ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
A. OPERATING RESULTS
The following discussion should be read in conjunction with our
consolidated financial statements and related notes for the three years ended
December 31, 2002 and as of December 31, 2002 and 2001, which are included
elsewhere in this annual report.
OVERVIEW
We are a multinational, science-based pharmaceutical company. We
develop, manufacture and market prescription and OTC pharmaceutical products, as
well as active pharmaceutical ingredients, primarily in the United States,
Canada and Israel. Our primary areas of focus include topical creams and
ointments, liquids, capsules and tablets. We operate principally through three
entities: Taro Israel and two of its subsidiaries, Taro Canada and Taro U.S.A.
We generate most of our revenues from the sales of prescription and
OTC pharmaceutical products. Portions of our OTC products are sold as private
label products primarily to chain drug stores, food stores, drug wholesalers,
drug distributors and mass merchandisers. In 2002, 2001 and 2000,
AmerisourceBergen Corporation, a major drug wholesaler and currently our largest
customer, accounted for approximately 22%, 13%, and 8% of our consolidated
sales, respectively.
We also sell active pharmaceutical ingredients to unaffiliated
customers around the world. Sales of active pharmaceutical ingredients to third
parties have historically represented less than 2% of consolidated revenues. Our
primary reason for manufacturing active pharmaceutical ingredients is to support
our pharmaceutical manufacturing operations.
Due to increased competition from other generic pharmaceutical
manufacturers as they gain regulatory approvals to manufacture generic products,
selling prices and related profit margins tend to decrease as products mature.
36
Thus, our future operating results are dependent on, among other factors, our
ability to introduce new products.
In 2002 and 2001, sales of six product lines contributed
approximately 51% and 56% of our consolidated sales, respectively. These six
product lines include four topical product families and two oral product
families. Clotrimazole and Betamethasone Dipropionate Cream, our generic
equivalent of Lotrisone(R) cream, which we introduced to the marketplace in May
2001, contributed approximately 16% and 19% to our consolidated sales during
2002 and 2001, respectively.
Our sales of these and other product lines are subject to market
conditions and other factors. We are therefore unable to predict the extent, if
any, to which the relative contribution of these six and other product lines to
our total revenues may increase or decrease in the future.
Cost of goods sold consists of direct costs and allocated costs.
Direct costs consist of raw material, packaging material and direct labor
identified with a specific product. Allocated costs are costs not associated
with a specific product. However, since the allocation of various elements of
overhead to individual products or product lines is therefore arbitrary, it is
not practical to determine the specific amount or percentage of our profits that
may be attributed to any individual product or product line, including our
generic equivalent of Lotrisone(R) cream.
Certain customary industry selling practices affect our supply of
working capital, including:
o our granting favorable payment terms to customers in connection with their
purchasing higher volumes of a product than they would routinely purchase
within their normal buying cycle; and
o our discounting selling prices through the issuance of free goods as well
as other incentives within a specified time frame if a customer purchases
more than a specified amount of a product.
For example, the payment terms that we typically provide to our U.S.
customers vary from 30 to as many as 90 days, with the longer terms typically
allowed to customers purchasing higher volumes of a product. Similarly, the
discounts that we offer may range from two to ten percent (2-10%), with the
higher discounts offered in connection with larger sales.
Industry practice requires that pharmaceutical products be made
available to customers on demand from existing stock levels rather than on a
made-to-order basis. Therefore, in order to adequately accommodate market
demand, we try to maintain adequate levels of inventories. The growth of our
sales in the past few years has resulted in higher levels of inventory in
anticipation of additional business for new products and from new customers, the
exact timing of which cannot be determined accurately.
37
SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES
U.S. GAAP. Our financial statements are prepared in accordance with
accounting principles, and audited annually in accordance with auditing
standards, generally accepted in the United States. A discussion of the
significant accounting policies, which we follow in preparing our financial
statements, is set forth in Note 2 to our consolidated financial statements
included elsewhere in this annual report. The following is a summary of certain
principles that have a substantial impact upon our financial statements and, we
believe, are most important to keep in mind in assessing our financial condition
and operating results:
REVENUE RECOGNITION. When we recognize and record revenue from the
sale of our pharmaceutical products, we simultaneously record an estimate of
various costs, which reduce product sales. These costs include our estimates of
product returns, rebates, chargebacks and other sales allowances. In addition,
we may record allowances for shelf-stock adjustments when appropriate. We base
our estimates for these sales allowances on a variety of factors, including
actual return experience of products returned and other products, rebate
agreements for each product and estimated sales by our wholesale customers to
other third parties who have contracts with us. Actual experience associated
with any of these items may differ materially from our estimates. We conduct a
review of the factors that influence our estimates periodically. When we find
that actual product returns, credits and other allowances differ from our
established reserves we make the necessary adjustments.
