UK LEISURE, SUPERYACHT AND SMALL COMMERCIAL MARINE INDUSTRY

KEY PERFORMANCE INDICATORS 2012/13

Introduction 01

Headline Figures 02

Revenue and Value Added 03 – 05

International Trade 06 – 07

Full Time Equivalent Employment 08 – 09

Industry and BMF Membership Profile 10

UK Adult Boating Participation 11

Explanatory Notes 12 – 13

Other Reports Available 14 – 15

CONTENTS

0201

This report details a range of economic indicators within the UK

leisure, superyacht and small commercial marine industry. This

includes revenue, value added, international trade and employment.

The data is presented at a total UK level, by region and by sector.

The BMF industry model providing this data consists of two parts. The first part is based

directly on primary data received from BMF Members’ declaration forms for their last annual

business performance prior to April 2013. The second part is founded on a comprehensive

assessment of non-member marine companies in the UK.

The Key Performance Indicators (KPI) report is published annually to enhance knowledge of

the industry and identify trends over time. It is only possible to complete the industry model

reliably through the time dedicated by BMF Members in completing their forms accurately,

for which thanks is extended. All data is held in complete confidence.

For further information please call 01784 223615 or e-mail research@britishmarine.co.uk

To put the trends of the marine industry into context, the annual change for UK Gross

Domestic Product (GDP) for the whole country is shown below against the marine industry

trends for revenue.

INTRODUCTION

UK Economy GDP V Marine Industry Revenue

UK GDP

UK GDP Forecast

Marine Revenue

Source: Marine Revenue, BMF; UK GDP, Office of National Statistics and 2013 Bank of England forecast

An

nu

al %

ch

ang

e

2006-8

-6

-4

-2

0

2

4

6

8

2007 2008 2009 2010 2011 2012 2013

• Total revenue of the UK leisure, superyacht and small commercial marine industry is £2.905 billion in 2012/13 (+1.7% on 2011/12)

• Value added contribution, the principal measure of national economic benefit, is £951.4 million, 32.8% of the total revenue (compared to 31.4% in 2011/12)

• International trade is £1.080 billion, 37.2% of the total revenue (compared to 35.1% in 2011/12)

• Full time equivalent (FTE) employment in the UK marine industry is 30,635 (-1.1% from 2011/12)

• There are 4,200 marine businesses in the UK

NB: Figures quoted are subject to rounding

02

A slight uplift of +1.7% is reported for UK marine industry revenue compared to 2011/12, notably in the international market which has recovered to the level reported in 2010/11 while the domestic market is -1.5% from last year. Encouragingly, the proportion of value added contribution has also improved with 32.8% of the total revenue directly supporting the UK economy. Full time equivalent employment has decreased slightly as businesses adapt to current conditions, but was also impacted by the re-structure of one significant company.

HEADLINE FIGURES

Industry Revenue & Value Added Over Time(£ billion)

£2.773£2.952

£3.100 £3.160£2.963 £2.901 £2.855

37.6% 35.7% 35.0% 33.0% 31.5% 31.2% 31.4%

2005/6 2006/7 2007/8 2008/9 2009/10 2010/11 2011/12

Total Revenue

Value Added

* the impact of one significant company being sold into overseas ownership during 2010 was removed from the yearly trend

comparison in 2011/12

+6.5%+5.0% +1.9%

-6.2% -2.1% +0.3%*

£2.905

32.8%

2012/13

+1.7%

0203

Industry Revenue by Region

On the whole, the different regions and countries within the UK are performing at a similar level to the overall average of +1.7%, with the South West increasing the most in value at +5.5% on 2011/12. The slight decrease in the South East is largely due to a company re-structure, and the change in revenue from the East of England to West Midlands is due to the re-location of one company’s head office.

