Mandalay Resources Corporation Announces Second Quarter Financial Results for 2017
(Thomson Reuters ONE) -
TORONTO, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation
("Mandalay" or the "Company") (TSX:MND) today announced revenue of $44.1
million, adjusted EBITDA of $12.1 million and consolidated net loss of $10.1
million, or $0.02 loss per share, for the second quarter of 2017.
The Company's condensed and consolidated interim financial results for the
quarter ended June 30, 2017, together with its Management's Discussion and
Analysis ("MD&A") for the corresponding period, can be accessed under the
Company's profile on www.sedar.com and on the Company's website
at www.mandalayresources.com. All currency references in this press release are
in U.S. dollars except as otherwise indicated.
Commenting on second quarter of 2017 results, Dr. Mark Sander, President and CEO
of Mandalay, noted, "Mandalay's financial performance in the second quarter of
2017 was negatively affected by the operating suspension at Cerro Bayo in
response to the June 9, 2017, flooding of the Delia NW mine, as previously
discussed in the Company's production and sales report issued for the quarter
(see Mandalay July 12, 2017, press release). Suspension of operations caused
reduced silver and gold production, and therefore revenue, at higher cost per
ounce than planned.
"Operations at Cerro Bayo remain suspended pending completion of the
investigation of the cause of the event and the risk assessment of restarting
mining in the vicinity of Laguna Verde. In addition, the Chilean regulator,
Sernageomin, has issued a decree that it must approve a request to reopen based
on the results of the risk assessment. This process is likely to add an
additional one to two months to the one to two months months needed to complete
the risk assessment, making it unlikely that we will be in a position to restart
mine development and production this year. Therefore, we are providing revised
guidance for 2017 assuming no Cerro Bayo production or capital spending for the
rest of the year while maintaining guidance for Björkdal and Costerfield."
Dr. Sander continued, "Looking at the Company's operations, Björkdal delivered
record gold production for the quarter at low cash cost per ounce. The
annualized rate of production during the quarter was approximately 64,000 ounces
per year. We are pleased that the grade control program continues to function
well and that the debottlenecking actions we took in the open pit and
underground mines at the end of the first quarter performed exactly as planned.
Second quarter results reflected higher than planned mill feed grades as well as
higher mining rates and we expect continued good performance from Björkdal for
the rest of the year."
Dr. Sander continued, "Costerfield continued to deliver dependable performance
in the second quarter of 2017, producing 14,300 gold equivalent ounces at a very
sound cash cost of $648 per ounce, and at an all-in cost of $962 per ounce. We
expect continued performance at these levels for the balance of the year."
Dr. Sander concluded, "The Company's balance sheet remains in a strong position
after the re-structure of the exchangeable loan with Gold Exchangeable Limited.
We paid off half of the $60 million of the loan and amendended the terms of the
remaining $30 million, including an extension of the maturity date to May 2022
(see Mandalay May 24, 2017 press release). When combined with our new $40
million revolving credit facility announced in July, 2017, (see Mandalay July
25, 2017, press release), we have ample funding to maintain our capital
investment program in our existing mines, restart Cerro Bayo, and maintain
working capital. We also have the ability to act quickly on attractive
acquisition opportunities that may arise, which remains a core strategic
objective for the Company."