FUNCTIONAL AND REPORTING CURRENCY. A majority of our revenues is
generated, and a substantial portion of our expenses are incurred, in U.S.
dollars. Hence, the U.S. dollar is our functional and reporting currency and
monetary accounts maintained in other currencies are re-measured into dollars in
accordance with Statement No. 52 of the Financial Accounting Standards Board.
USE OF ESTIMATES. The preparation of these financial statements
requires us to make estimates and judgments that affect the reported amounts of
assets, liabilities, revenues and expenses. We evaluate, on an ongoing basis,
our estimates, including those related to bad debts, income taxes and
contingencies. We base our estimates on historical experience and various other
assumptions that we believe to be reasonable under the circumstances. The
results of these assumptions are the basis for determining the carrying values
of assets and liabilities that are not readily apparent from other sources.
These estimates may vary under different conditions.
DEFERRED TAXES. With respect to the tax benefit resulting from our
public offering, we record a valuation allowance to reduce our deferred tax
assets to the amount that is more likely than not to be realized. While we have
considered future taxable income and ongoing prudent and feasible tax planning
38
strategies in assessing the need for the valuation allowance, in the event we
were to determine that we would be able to realize our deferred tax assets in
the future in excess of our net recorded amount, an adjustment to the deferred
tax asset would not increase income in the period such determination was made.
However, should we determine that we would not be able to realize all or part of
our net deferred tax asset in the future, an adjustment to the deferred tax
asset would be charged to income in the period such determination was made. For
additional analysis of tax issues, please refer to Note 16 of our consolidated
financial statements included elsewhere in this annual report.
RESULTS OF OPERATIONS
The following table sets forth, for the periods indicated, selected
items from our consolidated statement of income as a percentage of total sales:
YEAR ENDED DECEMBER 31,
-----------------------
2002 2001 2000
---- ---- ----
STATEMENT OF INCOME DATA:
Sales...................................................... 100% 100% 100%
Cost of sales.............................................. 38 37 40
-- -- --
Gross profit............................................... 62 63 60
Operating expenses:
Research and development, net.......................... 12 13 14
Selling, marketing, general and administrative.........
25 28 31
-- -- --
Total operating expenses........................ 37 41 45
Operating income........................................... 25 22 15
Financial expenses, net.................................... - 2 4
Other income, net.......................................... - - -
Income before taxes on income.............................. 25 20 11
Taxes on income............................................ 4 3 2
- - -
Minority interest in earnings of a subsidiary..............
- - -
--- --- --
Net income................................................. 21% 17% 9%
==== ==== ===
YEAR ENDED DECEMBER 31, 2002 COMPARED WITH YEAR ENDED DECEMBER 31, 2001
SALES. Sales increased $62.0 million, or 42%, from $149.2 million in
2001 to $211.6 million in 2002. Of such increase, $7.6 million, or 4%, was
attributable to the sale of products that we introduced in 2002. The balance of
39
such increase was attributable to increased sales of products which were sold in
both 2001 and 2002, including Clotrimazole and Betamethasone Dipropionate Cream,
our generic version of Lotrisone(R), which we began to sell in May 2001. Sales
in the United States increased $60.1 million, or 49%, from $123.8 million in
2001 to $183.9 million in 2002. Sales in Canada increased by $3.8 million, or
44%, from $9.0 million in 2001 to $12.8 million in 2002. Sales in Israel and
other international markets decreased $1.6 million, or 10%, from $16.5 million
in 2001 to $14.9 million in 2002. The products introduced during the year in the
United States were Amcinonide Cream, Ketoconazole Cream and Econazole Nitrate
Cream.
COST OF SALES. Cost of sales increased $24.8 million, or 45%, from
$54.7 million in 2001 to $79.5 million in 2002 as a result of the increase in
sales described above.
