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MARGIN-LEFT: -5.4pt } TD.mo { BORDER-BOTTOM-STYLE: none; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 109.2pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm } TD.mn { BORDER-BOTTOM-STYLE: none; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm } TD.mm { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 46.2pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm } TD.ml { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.6pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm } TD.mk { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 53pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm } TD.mj { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm } TD.mi { BORDER-BOTTOM-STYLE: none; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 109.2pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.mh { BORDER-BOTTOM-STYLE: none; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.mg { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 46.2pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.mf { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 45.6pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.me { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 53pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.md { PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.mc { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; PADDING-TOP: 0cm } TD.mb { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 46.2pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ma { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.6pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.lz { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 53pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ly { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.lx { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 109.2pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15.75pt; PADDING-TOP: 0cm } TD.lw { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15.75pt; PADDING-TOP: 0cm } TD.lv { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 46.2pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15.75pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.lu { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.6pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15.75pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.lt { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 53pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15.75pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ls { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 5.4pt; WIDTH: 45.9pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; HEIGHT: 15.75pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.lq { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 214.6pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm } TD.lp { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 214.6pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm } TD.lo { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 440pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm } TD.ll { BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 214.6pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm } P.tg { LINE-HEIGHT: normal; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } SPAN.ln { FONT-FAMILY: Symbol } P.th { LINE-HEIGHT: normal; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } P.ti { LINE-HEIGHT: normal; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } TD.lk { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; WIDTH: 214.6pt; PADDING-RIGHT: 5.4pt; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm } P.m { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } LI.m { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } DIV.m { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Calibri","sans-serif"; FONT-SIZE: 11pt } P.dq { LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 16pt } LI.dq { LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 16pt } DIV.dq { LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 16pt } SPAN.rd { FONT-FAMILY: "Calibri","sans-serif" } P.dp { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 6pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } LI.dp { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 6pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } DIV.dp { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 6pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } TABLE.tj { BORDER-COLLAPSE: collapse; MARGIN-LEFT: -0.4pt } TR.le { HEIGHT: 3pt } TD.li { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.7pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.tk { TEXT-ALIGN: right; LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 7pt } TD.lh { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 46.55pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.lg { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } SPAN.tl { FONT-FAMILY: "Calibri","sans-serif"; COLOR: black; FONT-WEIGHT: bold } TD.lf { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ld { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.7pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.ds { LINE-HEIGHT: 120%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } LI.ds { LINE-HEIGHT: 120%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } DIV.ds { LINE-HEIGHT: 120%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } TD.lc { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 46.55pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.tm { TEXT-ALIGN: right; LINE-HEIGHT: 120%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } TD.la { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.tn { TEXT-ALIGN: right; LINE-HEIGHT: 120%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } TD.kz { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ky { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.7pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kw { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 46.55pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } SPAN.kx { FONT-FAMILY: "Calibri","sans-serif"; COLOR: windowtext } TD.kv { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ku { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kt { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 361.7pt; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm } TD.ks { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 46.55pt; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm } TD.kr { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm } TD.kq { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm } TD.kp { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 330.2pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ko { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 32.4pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kn { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.km { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kl { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 330.2pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kk { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 32.4pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kj { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.7pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ki { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 46.55pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } SPAN.kg { LINE-HEIGHT: 107%; COLOR: black; FONT-SIZE: 16pt } TABLE.to { BORDER-BOTTOM-STYLE: none; BORDER-RIGHT-STYLE: none; BORDER-COLLAPSE: collapse; BORDER-TOP-STYLE: none; MARGIN-LEFT: -0.4pt; BORDER-LEFT-STYLE: none } TD.kf { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 291.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.dr { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 7pt } LI.dr { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 7pt } DIV.dr { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 7pt } TD.ke { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kd { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kc { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 291.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.kb { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ka { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jz { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jy { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jx { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 291.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jw { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jv { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jt { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.js { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jr { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jp { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } SPAN.jq { FONT-FAMILY: "Calibri","sans-serif"; COLOR: windowtext } TD.jo { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jn { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 361.85pt; PADDING-RIGHT: 0cm; HEIGHT: 3pt; PADDING-TOP: 0cm } TD.jm { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; HEIGHT: 3pt; PADDING-TOP: 0cm } TD.jl { PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; HEIGHT: 3pt; PADDING-TOP: 0cm } TD.jk { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jj { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ji { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 361.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jh { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.jg { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.tp { TEXT-ALIGN: center; LINE-HEIGHT: 120%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } P.as { LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 16pt } LI.as { LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 16pt } DIV.as { LINE-HEIGHT: 18pt; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 16pt } P.tq { LINE-HEIGHT: 107%; MARGIN: 2pt 0cm; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } SPAN.je { FONT-FAMILY: "Calibri","sans-serif"; FONT-WEIGHT: normal } P.tr { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZE: 12pt } SPAN.ts { FONT-FAMILY: "Calibri","sans-serif"; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } P.tt { MARGIN: 0cm 0cm 0pt; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZE: 12pt } SPAN.jb { FONT-FAMILY: "Calibri","sans-serif"; COLOR: black; FONT-SIZE: 9pt } P.tu { LINE-HEIGHT: 12.65pt; MARGIN: 7.9pt 5.8pt 0pt 0cm; FONT-FAMILY: "Times New Roman","serif"; FONT-SIZE: 12pt } P.tv { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 6pt; FONT-FAMILY: ArialMT; COLOR: black; FONT-SIZE: 9pt } P.at { LINE-HEIGHT: 107%; MARGIN: 8pt 0cm 2pt; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } LI.at { LINE-HEIGHT: 107%; MARGIN: 8pt 0cm 2pt; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } DIV.at { LINE-HEIGHT: 107%; MARGIN: 8pt 0cm 2pt; FONT-FAMILY: "Arial","sans-serif"; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } TD.iy { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 415.65pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ix { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.iw { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 415.65pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.iv { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.iu { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.it { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.is { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 415.65pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ir { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.iq { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } P.du { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: Arial-BoldMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } LI.du { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: Arial-BoldMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } DIV.du { LINE-HEIGHT: 107%; MARGIN: 0cm 0cm 0pt; FONT-FAMILY: Arial-BoldMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } P.dv { LINE-HEIGHT: 120%; FONT-STYLE: italic; MARGIN: 2pt 0cm; FONT-FAMILY: Arial-BoldItalicMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } LI.dv { LINE-HEIGHT: 120%; FONT-STYLE: italic; MARGIN: 2pt 0cm; FONT-FAMILY: Arial-BoldItalicMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } DIV.dv { LINE-HEIGHT: 120%; FONT-STYLE: italic; MARGIN: 2pt 0cm; FONT-FAMILY: Arial-BoldItalicMT; COLOR: black; FONT-SIZE: 9pt; FONT-WEIGHT: bold } TD.ip { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 308pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.io { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 308pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.in { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.im { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.il { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 308pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ik { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ij { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 394pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ii { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ih { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ig { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 394pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.if { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ie { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.id { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ic { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 394pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ib { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51.05pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ia { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 51pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hz { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hy { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hx { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hw { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TR.hs { HEIGHT: 44pt } TD.hv { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 44pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hu { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 44pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ht { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.8pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 44pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hr { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hq { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hp { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.ho { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.35pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hn { BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.85pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hm { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.6pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hl { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hk { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.6pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hj { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hi { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hh { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hg { BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hf { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 200.6pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.he { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hd { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.95pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hc { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; WIDTH: 53.9pt; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; HEIGHT: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm } TD.hb { BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; 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RNS Number : 1470J
21st Century Technology PLC
28 March 2018
 

