million] in revenue for Celsia in 2021,” according to the company.

“Other events in 2021 stand out, such as the third issuance of the ‘green bond’ program for COP$140 billion [US$35.6 million]; the first loan linked to compliance with ESG [environmental, social, responsible governance] indicators for an amount of COP$500 billion [US$127 million] with Bancolombia; the execution of the ‘Works for Taxes’ program with total investments of COP$101 billion [US$25.7 million], among others,” according to Celsia.

Celsia also invested COP$365 billion (US$93 million) last year in “substations, new circuits, and control systems to improve reliability and make them safer. Of the total invested, COP$154 billion [US$39 million] went to the operation in Tolima and COP$211 billion [US$53.7 million] to Valle del Cauca,” the company added.

On other fronts in 2021, Celsia added mor than 20 megawatts of solar power capacity, and meanwhile moved closer to completion of its 200-megawatt “El Tesorito” natural-gas-fired power plant, according to the company.

Medellin-based multinational foods giant Grupo Nutresa reported February 24 a 17.6% year-on-year hike in full-year 2021 net income, hitting COP$676 billion (US$172 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 6.2% year-on-year, to COP$1.37 trillion (US$349 million), from COP$1.3 trillion (US$331 million) in 2020.

Gross revenues rose 14.5%, to COP$12.74 trillion (US$3.2 billion), from COP$11.1 trillion (US$2.8 billion) in 2021.

Colombia accounted for 61% of total corporate revenue, at COP$7.8 trillion (US$1.98 billion), “16.3% higher than the previous year. This growth was driven by outstanding business dynamics across all business units,” according to Nutresa.

“International sales measured in Colombian pesos amounted to COP$4.9 trillion, 11.8% higher than the sales achieved in 2020, representing 38.9% of the total revenue. When stated in dollars, these sales amount to US$1.3 billion, which represents a growth of 10.2%,” the company added.

Gross margins dipped 1.6% year-on-year, “the result of the increase in raw materials related to the global challenges in logistics and the commodities super-cycle,” according to Nutresa.

Operating profit rose 8.4% year-on-year, to COP$1.1 trillion (US$280 million), “the result of productivity measures during the period. Because of this strategy, selling expenses decreased 260 basis points over the past two years,” according to Nutresa.

“Net post-operative expenses totaled COP$117.8 billion [US$30 million], decreasing 42.3% when compared to 2020. This is mainly explained by a notable reduction in the financial expenses due to lower interest rates throughout the year,” the company added.

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About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

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