GROSS PROFIT. Gross profit increased $37.6 million, or 40%, from
$94.5 million in 2001 to $132.1 million in 2002. Gross profit margin declined
from 63% in 2001 to 62% in 2002. The decrease in gross margin in 2002 reflects a
higher level of OTC product sales and a competitive environment for certain
products, which was offset by increased volume for other products.
RESEARCH AND DEVELOPMENT. Net R&D expenses increased $6.8 million, or
35%, from $19.6 million in 2001 to $26.4 million in 2002. R&D expenses comprised
12% and 13% of sales in 2002 and 2001, respectively. The increase in R&D
expenses during 2002 was the result of expanding our research facilities,
recruiting additional scientists and pursuing more projects.
SELLING, MARKETING, GENERAL AND ADMINISTRATIVE. SG&A increased $10.4
million, or 25%, from $42.1 million in 2001 to $52.5 million in 2002. Our SG&A
expenses as a percentage of sales declined from 28% in 2001 to 25% in 2002.
Selling and marketing expenses increased $0.8 million, or 4%, from $19.2 million
in 2001 to $20.0 million in 2002. General and administrative expenses increased
$9.7 million, or 43%, from $22.8 million in 2001 to $32.5 million in 2002,
primarily due to investments in personnel, facilities and infrastructure
necessary to accommodate continued growth and expansion in both the United
States and international markets.
OPERATING INCOME. Operating income increased $20.5 million, or 62%,
from $32.8 million, or 22% of sales, in 2001 to $53.3 million, or 25% of sales,
in 2002. The increase was primarily the result of increased sales and improved
SG&A margin.
FINANCIAL EXPENSES. Financial expenses consist of interest expense
and income, bank credit line maintenance fees and impact of currency
fluctuations. Net financial expenses decreased $2.4 million, or 92%, from $2.6
million in 2001 to $0.2 million in 2002. The decrease is primarily the result of
interest income realized from the high cash balance maintained during 2002. This
income nearly offset most of the company's cost of borrowing.
40
TAXES ON INCOME. Due to a higher level of pre-tax income, our tax
expense increased $4.0 million, or 91%, from $4.4 million in 2001 to $8.4
million in 2002, with the effective tax rate increasing from 14% in 2001 to 16%
in 2002.
NET INCOME. Our net income increased $18.6 million from $26.0 million
in 2001 to $44.6 million in 2002, an increase of 71%, based on the factors cited
above.
YEAR ENDED DECEMBER 31, 2001 COMPARED WITH YEAR ENDED DECEMBER 31, 2000
SALES. Sales increased $45.4 million, or 44%, from $103.8 million in
2000 to $149.2 million in 2001. Of such increase, $31.8 million, or 70%, was
attributable to the sale of products that we introduced in 2001. The balance of
such increase was attributable to increased sales of products that were sold in
both 2000 and 2001. Sales in the United States increased $39.2 million, or 46%,
from $84.6 million in 2000 to $123.8 million in 2001. Sales in Canada increased
by $3.3 million, or 58%, from $5.7 million in 2000 to $9.0 million in 2001.
Sales in Israel and other international markets increased $3.0 million, or 22%,
from $13.5 million in 2000 to $16.5 million in 2001. The most significant
products introduced in the United States during the year were: Clotrimazole and
Betamethasone Dipropionate Cream, Amiodarone Hydrochloride Tablets, Enalapril
Maleate Tablet and Enalapril Maleate and Hydrochlorothiazide Tablets.
COST OF SALES. Cost of sales increased $13.5 million, or 33%, from
$41.2 million in 2000 to $54.7 million in 2001. Cost of sales grew at a slower
pace than sales due to the introduction of new products and increased
manufacturing efficiency.
GROSS PROFIT. Gross profit increased $31.9 million, or 51%, from
$62.6 million in 2000 to $94.5 million in 2001. Gross profit margin improved
from 60% in 2000 to 63% in 2001. The increase in gross margin in 2001 reflects
higher sales volume, reduction in unit production costs and an increased
contribution from new products that traditionally exhibit higher profit margin.
RESEARCH AND DEVELOPMENT. Net R&D expenses increased $5.0 million, or
34%, from $14.6 million in 2000 to $19.6 million in 2001. R&D expenses comprised
13% of sales in 2001 and 14% of sales in 2000. The increase in R&D expenses
during 2001 was the result of expanding our research facilities, recruiting
additional scientists and pursuing more projects.