 

28 March 2018

 

21st Century Technology plc

("21st Century" or "the Group")

 

Final Results for the year ended 31 December 2017

21st Century Technology plc (AIM: C21), the specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off vehicle, announces its final results for the year ended 31 December 2017.

Financial headlines

·     Revenue £11.8m (2016: £11.6m)

·     Gross profit £5.0m (2016: £4.7m)

·     Underlying operating profit £0.01m (2016: £1.4m loss)

·     Operating loss £0.3m (2016: £2.3m)

·     Cash at year end £0.3m (2016: £0.5m)

·     Cost base reduced by 18% to £5.1m (2016: £6.2m)

·     Additional working capital secured with access to a £1.25m invoice discounting facility on materially improved grounds (2016: £0.4m invoice discounting facility)

Operational headlines

·     Strategy to return Fleet and Passenger segments to profit well under way and supported by several significant contract wins: 

•    3-year agreement with major London-based fleet operator Abellio, worth c£2.5m.

•    Landmark £1m airport car park passenger information project for Omniserve and Gatwick Airport.

•    £1m contract from a large UK Fleet operator for the provision of safety systems engineering

·     Underlying profit in Fleet segment recovered to £449k (2016: £748k loss).

·     Underlying loss in Passenger segment reduced to £267k (2016: £460k loss), all of which was incurred during H1.  Order intake in segment improved throughout the period, with Q4 particularly strong.

·     Revenues from overseas operations grew to £1,653k (2016: £1,007k).

·     Operations consolidated to a central location resulting in annualised savings of £1.4m, whilst creating a more dynamic and innovative working environment.

·     R&D continues to be crucial to innovation led growth strategy with increased joined-up opportunities drawing from Fleet and Passenger expertise.

Russ Singleton, CEO of 21st Century Technology plc, said: "We've made enormous progress in the last year in our strategy to return the Group to profitability. The changes implemented have resulted in a far more dynamic, innovative and customer centric business, leading to several important contract wins. I am particularly pleased to see positive results emerging from greater collaboration between our Fleet and Passenger teams.  It is this joined-up approach that will position us well for opportunities resulting from the Integrated or Intelligent Transport Systems (ITS) government initiatives, and as major urban areas move towards the creation of Smart Cities.  

"Having started the year with a far stronger order book than last year, I expect our progress to continue."

Enquiries:

 

21st Century Technology plc

Russ Singleton/Nick Lowe

Tel: 0844 871 7990

finnCap

Nominated Adviser

Julian Blunt/Scott Mathieson

Tel: 0207 220 0500

Media enquiries

Communications Portfolio

Ariane Comstive / Helen Carpanini

Tel: 07785 922 354/

0207 536 2007

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Notes to editors:

 

'Connected Systems for Connected Journeys'

 

21st Century Technology is the specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off the vehicle. Comprised of a Fleet Systems division and a Passenger Systems division, 21st Century Technology provides integrated solutions both on and off the vehicle to deliver 'connected systems for connected journeys'.

 

Fleet Systems: include CCTV video surveillance; to improve passenger & driver safety, vehicle & driver performance monitoring, real-time on-board IT subsystems management and automatic passenger counting.

 

Passenger Systems: include the design & manufacture of all the necessary hardware and software for electronic passenger information systems, off-vehicle smart ticketing and way-finding.

 

With over 20 years' experience in the transport industry, 21st Century Technology specialises in providing innovative, cost-effective technology lead solutions to improve the passenger experience and provide operational benefits to fleet and network operators.

 

Further information on the company is available on www.21stplc.com or search for 21st Century Technology on LinkedIn and @21stCenturyLtd on Twitter.



 

Chairman's statement

I am pleased to report on the significant progress achieved by the Company over the course of 2017 toward becoming a technically agile and customer-centric business, providing connected systems and services on vehicles and into the Smart Cities of today and tomorrow.

The programme of consolidating operations, started last year, has completed and, following the launch of 21st Century's new head office at Ashby-de-la-Zouch last January, resulted in annualised savings of £1.4m.  At the same time, customer services were strengthened and asset clients were retained, enabling the Company to deliver a broadly breakeven result.

Concentrating the research and development, sales, finance and customer service teams into a single location has improved communication and teamwork, created a better environment for innovation and lifted the overall customer service experience.  The combined effect of these efforts resulted in several significant contract wins.

I would like to welcome Abellio Bus London as a new Tier 1 transport operator customer to our Fleet Systems business. Investment in pre-sales and the subsequent integration of this c. £2.5m three-year contract into our operations was completed in H2 and contributed £0.2m of sales in the year. This strategic win builds on the two major contract renewals last year with First Bus UK and Arriva UK Bus.

