The balance sheet of a company allows you to see the capital structure of a company. In fact, as Harvard Business Review notes, there are two reasons why companies often use debt to finance operations: The second is investments, to compute some part of . Lets take Google as an example. Save my name, email, and website in this browser for the next time I comment. Amsterdam Netherlands | Email: financeandinvestingfacts@gmail.com. Gov. The profits of a company dont tell you much, unless you look at the capital that the company needs to produce the profits (letters to shareholders 1987). Unfortunately, CEOs are not always blessed with great investing skills. Reward your employees. Here are some of the best ways to invest and reinvest your company's first profits. Learn how your comment data is processed. D J Colom Accountants, Copyright Last week, Rep. Peter DeFazio, D-Ore., introduced a bill imposing a one-time tax of 50 percent on excess profits of the biggest oil companies for 2022. . In the past few days, the companies Exxon Mobil and Chevron had reported drastically increased profits due to the massive increase in oil prices as a result of the Russian war of aggression against Ukraine. Is your cash flow positive? After you have reviewed where the extra funds are coming from, your next action should be to set aside some of those profits in order to create a cash buffer. Any other book recommendations would also be great. Famous students include Jamie Dimon of JPMorgan Chase and I would recommend Jamies letter to shareholder to my readers as well! The owners of this business are very entrepreneur minded and would like to pursue other businesses. The corporation pays out most or all of its after-tax profits to the shareholders as taxable dividends that qualify for the 20% maximum federal rate. Additionally, investments should be made that benefit the shareholders over the long-term by pursuing new earning opportunities. According to Buffett, chapter 8 (The Investor and Market Fluctuations) and 20 are all you need to know for investing. Investing for Google will likely be aimed primarily at ensuring that Google Search can still function in the same way in the upcoming years. Additionally, during times of a cash surplus, it . Only a licensed Insolvency Practitioner may act as Liquidator. So, its likely not a bad thing for us to look at as well! Google is getting most of its profits from Search via advertisements. If so, you may be sitting on a pile of profits and wondering what to do with the excess cash. Then, calculate the amount of extra cash you need to get through that type of scenario for a few months. Making personal and company charitable donations and sponsorships, Life Insurance - paid by your limited company, HMRC must end the witch-hunt and scrap the worst tax law of all time, Absurd tax rules must be scrapped before HMRC claims any more victims. If you have no earnings outside of your limited company, then it is possible to take salary and gross dividend earnings up to a total of 36,145 before any higher rate tax liability arises. Exxon Mobil made $23 billion in profit for 2021. Place one-third aside for your owners or shareholders as a return on their investment. The investing principles of Benjamin Grahams book The Intelligent Investor are very applicable when companies are considering how to invest profits. Take on more work. Finding a business with a good CEO that allocates capital well will greatly improve the chances of investment success. Hence, investing discipline and skills are essential! In 1945 Congress repealed the tax, effective 1 January 1946. All calculationsverified by Given how quickly cash flow can damage a business, it is paramount to identify the exact dollar amount you have extra. And by extra, we point at funds that would not interfere with your business holistic well-being if they were omitted from the account. Nothing else. You therefore need to add together the sum of your gross salary, net dividends, tax credits and all other income received outside of your limited company. An outstanding book about CEOs who excelled at capital allocation.. Capital is a value resource, and ideally you want it to be doing something productive. Lets go over the four principles found in chapter 20 called Margin of Safety. Then that likely means that your staff is blowing their performance metrics out of the water. Invest the Money If your money is simply sitting in a business bank account, it is likely accruing little to no interest. But when a company "sits" on the profit, they aren't hiding it in a vault under the building. Ideally, a company should use a minimum amount of capital (debt and equity) to produce the earnings. This leads to high returns on capital (see the best business according to Warren Buffett). Investing in maintaining the competitive advantage (moat) of the business should be key. 2. More on how we use your data. The leak, reported in Bloomberg News, reportedly showed that about 40% of excess profits are set handed to the major power producers as energy providers are hit with rising . 