SELLING, MARKETING, GENERAL AND ADMINISTRATIVE. SG&A increased $10.2
million, or 32%, from $31.9 million in 2000 to $42.1 million in 2001. Our SG&A
expenses as a percentage of sales were 29% in 2001 and 31% in 2000. Selling and
marketing expenses increased from $13.6 million in 2000 to $19.3 million in 2001
primarily due to promotion initiatives in relation to the introduction of new
products. General and administrative expenses increased $4.5 million, or 25%,
from $18.3 million in 2000 to $22.8 million in 2001, primarily due to
investments in personnel and infrastructure necessary to accommodate continued
growth and expansion in international markets.
41
OPERATING INCOME. Operating income increased $16.7 million, or 104%,
from $16.1 million in 2000 to $32.8 million in 2001. The increase was primarily
the result of increased sales and improved gross margins.
FINANCIAL EXPENSES. Net financial expenses decreased $1.3 million, or
33%, from $3.9 million in 2000 to $2.6 million in 2001. While our outstanding
indebtedness increased to $55.3 million at December 31, 2001 from $44.6 million
at December 31, 2000, a greater portion of our debt was long-term and therefore
effective interest rates on our borrowings were lower in 2001 than in 2000. We
also realized a financial gain, which offset some of the expenses, due to our
significant cash position during the fourth quarter resulting from our
successful public offering, positive cash flows from operations, decrease in
interest rates and favorable foreign currency exchanges.
TAXES ON INCOME. Income tax expenses increased $1.9 million, or 76%,
from $2.5 million in 2000 to $4.4 million in 2001, with the effective tax rate
decreasing to 14% from 20% in the prior year.
NET INCOME. Our net income increased $16.0 million from $10.0 million
in 2000 to $26.0 million in 2001, an increase of 160%, based on the factors
cited above.
IMPACT OF INFLATION, DEVALUATION, (APPRECIATION) AND EXCHANGE RATES ON RESULTS
OF OPERATIONS, LIABILITIES AND ASSETS
We conduct manufacturing, marketing and research and development
operations primarily in Israel, Canada and the United States. As a result, we
are subject to risks associated with fluctuations in the rates of inflation and
foreign exchange in each of these countries.
The following table sets forth the annual rate of inflation, the
devaluation (appreciation) rate of the NIS and the Canadian dollar against the
U.S. dollar and the exchange rates between the U.S. dollar and each of the NIS
and the Canadian dollar at the end of the year indicated:
RATE OF RATE OF DEVALUATION RATE OF EXCHANGE
YEAR INFLATION (APPRECIATION) OF U.S. DOLLAR
AGAINST U.S. DOLLAR
-----------------------------------------------------------------------------------------------------------------------------------
Israel Canada Israel Canada Israel Canada
------ ------ ------ ------ ------ ------
1998 8.6% 1.9% 17.6% 7.3% 4.16 1.53
1999 1.3% 2.6% (0.2%) (5.9%) 4.15 1.44
2000 0.0% 3.2% (2.7%) 3.9% 4.04 1.50
2001 1.4% 0.7% 9.3% 6.2% 4.42 1.59
2002 6.5% 3.9% 7.2% (1.2)% 4.74 1.58
42
B. LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY
Cash and cash equivalents were $130.7 million at December 31, 2002 as
compared to $150.7 million at December 31, 2001. The two major reasons for this
$20.0 million decrease were the acquisition of the assets of Thames Pharmacal
Company, Inc. and our facilities expansion programs. The increase in sales
caused trade accounts receivable to increase by 68%, to $69.0 million at
December 31, 2002, from $41.1 million at year-end 2001. Inventory levels
increased 46% from December 31, 2001 to December 31, 2002, primarily to support
increased sales. Shareholders' equity increased from $218.4 million at December
31, 2001 to $269.1 million at December 31, 2002, principally due to net income
contribution to retained earnings and tax benefits related to the exercise of
stock options.
We generated cash from operations amounting to $29.6 million for the
year ended December 31, 2002 as compared to $27.4 million in the prior year. The
increase in cash from operations is the result of increases in net income,
amortization and depreciation, which were partially offset by other working
capital items.