For large fleet operators, connecting what were previously standalone systems to the Internet of Things (IoT), in order to gain data-driven insights, is allowing them greater visibility on the performance of their on-board technology. The inclusion of the Journeo® Remote Condition Monitoring (RCM) system, the software and hardware platform developed in house, is an important factor in renewing and securing new contracts.

The Passenger Systems business broadened its existing relationship with Transport for the West Midlands (TfWM), the transport arm of West Midlands Combined Authority.  TfWM is pioneering some important changes within the UK public transport sector by implementing a Mobility as a Service (MaaS) model along the lines introduced in Helsinki.

The Nordics and Scandinavia continue to lead the industry as early adopters of new technologies and ITxPT (Information Technology for Public Transport) standards.  Our Stockholm-based business continues to perform well, delivering high-quality managed services to Tier 1 operator customers in the region. 

Towards the end of the year, we secured a £1m contract from a large UK Fleet operator for the provision of safety systems engineering, building on our existing framework.  We commenced the installation programme at the start of 2018 and the project is scheduled to complete within the year.

The collaboration between our Fleet and Passenger teams is growing.  The first joint project, the Gatwick Airport car park passenger information system, was handed over in December and is a great show-case for the Company's capabilities and we have already received interest from other airports.  On a larger scale, recent government announcements for a series of Department for Transport (DfT) backed initiatives for Integrated or Intelligent Transport Systems (ITS), will require expertise in both passenger and fleet systems, and provide attractive opportunities for the future.

Furthermore we aim to capitalise on the longstanding relationships the Passenger Systems business has with many Passenger Transport Executives (PTEs) and local authorities as they look to solve the challenge of ensuring the safe movement of people, utilities and goods in increasingly congested urban environments.

Financing

Towards the end of the year we secured a new £1.25m invoice discounting facility with Close Brothers to provide additional working capital to the Group on materially improved terms to the previous £0.4m facility.  Our new Chief Financial Officer, Nick Lowe, who joined the Board in May 2017, has implemented tight working capital controls to ensure an ongoing focus on cash as the business returns to profitable growth.

Trading results


2017

2016

Mvmt


£'m

£'m

£'m

Revenue

11.8

11.6

0.2

Gross profit

5.0

4.7

0.3

Gross profit percentage

42%

41%

1%

Other income

0.1

0.1

0

Underlying administrative expenses

(5.1)

(6.2)

1.1

Underlying profit/(loss)

0

(1.4)

1.4

Share-based payments

(0.2)

(0.3)

0.1

Reorganisation costs

(0.1)

(0.5)

0.4

Total administrative expenses

(5.3)

(7.0)

1.7

Operating loss

(0.3)

(2.3)

2.0

Taxation

0

0

0

Loss after taxation

(0.3)

(2.3)

2.0






Pence

Pence

Pence

Basic loss per share

(0.38)

(2.47)

2.09

 

Group Results for the year ended 31 December 2017 are broadly break-even with an underlying profit before tax of £11k (2016: underlying loss £1,397k). 

Overall sales volumes showed a slight increase to £11.8m (2016: £11.6m) and gross profit similarly increased to £5.0m (2016: £4.7m). 

Fleet sales increased 8% to £7.5m (2016: £6.9m) on improved volumes in Bus UK & Eire and International, more than replacing the downsized Rail business, which is covered in the Chief Executive's Report. Gross profit increased to £2.6m (2016: £2.3m) reflecting the change in business mix.

Passenger sales reduced to £4.3m (2016: £4.7m) as sales recovered from their low in H2 2016 of £1.8m (H2 2017: £2.2m). Gross profit was maintained at £2.4m (2016: £2.4m). 

The reduction of £1.1m in underlying administrative expenses is mainly attributable to the target annualised savings being delivered from the previously announced cost base restructuring and centralisation.

People

We remain fortunate to have many talented and loyal staff and, having achieved our 2017 objectives, we are investing in technical and sales personnel to support our growth plans.

I would like to welcome them and pass on my sincere thanks and that of the Board to everybody for their help in implementing the changes made and now being part of this growing and dynamic business. 

Outlook

We entered 2018 with a significantly stronger order book than last year in both Fleet and Passenger Systems and are completing the transformation of 21st Century into the provider of choice for fully connected systems on and off vehicles.

Following the awards from First Bus UK, Arriva Bus and the Abellio Bus contract win last year, we have further broadened our customer base through the recent announcement this month of a contract award from Translink, who operate services throughout Northern Ireland with additional select services to Dublin.

A customer-centric approach and increasing R&D capabilities are strengthening our capabilities, underpinning an innovation-led, customer-focussed growth strategy. 

Sales of new and niche applications within the passenger, fleet and integrated transport markets coupled with recently announced contract wins secured using our own IP and software, demonstrate that this strategy is working, and the Board expects the Group's progress to continue.

Following the Group's Annual General Meeting, the Chief Executive, Russ Singleton, will review these areas in more detail and a copy of his presentation will be added to our website.

 

Mark Elliott

Non-executive Chairman

28 March 2018

 

Strategic Report

Principal activities

The Group's principal activities are in providing tailored solutions to the transport community, solving complex operational requirements both on and off vehicles.

Fleet Systems solutions include on-board video surveillance to improve passenger and driver safety, vehicle, driver performance telematics and advanced passenger counting technologies.

Passenger Systems information solutions include the hardware, software and management services for urban passenger information estates, smart ticketing applications and interactive wayfinding.

Business model

Our business model is to compete in the market as an open provider of technology solutions, working with global-scale product companies and local specialists to deliver highly reliable and cost-effective solutions for the transport community over the lifecycle of the systems.  The service offering includes the design, tailoring, installation, on-site support and back-office systems.

We compete by striving to offer better integrated solutions at reduced costs to our customers.  We carefully select niche markets where we can generate significant market share to generate the economies of scale needed.  Our customers in the transport community include fleet operators, vehicle manufacturers, local authorities and Passenger Transport Executives (PTEs).

Strategic goals

Our vision is to become the market-leading provider of tailored solutions to the transport community, solving the complex operational requirements on-board vehicles and associated connected systems in towns and cities.  Our guiding principle is to improve the customer service experience continuously through innovation of our solutions, having the best team of people and operating efficiently.