REVENUE AND VALUE ADDED

Scotland£82.6 m (2.8%) VA £27.1 m

North East£16.9 m (0.6%) VA £5.5 m

Yorkshire£28.3 m (1.0%) VA £9.3 m

East Midlands£171.8 m (5.9%) VA £56.3 m

East of England£306.0 m (10.5%) VA £100.2 m

South East£827.2 m (28.5%) VA £270.9 m

South West£913.1 m (31.4%) VA £299.1 m

Wales£66.2 m (2.3%) VA £21.7 m

North West£89.1 m (3.1%) VA £29.2 m

Other e.g.Channel Islands, Isle of Man£19.3 m (0.7%) VA £6.3 m

Northern Ireland£21.5 m (0.7%) VA £7.1 m

KEY

Revenue £ Million

% of UK Total

VA is Value Added

London£102.1 m (3.5%) VA £33.4 m

West Midlands£260.6 m (9.0%) VA £85.4 m

Total UK Industry Revenue £2.905 billion

Value Added £951.4 million

Industry Revenue by Sector(to nearest £ million)

Industry Revenue by Core Sector(to nearest £ million)

04

REVENUE AND VALUE ADDED

UK Manufacture £1,173

Distribution £543

Services £1,184

Boats Equipment Engines/ Systems

Hire/Charter/ Training

Dealers/ Brokers

Marinas/ Moorings

Boat Repairs/ Servicing

Other Consumer Services

Business Services

Revenue for UK manufacture and distribution is +2.2% compared to 2011/12, with boats increasing the most by +2.7% and equipment and engines/systems increasing slightly by +1.6%. Consumer and business services are +1.0% on the previous year. The small commercial workboat (up to 24m) sector continues to be a growing market for the UK marine industry and the superyacht market recovered from the slight decline in 2011/12.

04

Boats £1,006

Equipment £466

Engines / Systems £248

Consumer Services £1,063

Business Services £122

4.2%

34.6%

16.0%8.2%

36.6%

882

123

256

210

209260

194235

176 199122

05

Industry Revenue by Detailed Sector(£ million)

REVENUE AND VALUE ADDED

£ million % of UK total

Manufacture in the UK

Motor/Power Boat Manufacture 768.67 26.5

Sail Boat Manufacture 99.93 3.4

Other Boat Manufacture 13.66 0.5

Electronics Manufacture 14.69 0.5

Deckgear/Rigging Manufacture 128.61 4.4

Engines/Systems Manufacture 39.00 1.3

Other Equipment Manufacture 112.38 3.9

Total Manufacture in the UK 1,176.94 40.5

Distribution

Motor/Power Boat Distribution 110.08 3.8

Sail Boat Distribution 11.56 0.4

Other Boat Distribution 1.65 0.1

Electronics Distribution 64.63 2.2

Deckgear/Rigging Distribution 23.80 0.8

Engines/Systems Distribution 209.21 7.2

Other Equipment Distribution 121.80 4.2

Total Distribution 542.73 18.7

Consumer Services

Boat Repairs/Servicing/Installation 234.65 8.1

Coastal/Sea Charter/Small Passenger Boats 102.03 3.5

Inland Boat Hire/Small Passenger Boats 90.37 3.1

Watersports Rental 7.38 0.3

Sailing Schools/Training 60.15 2.1

Dealers/New Boat & Craft Sales 122.45 4.2

Brokers/Second-Hand Boat & Craft Sales 71.51 2.5

Chandleries/Online stores 104.83 3.6

Coastal Marinas/Moorings 119.32 4.1

Inland Marinas/Moorings 56.71 2.0

Finance/Insurance/Legal/Surveyors 36.77 1.3

Other Services 57.25 2.0

Total Consumer Services 1,063.40 36.6

Business Services

Business Consultants 30.13 1.0

Financial/Insurance/Legal 14.30 0.5

Other Services 77.19 2.7

Total Business Services 121.62 4.2

Total 2,904.69 100.0

Revenue for manufacture within the UK now represents 40.5% of the total industry, distribution 18.7% and services to consumers and businesses 40.8%. The majority of individual sectors are fairly similar to the overall average compared to 2011/12, however there has been an increase in motor/power boat manufacture in the UK of +5.6% while sail manufacture is on a par. Equipment/engine manufacture in the UK is -2.9% from 2011/12.