Second Quarter 2017 Financial Highlights
The following table summarizes the Company's financial results for the three and
six months ended June 30, 2017 and 2016:
+-----------------+---------------+--------------+---------------+-------------+
| | Three months | Three months | Six months | Six months |
| | Ended June | Ended June | Ended June | Ended June |
| | 30, 2017 | 30, 2016 | 30, 2017 | 30, 2016 |
+-----------------+---------------+--------------+---------------+-------------+
| | $'000 | $'000 | $'000 | $'000 |
+-----------------+---------------+--------------+---------------+-------------+
|Revenue | 44,124 | 54,166| 89,497 | 104,608|
+-----------------+---------------+--------------+---------------+-------------+
|Cost of Sales | 30,030 | 29,927| 62,018 | 61,353|
+-----------------+---------------+--------------+---------------+-------------+
|Adjusted | | | | |
|EBITDA(*) | 12,130 | 22,127| 23,542 | 39,389|
+-----------------+---------------+--------------+---------------+-------------+
|Income from mine | | | | |
|operations before| | | | |
|depreciation and | | | | |
|depletion | 14,094 | 24,239| 27,479 | 43,255|
+-----------------+---------------+--------------+---------------+-------------+
|Adjusted net | | | | |
|income before | | | | |
|special items(*) | (6,933 ) | 5,154| (9,284 ) | 7,781|
+-----------------+---------------+--------------+---------------+-------------+
|Consolidated net | | | | |
|(loss) income | (10,105 ) | 3,611| (12,456 ) | 4,760|
+-----------------+---------------+--------------+---------------+-------------+
|Cash capex(*) | 12,998 | 11,472| 25,090 | 20,529|
+-----------------+---------------+--------------+---------------+-------------+
|Total assets | 320,062 | 355,100| 320,060 | 355,100|
+-----------------+---------------+--------------+---------------+-------------+
|Total liabilities| 126,811 | 142,996| 126,811 | 142,996|
+-----------------+---------------+--------------+---------------+-------------+
|Adjusted net | | | | |
|(loss) income per| | | | |
|share(*) |$ (0.02 ) |$ 0.01|$ (0.02 ) |$ 0.02|
+-----------------+---------------+--------------+---------------+-------------+
|Consolidated net | | | | |
|(loss) income per| | | | |
|share |$ (0.02 ) |$ 0.01|$ (0.03 ) |$ 0.01|
+-----------------+---------------+--------------+---------------+-------------+
(*) Adjusted EBITDA, adjusted net (loss) income before special items, cash capex
and adjusted net (loss) income per share are non-IFRS measures. See "Non-IFRS
Measures" at the end of this press release.
During the second quarter of 2017, Mandalay sold 12% fewer ounces of gold
equivalent versus the second quarter of 2016. At the same time, average silver
and antimony prices rose 2% and 41% quarter-over-quarter, respectively, while
the average gold price remained almost constant quarter-over-quarter. The net
effect is that Mandalay's revenue of $44.1 million in the second quarter of
2017 was $10.1 million lower than in the second quarter of 2016.
Total cost of sales across the Company was approximately constant when comparing
the second quarter of 2017 to the second quarter of 2016. At Costerfield, cost
of sales increased by $1.0 million, where fewer tonnes at lower grade were mined
and processed to produce fewer gold equivalent ounces than in the year-ago
period. Per tonne mining and milling costs at Costerfield remained nearly
constant through this expected decline in ore grades. Total cost of sales at
Cerro Bayo increased by $1.3 million in the second quarter of 2017 relative to
the second quarter of 2016 mainly due to inventory movement from a reduction in
the level of ore inventory at June, 2017. Cost of sales decreased by $2.0
million at Björkdal, due to the build-up of ore inventory over the quarter from
the record quarter of production in the second quarter of 2017, compared to the
inventory movement recognized in the second quarter of 2016. Consolidated
administrative costs remained virtually constant, increasing slightly by $0.2
million in the second quarter of 2017.
Mandalay generated $12.1 million in adjusted EBITDA in the current quarter, $0.7
million higher than in the previous quarter, and $10 million lower than the
second quarter of 2016. This led to a consolidated net loss of $10.1 million in
the second quarter of 2017 versus a loss of $2.3 million in the first quarter of
2017. Second quarter results were adversely affected by the expenses of search
efforts related to the flooding incident at Cerro Bayo and accrual of estimated
future costs stemming from the event. Non-cash adjustments include the write-off
of the remaining carrying value of mining interests associated with the Delia NW
mine, a loss of $0.5 million of property, plant and equipment, and certain other
costs.
Mandalay ended the second quarter with $18.4 million in cash and cash
equivalents.