Each year we set strategic goals and monitor performance against them throughout the year. Our goals for 2018 build on the achievements for 2017 and we have highlighted additional objectives as important focus areas.



 

Strategic goals 2017

Progress in 2017

Additional strategic goals 2018

Comments

Improve customer service

 

Significant progress made with centralised call handling, management and extension of call-centre operating hours.

Enhance our field engineering capabilities.

 

†§¥

Provide training and information systems to improve reliability, first time fix rates and overall efficiency.

 

Increase technical capability

 

†‡§

Centralising the R&D team under our CTO to complete the integration of Passenger Systems.

Invest in additional technical capabilities and systems linked to target market sectors.

†§¥

 

Building out our core technologies and IP for wider resale; directly and indirectly, and into new channels.

 

Empower Management

 

†§

Cultural change from building moves and cost-base reductions have improved communication, morale and empowerment.

Encourage the development and training of existing staff members, whilst attracting the highest calibre recruits.

 

†§¥

Empower all our people to be decisive and have the trust of our customers.

 

 

 

 

 

Secure positive outcomes from contract negotiations and renewals

 

†¥

High level of renewals in Passenger Systems and significant extra engineering upgrade work in Fleet Systems under an existing framework.

Retain all existing accounts.

‡¥

 

 

Secure additional sales of products, services and software. Offer greater value through innovation.

Develop new lines of business and diversify client base

 

‡¥

Secured Abellio as a major fleet operator for Fleet Systems.

Delivered Gatwick Airport car park passenger information system as a joint project from Passenger and Fleet.

Broaden sales to our current customer base, extend into new customers and achieve breakthrough sales into adjacent markets.

 

†‡¥

Leverage domain expertise and investment in R&D, develop potentially disruptive products and services and create new market leadership positions.

Preserve Cash

 

¥

Strengthened debt collection procedures.

Increased invoice discounting facility from £0.4m to £1.25m with a move to Close Brothers.

Maintain vigilance on tight working capital controls.

 

¥

Operational efficiencies during business growth phase.

 

Supporting principles guide

Excel at customer service

Continuous innovation

Best people

§

Operational efficiency

¥

 

In 2017 we made significant progress in several areas and have seen how a positive outcome on a single strategic goal can deliver multiple positive results.

Technology that we developed in-house was pivotal in securing positive contract negotiations from First UK Bus in 2016 and Abellio in 2017. By realising the power of the data produced from the installed systems, we were able to build an intelligent new tool that gives customers real-time information about their fleet. Our Journeo® branded technology has the potential to fundamentally change the traditional service model for fleet operators.

Investing in technical capabilities with customer application, or 'domain expertise', provides an informed insight with an agility to spot and react swiftly to emergent industry trends or customer needs.

Key performance indicators

The Company uses a number of Key Performance Indicators (KPIs) to monitor progress against its objectives.  The key KPIs are:


2017

2016

Mvmt


£'000

£'000

£'000

Revenue

11,761

11,555

206

Gross Profit

4,996

4,687

309

Underlying administrative expenses

5,074

6,203

(1,129)

Total administrative expenses

5,297

6,985

(1,688)

Underlying profit/(loss)

11

(1,397)

1,408

Operating loss

(301)

(2,298)

1,997

Net current (liabilities)/assets

(785)

(392)

(393)

Net cash flows from operating activities

(729)

(435)

(294)

Cash and cash equivalents

302

511

(209)






Pence

Pence

Pence

Loss per share - basic

(0.38)

(2.47)

2.09

Loss per share - diluted

(0.38)

(2.47)

2.09

 

In addition, operational performance measurements are monitored at a major account level with exceptions raised to the Board.



 

Fleet Systems

This was a transformational year for the Fleet business as the strategic decisions to return the segment to profit were implemented.  The transformation was achieved against a backdrop of scaling back aspects of the Rail business, the operational reorganisation and significant cost base savings whilst improving customer service, increasing technical capability and ultimately winning more business. Revenues in the year increased by £579k, even though the Rail business contracted significantly by £779k. Overall margin increased in the year by £349k despite significant margin pressures in our UK & Eire Bus operations.

The underlying profit recovered to £449k (2016 loss of £748k), ahead of management expectations.

We continued to support our major fleet asset clients Arriva, First Bus UK, Translink and Keolis throughout 2017 and in August we secured a three-year agreement with major London-based fleet operator Abellio.  Under the contract 21st Century take responsibility for all on-board and depot-based CCTV download and related sub-systems and, importantly, become Abellio's technical partner for installations on their new vehicles. We also continue to provide care, support and new systems for several small to medium-sized fleet operating companies, including our first ATEX approved solution for a fuel-oil tanker operator. Throughout 2018 we are targeting further growth in these new customer segments.

The award of the Abellio contract, with a value of c. £2.5m, is a good step forward. The sales process to win new large fleet operator customers is long and complex; requiring a substantial investment in pre-sales activities and a deep understanding of their technology and other customer-specific factors.

We have completed several complex projects throughout 2017, including large-scale refurbishment programmes for existing customers and the landmark £1m airport car park passenger information project for Omniserve and Gatwick Airport Limited. I am delighted to see both sides of the Group working together to deliver such a high-profile and unique solution that is generating cost reductions and operational benefits for the customer.  Since handover in December, we have received approaches from other operators for this type of solution, including from overseas.

Another notable success in the year was securing a major engineering project to fit safety critical systems to one of the UK's largest bus fleet operators. The £1m fleet-wide programme, with an existing customer, is a new challenge for our engineering teams, highlighting the benefits that can be realised through adopting a customer-centric approach.

The 2016 report highlighted the margin shortfall in our Rail operations due to challenging market conditions and we worked throughout 2017 to realign our strategy to operate from a lower cost base.  We are continuing to support Rail customers and, with our increasing technical capability, are able to address opportunities to provide solutions that will further diversify our offering to the sector as part of a multi-modal approach.

Passenger Systems

The Passenger business has long-standing relationships with many PTEs and local authorities and, whilst budgets may be under pressure, the responsibilities for ensuring the safe movement of people, utilities and goods in increasingly congested urban environments remain, and require new solutions.