05

06

International Trade by Market(to nearest £ million)

Proportion of International versus Domestic Trade

Domestic Trade International Trade

Boat Manufacture in the UK 37.0% 63.0%

Equipment Manufacture in the UK 65.7% 34.3%

Engines/Systems Manufacture in the UK 66.0% 34.0%

Boat Distribution 35.7% 64.3%

Equipment Distribution 77.8% 22.2%

Engines/Systems Distribution 80.6% 19.4%

Consumer Services 82.3% 17.7%

Business Services 67.8% 32.2%

Total UK Industry Revenue 62.8% 37.2%

INTERNATIONAL TRADE

465

50

45

40

35

30

25

20

15

10

5

0

50

109

138

4529

5

52

3

44 49

Eurozone

% o

f U

K T

ota

l

Other EU Member

Other Europe

North America

SouthAmerica

Australia New Zealand

China India Rest of Asia

Middle East

Rest of the World

International trade has increased in revenue by +7.7% on 2011/12 reflecting a recovery from the downturn of -6.5% reported last year. This uplift is particularly evident in Europe which is +9.6% on 2011/12 when it had seen a decrease of -12.6%. International trade has also increased in North America (+9.9% on 2011/12) and the emerging market of Rest of Asia has improved significantly. The apparent decline from last year in ‘Rest of the World’ and increase in South America is due to a change in one company’s reporting only.

For the individual countries in the Eurozone, Other EU and Other Europe, see Explanatory Notes (page 13).

Total International Trade £1.080 billion

91

07

International Trade by Product/Service (to nearest £ million)

International Trade by Product / Service and Market(£ million)

Total Euro Zone

Other EU Members

Other Europe

North America

SouthAmerica

Aus/New Zealand

Middle East Asia Rest of

World

Boat UK Manufacture 555.74 181.29 29.29 29.86 85.54 18.89 21.16 32.92 124.49 32.30

Electronics UK Manufacture 10.43 6.17 0.29 0.62 0.86 0.79 0.53 0.16 0.56 0.44

Deckgear/Rigging UK Manufacture 53.04 24.34 1.81 1.50 15.53 0.36 3.77 0.58 1.23 3.91

Other Equipment UK Manufacture 29.51 17.71 1.81 1.30 4.33 0.21 0.78 1.34 1.13 0.90

Engine/Systems UK Manufacture 13.24 8.10 0.64 1.34 0.93 0.37 0.37 0.43 0.45 0.62

Boat Distribution 78.16 47.66 0.41 28.51 0.56 0.03 0.38 0.08 0.43 0.10

Electronics Distribution 38.57 31.10 0.80 2.36 2.88 0.05 0.14 0.70 0.27 0.25

Deckgear/Rigging Distribution 4.94 3.13 0.33 0.35 0.43 0.04 0.10 0.13 0.30 0.14

Other Equipment Distribution 27.35 16.73 1.73 1.80 3.38 0.17 1.16 0.79 0.69 0.92

Engine/Systems Distribution 40.61 8.77 1.06 17.33 3.88 0.08 0.12 0.35 8.17 0.84

Hire/Charter/Training 68.53 43.36 1.37 12.79 6.23 0.25 0.85 1.67 1.03 0.98

Dealers/Brokers 40.41 21.37 3.23 4.64 4.90 1.92 0.77 0.92 1.80 0.87

Other Consumer Services 80.21 35.19 3.90 3.99 5.83 21.65 1.86 1.92 2.63 3.24

Business Services 39.13 20.58 3.28 2.68 3.10 0.39 1.56 1.59 2.67 3.29

Total 1,079.86 465.50 49.96 109.07 138.38 45.19 33.54 43.57 145.84 48.81

INTERNATIONAL TRADE

UK Manufacture £620

Distribution £165

Services £217

Boats Electronics Deckgear/ Rigging

Other Equipment

Engines/ Systems

Hire/Charter/ Training

Dealers/ Brokers

Other Consumer Services

Business Services

78

39

556

53 30 41 6940 39

Manufacture in the UK accounts for 61.3% of all international trade, while distribution represents 17.6% and services 21.1%. The recovery in international trade from last year is mainly due to the increase in revenue of boats manufactured in the UK being exported (+7.9% compared to -8.3% in 2011/12). This positive trend is across all the markets, but especially trade in Europe, North America and Asia. The increase in “other consumer services” is through refit work.