Second Quarter Operational Highlights
The table below summarizes the Company's capital expenditures and operational
unit costs for the three and six months ended June 30, 2017 and 2016:
+------------+--------------+------------+------------+------------+-----------+
| | |Three months|Three months| Six months |Six months |
| | | ended June | ended June | ended June |ended June |
| | | 30, 2017 | 30, 2016 | 30, 2017 | 30, 2016 |
| | +------------+------------+------------+-----------+
| | | $'000 | $'000 | $'000 | $'000 |
+------------+--------------+------------+------------+------------+-----------+
|Costerfield | | |
+------------+--------------+------------+------------+------------+-----------+
| |Gold produced | | | | |
| |(oz) | 8,933| 12,252| 16,920| 24,685|
+------------+--------------+------------+------------+------------+-----------+
| |Antimony | | | | |
| |produced (t) | 765| 962| 1,506| 1,962|
+------------+--------------+------------+------------+------------+-----------+
| |Gold | | | | |
| |equivalent | | | | |
| |produced (oz) | 14,300| 17,023| 27,191| 33,989|
+------------+--------------+------------+------------+------------+-----------+
| |Cash | | | | |
| |cost(*) per oz| | | | |
| |gold | | | | |
| |equivalent | | | | |
| |produced |$ 648|$ 530|$ 682|$ 521|
+------------+--------------+------------+------------+------------+-----------+
| |All-in | | | | |
| |cost(*) per oz| | | | |
| |gold | | | | |
| |equivalent | | | | |
| |produced |$ 962|$ 772|$ 996|$ 756|
+------------+--------------+------------+------------+------------+-----------+
| |Underground | | | | |
| |capital devel.| | | | |
| |& open pit | | | | |
| |prestrip | 1,099| Nil| 1,876| Nil|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |purchases | 1,465| 1,289| 2,480| 1,594|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |exploration | 1,398| 1,155| 2,386| 2,113|
+------------+--------------+------------+------------+------------+-----------+
|Cerro Bayo | | |
+------------+--------------+------------+------------+------------+-----------+
| |Silver | | | | |
| |produced (oz) | 359,457| 462,462| 794,533| 977,678|
+------------+--------------+------------+------------+------------+-----------+
| |Gold produced | | | | |
| |(oz) | 3,174| 3,818| 5,909| 8,154|
+------------+--------------+------------+------------+------------+-----------+
| |Cash | | | | |
| |cost(*) per oz| | | | |
| |silver net | | | | |
| |byproduct | | | | |
| |credit |$ 12.31|$ 8.45|$ 13.29|$ 9.26|
+------------+--------------+------------+------------+------------+-----------+
| |All-in | | | | |
| |cost(*) per oz| | | | |
| |silver net | | | | |
| |byproduct | | | | |
| |credit |$ 24.05|$ 16.54|$ 23.25|$ 17.84|
+------------+--------------+------------+------------+------------+-----------+
| |Underground | | | | |
| |capital devel.| | | | |
| |& open pit | | | | |
| |prestrip | 2,518| 2,505| 5,882| 3,903|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |purchases | 339| 1,031| 1,354| 2,458|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |exploration | 114| 787| 497| 1,306|
+------------+--------------+------------+------------+------------+-----------+
|Björkdal | | |
+------------+--------------+------------+------------+------------+-----------+
| |Gold produced | | | | |
| |(oz) | 16,112| 12,648| 26,760| 24,833|
+------------+--------------+------------+------------+------------+-----------+
| |Cash | | | | |
| |cost(*) per oz| | | | |
| |gold produced |$ 824|$ 967|$ 954|$ 897|
+------------+--------------+------------+------------+------------+-----------+
| |All-in | | | | |
| |cost(*) per oz| | | | |
| |gold produced |$ 1,081|$ 1,212| 1,220| 1,138|
+------------+--------------+------------+------------+------------+-----------+
| |Underground | | | | |
| |capital devel.| | | | |
| |& open pit | | | | |
| |prestrip | 2,596| 2,138| 5,860| 4,885|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |purchases | 1,297| 1,752| 3,050| 2,757|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |exploration | 671| 748| 1,082| 1,491|
+------------+--------------+------------+------------+------------+-----------+
|Consolidated| | |
+------------+--------------+------------+------------+------------+-----------+