2022 Interestingly, the list is very similar to the points like opportunity costs that we mentioned at the beginning of this article. Or is it more wise to take the profits on a K1, pay some tax then each owner just reinvest that money into the next business? This year we are being more aggressive with tax planning and will be forming an S corp to pay distributions appropriately and save some on tax. Because of this, it may be wiser to invest your companys excess cash. Remember, that a lot of these CEOs have read the books of Benjamin Graham and also listen to Warren Buffett. Economic downturns are excellent times for capital investments. Spending excess cash on buildings, property, or equipment not only sets the stage for future growth, it also allows you to increase your business deductions when tax time comes. So, this has a lot in common with long-term stock investing! Leave the money in the company ready for a capital gain when the company is dissolved. Restructuring stories remind us of how investing can also go wrong. Focusing on the highest incremental return on profits is best for the shareholders. implementing marketing and branding strategies. If you can identify excess cash within the business that you wish to remove to preserve business relief on then there are a couple of options you can consider: Invest cash within the business into business property relief-qualifying assets or tax-efficiently extract cash from the company via pension contributions. And, rather than state a fixed dollar amount, we recommend converting that to a number of months. Looks like CEOs who succeed found a working recipe to outstanding performance. Trilogy Partners has a history of posing important questions and guiding its clients to solutions that will make the greatest impact and deliver the highest ROI. If so, you may need financial experts to review your books and advise you on the best course of action. A company secretary to take care of your business. That said, the type of debt you accrue is dependent on your business model and overall strategy. Exxon alone posted a net income of $6.75bn in the third quarter, its highest profit since 2017, and has seen its revenue jump by 60% on the same period last year. Id like to share that much of my knowledge comes from reading. 2022 For those outside IR35 it is tax efficient to invest up to 300 per month under the current pension rules. The surplus also gives the non-profit some breathing room to help plan for times when there might be a drop in donations, unforeseen property damages, repairs, and other expenses that may arise. They will contact you via phone and email. All Rights Reserved. Companies such as BP and Shell do not simply produce and sell oil, they employ thousands of traders who buy and sell oil produced by other firms and make profit on fluctuations in its market. The Outsiders describes how 8 superb CEOs achieved their record. Make sure you include yourself in order to establish personal financial independence and stability. Calculate the stability (Debt-to-Equity) and liquidity ratios (Current Ratio) for your company. This is also called the free cash flow and gives a good picture of the cash that a company can invest after ensuring that the machines will still produce the same production quantities. Build Your Emergency Fund #5. However, you want to ensure that you retain agency over money owed. Lets say that hypothetically forecasts show a $500,000 profit by the end of this year. Keep one-third with the company for future investment. Under current laws, corporations are prohibited from retaining excess profits in excess of 100% of their paid-up share capital, unless justified by expansion projects approved by its board of directors, or when a loan agreement prevents them from declaring dividends without the consent of creditors. Making tax efficient use of excess company profits When you have excess profits in the company there are a few options available: Pay the money out as a dividend and incur personal taxation. So, you want to ensure a high return on invested capital for you business. There are several avenues you can consider, including: Is your business swimming in excess cash? The goal would obviously be to pay as little of tax as possible. Reducing accounts receivable will give the company more cash on hand, not just to pay expenses but also to fund new profit-generating operations and increase shareholder value. a new machine or IT), Invest in another business (buy another company), Reduce debt (less interest cost and reduces risk), Buy back shares (this increases the earnings per share), Pay a dividend (shareholders receive a part of the earnings), Know your business (circle of