KESKO OYJ January-September 2024
KESKO CORPORATION INTERIM REPORT Q3/2024
30.10.2024
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INTERIM REPORT 1-9/2024 • 30.10.2024
KESKO CORPORATION JANUARY-SEPTEMBER INTERIM REPORT 30.10.2024 AT 8.00
KESKO INTERIM REPORT 1.1.-30.9.2024:
A TURN FOR THE BETTER IN BUILDING AND TECHNICAL TRADE
Financial performance in brief:
7-9/2024
- Group net sales in July-September totalled €3,026.6 million (€2,949.1 million); reported net sales grew by 2.6% while comparable net sales were down by 0.8%.
- Comparable operating profit totalled €201.5 million (€208.1 million)
- Operating profit totalled €202.1 million (€206.6 million)
- Cash flow from operating activities totalled €285.6 million (€394.9 million)
- Comparable earnings per share €0.34 (€0.38); reported earnings per share €0.35 (€0.37).
1-9/2024
- Group net sales in January-September totalled €8,879.5 million €8,881.8 million); reported net sales were at last year's level, while comparable net sales were down by 3.5%
- Comparable operating profit totalled €479.3 million (€541.6 million)
- Operating profit totalled €458.5 million (€535.5 million)
- Cash flow from operating activities totalled €707.2 million (€707.1 million)
- Comparable earnings per share €0.80 (€0.97); reported earnings per share €0.76 (€0.96)
Key performance indicators
7-9/2024 | 7-9/2023 | 1-9/2024 | 1-9/2023 | 1-12/2023 | |
Net sales, € million | 3,026.6 | 2,949.1 | 8,879.5 | 8,881.8 | 11,783.8 |
Operating profit, comparable, € million | 201.5 | 208.1 | 479.3 | 541.6 | 712.0 |
Operating margin, comparable, % | 6.7 | 7.1 | 5.4 | 6.1 | 6.0 |
Operating profit, € million | 202.1 | 206.6 | 458.5 | 535.5 | 695.4 |
Profit before tax, comparable, € million | 172.1 | 188.4 | 399.7 | 485.3 | 630.4 |
Profit before tax, € million | 172.5 | 186.8 | 378.5 | 479.1 | 613.5 |
Cash flow from operating activities, € million | 285.6 | 394.9 | 707.2 | 707.1 | 1,049.5 |
Capital expenditure, € million | 109.4 | 127.5 | 566.9 | 520.5 | 678.9 |
Earnings per share, €, basic and diluted | 0.35 | 0.37 | 0.76 | 0.96 | 1.25 |
Earnings per share, comparable, €, basic | 0.34 | 0.38 | 0.80 | 0.97 | 1.28 |
7-9/2024 | 7-9/2023 | 1-9/2024 | 1-9/2023 | 1-12/2023 | |
Return on capital employed, comparable, %, rolling 12 months | 11.5 | 14.1 | 11.5 | 14.1 | 13.4 |
Return on equity, comparable, %, rolling 12 months | 16.7 | 20.2 | 16.7 | 20.2 | 18.5 |
In this interim report, the comparable change % in net sales has been calculated in local currencies and excluding the impact of acquisitions and divestments completed in 2024 and 2023. The comparable operating profit has been calculated by deducting items affecting comparability from the reported operating profit.
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INTERIM REPORT 1-9/2024 • 30.10.2024
Profit guidance for 2024 (specified)
Kesko Group's profit guidance is given for the year 2024, in comparison with the year 2023. Kesko's operating environment is estimated to remain challenging in 2024. Kesko's net sales and operating profit are estimated to remain at a good level in 2024 despite the challenges in the company's operating environment. Kesko estimates that its comparable operating profit in 2024 will amount to €630-680 million. Previously, the comparable operating profit was estimated to amount to €620-680 million. The profit guidance specification is based on third-quarter profit development in building and technical trade.
The profit guidance and outlook are based on an estimate of a relatively short recession in Kesko's operating countries. Key uncertainties impacting Kesko's outlook are developments in inflation and interest rate levels, and geopolitical crises and tensions.
Outlook for 2025
Kesko's operating environment is estimated to improve in 2025, and Kesko's comparable operating profit is also estimated to improve in 2025.