Our long-term debt (including current maturities of $8.0 million)
outstanding as of December 31, 2002 was approximately $55.1 million and was
comprised of the following:
o bonds payable of $20.7 million;
o obligations of $29.7 million under a bank credit agreement;
o mortgage payable of $3.9 million; and o capital lease obligations of $0.8
million.
The bonds are not transferable or traded by us, but may be
transferred by the bondholders," and are secured by floating charges
placed on all of our assets other than on the shares of our
non-Israeli subsidiaries. The bonds are either linked to the Israeli
consumer price index, or CPI, and bear interest of 8.25% or linked to
the U.S. dollar and bear interest at varying interest rates between
LIBOR +2% to LIBOR +3% per year and are for a term of approximately
ten years. We have a contract to hedge our exposure to CPI
fluctuations in Israel. Under the bond agreements, our debt to equity
ratio may not be greater than 2:1 and our current ratio may not be
lower than 1:1. Our bank credit agreements contain similar financial
covenants. We are currently in compliance with these covenants.
43
We anticipate that our operating cash flow, together with available
borrowings under our credit facilities and cash balances, will be sufficient to
meet all of our working capital, capital expenditure and interest requirements
for both the short term and the foreseeable future. As for commitments for
future capital expenditures please see Note 6(f) to our consolidated financial
statements included elsewhere in this annual report.
CAPITAL EXPENDITURES
We invested $43.2 million in the year ended December 31, 2002 and
$19.3 million in the year ended December 31, 2001 in capital equipment and
facilities. These investments principally related to expanding and upgrading our
research and development laboratories and our pharmaceutical and chemical
manufacturing facilities in Israel, Canada and the United States and maintaining
compliance with cGMP, while increasing manufacturing capacity. In addition to
facility-related investments, we also acquired certain manufacturing and
packaging equipment that should increase production capacity. We also continued
to upgrade our information systems infrastructure, allowing for more efficient
production scheduling and enhanced inventory analysis. See Note 6 to our
consolidated financial statements included elsewhere in this annual report for
an analysis of property, plant and equipment activity in 2002.
TAX MATTERS
TAX LOSS CARRYFORWARD AND EFFECTIVE TAX RATES
As of December 31, 2002, on an unconsolidated basis, we had an
available tax loss carryforward of $1.4 million in Israel, $3.3 million in the
United Kingdom and $59.2 million in the United States. The loss carryforward in
the United States resulted from the exercise of certain options during 2001. Our
consolidated effective tax rates were 16%, 14% and 20% in 2002, 2001 and 2000,
respectively.
APPROVED ENTERPRISE STATUS IN ISRAEL
Israeli companies are generally subject to tax at the rate of
36% of taxable income. However, our facilities in Israel have received
Approved Enterprise status from the Israel Investment Center, which
entitles us to receive certain tax benefits. We have elected to receive
an alternative package of benefits under the Law for Encouragement of
Capital Investments. We have received four approvals granting us an
alternative package of benefits, subject to compliance with applicable
requirements. Under the first approval, our undistributed income derived
from one Approved Enterprise will be exempt from corporate tax for a
period of four years from 2001, and we will be eligible for a reduced
tax rate of between 10% to 15% for an additional two years (taking into
account the time limits imposed by the Law for Encouragement of Capital
Investments, 1959). Under the second approval, our undistributed income
44
derived from another Approved Enterprise will be exempt from corporate
tax for a period of two years from 2001 and we will be eligible for a
reduced tax rate of between 10% to 15% for an additional eight years.
Under the third approval (benefit period starting 2003) and the fourth
approval, our undistributed income derived from the third and fourth
Approved Enterprises will be exempt from corporate tax for a period of
two years following implementation of the plan. We will be eligible for
a reduced tax rate of between 10% to 15% for an additional eight years
thereafter. As a result, a substantial portion of the profits derived
from products manufactured in Israel may benefit from a reduced Israeli
tax rate.
C. RESEARCH AND DEVELOPMENT, PATENTS, TRADE MARKS AND LICENSES
Most of our sales are derived from products that are the result of
our own research and development. We believe that our research and development
activities have been a principal contributor to our achievements to date and
that our future performance will depend, to a significant extent, upon the
results of these activities.
