Consolidated quarterly report of Apator Group for 3 quarters 2023
Financial report
Consolidated quarterly report of Apator Group for 3 quarters 2023
Toruń, 15 November 2023
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Consolidated quarterly report of Apator Group for 3 quarters 2023
Selected financial data, including key items of the summary financial statement (also converted into EUR)
in thousands PLN | in thousands EUR | |||
SPECIFICATION | III quarters | III quarters | III quarters | III quarters |
2023 | 2022 | 2023 | 2022 | |
Revenues from sales of products, goods and materials | 852 764 | 776 426 | 186 303 | 165 619 |
Profit (loss) from operating activities | 47 869 | 19 749 | 10 458 | 4 213 |
EBITDA | 90 380 | 61 632 | 19 745 | 13 147 |
EBITDA excluding one-off events* | 90 380 | 72 330 | 19 745 | 15 429 |
Gross profit (loss) | 36 272 | 2 684 | 7 924 | 573 |
NET PROFIT (LOSS) | 21 299 | -2 049 | 4 654 | -437 |
Net profit excluding one-off events* | 28 205 | 8 649 | 6 162 | 1 845 |
Net profit (loss) attributable to shareholders of the Group's | 20 880 | -2 483 | 4 562 | -530 |
parent company | ||||
Net profit (loss) attributable to non-controlling interests | 419 | 434 | 92 | 93 |
Weighted average number of shares | 29 047 073 | 29 078 474 | 29 047 073 | 29 078 474 |
Net profit (loss) per ordinary share [PLN/share] | 0.72 | -0.09 | 0.16 | -0.02 |
Cash flows from operating activities | 23 618 | -4 388 | 5 160 | -936 |
Cash flows from investing activities | (16 934) | (39 145) | (3 700) | (8 350) |
Cash flows from financial activity | (14 171) | 26 421 | (3 096) | 5 636 |
Total cash flows | (7 487) | (17 112) | (1 636) | (3 650) |
Consolidated statement | 30.09.2023 | 2022 | 30.09.2023 | 2022 |
Total assets | 1 059 389 | 1 042 047 | 228 534 | 222,190 |
Fixed assets | 506 869 | 527 979 | 109 343 | 112 578 |
Current assets | 552 520 | 514 068 | 119 191 | 109 612 |
Equity with non-controlling interests | 557 048 | 539 148 | 120 167 | 114 959 |
Non-controlling interests | 2 111 | 1 801 | 455 | 384 |
Share capital | 3 265 | 3 265 | 704 | 696 |
Long-term liabilities and provisions | 77 464 | 45 174 | 16 711 | 9 632 |
Short-term liabilities and provisions | 424 877 | 457 725 | 91 655 | 97 598 |
Weighted average number of shares | 29 047 073 | 29 070 559 | 29 047 073 | 29 070 559 |
Net book value per common share [PLN/share] | 19.18 | 18.55 | 4.14 | 3.95 |
*) EBITDA and net income for Q1-Q3 2022. cleared of write-down of UK GWi development work, Q1-Q3 net profit 2023. adjusted for tax asset write-down related to GWi.
The above financial data for the 9 months of 2023 and 2022 and as of 31 December 2022 have been translated into EUR according to the following principles:
- the individual items of the statement of comprehensive income and the statement of cash flows - at an exchange rate representing the arithmetic mean of the average EUR exchange rates set by the National Bank of Poland on the last day of each month of the reporting period: from 1 January to 30 September 2023 - EUR/PLN 4.5773 and from 1 January to 30 September 2022 - EUR/PLN 4.6880;
- individual items of the statement of financial position - according to the average EUR exchange rate set by the National Bank of Poland as of 30 September 2023 - 4.6356, as of 31 December 2022 - 4.6899.