In grocery trade, B2C trade and the foodservice market are estimated to remain stable. In 2025, the comparable operating margin for the grocery trade division is estimated to stay clearly above 6% despite the investments in price and the store site network in accordance with Kesko's strategy for 2024-2026.
In building and technical trade, the cycle is expected to improve in 2025 from the historically low levels. Profitability in the building and technical trade division is estimated to improve on 2024.
In car trade, new car orders are expected to stay at a low level in 2025. Demand for used cars and services is estimated to remain good. Profitability for the car trade division is estimated to remain at a good level in 2025 despite weak demand for new cars.
President and CEO Jorma Rauhala:
Kesko's performance in the third quarter of 2024 was good considering the market, which remained challenging. Our net sales totalled €3,027 million, up by 2.6% year-on-year, while in comparable terms net sales decreased by 0.8%. Our comparable operating profit totalled €201.5 million, and it was up in both building and technical trade and grocery trade.
Net sales for the grocery trade division totalled €1,609 million, up by 1.0%, while the division's comparable operating profit amounted to €118.8 million. K Group's grocery sales were down by 0.1%, slightly underperforming the market. Online grocery sales increased by 13.9% thanks in particular to growth in express deliveries. Kespro's net sales grew by 3.1%, exceeding market growth. Grocery price inflation slowed down notably and stood at 0.4%. Our customer flows continued to grow thanks to campaigns, while customers emphasise price. Our strategy execution in grocery trade is proceeding according to plans, focusing on strengthening store-specific business ideas, developing our store site network, and improving our price competitiveness.
In the building and technical trade division, we can see a turn for the better: result for the division grew for the first time in eight quarters. Sales have picked up in both building and home improvement trade and technical trade, but the market remains challenging, The division's net sales totalled €1,128 million, up by 7.4%, or down by 2.2% in comparable terms. Comparable operating profit for the division totalled €70.1 million, up by €0.2 million. In building and home improvement trade, net sales increased thanks to sales growth in K-Rauta Finland and the Davidsen acquisition in
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INTERIM REPORT 1-9/2024 • 30.10.2024
Denmark. Operating profit for Onninen Finland was nearly at last year's level, and sales and profitability for solar power products have returned to normal levels. In Norway, there have been logistics-related delays in the Elektroskandia integration process, while Byggmakker's sales slightly underperformed the market. In Sweden, our increased focus on B2B trade under the K-Bygg brand has proceeded according to plans.
In the car trade division, both net sales and profit decreased as the market remained challenging, but profitability stayed at a good level. Market demand for new cars was muted, but the market for used cars grew slightly. The division's net sales totalled €295 million and comparable operating profit €17.8 million. New car sales decreased, but when it came to orders for new cars, the market share of car brands represented by Kesko increased. Our sales growth in used cars notably outpaced the market. Service sales also increased. In September, we completed the acquisition of Autotalo Lohja.
Kesko's net sales and operating profit are estimated to remain at a good level in 2024 despite the challenges in our operating environment. We now specify our profit guidance and estimate that our comparable operating profit in 2024 will amount to €630-680 million. We furthermore estimate that Kesko's comparable operating profit will improve in 2025.
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INTERIM REPORT 1-9/2024 • 30.10.2024
Financial performance
Net sales and profit in July-September 2024
Change, | Operating | ||||
profit, | |||||
Net sales, € | comparable, | comparable, | Change, € | ||
7-9/2024 | million | Change, % | % | € million | million |
Grocery trade | 1,609.1 | +1.0 | +0.9 | 118.8 | +0.5 |
Building and home improvement trade | 567.0 | +18.8 | -2.9 | 29.5 | +2.1 |
Technical trade | 578.0 | -1.8 | -1.4 | 35.7 | -2.0 |
Kesko Senukai | - | - | - | 4.8 | +0.1 |
Building and technical trade, total | 1,128.0 | +7.4 | -2.2 | 70.1 | +0.2 |
Car trade | 295.2 | -5.0 | -5.0 | 17.8 | -6.5 |
Common functions and eliminations | -5.8 | - | - | -5.1 | -0.8 |
Total | 3,026.6 | +2.6 | -0.8 | 201.5 | -6.6 |
Group net sales increased by 2.6% in July-September. In comparable terms, net sales decreased by 0.8%. Net sales decreased in comparable terms by 0.2% in Finland, while in other operating countries net sales decreased by 3.6% in comparable terms. The comparable change % has been calculated in local currencies and excluding the impact of acquisitions and divestments completed.