80

08

UK Employment (FTE) by Region

UK Employees (FTE) by Core Sector

FULL TIME EQUIVALENT EMPLOYMENT

30

25

20

15

10

5

0

South East

% o

f U

K T

ota

l

9,066

999

3,664

1,668 1,7051,415

269475

952

1,444

331 283

South West London East of England

East Midlands

WestMidlands

North West

North East

Yorkshire Wales Scotland Northern Ireland

Other

8,364

5.0%

4.3%

Boats 8,532

Equipment 5,417

Engines/Systems 1,319

Consumer Services 13,836

Business Services 1,531

27.8%

17.7%

45.2%

The decrease of –1.1% in marine employment from 2011/12 is mainly accounted for by two core regions, the East Midlands and the South East. The East Midlands is -5.9% from last year due to employment changes in one major company, while the -2.3% decrease reported in the South East is largely due to a company re-structure and does not reflect a real trend for the whole region. Other regions and countries are relatively stable in their employment levels.

Total UK Employment (FTE) 30,635

09

UK Employment (FTE) by Detailed Sector

FULL TIME EQUIVALENT EMPLOYMENT

UK Employees (FTE) % of UK total

Manufacture in the UK

Motor/Power Boat Manufacture 6,934 22.6

Sail Boat Manufacture 1,040 3.4

Other Boat Manufacture 229 0.7

Electronics Manufacture 264 0.9

Deckgear/Rigging Manufacture 1,686 5.5

Engines/Systems Manufacture 472 1.5

Other Equipment Manufacture 1,577 5.1

Total Manufacture in the UK 12,202 39.8

Distribution

Motor/Power Boat Distribution 241 0.8

Sail Boat Distribution 57 0.2

Other Boat Distribution 30 0.1

Electronics Distribution 664 2.2

Deckgear/Rigging Distribution 260 0.8

Engines/Systems Distribution 847 2.8

Other Equipment Distribution 967 3.2

Total Distribution 3,066 10.0

Consumer Services

Boat Repairs/Servicing/Installation 3,624 11.8

Coastal/Sea Charter/Small Passenger Boats 1,018 3.3

Inland Boat Hire/Small Passenger Boats 1,524 5.0

Watersports Rental 101 0.3

Sailing Schools/Training 1,130 3.7

Dealers/New Boat & Craft Sales 768 2.5

Brokers/Second-Hand Boat & Craft Sales 853 2.8

Chandleries/Online stores 1,642 5.4

Coastal Marinas/Moorings 1,450 4.7

Inland Marinas/Moorings 800 2.6

Finance/Insurance/Legal/Surveyors 458 1.5

Other Services 468 1.5

Total Consumer Services 13,836 45.2

Business Services

Business Consultants 387 1.3

Financial/Insurance/Legal 169 0.6

Other Services 974 3.2

Total Business Services 1,531 5.0

Total 30,635 100.0

There have been slight decreases in employment levels across most sectors in the UK marine industry, with boats and equipment/engines manufacture and distribution -2.8% from 2011/12, of which boats is -2.4% and equipment/engines is -3.8%. A large extent of the decrease from last year in sail distribution and manufacture is due to a company re-structure only. The trend for consumer and business services is relatively stable at +0.6%, including an increase in the boat repair sector due to more refit work from manufacture.

Total Industry Structure

The BMF estimate the total UK leisure, superyacht and small commercial marine industry to have the following structure and size for both Members and non-members.

The industry comprises a majority of companies with five or less employees (74.0%) who provide 23.4% of all employees and 15.2% of all revenue.

There are 56 companies with over 50 employees which account for 34.3% of all employees and 42.8% of the total industry revenue.

BMF Membership

BMF Membership is highly representative of the UK leisure, superyacht and small commercial marine industry, accounting for 70.1% of the total UK marine revenue.

Of the total Member revenue, 73% is related to leisure marine, 16% superyacht and 6% small commercial, with a remaining 5% undisclosed.

BMF Members employ 55.1% of all the marine labour force and are 31.7% of all marine businesses.

The majority of larger companies in the marine industry are represented within BMF Membership, 80.4% of those with over 50 employees.

Within membership, there are an estimated 35.9% of all companies with between five and 50 employees and 29.4% of those with five or less employees.