Revenue for the full year was £4.3m (2016: £4.7m), slightly behind management expectations due to the low level of brought-forward order book from FY 2016, which impacted the programme to return the segment to profit.  Sales orders during H1 began to improve; however, the lead-time between order receipt and commissioning (typically 16-20 weeks) resulted in the full year producing an underlying loss of £267k (2016: loss of £460k), all of which was incurred during H1.

During the second half, the business performed well and was profitable and included sales of our next generation E-ink and solar powered displays, along with the first field application of our prototype pollution sensing system. Order intake continued to improve throughout the period, with Q4 particularly strong at £1.5m with £1m carried forward to 2018.

I am particularly pleased to have secured the contract with Transport for the West Midlands (TfWM), the transport arm of West Midlands Combined Authority (WMCA) as it adopts a Mobility as a Service (MaaS) model.  We completed an audit of over 600 displays across their large estate and, with our own design and manufacturing capabilities, were able to make innovative and cost-effective recommendations to repair and upgrade, extending the life of key elements of their equipment. The contract award was followed by a renewal of our Content Management System (CMS) software which demonstrates the business is able to manage and maintain large estates with a high-availability service; both on the street and in the cloud.

Upgrading complex applications, such as for TfWM are target areas for sales and maintenance and in 2017 we achieved a 25% year-on-year increase for managed services in this segment, building quality earnings due to the long-term, recurring nature of the revenue.  

In the UK, the DfT and a Smarter Cities agenda is driving innovation, providing opportunities across the Group that are accessible through our Passenger Systems team.  Towards the end of the year, we further invested in our capabilities for these emerging areas through the recruitment of additional high-calibre Intelligent Transport System (ITS) industry experts.

Central services

Significant benefits and efficiencies were delivered across all our operations having started the year from our new head office in the Midlands at Ashby-de-la-Zouch and with logistics now centralised to one of our sites in Coventry.  Our UK sales teams, field engineers and project managers and all R&D resources are now supported and coordinated from Ashby.  To further enhance customer service, we have extended the eight-hour support desk to twelve-hours' coverage.

 

In addition, all ISO accreditations have been renewed and consolidated under a single audit body for both companies.



 

Business review and results

Segmental results

Fleet

Passenger

Total

Fleet

Passenger

Total


2017

2017

2017

2016

2016

2016


£'000

£'000

£'000

£'000

£'000

£'000

Revenue

7,502

4,259

11,761

6,923

4,715

11,638

Intersegment sales



-



(83)




11,761



11,555

Gross profit

2,617

2,379

4,996

2,268

2,419

4,687

Underlying profit/(loss)

449

(267)

182

(748)

(460)

(1,208)

Central costs



(171)



(189)

Underlying profit/(loss)



11



(1,397)

 

The performance of the Group was a significant improvement on 2016 with an underlying profit of £11k (2016: loss of £1,397). Total revenue grew by 1% in the year and gross profit by 7%.  The segmental results show the performance of our Fleet and Passenger Systems segments as seen in table: Segmental results.

Basic loss per share is 0.38p (2016: loss per share of 2.47p).

Fleet Systems sales overall were up 8%, with the varying changes in the elements of the segment being Bus 17% increase, International 51% increase and Rail decreased 62% reflecting the scaling back of activities in this area. Fleet gross profit levels improved by 15% with a 17% decrease in Bus, an 84% increase in International and a 12% decrease in Rail. The significant overhead cuts in Fleet of £963k enabled a return to underlying profit of £449k (2016: loss of £748k).

 Our Scandinavian and wider European operations continue to perform well, with revenue increasing to £1,653k (2016: £1,007k).  We have an office and team of engineers based in Stockholm, delivering high-quality managed services to our customers in the region. There is scope for further growth as a number of the operating contracts and franchises come up for renewal during 2018. We are engaged and tracking the progress of these with great interest and aligning our sales and technical services accordingly.

The trading environment in Passenger Systems remained challenging across 2017 after the marked slowdown in sales reported in H2 2016. Overall sales were down 10% on 2016, but this did represent a 19% recovery on the annualised sales levels from H2 2016. The overall sales decrease saw new systems down 23%, while service work saw a 25% increase. Passenger Systems gross profit fell 2% in the year which was marginally ahead of management expectations due to the improved margin sales mix from increased service work. However, the shortfall in new sales lead to an under-absorption of manufacturing costs, reducing the saving on overheads to £233k and contributed to the underlying loss of £269k (2016: loss of £460k).

 The overall underlying profit of £11k (2016: loss of £1,397k) is in-line with management expectations.

The underlying operating profit reconciles to the IFRS operating loss as seen below in table: Reconciling segmental results to IFRS operating loss.

The operating loss was £301k (2016: £2,298k).

 

 

Principal risks and uncertainties

The management of the business and the execution of the Group's strategy are subject to a number of risks. Risks are formally reviewed by the Board and, where possible, appropriate processes are put in place to monitor and mitigate them. If more than one event occurred, it is possible that the overall effect of such events would compound the possible adverse effects on the Group. The key business risks affecting the Company are set out below:

Risk or uncertainty and potential impact

Mitigation

Dependence on major customers

Currently the Fleet Systems segment has a high dependence on a small number of customers which are of a far greater scale than the Group. This generates three distinct risks, each of which could have a significant impact on the business:

·     the loss of any single major customer;

·     pressure on price and margin; and

·     changes to their vehicle replacement or retro-fit schedules.

 

These risks are mitigated by monitoring and managing the business' operational performance measures, including response times and CCTV availability, with operational dashboards agreed with each customer, and by regular communication at Director level. Additionally, there are long-term framework agreements in place with two of our largest customers.

 

This risk has reduced through diversification into the Passenger Systems market and this year through the Abellio contract win. However, it remains a large risk. We are highly focused on customer retention and winning new business with other public transport companies in the UK and overseas, to further reduce reliance on the existing customer base.

Reduction in government spending on public transport

Our Group revenues are strongly linked to the overall health of the UK public transport sector, which in turn is significantly affected by levels of government funding at local, regional and national levels.

We now have a more diversified position in the transport sector where we operate nationally rather than regionally across bus and rail networks, on and off vehicles. We are targeting an increase in international sales.