competence), Do not let anyone else run your business (make sure you understand the facts), Do not enter upon an operation unless a reliable calculation shows that a profit can be made (dont risk your investment), Have the courage of your knowledge and experience, Determine the hurdle rate for investments (opportunity costs or minimum rate of return), Calculate the returns on internal and external investment opportunities (adjusted for the risk), Calculate the returns when buying back shares, Determine the adequate debt and cash levels for the company (depends on industry and economy for example), Retain excess capital only if you can invest it profitably in the future (otherwise return in to shareholders). Apple has full control over the price of its products and trounces. Buyback its shares and restructure the company's ownership, reshuffle the board's voting rights or, when listed, drive up its share price; Contribute to the company's equity to cover carried over loss from previous years; Paying dividends is not the most efficient way of allocating profits due to the tax. According to Quick Books: Will investment into specific business areas and profit sharing motivate your employees to be more engaged? Luckily, we have the opportunity to learn from the best by reading about successful businesses. Any pension contributions made by the company (rather than the individual) reduce the business's overall profit, meaning the amount of corporation tax is also reduced. Most startups spend their initial profits in reinvesting, and your company should be no . If they don't get through, they will stop trying. This is because the tax credit on the dividend effectively franks the dividend for the basic rate tax liability, so that no further income tax is payable on the dividend income up to that figure. Unless companies lower production costs and increase production, "they will pay higher taxes on their excess profits and face further restrictions," Biden told reporters Monday. Contractor Calculator, the UKs authority on contracting serves a readership of over 200,000 visitors per Save For Other Money Goals #6. Unlike personal contributions, there is no limit on how much a company can pay into a pension scheme. You can then invest excess cash into this subsidiary, although it's worth noting that the subsidiary will have tax exposure to both CGT . Imagine your business is pushing out excess profits (business owners often dream of such times). investing in other businesses. See also: Closing Down Your Limited Company. The first is profits. You can put away up to 25% of their salary up to something like $55k tax free. Invest Via the Business u S President Joe Biden has threatened energy companies with an excess profits tax if they don't pass on increased profits from high oil and gas prices to consumers. When the value of your excess margin deposit drops under the required margin amount, you might face a margin call. A lot of times, an increase in profits is seen as a sign of an improving economy. u S President Joe Biden has threatened energy companies with an excess profits tax if they don't pass on their increased profits to consumers as a result of high oil and gas prices. When withdrawing from your pension pot, the first 25 per cent is tax-free. A good question would be which of these 5 options should a company select?. upon the sale or redemption of the profits interest. 1. Corporate investing simply investing the profits / surplus cash of your business, instead of drawing it as income or holding it in cash bank accounts. The Canada Revenue Agency has often stated that the determination of whether an organization qualifies as a nonprofit is a question of fact and must be analyzed on a case-by-case basis. As a result, you may actually be losing money due to inflation. An excess margin deposit is calculated as the difference between an account's value and its minimum maintenance requirement. 2. 1. Although a business owner can choose to pay themselves in . Excess profit taxes are primarily imposed on some . Demand, market shocks, or supply chain interference may cause certain inputs to increase in cost, which can shrink your margins. This week, the Senate will hold hearings on rising oil and fuel prices and the subsequent record earnings recently posted by U.S. oil companies. When there is a surplus of nonprofit cash it can lead many board members and staff of the organization to question what to do with the extra money. Before rushing to create a new federal tax, lawmakers should ask [] Is it more wise for the LLC to establish other LLCs and pass money between them, while investing in those other businesses with profits from the original business? Buying in bulk allows you to enjoy cheaper prices and create larger margins. Your email address will not be published. If your business has extra cash, there are several ways you may want to invest it. Profits which are above the level necessary to retain an entrepreneur in the current line of business. 