10

INDUSTRY & BMF MEMBERSHIP PROFILE

Size Category (FTE employees) No. of Businesses UK Employees (FTE) Revenue (£ million)

Small

<1 to 5 3,103 7,162 441.13

>5 to 10 615 4,743 358.41

>10 to 25 332 5,127 452.18

Medium

>25 to 50 88 3,095 408.84

>50 to 100 37 2,544 303.69

>100 to 250 13 2,046 233.43

Large >250 6 5,919 707.01

Total 4,194 30,635 2,904.69

11

The Watersports & Leisure Participation 2012 survey was commissioned by British Marine Federation (BMF), Royal Yachting Association (RYA), Maritime and Coastguard Agency (MCA), Royal National Lifeboat Institution (RNLI), British Canoe Union (BCU) and the Marine Management Organisation (MMO). The annual survey gives an accurate view on UK adult participation levels in the UK and overseas, the sample size being a robust 12,000.

The latest survey found 5.8% of UK adults went boating in 2012, which equates to around 2.8 million adults, compared to 5.9% in 2011, 5.6% in 2010 and 7.2% in 2009. The wet weather in 2012 impacted on the number of casual boaters but enthusiasts increased marginally from the previous year.

The 2010-2012 variations have been smaller than those seen in previous years which may imply increased stability in participation rates.

To download the full report providing detailed demographics and behaviour about 12 boating and watersport activities, and boat/craft ownership, please visit www.britishmarine.co.uk/research

UK ADULT BOATING PARTICIPATION

2012 Average % of UK adult population Estimate of number of adults

Any boating activity 5.8 2,837,000

Canoeing 2.5 1,214,000

Motor Boating/Cruising 0.8 414,000

Small Sail Boat Activities 0.8 388,000

Yacht Cruising 0.7 329,000

Power Boating 0.6 290,000

Canal Boating 0.6 287,000

Rowing/Sculling 0.4 200,000

Water Skiing/Wakeboarding 0.4 189,000

Small Sail Boat Racing 0.3 166,000

Using Personal Watercraft 0.3 136,000

Windsurfing 0.3 128,000

Yacht Racing 0.2 106,000

Marine Trading ActivitiesThe UK leisure, superyacht and small commercial marine industry comprise over 4000 businesses and sole traders.

The figures presented relate to all the leisure, superyacht (over 24m) and small commercial (up to 24m) marine industry, including the manufacture and supply of craft, equipment, engines/systems and accessories as well as all the services related to consumers and businesses.

Activities represented are drawn from both coastal and inland sectors of the marine industry which encompasses all privately owned and charter/hire/small passenger boats and craft, superyachts and small commercial workboats. This includes all motor/power boats, sailing yachts/dinghies, narrowboats/barges, RIBs/inflatables, personal watercraft, windsurfers, canoes and other speciality boats and craft.

This report does not currently include the Passenger Boat Association data, who joined the BMF in October 2013.

Sample & MethodologyThe methodology combines primary data from BMF Members through completion of the Declaration of Turnover Form which is circulated each year for their last financial performance prior to April. This data is provided for company headquarters when there are multiple sites.

To determine the remaining marine companies outside of membership, a list of marine companies was obtained from reputable business list provider, Experian. Desk research was conducted on each company to ensure they were relevant i.e. leisure, superyacht and small commercial marine and not shipping, naval etc. This provided non-member company names, sizes, locations and sectors.

Industry RevenuesThe revenue for Members has been taken directly from information provided by them and this accounts for just under three-quarters of the total revenue for the industry. The non-members revenue is determined via a data model which has been based on the factual information provided by Experian with assumptions on revenue by company size based on Members.

To ensure ‘double counting’ is minimised the handling fees and commissions or earnings have been provided by BMF Members as their revenue, where relevant. This is applicable to brokerage and agents, insurance companies and underwriters, finance houses, finance brokers and solicitors. There will be an element of double counting in boatbuilding and distribution/dealership revenue when the boat is built in the UK then sold within the industry before selling to the end consumer. However all double counting has been eliminated by measuring the value added contribution of the marine industry which is the principle measure of national economic benefit i.e. the revenue the Treasury is interested in. This figure represents the absolute contribution to the economy and eliminates double counting. The value-added approach used in this model is the Output Approach (sales minus the costs of intermediate inputs i.e. goods and services) of the total revenue.

12

EXPLANATORY NOTES

13

International Trade ActivitiesCountries within Europe are grouped as follows for the purposes of international trade:

• Eurozone: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain.