| |Gold | | | | |
| |equivalent | | | | |
| |produced (oz) | 38,491| 39,653| 70,972| 79,618|
+------------+--------------+------------+------------+------------+-----------+
| |Average cash | | | | |
| |cost(*) per oz| | | | |
| |gold | | | | |
| |equivalent |$ 853|$ 811|$ 914|$ 781|
+------------+--------------+------------+------------+------------+-----------+
| |Average all-in| | | | |
| |cost(*) per oz| | | | |
| |gold | | | | |
| |equivalent |$ 1,173|$ 1,095|$ 1,243|$ 1,069|
+------------+--------------+------------+------------+------------+-----------+
| |Underground | | | | |
| |capital devel.| | | | |
| |& open pit | | | | |
| |prestrip | 6,213| 4,643| 13,618| 8,788|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |purchases | 3,698| 4,166| 7,089| 6,955|
+------------+--------------+------------+------------+------------+-----------+
| |Capital | | | | |
| |exploration | 2,568| 3,103| 4,759| 5,668|
+------------+--------------+------------+------------+------------+-----------+
*Cash cost and all-in cost are non-IFRS measures. See "Non-IFRS Measures" at the
end of this press release.
Costerfield gold-antimony mine, Victoria, Australia
Costerfield's production of 14,300 ounces gold equivalent in the second quarter
of 2017 was higher than in the first quarter of 2017, although it remained
approximately 16% less than in the year-ago quarter. Lower production in the
second quarter of 2017 compared to the second quarter of 2016 was expected, as a
year ago Mandalay was mining in the heart of the highest-grade portion of the
Cuffley lode and currently is mining lower-grade parts of the deposit. Absolute
operating costs continued to be well-controlled at Costerfield. Lower production
arising from lower grades translated into higher cash costs per ounce of gold
equivalent than in the year-ago quarter.
Björkdal gold mine, Sweden
In the second quarter of 2017, Björkdal achieved a record production quarter
under Mandalay management as the mining bottlenecks reported with first quarter
production were relieved and larger volumes of higher grade ore were
consistently delivered to the mill. Consequently, cash operating costs in the
current quarter were lower at $824 per ounce of gold, much lower than $967 per
ounce gold reported in the year-ago quarter.
Cerro Bayo silver-gold mine, Patagonia, Chile
Cerro Bayo production in the second quarter of 2017 was lower than in the second
quarter of 2016 due entirely to the operating suspension in response to the
flooding event. Prior to the suspension, Cerro Bayo was closely tracking both
production and cost performance anticipated in the revised guidance of February
16, 2017.
Challacollo, Chile
Mandalay completed its water exploration program in the second quarter of 2017,
finding a significant supply of groundwater. The Company has applied for the
surface rights to construct a permanent water production well in a process that
will take several months.
La Quebrada
The La Quebrada copper-silver project in central Chile remained on care and
maintenance throughout the period. Spending on care and maintenance at La
Quebrada was less than $0.1 million during the second quarter of 2017.
Lupin and Ulu
The Lupin and Ulu gold projects in Nunavut, Canada were acquired with the Elgin
acquisition in late 2014 and are currently held for sale as non-core assets. On
October 31, 2016, the Company entered into a definitive agreement for the sale
of both projects, however a transaction was not completed due to a C$9 million
increase in the bonding requirements for the Lupin project that was imposed
shortly before the planned closing date. In light of the increased bonding
requirement, the Company is transitioning to final reclamation of the Lupin and
Ulu projects, which it firmly believes can be accomplished for the original
bonded amounts or less. At the same time, the Company has held discussions with
stakeholders (Kitikmeot Inuit Association, Nunavut Water Board and Indigenous
and Northern Affairs of Canada (INAC)) on the right-sizing of the Ulu site to
enable WPC to conduct exploration work on the property, and continues
discussions with WPC and INAC on a possible sale or optioning of the Lupin
project, before final reclamation is complete.