Net sales for the grocery trade division increased by 1.0%. Sales to K Group grocery store chains increased by 1.5%. Net sales for Kespro's foodservice business increased by 3.1% in July-September.
Net sales for the building and technical trade division increased by 7.4% in July-September, while in comparable terms, division net sales decreased by 2.2%, impacted by the weak construction cycle. Net sales for technical trade decreased by 1.8%, while in comparable terms net sales decreased by 1.4%. In building and home improvement trade, net sales increased by 18.8% thanks to the acquisitions completed, while in comparable terms, net sales decreased by 2.9%. The Danish building and home improvement trade chain Davidsen has been consolidated into the building and technical trade division's figures as of 1 February 2024.
Net sales for the car trade division decreased by 5.0% in July-September. In comparable terms, net sales decreased by 5.0%. Of the car trade businesses, net sales decreased in new cars, and increased in used cars and services. In the comparison period, net sales for new cars were increased by the clearing of order books as the availability of cars improved. Net sales for sports trade increased.
The Group's comparable operating profit in July-September totalled €201.5 million (€208.1 million), down by €6.6 million. The grocery trade division's comparable operating profit increased by €0.5 million. The comparable operating profit for the building and technical trade division increased by €0.2 million, thanks to thanks to positive profit development in Finland and the Davidsen acquisition in Denmark. Onninen's comparable operating profit in Finland totalled €26.2 million (€26.6 million). In Finland, profitability in building and home improvement trade remained good. Building and home improvement trade profitability was burdened by a €0.5 million expense related to the Davidsen acquisition, recorded for the allocation of fair value. The share of result from Kesko Senukai was up by €0.1 million year-on-year. The comparable operating profit for the car trade division decreased by €6.5 million. The comparable operating profit for the car trade businesses decreased by €6.7 million due to a decline in net sales. In sports trade, the comparable operating profit increased by €0.1 million on the comparison period.
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INTERIM REPORT 1-9/2024 • 30.10.2024
Items affecting comparability, € million | 7-9/2024 | 7-9/2023 | 1-12/2023 |
Operating profit, comparable | 201.5 | 208.1 | 712.0 |
Items affecting comparability | |||
+gains on disposal | +9.9 | - | +0.4 |
-losses on disposal | - | - | -1.0 |
+/- structural arrangements | -9.3 | -1.5 | -16.1 |
Items affecting comparability, total | +0.6 | -1.5 | -16.7 |
Operating profit | 202.1 | 206.6 | 695.4 |
The most significant items affecting comparability were related to the reorganisation of the K-Rauta chain in Sweden, in which the Swedish building and home improvement trade operations will be concentrated in the K-Bygg chain, the discontinuation of the Neste K chain, and acquisitions.
K Group's (Kesko and the chain stores) retail and B2B sales (0% VAT) in July-September totalled €4,116.8 million, representing a decrease of 1.2%.
Net finance costs, income tax and earnings per share
7-9/2024 | 7-9/2023 | 1-12/2023 | |
Net finance costs, € million | -29.7 | -20.2 | -83.9 |
Interests on lease liabilities, € million | -19.4 | -18.6 | -73.4 |
Profit before tax, comparable, € million | 172.1 | 188.4 | 630.4 |
Profit before tax, € million | 172.5 | 186.8 | 613.5 |
Income tax, € million | -33.4 | -38.0 | -118.0 |
Earnings per share, comparable, € | 0.34 | 0.38 | 1.28 |
Earnings per share, € | 0.35 | 0.37 | 1.25 |
Equity per share, € | 6.61 | 6.62 | 6.93 |
The increase in Group net finance costs in July-September was impacted by the increase in interest-bearing debt. The share of result of associates totalled €0.1 million (€0.4 million).
The Group's effective tax rate was 19.4% (20.4%).
The Group's earnings per share and comparable earnings per share decreased compared to the year before.