• Other EU Member Countries: Bulgaria, Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden.

• Other European Countries: Croatia, Gibraltar, Monaco, Norway, Switzerland, Turkey.

AccuracyAccurate statistics are vital to the BMF’s function as the national representative body for the industry in the UK. The BMF checks and verifies each Member declaration of turnover and carries out random checks via Companies House. The non-member list was investigated thoroughly to ensure all businesses included in the model are relevant, i.e. leisure, superyacht and small commercial marine. Extensive quality assurance of the data model on both the source data and subsequent analysis has been conducted.

The large majority of Members complete their declaration form annually and data for non-returned forms (< 5%) is based on previous years’ figures. The Member data represents the majority of the revenue (c. 70%) and data for the remaining non-member companies is based on a business list, with revenue based on a model by company size. It is important to note that non-member companies whose core business is not listed as marine have not been included, therefore our figures are a conservative estimate. Overall, the confidence level is estimated to be c. 95% for the headline industry figures.

DisclaimerBMF takes no responsibility for decisions taken using the information provided in this report.

EXPLANATORY NOTES

UK Markets

New: Economic Benefits of UK Boating Tourism

The report builds on the previous studies on Economic Benefits of Marinas and Boating to provide an assessment of the size, importance and contribution of boating-related tourism to the economy. It outlines all tourism related expenditures and impacts for individual leisure boating sub-sectors and activities for both day visits and those involving an overnight stay at a total UK and regional level.

BMF Members – Complimentary

Non-BMF Members - £300

BMF Boaters & Boat Owners survey report

BMF Boaters & Boat Owners Survey sponsored by MDL Marinas and the RYA was published in September 2012. This comprehensive report details the usage, behaviour and purchasing dynamics of enthusiast boat owners and boaters, across 14 different activities. The report covers recreational boating and watersports for both private owned and hire/charter across inland and coastal waters.

BMF Members – Complimentary

Non-BMF Members - £150

BMF Economic Benefits of Coastal (2007) and Inland Marinas 2008

These two reports assess and document the economic significance and impact of coastal and inland marinas in the UK at a country and regional level. Each report details the contribution of individual marinas at a local level through a series of case studies, based on primary research.

BMF Members – Complimentary

Non-BMF Members - £150 (discounted from £300)

Other BMF research published each year includes:

- 6 Monthly Marine Industry Trends reports

- Annual Watersports & Leisure Participation report, including boat ownership

- Superyacht UK Annual Industry report

- Boat park and boat production estimates by type and size

Please visit www.britishmarine.co.uk/research to download the reports above or for more details contact research@britishmarine.co.uk or call 01784 223615

14

OTHER REPORTS AVAILABLE

15

International Markets

ICOMIA Global Boating Industry Statistics Book 2011 – Free for BMF Members

Normally a cost of €300 to Federation Members, BMF purchased publishing rights to this edition of the report so Members can download it for free from www.britishmarine.co.uk/research. The 2010, 2007 and 2008 versions are also held in archives.

This annual report by ICOMIA (International Council of Marine Industry Associations) contains a summary of data from 23 major marine leisure markets in the world, estimated to represent over 90% of the global sector. It also includes trade data for 35 countries, superyacht statistics courtesy of ShowBoats International/Boat International Media and marine outboard and personal watercraft sales.

The 2012 report can be purchased direct from ICOMIA www.icomia.com

Individual Country Reports - Free for BMF Members

Please visit www.britishmarine.co.uk/international for individual reports providing market information and key contacts to maximise exporting potential on the following:

- Published new this year: Germany, France, Middle East, Brazil

- European Emerging Markets (Croatia, Poland, Russia, Slovenia, Turkey, Ukraine)

- China

- Mexico

- Superyacht markets of Holland, Germany, Italy and USA

UK Trade & Investment (UKTI) commissioned reports are also available providing generic information on different countries.

OTHER REPORTS AVAILABLE

British Marine Federation, Marine House, Thorpe Lea Road, Egham, Surrey TW20 8BF Tel: 01784 473377 Fax: 01784 439678 e: info@britishmarine.co.uk w: www.britishmarine.co.uk

For further information on this report please call 01784 223615 or e-mail research@britishmarine.co.uk

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