 

Major project delivery

Failure to deliver a major project on time or to specification, or technical performance falling significantly short of customer expectations, would have potentially significant adverse financial and reputational consequences.

Risk assessments are conducted for all projects and the major ones are also subject to Board approval.

Major projects are reviewed at various levels and frequencies throughout the project lifecycle.

Dependence on key suppliers

Wherever possible the Group endeavours to retain a choice of suppliers for its components and finished goods. In instances where we are currently reliant on one supplier, we are constantly looking for ways to minimise technical and commercial risk.

On certain projects there is technical risk with our suppliers when they are developing systems for our customers' applications. We manage this risk with rigorous project management and the involvement of our internal R&D team.

 

Competition

 

The Group may face increased competition as the technology on and off vehicles moves away from point solutions to broader integrated solutions. This changing technology landscape creates openings for new product and service entrants which may possess better technical and capital resources than the Group.

The Group will continue to increase its technical capability to capitalise on our current market position and work closely with technology partners to broaden our skills.

We are targeting becoming a larger group via organic growth and potential acquisitions to provide better economies of scale and increased industry knowledge.

Technology

The future success of the Group's activities depends upon it creating a leading position for innovative systems within both the Fleet Systems and Passenger Systems segments. As a smart integrator we require both a breadth of knowledge and a deeper understanding in areas of software integration.

 

Market adoption and timing are difficult to predict, particularly in the emerging opportunities in the ticketing arena.

This involves keeping pace with changes and improvements in relevant technology and having the integration skills necessary to create added value for our customers on the move and in the back office. The Group has been investing in our development team allowing stronger relationships with partner organisations.

 

 

Future developments

The current trading and outlook is covered in the Chairman's Statement and a more detailed shareholder presentation will be made immediately following the Group's Annual General Meeting (AGM) in April 2018.

 

 

Signed on behalf of the Board

Russ Singleton

Chief Executive

28 March 2018



 

Consolidated statement of comprehensive income

for the year ended 31 December 2017

 


Notes

2017

£'000

2016

£'000

Revenue

2, 3

11,761

11,555

Cost of sales


(6,765)

(6,868)

Gross profit

3

4,996

4,687

Underlying administrative expenses


(5,074)

(6,203)

Other income


89

119

Underlying profit / (loss)


11

(1,397)

Share-based payments


(224)

(323)

One-off legal costs


-

(44)

Reorganisation costs

8

(88)

(534)

Total administrative expenses


(5,297)

(6,985)

Operating loss


(301)

(2,298)

Finance expense


(63)

(11)

Loss before taxation from continuing operations


(364)

(2,309)

Taxation credit

4

13

6

Loss for the year being total comprehensive loss attributable to owners of the parent


(351)

(2,303)

Loss per share

5



Basic


(0.38p)

(2.47p)

Diluted


(0.38p)

(2.47p)

 



 

Consolidated statement of changes in equity

for the year ended 31 December 2017

 


Share

capital

£'000

Share

Premium account

£'000

Retained

earnings

£'000

Total equity

shareholders'

funds

£'000

Balance at 1 January 2016

6,061

8

(3,695)

2,374

Loss and total comprehensive income for the year

-

-

(2,303)

(2,303)

Share-based payments

-

-

323

323

Balance at 31 December 2016

6,061

8

(5,675)

394

Loss and total comprehensive income for the year

-

-

(351)

(351)

Share-based payments

-

-

224

224

Balance at 31 December 2017

6,061

8

(5,802)

267

 



 

Consolidated statement of financial position

at 31 December 2017

 


Notes

2017

£'000

2016

£'000

Assets


Non-current assets




Goodwill

6

1,345

1,345

Other intangible assets


829

847

Property, plant and equipment


128

149

Trade and other receivables


44

39

           


2,346

2,380

Current assets


Inventories


1,355

1,510

Trade and other receivables


3,827

3,549

Cash and cash equivalents


302

511



5,484

5,570

Total assets


7,830

7,950

Liabilities


Current liabilities




Trade and other payables


(5,108)

(5,303)

Loans and borrowings


(933)

(54)

Provisions


(228)

(605)



(6,269)

(5,962)

Net current liabilities


(785)

(392)

Non-current liabilities


Trade and other payables


(569)

(569)

Loans and borrowings


(300)

(300)

Deferred tax liability


(35)

(44)

Provisions


(390)

(681)

Total liabilities


(7,563)

(7,556)

Net assets


267

394

Shareholders' equity


Share capital


6,061

6,061

Share premium account


8

8

Retained earnings


(5,802)

(5,675)

Total equity


267

394

 



 

Consolidated statement of cash flows

for the year ended 31 December 2017

 


Notes

2017

£'000

2016

£'000

Net cash flows from operating activities

7

(729)

(435)

Cash flows from investing activities


Purchases of property, plant and equipment

(42)

Disposals of property, plant and equipment

-

Purchases / generation of intangible assets


(316)

(229)

Net cash flows from investing activities


(358)

(274)

Cash flows from financing activities


Cash flows from financing activities

948

Issue of loan notes

-

Repayment of loans


(70)

(104)

Net cash flows from financing activities


878

196

Net decrease in cash and cash equivalents

(209)

Cash and cash equivalents at beginning of year

511

Effect of foreign exchange rate changes


-

14

Cash and cash equivalents at end of year


302

511

 



 

Notes to the consolidated financial statements

for the year ended 31 December 2017

 

1. Basis of preparation

The Group financial statements are prepared in accordance with International Financial Reporting Standards and IFRIC interpretations issued and effective (or adopted early) and endorsed by the European Union at the time of preparing these financial statements and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

 

The financial information contained in this announcement does not constitute statutory accounts for the year ended 31 December 2017 or 31 December 2016. The financial information for the years ended 31 December 2017 and 31 December 2016 is derived from the statutory accounts for those periods which include audit reports which are unqualified, do not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006 and do not include references to any matters to which the auditor drew attention by way of emphasis. The statutory accounts for the year ended 31 December 2016 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 December 2017 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

Going concern

The Group's business activities, together with factors likely to affect its future development, performance and position, are set out in the Strategic Report along with the principal risks and uncertainties.