Net sales and profit in January-September 2024
Change, | Operating | ||||
profit, | |||||
Net sales, | comparable, | comparable, | Change, | ||
1-9/2024 | € million | Change, % | % | € million | € million |
Grocery trade | 4,720.6 | +0.2 | +0.1 | 315.8 | -4.8 |
Building and home improvement trade | 1,658.5 | +10.4 | -8.0 | 51.8 | -8.1 |
Technical trade | 1,684.4 | -4.7 | -6.7 | 70.4 | -36.0 |
Kesko Senukai | - | - | - | 10.8 | +5.3 |
Building and technical trade, total | 3,295.4 | +2.3 | -7.4 | 133.0 | -38.9 |
Car trade | 880.2 | -8.8 | -8.3 | 49.1 | -19.0 |
Common functions and eliminations | -16.7 | - | - | -18.7 | +0.4 |
Total | 8,879.5 | -0.0 | -3.5 | 479.3 | -62.3 |
Group net sales were at last year's level in January-September. In comparable terms, net sales decreased by 3.5%. Net sales decreased in comparable terms by 2.9% in Finland, while in other operating countries they decreased by 6.2%. The comparable change % has been calculated in local currencies and excluding the impact of acquisitions and divestments completed.
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INTERIM REPORT 1-9/2024 • 30.10.2024
Net sales for the grocery trade division increased by 0.2%. Sales to K Group grocery store chains grew by 0.6%. Net sales for Kespro's foodservice business increased by 0.9% in January-September.
Net sales for the building and technical trade division increased by 2.3% in January-September, while in comparable terms, net sales decreased by 7.4%, impacted by the weak construction cycle. Net sales for technical trade decreased by 4.7%, while in comparable terms, net sales decreased by 6.7%. In building and home improvement trade, net sales increased by 10.4% thanks to the acquisitions completed, while in comparable terms, net sales decreased by 8.0%. The Danish building and home improvement trade chain Davidsen has been consolidated into the building and technical trade division's figures as of 1 February 2024.
Net sales for the car trade division decreased by 8.8% in January-September, while in comparable term net sales decreased by 8.3%. Of the car trade businesses, net sales decreased in new cars, and increased in used cars and services. In the comparison period, net sales for new cars were increased by the clearing of order books as the availability of cars improved. Net sales for sports trade decreased.
The Group's comparable operating profit in January-September totalled €479.3 million (€541.6 million), representing a decrease of €62.3 million. The comparable operating profit for the grocery trade division decreased by €4.8 million. The comparable operating profit for the building and technical trade division decreased by €38.9 million. The decrease was due to a decline in net sales, which was mainly impacted by the weak construction cycle. In the first year-half, net sales and gross margin for solar power products in particular fell short of the comparison period. Onninen's comparable operating profit in Finland totalled €54.6 million (€76.5 million). In Finland, profitability in building and home improvement trade remained good. Building and home improvement trade profitability was burdened by a €2.0 million expense related to the Davidsen acquisition, recorded in the allocation of fair value mainly in relation to inventories. The share of result from Kesko Senukai was up by €5.3 million year-on-year. The comparable operating profit for the car trade division decreased by €19.0 million. The comparable operating profit for the car trade businesses decreased by €16.9 milion due to a decline in net sales. In sports trade, the comparable operating profit decreased by €2.1 million on the comparison period.
Items affecting comparability, € million | 1-9/2024 | 1-9/2023 | 1-12/2023 |
Operating profit, comparable | 479.3 | 541.6 | 712.0 |
Items affecting comparability | |||
+gains on disposal | +11.4 | +0.4 | +0.4 |
-losses on disposal | -1.6 | -1.0 | -1.0 |
+/- structural arrangements | -30.5 | -5.5 | -16.1 |
Items affecting comparability, total | -20.8 | -6.1 | -16.7 |
Operating profit | 458.5 | 535.5 | 695.4 |
The most significant items affecting comparability were related to the reorganisation of the K-Rauta chain in Sweden, in which the Swedish building and home improvement trade operations will be concentrated in the K-Bygg chain, the discontinuation of the Neste K chain, and acquisitions.
K Group's (Kesko and the chain stores) retail and B2B sales (0% VAT) in January-September totalled €11,863.7 million, representing a decrease of 3.4%. During the 12-month period that ended in September 2024 the number of Finnish households belonging to the K-Plussa loyalty scheme and using the K-Plussa network totalled 2.6 million, with 3.4 million K-Plussa loyalty card users.