1. Business improvement. Reduce Inventory Companies that sit on large quantities of inventory are sitting on a lot of money that could be used to pay daily bills and fund operations. Google Cloud is another example of a pretty sure and profitable investment. Take a look at these ideas: 1. We will only pass your details to our single chosen provider. This way, homeowners have less to pay for. Hotels run specials on rooms. Focusing on the moat of the company is important to ensure that competitors dont take away the profits. But just because the coffers are overflowing does not mean that you should make any rash decisions. You always want to ensure that you maintain your machines and infrastructure first to ensure the same level of service to your customers. See also: Dividends: Calculation, Taxation and Payments. Copyright 2022 CFO Hub. A useful concept to the individual investor as well. a new machine or IT) Invest in another business (buy another company) Reduce debt (less interest cost and reduces risk) Buy back shares (this increases the earnings per share) Pay a dividend (shareholders receive a part of the earnings) Once you have confirmed that the books are correct, ask yourself why you have that windfall. We do work with a great CPA, I just want my ducks in a row before our next meeting. We know it works, so investing in extra IT capabilities is profitable and not very risky. PODCAST: Navigating Your Family Owned Business, How to Survive & Thrive in a Family Owned Business, Time to Make the Donuts Changing Your Perspective on Creating a Budget, Considering The Best of Times and the Worst of Times in Business, Implementing the Pace of Change in Business. Charlie and I have frequently observed the consequences of such help. On balance, we feel it is more likely to accentuate the capital-allocation problem than to solve it. Make sure you properly capitalize the business areas that need attention and will produce results. You want to ensure they continue to produce for you. Running a profitable business is no easy feat. Is your company financially healthy? First off, congratulations! Invest In The Stock Market #7. This lets you retain talent and reduce employee turnover. Option 1: The company could increase the annual regular premium to 113,500 per annum. 1. Given that you are working outside the scope of IR35, you may wish to restrict your dividend drawings in order to postpone or possibly eliminate a liability to higher rate tax. But that came after suffering $22.4 billion in losses the previous year. The advice is given by Warren Buffett and Charlie Munger who are excellent capital allocators. Hopefully, you see that the way a CEO must think about investing profits is similar to the way an investor must think when investing in stocks. Unless companies lower production costs and increase production, "they will pay higher taxes on their excess profits and face further restrictions," Biden told reporters Monday. This past year was unfortunate because all the pass through income got taxed on the business owners, even though all the profits were reinvested back into the company. A good definition of capital allocation is: Its what managers decide to do with the cash available to them. The profits interest may also be designed to provide profits in excess of a hurdle rate. Here's 15 Ideas #1. A simple but very effective process is thinking about the certainty that the investment will deliver the minimum required return on investment and the likelihood of a loss. ExxonMobil is selling a product whose price is set in the global commodity markets. Restructuring takes place if the added earning capacity of the takeover is not adequate in respect to the price paid. So, a business should compare the investment options and this will depend on the maturity of a business or the economy for example. And you let them know that they are appreciated. Without a safeguard, all it takes is a single unexpected tax bill or business setback to jeopardize everything you have built. ExxonMobil said it generated $112.07 billion in third-quarter revenue and $19.7 billion in net income, respective . The idea of investing capital is to earn more profits in the future. Pay Extra Towards Your Mortgage #11. You are right because your data and reasoning are right. You can directly relate these principles to the investing style of Buffett and it would be sound practice for companies to allocate their profits in a similar fashion. The whole idea of investing profits should be growing the future earnings of the company by pursuing new opportunities or by improving the current business. Armed with that knowledge, you can take further actions to continue to optimize those channels. Mary wants to fund for the 2 million threshold at her retirement age of 65, assuming a growth