The Group's net underlying profit for the year was £11k (2016: underlying loss £1,397k). As at 31 December 2017 the Group had net current liabilities of £785k (2016: £392k) and net cash reserves of £302k (2016: £511k).

In 2016 the Directors identified a need to raise finance to cover liquidity issues pending the anticipated return of the Group to profitability and raised £300k from the issue of loan notes in December 2016 and arranged a £400k invoice discounting facility.

In December 2017 a new £1.25m invoice discounting facility was put in place to replace the £400k facility.  Current trading is in line with management forecasts and restructuring efforts are complete.

The Directors have prepared Group cash flow projections for the period to 30 June 2019 based on latest forecasts that show that the Group will be able to operate within the Group current funding resources. It is important that we achieve sales forecasts and the profile of cash receipts.

As with all businesses there are particular times of the year where our working capital requirements are at their peak. The Group is well placed to manage these business risks effectively and the Board reviews the Group's performance against budgets and forecasts on a regular basis to ensure action is taken when needed.

These projections indicate that the Group will operate within available facilities throughout the projection period and therefore based on these projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and for at least twelve months from the date of these financial statements. The Directors therefore continue to adopt the going concern basis in preparing the financial statements.

 

2. Revenue

The revenue split between goods and services is:


2017

£'000

2016

£'000

Goods

7,745

8,435

Services

4,016

3,120


11,761

11,555

Contract works included in goods

2,701

3,384

 

3. Segmental reporting

IFRS 8 requires operating segments to be determined on the basis of those segments whose operating results are regularly reviewed by the Board of Directors (the Chief Operating Decision Maker as defined by IFRS 8) to make strategic decisions.

As the Board of Directors reviews revenue, gross profit and operating loss on the same basis as set out in the consolidated statement of comprehensive income, no further reconciliation is considered to be necessary.

Revenue and gross profit


Revenue

2017

£'000

Gross profit

2017

£'000

Revenue

2016

£'000

Gross profit

2016

£'000

Fleet Systems

7,502

2,617

6,923

2,268

Passenger Systems

4,259

2,379

4,715

2,419

Intersegment sales

-

-

(83)

-

Total

11,761

4,996

11,555

4,687

 

Major customers

In the year, two customers within the Fleet Systems segment each accounted for over 10% of Group revenue at 22% and 10%. In the prior year, there were two Fleet Systems customers that each accounted for over 10% of revenue at 18% and 13%. There were no major customers within the Passenger Systems segment.

Underlying profit/(loss)


2017

£'000

2016

£'000

Fleet Systems

449

(748)

Passenger Systems

(267)

(460)


182

(1,208)

Central

(171)

(189)

Underlying profit / (loss)

11

(1,397)

 

Reconciling to loss before interest and tax

2017

Underlying

 operating profit/(loss)

£'000

One-off

legal and

reorganisation

costs

£'000

Share-based

 payments

£'000

Operating profit/(loss)

£'000

Profit/(Loss) before

 interest and tax

£'000

Fleet Systems

449

(85)

(224)

140

140

Passenger Systems

(267)

(3)

-

(270)

(270)


182

(88)

(224)

(130)

(130)

Central

(171)

-

-

(171)

(171)


11

(88)

(224)

(301)

(301)

 

2016

Underlying

operating loss

£'000

One-off

legal and

reorganisation

costs

£'000

Share-based

payments

£'000

Operating

loss

£'000

Loss before

interest and tax

£'000

Fleet Systems

(748)

(410)

(323)

(1,481)

(1,481)

Passenger Systems

(460)

(168)

-

(628)

(628)


(1,208)

(323)

Central

(189)

-

-

(189)

(189)


(1,397)

(578)

(323)

(2,298)

(2,298)

 

Net assets attributed to each business segment represent the net external operating assets of that segment, excluding goodwill, bank balances and borrowings, which are shown as unallocated amounts, together with central assets and liabilities.

Net assets


Assets

2017

£'000

Liabilities

2017

£'000

Net assets

2017

£'000

Assets

2016

£'000

Liabilities

2016

£'000

Net assets

2016

£'000

Fleet Systems

3,638

(3,183)

455

3,814

(4,042)

(228)

Passenger Systems

2,500

(3,176)

(676)

2,246

(3,148)

(902)


6,138

(6,359)

(221)

6,060

(7,190)

(1,130)

Goodwill

1,345

-

1,345

1,345

-

1,345

Cash and borrowings

302

(1,233)

(931)

511

(354)

157

Unallocated

45

29

74

34

(12)

22

Total

7,830

(7,563)

267

7,950

(7,556)

394

 

Geographical segments


Revenue

2017

£'000

Gross profit

2017

£'000

Revenue

2016

£'000

Gross profit

2016

£'000

UK

10,108

3,989

10,462

4,057

International





- Scandinavia

1,053


626


- Other EU

448


361


- Non-EU

152


106


Total international

1,653

1,007

1,093

630

Total

11,761

4,996

11,555

4,687

 

Assets and liabilities by location


2017

£'000

2016

£'000

Assets



UK

7,796

7,914

International

34

36

Total assets

7,830

7,950

Liabilities



UK

(7,529)

(7,514)

International

(34)

(42)

Total liabilities

(7,563)

(7,556)

 

All non-current assets are located within the United Kingdom.

4. Taxation

(a) Analysis of (credit)/charge in year:


2017

£'000

2016

£'000

Current tax


UK corporation tax on the loss for the year (19.25%)

-

Swedish corporation tax on the profit for the year (22%)

(4)

Deferred tax (credit)/charge


- Temporary differences on acquisition

(9)

(13)

Total tax credit for the year

(13)

(6)

 

(b) Factors affecting the total tax (credit)/charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK at 19.25% (2016: 20%). The differences are explained below:


2017

£'000

2016

£'000

Loss on ordinary activities before tax

(364)

(2,309)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.25% (2016: 20%)

(70)

Effects of:


Expenses not deductible for tax purposes

105

Change in unrecognised deferred tax assets

(39)

Prior year (over) / under provision

(9)

Brought forward tax losses used (previously not recognised)

-

Total tax credit for the year

(13)

(6)

 



 

 

(c) Deferred tax asset/(liability)

The unrecognised and recognised deferred tax assets/(liability) comprise the following:


Unrecognised


Recognised

Group

2017

£'000

2016

£'000


2017

£'000

2016

£'000

Tax losses

615

573


-

-

Decelerated capital allowances

56

62


-

-

Arising on acquisition

-

-


(35)

(44)


671

635


(35)

(44)

 

The Group has £3,621,000 of unutilised tax losses (2016: £3,372,000) which may be carried forward indefinitely.