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INTERIM REPORT 1-9/2024 • 30.10.2024
Net finance costs, income tax and earnings per share
1-9/2024 | 1-9/2023 | 1-12/2023 | |
Net finance costs, € million | -83.4 | -58.4 | -83.9 |
Interests on lease liabilities, € million | -58.8 | -54.4 | -73.4 |
Profit before tax, comparable, € million | 399.7 | 485.3 | 630.4 |
Profit before tax, € million | 378.5 | 479.1 | 613.5 |
Income tax, € million | -73.8 | -96.4 | -118.0 |
Earnings per share, comparable, € | 0.80 | 0.97 | 1.28 |
Earnings per share, € | 0.76 | 0.96 | 1.25 |
Equity per share, € | 6.61 | 6.62 | 6.93 |
The increase in Group net finance costs in January-September was impacted by the increase in interest-bearing debt and the rise in interest rate levels. Net finance costs were reduced by a positive change in the fair value of interest rate derivatives. The share of result of associates totalled €3.4 million (€2.0 million).
The Group's effective tax rate was 19.5% (20.1%).
The Group's earnings per share and comparable earnings per share decreased compared to the year before.
Cash flow and financial position
€ million | 7-9/2024 | 7-9/2023 | 1-9/2024 | 1-9/2023 | 1-12/2023 |
Cash flow from operating activities | 285.6 | 394.9 | 707.2 | 707.1 | 1,049.5 |
Cash flow from investing activities | -79.3 | -131.2 | -476.1 | -452.7 | -590.2 |
Cash flow from financing activities | -340.7 | -365.3 | -223.0 | -351.3 | -492.2 |
€ million | 30.9.2024 | 30.9.2023 | 31.12.2023 |
Liquid assets | 219.9 | 169.6 | 227.3 |
Interest-bearing liabilities | 3,087.5 | 2,723.6 | 2,787.0 |
Lease liabilities | 2,011.7 | 1,994.2 | 1,997.9 |
Interest-bearing net debt excl. lease liabilities | 855.8 | 559.8 | 561.9 |
Interest-bearing net debt/EBITDA, excl. IFRS 16 impact, rolling 12 months | 1.2 | 0.7 | 0.7 |
Gearing, % | 108.6 | 97.0 | 92.8 |
Equity ratio, % | 32.3 | 34.2 | 35.8 |
The Group's cash flow from operating activities in July-September totalled €285.6 million (€394.9 million). Cash flow from operating activities decreased on the comparison period due to growth in working capital.
The Group's cash flow from investing activities in July-September totalled €-79.3 million (€-131.2 million).
The Group's cash flow from operating activities in January-September was at last year's level, totalling €707.2 million (707.1 million).
The Group's cash flow from investing activities January-September totalled €-476.1 million (€-452.7 million). Cash flow from investing activities included a positive item of €15.5 million (€48.1 million) from the redemption of money market funds, included in the Group's liquid assets.
The Group's net debt excluding lease liabilities increased due to acquisitions completed and investments made in the store site network for grocery trade and Onninen's logistics centre in Finland.
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INTERIM REPORT 1-9/2024 • 30.10.2024
Capital expenditure
€ million | 7-9/2024 | 7-9/2023 | 1-9/2024 | 1-9/2023 | 1-12/2023 |
Capital expenditure | 109.4 | 127.5 | 566.9 | 520.5 | 678.9 |
Store sites | 54.6 | 77.9 | 233.0 | 213.5 | 300.3 |
Acquisitions | 2.5 | -0.4 | 172.4 | 134.6 | 141.1 |
IT | 4.5 | 4.6 | 12.4 | 15.6 | 25.0 |
Other investments | 47.9 | 45.3 | 149.0 | 156.8 | 212.5 |
As of 1 January 2024, investments in Kespro's cash-and-carry outlets are reported under capital expenditure in store sites, while before they were reported under other investments. Figures for the comparison periods have been adjusted accordingly.
In July-September, capital expenditure in store sites decreased by €23.3 million year-on-year. In January-September capital expenditure in store sites increased by €19.6 million year-on-year. Capital expenditure included the March acquisition of store sites in Espoo and Salo where Kesko's grocery trade has long been the primary tenant.
Other investments in January-September included an investment of €66.5 million (€64.7 million) in the construction of Onninen and K-Auto's shared logistics centre in Hyvinkää, Finland. The construction project is expected to be completed in 2025.