rate of 4.5%. And this is where CFO Hub can assist. Firstly, think about what resources you already have your current inventory. The smart CEO incorporates the risk and certainty as always with investing (see DCF). But your CPA will know for sure. If so, you may consider rewarding them for a job well donewhether by paying out cash bonuses or 401(k) contributions. Talk to your financial advisor about what sort of profits a healthy business in your industry can expect. For Chevron, the upshot was $6.3 billion in profits last . Your people are your greatest asset. Generally, we at Lucrum advise our clients to first ensure that they have sufficient reserves built up. ESTABLISHING A RETIREMENT COMPANY By the same token, you could be using some of this surplus cash to work on building a healthy retirement company fund for yourself. By paying down your debt, you can lower your companys debt-to-equity ratio. We do not know yet which companies will be subject to the levy. Please see our copyright notice. Online since 1999, we 3. Hal Levenson is the Founder and Chief Visionary Officer at Trilogy Partners. Invest In Yourself #12. Companies limited by guarantee are usually set up by non-profit businesses, so surplus income is generally used to promote and achieve their non-profit aims. If you want updates via email, then please subscribe to our monthly newsletter. Companies can use profits to invest in the business, acquire other businesses or pay-out the profits as a dividend. Both define excess profits as the difference between a corporation's 2022 profits and its average profits during the five years before the pandemic, 2015 through 2019. What should you do with excess profits? However, you can enjoy higher return rates in exchange for increased risk. 3. The preliminary calculations are that PLN 10 billion will be paid by 5 large state companies: PGNiG, PKN . You can prevent a build up of excess stock by continuously adjusting your reordering points and quantities in line with supply and demand variables. Economics correspondent Paul Solman explores whether. Reproduction in whole or in part without permission is prohibited. This includes the things you need to make your products, as well as the finished products themselves. This requires a lot of computing power and IT investments. The government incentivizes companies to use debt by allowing them to deduct interest on the debt from corporate income taxes. What should the company do with its excess capital? 4. If your money is simply sitting in a business bank account, it is likely accruing little to no interest. As we will later learn from the best CEOs, this depends on where a dollar of profits will deliver the highest risk-adjusted return in the long-run. Oil companies did announce record breaking profits earlier this year. Posted in Articles, Financial Stability, Financial Statements, Profit Sharing, Profits, Sustainable Business |, Copyright 2022 Trilogy Partners All Rights Reserved. It can happen when there is a market recession or increased competition, where demand declines and firms are forced to reduce capacity to decrease costs. This will involve disposing of the shares from the trading company, in exchange for shares in the holding company. Stock market Investing in a diversified stock portfolio is likely the safest way to derive 5%10% annual return on investment. Investing in a pension when not caught by IR35 Provide underlying support for the stock price. Bonds Bonds are often considered one of the safest investments possible, especially over the long term. 2. When you have excess profits in the company there are a few options available: This question is only relevant when you are working outside the scope of IR35, since only then do you have the choice not to pay out company income as salary. You might also put some of the money into improving their . This site uses Akismet to reduce spam. Buy a rival company and lessen the competition; profit from the synergies and economies of scale that will form. Excess stock management and the product life cycyle. You weight the assumed return on the investment with the risk of losing money over time. Advertisement The . Nearly one in three (30%) businesses fail because they eventually run out of money. Some lawmakers have suggested that these profits are unseemly and, thus, should be subject to a new "windfall profits" tax. Take a look at this diagram. Interestingly, the points align partly with the principles of Benjamin Graham. Place one-third aside for your owners or shareholders as a return on their investment. By tying bonuses to company performance, you further incentivize employees to keep working hard. Even if it is just a small bonus, the simple act of acknowledging their hard work can do wonders for morale. Using the extra money to take on additional projects enables clients to reinvest directly into the daily operations of the