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
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Consolidated quarterly report of Apator Group for 3 quarters 2023
Table of contents | ||
Selected financial data, including key items of the summary financial statement (also converted into EUR) | ...2 | |
2. | General information | 14 |
3. | Summary of financial results | 16 |
4. | Information on factors that will affect the future results of the Apator Group | 24 |
5. | List of most significant events | 28 |
6. | Additional information | 31 |
7. | Summary | 38 |
8. Information on the principles adopted in the preparation of the report, in particular, information on
changes in the applied accounting principles (policies) | 39 |
9. Appendix: Separate Report of Apator S.A.. ...........................................................................................44
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 3 of 58
Consolidated quarterly report of Apator Group for 3 quarters 2023
1. Consolidated financial statements
The consolidated and separate financial statements for the third quarter of 2023 have been prepared in accordance with the International Accounting Standards (IAS / IFRS) and related interpretations promulgated in the form of regulations of the European Commission and the Ordinance of the Minister of Finance of 29 March 2018 on current and periodic information provided by issuers of securities and the conditions for recognizing as equivalent the information required by the laws of a non-member state (Dz. U. /Journal of Laws/ of 2018, item 757).
The interim financial statements (consolidated and parent company) for the third quarter ended 30 September 2023 have been prepared in accordance with IAS 34 (Interim Financial Reporting). The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual report as of 31 December 2022.
1.1. Consolidated statement of financial position
SPECIFICATION | as of | |
30.09.2023 | 31.12.2022 | |
Fixed assets | 506 869 | 527 979 |
Intangible assets | 103 886 | 105,831 |
Goodwill | 121 966 | 122,275 |
Tangible fixed assets | 202 867 | 212,844 |
Right to use assets | 50 577 | 46,690 |
Investment properties | 2 260 | 2 282 |
Other long-term financial assets | - | 1 352 |
- in other entities | - | 1 352 |
Long-term receivables | 5 122 | 6 437 |
- from other entities | 5 122 | 6 437 |
Long-term accruals and prepayments | 41 | 55 |
Deferred tax assets | 20 150 | 30 213 |
Current assets | 552 520 | 514 068 |
Inventories | 283 044 | 251 617 |
Trade receivables | 216 678 | 189 804 |
- from other entities | 216 678 | 189 804 |
Receivables from corporate income tax | 5 812 | 5 741 |
Receivables from other taxes, customs duties, and social insurance | 7 669 | 12 309 |
Other short-term receivables | 5 448 | 6 642 |
- from other entities | 5 448 | 6 642 |
Other short-term financial assets | 5 077 | 273 |
- in other entities | 5 077 | 273 |
Cash and cash equivalents | 21 493 | 28 980 |
Short-term accruals and prepayments | 7 299 | 5 839 |
Fixed assets classified as held for sale | - | 12 863 |
TOTAL ASSETS | 1 059 389 | 1 042 047 |
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 4 of 58
Consolidated quarterly report of Apator Group for 3 quarters 2023
SPECIFICATION | as of | |
30.09.2023 | 31.12.2022 | |
Equity | 557 048 | 539 148 |
Equity attributable to the shareholders of the parent company | 554 937 | 537 347 |
Share capital | 3 265 | 3 265 |
Own shares | (3 522) | (3 522) |
Other capitals | 600 182 | 562 967 |
Capital from the revaluation of a defined benefit plan | 1 147 | 1 147 |
Capital from valuation of hedging transactions and foreign exchange | 8 005 | 2 705 |
differences on consolidation | ||
Undistributed financial result | (54 140) | (29 215) |
- undistributed result from previous years | (75 020) | (35 831) |
- result for the current period | 20 880 | 6 616 |
Non-controlling interests | 2 111 | 1 801 |
Liabilities | 502 341 | 502 899 |
Long-term liabilities and provisions | 77 464 | 45 174 |
Long-term credits and loans | 30 879 | 3 119 |
- from other entities | 30 879 | 3 119 |
Other long-term liabilities | 1 924 | 52 |
- towards other entities | 1 924 | 52 |
Long-term liabilities from the right to use leased assets (IFRS 16) | 35 987 | 33 299 |
Provision for deferred income tax | 2 909 | 2 939 |
Long-term liabilities due to employee benefits | 4 474 | 4 474 |