Capital expenditure included the acquisition of the Danish building and home improvement trade company Davidsen Koncernen A/S, completed on 31 January 2024, and the acquisition of Autotalo Lohja, completed on 1 September 2024. Capital expenditure in the comparison period included the acquisitions of Elektroskandia Norge AS in Norway, completed on 1 March 2023, and Zenitec Sweden AB, completed on 5 April 2023.
Personnel
1-9/2024 | 1-9/2023 | 1-12/2023 | |
Average number of personnel converted into full-time employees | 15,340 | 14,853 | 14,766 |
Personnel at the end of the reporting period | 30.9.2024 | 30.9.2023 | 31.12.2023 |
Finland | 12,262 | 12,286 | 12,384 |
Other operating countries | 5,976 | 5,341 | 5,318 |
Total | 18,238 | 17,627 | 17,702 |
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INTERIM REPORT 1-9/2024 • 30.10.2024
Segments
New segment structure
Kesko changed its division structure and segment reporting from 1 April 2023 onwards. Sports trade became part of the car trade division, while it previously had been part of the building and technical trade division. Data concerning the comparison periods have been adjusted to correspond to the new segment structure. Kesko published comparison figures for the new segment structure for 2022 and for the first quarter of 2023 on 25 May 2023.
Seasonal nature of operations
The Group's operating activities are affected by seasonal fluctuations. The net sales and operating profits of the reportable segments are not earned evenly throughout the year. Instead, they vary by quarter depending on the characteristics of each segment. In terms of the level of operating profit, the second and third quarter are the strongest, whereas the impact of the first quarter on the full-year profit is the smallest.
Grocery trade
July-September 2024
7-9/2024 | 7-9/2023 | 1-12/2023 | ||||
Net sales, € million | 1,609.1 | 1,593.5 | 6,351.61 | |||
Operating profit, comparable, € million | 118.8 | 118.2 | 444.8 | |||
Operating margin, comparable, % | 7.4 | 7.4 | 7.0 | |||
Return on capital employed, comparable, %, rolling 12 months | 16.3 | 17.6 | 17.4 | |||
Capital expenditure, € million | 51.4 | 77.4 | 303.7 | |||
Average number of personnel converted into full-time employees | 6,398 | 6,398 | 6,257 | |||
Change, | ||||||
7-9/2024 | 7-9/2023 | Change, % | comparable, | 1-12/2023 | ||
Net sales, € million | % | |||||
Sales to K Group grocery stores | 1,139.4 | 1,122.4 | +1.5 | +1.5 | 4,484.0 | |
K-Citymarket,non-food | 144.7 | 150.9 | -4.1 | -4.1 | 615.5 | |
Kespro | 305.5 | 296.2 | +3.1 | +3.1 | 1,154.9 | |
Others | 19.6 | 24.0 | -18.4 | -23.6 | 97.3 | |
Total | 1,609.1 | 1,593.5 | +1.0 | +0.9 | 6,351.6 |
Net sales for the grocery trade division in July-September totalled €1,609.1 million (€1,593.5 million), an increase of 1.0%. Sales to K Group grocery store chains increased by 1.5%. Net sales for Kespro's foodservice business increased by 3.1% in July-September.
The total grocery retail market in Finland (incl. VAT) is estimated to have grown by approximately 1.5% in July- September (Finnish Grocery Trade Association PTY), and retail prices are estimated to have risen by some 0.4% (incl. VAT, Statistics Finland). K Group's grocery sales decreased by 0.1% (incl. VAT). Online grocery sales grew by 13.9%, and accounted for approximately 3.4% of K Group's grocery sales (incl. VAT). All K Group grocery store chains offer online grocery services. The number of K Group stores offering online grocery services was 767 at the end of the reporting period, up by 63 year-on-year. The total market for the foodservice business is estimated to have increased by 0.2% in July-September (PTY). Kespro's market share is estimated to have continued to grow.
The comparable operating profit for the grocery trade division in July-September totalled €118.8 million (€118.2 million), up by €0.5 million. The comparable operating profit for Kespro totalled €23.3 million (€21.7 million). The development of comparable operating profit was impacted by an increase in store site costs and a decline in net sales for K-Citymarket's home and speciality goods (non-food). Operating profit for the grocery trade division totalled
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Kesko Oyj published this content on October 30, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 30, 2024 at 06:06:10.144.