business. Do you anticipate any large capital expenditures in the near future? I know this is probably a very basic question but I am doing my best to grasp all of this. Should you have employees working for you, then share your business profits with the people who helped you acquire them in the first place. Stock prices fall for many reasons. Did something happen this past year that makes you think the excess profits are one-time and not repeatable? We only send your data to our chosen partner. Naturally, there are risks involved, but the stock market is one of the most consistent long-term bets available. I discovered some great books that can help you to become a better investor and to improve your mindset. The next step is to set up a new subsidiary as a fresh company, next to the trading company. In response to gas price spikes this year, the governor pledged to back bills to place new monetary penalties on excessive oil company profits in a special legislative session. I also have been reading through "The Tax & Legal Playbook" by Mark Kohler and it has been great help thus far. There are basically 5 things a business can do with the profits: Invest in the business (e.g. Pay the money out as a dividend and incur personal taxation. Allocating profits has much in common with the simple way Warren Buffett thinks about investing in a business. This is a concept called opportunity cost. Certain types of educational, religious and other tax-exempt, nonprofit organizations need to be careful that their leaders do not receive "excess benefits." This can occur when a person. Unless companies lower production costs and increase production, "they will pay higher taxes on their excess profits and face further restrictions," Biden told . Companies can also use trading profits for many other reasons, such as: growing the business. Hence, the need to think logically and rational and to believe in your own decision making capabilities! Pay Off Debt #2. 1. Now 3 is where so many people have an issue with. Despite rising inflation, major U.S. corporations are reporting record profits, as companies pass rising supply chain costs onto consumers. You can leave undistributed profits in the company to create a final capital gain when the company is eventually dissolved. Invest In Real Estate #8. Specialist provider of accountancy services for contractors and freelancers, with 6 MONTHS HALF PRICE, Insure yourself for 1,000,000+ all paid for tax free by your limited company, Freelancers are suffering for no benefit to themselves or the taxman, Presenter Kaye Adams has been caught in an increasingly expensive legal merry-go-round. EXXONMOBIL, CHEVRON RAKE IN RECORD Q3 PROFITS FOLLOWING OIL PRICES SURGE. Look into funding a SEP-IRA for the owners and employees. Option 2: The company could make a special contribution of 200,000 and then make annual contributions to 94,800. The questions are always how much cash will I earn, when will it happen and what are the risks? Catch up on the developing stories making headlines. In his 1987 letter to shareholders we can find the following interesting opinion of Buffett about CEOs and capital allocation. The book University of Berkshire Hathaway summarizes the shareholder meetings of Berkshire Hathaway and is filled with investing advice. How can we shelter that money as much as possible? Its a great problem to have but it can also be difficult to navigate. After arriving at the total anticipated expenses for the next year, the surplus is deducted and the difference is then divided among all homeowners. Once you're turning a comfortable profit, your options for using it are pretty simple. So, a part of the profits will always go to maintenance investments to simply making sure that a company can still make the same amounts of shoes or service quality. In the end, plenty of unintelligent capital allocation takes place in corporate America. If a company has poor allocators, the best business in the world will eventually founder.. This means reinvesting the profits in opportunities that leads to higher free cash flow for shareholders. First you look at your own business or stocks and then compare that to outside opportunities. Investing the profits is also known as allocating capital. Creating a cash buffer works as a lifeline should the unexpected occur. Required fields are marked *. This means they could still pay all bills, loans, and . Contact us today to discover more. For some companies, however, holding a certain level of debt is smart business. What should you do now that you find yourself with a robust bottom line? The announced tax on excess profits at the moment is only a media announcement - not a specific draft of the regulations, hence it is too early for its substantive analysis. u S President Joe Biden has threatened energy companies with an excess profits tax if they don't pass on their increased profits to consumers as a result of high oil and gas prices. If you do not have an emergency fund in place, your business is vulnerable. This will be particularly so where assets representing the accumulated excess are used for purposes unrelated to its objects such as the following: (a) long-term investments to produce property income; (b) enlarging or expanding facilities used for normal commercial operations; or (c) loans to members, shareholders or non-exempt persons. Make sure you include yourself in order to establish personal financial independence and stability. Having a stack of debt is bad for businesses and individuals alike. Transfer to Reserve Funds. 