In 1991, we formed Taro Research Institute Ltd., or the Institute,
for the purpose of consolidating our pharmaceutical and chemical research
activities. The Institute coordinates all of our research and development
activities on a global basis.
Recruiting talented scientists is essential to the success of our
research and development programs. Approximately 20% of our employees work in
our worldwide research and development programs. More than 58 of our scientists
hold either M.D. or Ph.D. degrees.
We currently conduct research and development in three principal
areas:
o generic pharmaceuticals, where our programs have resulted in our developing
and introducing a wide range of pharmaceutical products (including tablets,
capsules, injectables, suspensions, solutions, creams and ointments) that
are equivalent to numerous brand-name products whose patents and FDA
exclusivity periods have expired;
o proprietary pharmaceuticals and delivery systems, in which we are
developing T-2000 and products utilizing the NonSpil(TM) delivery system;
and
o organic and steroid chemistry, where our programs have enabled us to
synthesize the active ingredients used in many of our products.
GENERIC PHARMACEUTICALS
In 2002, we received multiple product approvals in Canada, Israel and
the United States. The following table sets forth the approvals in the United
States by the FDA during 2002:
45
GENERIC NAME BRAND NAME EQUIVALENT
Amiodaron Tablets 100mg, 400mg Cordarone(R)
Amcinonide Cream Cyclocort(R)
Ketoconazole Cream Nizoral(R)
Econazole Nitrate Cream Spectazole(R)
Loratadine Syrup* Claritin(R)
* Tentative approval
Currently, 21 of our ANDAs and 1 NDA are being reviewed by the FDA.
In addition, there are multiple products for which either developmental or
internal regulatory work is in process. The applications pending before the FDA
are at various stages in the review process, and there can be no assurance that
we will be able to successfully complete any remaining testing or that, upon
completion of such testing, approvals for any of the applications currently
under review at the FDA will be granted. In addition, there can be no assurance
that the FDA will not grant approvals for competing products submitted by our
competitors.
PROPRIETARY TECHNOLOGIES
T-2000
We are currently conducting Phase II studies on T-2000, our patented
non-sedating barbiturate compound. This product is currently intended for the
treatment of epilepsy and essential tremor, but may have other indications. It
is intended to be a long-acting, non-sedating anticonvulsant that permits
increased patient compliance and reduced side effects.
T-2000 must complete Phase II testing, successfully undergo Phase III
studies and obtain regulatory approval in order to reach the market. There can
be no assurance of the successful completion of Phase II or Phase III testing,
the approval by the FDA of the drug or the commercial success of this drug.
NONSPIL(TM)
We also continue to work on the NonSpil(TM) liquid drug delivery
system, which allows liquid medications to pour, but not spill, thereby
increasing the accuracy of dosage and ease of use.
46
NonSpil(TM) development activities include improving product
formulations, refining taste and texture, "scaling up" from laboratory sized
manufacturing to commercial sized manufacturing and preparing the marketing
program for this new delivery system. While there can be no assurance of
commercial success, we hope to introduce NonSpil(TM) formulations in commercial
markets where it can contribute to both pediatric and geriatric healthcare.
PATENTS, TRADEMARKS AND LICENSES
Since 1986, we have received patents in the United States for:
o anticonvulsant, tranquilizer and muscle relaxant drugs; o groups of
antiarrhythmic drugs;
o novel oral delivery for pharmaceutical and related products; and
o the synthesis and formulation of some of our products.
To date, none of these patents has been commercialized.
WE HAVE REGISTERED TRADEMARKS IN THE UNITED STATES AND IN
CANADA. MOREOVER, WE HAVE RECENTLY ACQUIRED THE RIGHTS TO
USE THE A/T/S(R), KERASAL(R), OVIDE(R), PRIMSOL(R) AND
TOPICORT(R) TRADEMARKS IN THE UNITED STATES. TARO U.S.A.
CURRENTLY DOES NOT USE TRADEMARKS IN THE SALE AND MARKETING
OF ITS GENERIC PRODUCTS. WE DO NOT BELIEVE THAT ANY SINGLE
PATENT, TRADEMARK OR LICENSE IS OF MATERIAL IMPORTANCE TO
US IN RELATION TO OUR CURRENT COMMERCIAL ACTIVITIES.
D. TREND INFORMATION
NOT APPLICABLE.
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