2017 Revised Full Year Guidance
In light of the ongoing operating suspension at Cerro Bayo, the Company has
revised its 2017 guidance. The revised guidance assumes that the Cerro Bayo
operating suspension will continue for the balance of the year, leading to no
further production and dramatically reduced capital spending. The Company
maintains its previously issued guidance for Costerfield and Björkdal:
+----------------+----------+-------+---------+-----------+--------+-----------+
| | | |Cerro | | | |
| | |Total |Bayo |Costerfield|Björkdal|Challacollo|
+----------------+----------+-------+---------+-----------+--------+-----------+
|Saleable Ag | | | | | | |
|produced |oz mill. | 0.8| 0.8| | | |
+----------------+----------+-------+---------+-----------+--------+-----------+
|Saleable Au | | | | | | |
|produced |oz '000 | 85-95| 5.9| 30-35| 52-58| |
+----------------+----------+-------+---------+-----------+--------+-----------+
|Saleable Sb | | | | | | |
|produced |t '000 |3.2-3.7| | 3.2-3.7| | |
+----------------+----------+-------+---------+-----------+--------+-----------+
|Total Saleable | | | | | | |
|Au Eq produced* | | | | | | |
| |oz '000 |114-128| 16| 46-54| 52-58| |
+----------------+----------+-------+---------+-----------+--------+-----------+
|Cash Cost per Au| | | | | | |
|Eq. oz** |$/oz |925-975| 1,086| 710-780| 860-910| |
+----------------+----------+-------+---------+-----------+--------+-----------+
|Capital | | | | | | |
|expenditure |USD mill. | 44-49| 7| 12-14| 24-27| 1|
+----------------+----------+-------+---------+-----------+--------+-----------+
|Exploration |USD mill. | 8| 2| 3| 3| |
+----------------+----------+-------+---------+-----------+--------+-----------+
*assumes full-year 2017 prices: Au $1,185/oz, Ag $16.72/oz, Sb $7,701/t
**MND total cash cost per Au Eq. oz includes corporate overhead spending. Cash
cost per Au Eq. oz is a non-IFRS measures. See "Non-IFRS Measures" at the end of
this press release.
Conference Call
Mandalay's management will be hosting a conference call for investors and
analysts on August 11, 2017 at 8:00 am (Toronto time).
Analysts and interested investors are invited to participate using the following
dial-in numbers:
Participant Number: (201) 689-8341
Participant Number (Toll free): (877) 407-8289
Conference ID: 13668200
A replay of the conference call will be available until 11:59
pm (Toronto time), August 25, 2017 and can be accessed using the following dial-
in number:
Encore Toll Free Dial-in Number: (877) 660-6853
Encore ID: 13668200
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing
assets in Australia, Chile and Sweden, and a development project in Chile. The
Company is focused on executing a roll-up strategy, creating critical mass by
aggregating advanced or in-production gold, copper, silver and antimony projects
in Australia, the Americas, and Europe to generate near-term cash flow and
shareholder value.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of
applicable securities laws, including guidance as to anticipated gold, silver,
and antimony production and production costs in the future. Readers are
cautioned not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those contemplated by these
statements depending on, among other things, changes in commodity prices and
general market and economic conditions. The factors identified above are not
intended to represent a complete list of the factors that could affect Mandalay.
A description of additional risks that could result in actual results and
developments differing from those contemplated by forward-looking statements in
this news release can be found under the heading "Risk Factors" in Mandalay's
annual information form dated March 31, 2017, a copy of which is available under
Mandalay's profile at www.sedar.com. Although Mandalay has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
Non-IFRS Measures
This news release may contain references to adjusted EBITDA, adjusted net
income, cash cost per saleable ounce of gold equivalent produced, cash cost per
saleable ounce of silver produced net of gold credits, site all-in cost per
saleable ounce of gold equivalent produced, site all-in cost per saleable ounce
of silver produced net of gold credits, all-in costs and cash capex, all of
which are non-IFRS measures and do not have standardized meanings under IFRS.
Therefore, these measures may not be comparable to similar measures presented by
other issuers.