5. Loss per Ordinary Share

Basic earnings per share (EPS) is calculated by dividing the earnings attributable to Ordinary Shareholders by the weighted average number of Ordinary Shares in issue during the year.

For diluted earnings, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all dilutive potential Ordinary Shares.


2017


2016

Group

Losses

£'000

Per share

amount

Pence


Losses

£'000

Per share

amount

Pence

Basic EPS






Losses attributable to Ordinary Shareholders

(351)

(0.38)


(2,303)

(2.47)

Diluted EPS






Losses attributable to Ordinary Shareholders

(351)

(0.38)


(2,303)

(2.47)

 

Details of the weighted average number of Ordinary Shares used as the denominator in calculating the earnings per Ordinary Share are given below:


2017

'000

2016

'000

Basic weighted average number of shares

93,240

93,240

Dilutive potential Ordinary Shares

-

-

Diluted weighted average number of shares

93,240

93,240

 

6. Goodwill

Goodwill acquired in a business combination is allocated at acquisition to the cash generating unit (CGU) that is expected to benefit from that business combination. The Group has two CGUs which are its two operating segments, Fleet Systems and Passenger Systems. The carrying amount of goodwill has been allocated to the CGUs as follows:



Passenger

Systems

£'000

Total

£'000

Deemed cost:


At 1 January 2016

1,345

At 31 December 2016


1,345

1,345

At 31 December 2017


1,345

1,345

 

The Group tests goodwill annually for impairment as at 31 December, or more frequently if there are indications that goodwill might be impaired.

The recoverable amounts of the CGUs are determined based on a value-in-use calculation which uses cash flow projections based on financial budgets and business plans approved by the Directors covering a five-year period. Cash flows beyond that period have been extrapolated in perpetuity assuming no growth, which the Directors consider to be a conservative approach.

The key assumptions for the value-in-use calculations are those regarding discount rates and sales forecasts.

The discount rates needed to equate the net present value from these cash flows to the carrying value of goodwill are compared to the required rate of return from the CGU based upon an assessment of the time value of money, prevailing interest rates and the risks specific to the CGU. If this discount rate is in excess of the required rate of return then it is assumed that no impairment has occurred to the carrying value of goodwill.

The discount rates are as follows:


2017

%

2016

%

Passenger Systems

14

14

 

The discount rates used are based on the Board's judgement considering macroeconomic factors and reflecting specific risks in each segment such as the nature of the market served, the concentration of customers, cost profiles and barriers to entry.

Passenger Systems also has intangible assets, which are considered in the same value-in-use calculations as goodwill.

The Passenger Systems cash flow projections used to determine value in use are based upon assumptions of sales, margins and cost bases. Of these assumptions the value in use is most sensitive to the level of sales. Margins are fixed in the forecast based upon past experience; the cost base is similarly based upon past experience but also takes into account savings from restructuring and will vary depending upon the level of sales. In accordance with the requirements of IAS 36 our value-in-use calculations do not include cash flows from restructurings to which the Group is not yet committed.

The level of sales is the key assumption used in the cash flow forecast. Sales have been determined by management using estimates based upon past experience and future performance with reference to market position and the sales pipeline. Due to the difficult macroeconomic environment there has been a reduction in the availability of contracts, which has in turn resulted in pressure on margins. In 2017 a major restructuring took place, followed by a reinvestment in key staff at the end of the year. The 2018 forecast predicts growth of 40%. The remaining four years are based upon compound sales growth of 5%.

The value-in-use calculation supports the carrying value of the CGU with headroom of £344k. A sensitivity analysis has been performed on the impairment test. The Directors consider that an absolute change in the key sales assumption is possible and a reduction of 5% points in the growth rate in 2018 to 35% would result in an impairment charge being recognised for the current carrying value of goodwill in relation to Passenger Systems of £541k. If sales forecasts were down 10% across the whole period and overheads were partially scaled back by 5% then the impairment charge would be £979k.

Based on the review the discount rate applied to equate the net present value of the forecast cash flows to the carrying value of goodwill and the intangible assets was 16.7%, whereas the required rate of return of the CGU is 14%.

In view of this, the Directors consider that no impairment of goodwill or intangible assets is required.

7. Reconciliation of operating loss to net cash (outflow)/inflow from operating activities


2017

£'000

2016

£'000

Loss for the year

(351)

(2,303)

Adjustments for:



- Finance income

63

11

- Profit on disposal of fixed assets

-

4

- Deferred tax credit

(9)

(13)

- Depreciation of property, plant and equipment

63

107

- Amortisation of intangible fixed assets

334

295

- Share-based payment expense

224

323

- Foreign exchange rate

(14)

(32)

- (Decrease)/increase in provisions

(668)

42

Operating cash flows before movement in working capital

(358)

(1,566)

Decrease/(Increase) in inventories

155

(428)

(Increase)/decrease in receivables

(271)

1,026

(Decrease)/increase in payables

(196)

551

Cash outflow from operations

(670)

(417)

Income taxes received/(paid)

4

(7)

Interest paid

(63)

(11)

Net cash outflow from operating activities

(729)

(435)

 

8. Reorganisation costs


2017

£'000

2016

£'000

Passenger Systems

3

124

Fleet Systems

-

410

Central

85

-


88

534

 

Prior year reorganisation costs related to restructuring programmes arising during the year, the disposal of the Group's leased premises in Croydon, and the December 2016 agreed restructuring programme.

Current year reorganisation costs relate to the additional costs in respect of the December 2016 restructuring programme and costs related to the loss of office of one of the Group's Directors.

All reorganisation costs relate to administrative expenses.

9. Availability of audited accounts:

Copies of the 2017 audited accounts will be made available following the announcement of the date of our AGM. They will also be available on the Company's website (www.21stplc.com) for the purposes of AIM Rule 26 and will be posted to shareholders in due course.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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