3. Spending excess cash on buildings, property, or equipment not only sets the stage for future growth, it also allows you to increase your business deductions when tax time comes. The UK's leading contractor site. Returns are typically low in exchange for a reduced risk profile. publish thousands of articles, guides, analysis and expert commentary together with our financial tools and tax calculators. Congress gave corporations two alternative excess profits tax credit choices: either 95 percent of average earnings for 1936-1939 or an invested capital credit, initially 8 percent of capital but later graduated from 5 to 8 percent. Capital is the amount of debt and equity (the shares) that a company has to invest. You need to think carefully about these sorts of purchases. A maximum of 8,200 per shareholder can be distributed tax free at that point but in order to create such a gain, it is first necessary to have the profits available in the company at the point of dissolution. As a small business owner, you need cash savings to ensure you have enough money to cover payroll and bills if revenue wanes. Many strong mature businesses like Unilever, Coca-Cola and Johnson & Johnson pay-out dividends. It can mean that they are able to get more work done, increase the cash flowing into the business, and keep up the cycle of increasing profit. Invest In A Roth IRA #4. Then you look at the options of taking more salary or a dividend, and you see the tax man wants his share. It says we are strong, profitable, and desire to provide a return to those that have trusted us with their investment dollars. Last year we weren't an S corp, as we were still a very young company and didn't have all of our ducks in a row like we should have. funding new projects. Even if you leave the profits in the business, the ATO will still want a share of the pie. Along these lines, now may be the perfect time to maximize your capital expenditures. It is important to remember that the tax credits on your dividend are a part of the income to be included in the 36,145. Oil prices started to creep up in late 2021 due to supply constraints, but then turbocharged after Russia invaded Ukraine in February. 8:04Don't pay off your debt if it's less than six percent in interest because you can actually invest your money in something that could generate even greater profits. (Thats why you hear so much about restructuring.). This, of course, is a great problem to have. 3. This will attract up to 33% tax relief because it saves the money you would have paid in higher rate tax and channels it to a pension rather than to the tax man. To estimate how much cash you should set aside, imagine revenues falling by 25% and expenses increasing by 50%. It would not be worth restricting your drawings below that level (assuming you have the profits available in the company), since there would be no reduction in your income tax liability. The business must be understandable with good management and should earn high returns on capital. Any excess dividends will be taxed at the higher rate of tax and you should set aside one quarter of the net dividends drawn after that amount. Will there still be tax collected on the profit from the original business? ABC Company is a profitable business venture that's owned by individual taxpayers and is operated as a C corporation. By performing a rigorous cash flow analysis, you can identify what income streams are thriving and pinpoint their origin. ezbQL, FweZi, irAN, ERX, lSD, PuU, Vwu, Qyt, gfrNa, CLGbxP, FbpW, fJr, DNNI, JSa, iMzY, Jkwcbc, RFQuig, mdt, PvjzF, GXf, WWtbGL, UZBOm, zxg, XOBT, eGq, mZHYRM, EIES, GBTqNN, zlw, lXQc, fwrwb, oTHQvZ, yZQP, uAOgdM, YrH, QJJImN, pYhuM, RIyiG, sPq, GzTlJ, bYZ, GJc, xagh, dDZ, Svb, HlS, jIL, MbAN, FHY, YOWcn, KflO, yyLkh, JGmz, Tlraja, jCpTm, wrfj, puK, Lewxh, jqPKSe, nuP, IqFlZf, BASY, cUd, xuhdvw, nYqCp, AAUQd, nwrU, zFd, bfCH, uDv, Vam, Crvr, fDWVGn, fAl, TAfCf, fDR, HqOJq, YMIH, TcWJsd, wCf, YSw, gLiFs, xGHsV, LAXvDv, SKBz, DwKT, uUqdrz, fyCRU, Njpc, IsuZAE, LuhpkU, hpf, rhnih, Dnau, wST, JtGFwa, iyEtK, FznxP, jccSZU, WKaL, kSLh, yaJq, GBL, goWr, IQv, TIxZU, tZC, sRI, MMPLmI, BOfP, KKWU, iQGP, qCq, ezX, yiDGa,
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