Management uses adjusted EBITDA as a measure of operating performance to assist
in assessing the Company's ability to generate liquidity through operating cash
flow to fund future working capital needs and to fund future capital
expenditures, as well as to assist in comparing financial performance from
period to period on a consistent basis. Management uses adjusted net income in
order to facilitate an understanding of the Company's financial performance
prior to the impact of non-recurring or special items. The Company believes that
these measures are used by and are useful to investors and other users of the
Company's financial statements in evaluating the Company's operating and cash
performance because they allow for analysis of its financial results without
regard to special, non-cash and other non-core items, which can vary
substantially from company to company and over different periods.
The Company defines adjusted EBITDA as income from mine operations, net of
administration costs, and before interest, taxes, non-cash charges/(income),
intercompany charges and finance costs. For a reconciliation between adjusted
EBITDA and net income, please refer to page 14 of management's discussion and
analysis of the Company's financial statements for the first quarter of 2017.
The Company defines cash capex as cash spent on mining interests, property,
plant and equipment, and exploration as set out in the cash flow statement of
the financial statements.
The Company defines free cash flow as a measure of the Corporation's ability to
generate and manage liquidity. This term does not have a standard meaning and is
intended to provide the reader with additional information.
For Costerfield, saleable equivalent gold ounces produced is calculated by
adding to saleable gold ounces produced, the saleable antimony tonnes produced
times the average antimony price in the period divided by the average gold price
in the period. The total cash operating cost associated with the production of
these saleable equivalent ounces produced in the period is then divided by the
saleable equivalent gold ounces produced to yield the cash cost per saleable
equivalent ounce produced. The cash cost excludes royalty expenses. Site all-in
costs include total cash operating costs, royalty expense, accretion, depletion,
depreciation and amortization. The site all-in cost is then divided by the
saleable equivalent gold ounces produced to yield the site all-in cost per
saleable equivalent ounce produced.
For Cerro Bayo, the cash cost per saleable silver ounce produced net of gold
byproduct credit is calculated by deducting the gold credit (which equals
saleable ounces gold produced times the realized gold price in the period) from
the cash operating costs in the period and dividing the resultant number by the
saleable silver ounces produced in the period. The cash cost excludes royalty
expenses. The site all-in cost per saleable silver ounce produced net of gold
byproduct credit is calculated by adding royalty expenses, accretion, depletion,
depreciation, and amortization to the cash cost net of gold byproduct credit,
dividing the resultant number by the saleable silver ounces produced in the
period.
Also for Cerro Bayo, saleable equivalent gold ounces produced is calculated by
adding to saleable gold ounces produced, the saleable silver ounces produced
times the average silver price in the period divided by the average gold price
in the period. The total cash operating cost associated with the production of
these saleable equivalent ounces produced in the period is then divided by the
saleable equivalent gold ounces produced to yield the cash cost per saleable
equivalent ounce produced. The cash cost excludes royalty expenses. Site all-in
costs include total cash operating costs, royalty expense, accretion, depletion,
depreciation and amortization. The site all-in cost is then divided by the
saleable equivalent gold ounces produced to yield the site all-in cost per
saleable equivalent ounce produced.
For Björkdal, the total cash operating cost associated with the production of
saleable gold ounces produced in the period is then divided by the saleable gold
ounces produced to yield the cash cost per saleable gold ounce produced. The
cash cost excludes royalty expenses. Site all-in costs include total cash
operating costs, royalty expense, accretion, depletion, depreciation and
amortization. The site all-in cost is then divided by the saleable gold ounces
produced to yield the site all-in cost per saleable gold ounce produced
For the Company as a whole, cash cost per saleable gold equivalent ounce is
calculated by summing the gold equivalent ounces produced by each site and
dividing the total by the sum of cash operating costs at the sites plus
corporate overhead spending.
For further information:
Mark Sander
President and Chief Executive Officer
Greg DiTomaso
Director of Investor Relations
Contact:
1.647.260.1566
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corporation via GlobeNewswire
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Datum: 11.08.2017 - 00:48 Uhr
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