Other long-term provisions | 1 291 | 1 291 |
Short-term liabilities and provisions | 424 877 | 457 725 |
Short-term credits and loans | 224 773 | 237 350 |
- from other entities | 224 773 | 237 350 |
Trade liabilities | 101 846 | 121 894 |
- towards related entities | 314 | 1 006 |
- towards other entities | 101 532 | 120 888 |
Liabilities due to corporate income tax | 2 873 | 1 976 |
Liabilities due to other taxes, customs duties, and social insurance | 21 899 | 17 107 |
Other short-term liabilities | 33 038 | 41 978 |
- towards other entities | 33 038 | 41 978 |
Short-term liabilities from the right to use leased assets (IFRS 16) | 8 298 | 9 556 |
Short-term liabilities due to employee benefits | 17 777 | 15 382 |
Other short-term provisions | 14 373 | 12 482 |
TOTAL LIABILITIES | 1 059 389 | 1 042 047 |
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
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Consolidated quarterly report of Apator Group for 3 quarters 2023
Information on changes in contingent liabilities or contingent assets that have occurred since the end of the last fiscal year (off-balance sheet items) of the Apator Group:
SPECIFICATION | as of | |
30.09.2023 | 31.12.2022 | |
Contingent receivables | 1 190 | 1 225 |
Contingent receivables from other entities | 1 190 | 1 225 |
Contingent liabilities | 62 752 | 65 718 |
Contingent liabilities concerning related entities | 21 546 | 21 856 |
- including from granting guarantees and sureties to related entities | 21 546 | 21 856 |
Contingent liabilities to other entities | 41 206 | 43 862 |
- including from granting guarantees and sureties | 41 206 | 43 862 |
Other off-balance sheet items | 448 271 | 367 300 |
Mortgage | 40,000 | 58 700 |
Collective contractual mortgage | 182 783 | 23 250 |
Security on assets | 225 489 | 285 350 |
Total off-balance sheet items | 512 214 | 434 243 |
In addition to contingent liabilities arising from guarantees issued by insurance and banking institutions, the Apator Group has the following collateral established for the repayment of liabilities:
- Multi-productagreement with ING Bank Śląski S.A (Group limit of PLN 250 million):
- contractual mortgage on the real estate of Apator S.A. in Ostaszewo up to PLN 40 million (included in the table above),
- registered pledge on inventories owned by Apator S.A., Apator Telemetria Sp. z o.o., Apator Powogaz S.A., FAP Pafal S.A. with a book value of not less than PLN 148.8 million (included in the table above),
- zledge on tangible fixed assets owned by Apator S.A., Apator Powogaz S.A., Apator Metrix S.A. and ApatorTelemetria Sp. z o.o. with a contractual value of PLN 31.1 million (included in the table above),
- Power of Attorney to dispose of funds in bank accounts,
- Blank promissory notes together with promissory notes declarations submitted by 6 borrowers' companies (joint and several liability of Group's companies),
- Assignment of rights under an all-risk property insurance policy.
- Multi-purposelimit credit agreement with Powszechna Kasa Oszczędności Bank Polski S.A. (PKO BP S.A.) of 26 May 2023 for the total amount of PLN 80 million (in addition to Apator S.A. The parties to the agreement are: Apator Powogaz S.A. and Apator Metrix S.A.):
- contractural mortgage on real estate owned by Apator Powogaz S.A. and Apator Metrix S.A. up to the amount of PLN 182.8 million,
- statement of submission to execution under Article 777 of the Code of Civil Procedure of each of the three companies up to PLN 80 million,
- registered pledge over fixed assets of Apator S.A. and Apator Powogaz S.A. with a total value of PLN12.4 million,
- Power of Attorney to dispose of funds in bank accounts,
- Assignment of rights under an all-risk property insurance policy.
Until 30 September 2023, the working capital loan has only been drawn down by Apator Powogaz in the amount of PLN 10 million.
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 6 of 58
Consolidated quarterly report of Apator Group for 3 quarters 2023
- Other collateral for loans and credits:
Apator S.A.
- credit agreement with Bank Handlowy S.A. (Long-term credit for purchase of shares in Apator Telemetria Sp. z o.o. in the amount of 13 million PLN, converted into EUR):
- registered pledge on acquired shares in the amount of PLN 12.1 million (included in the table above),
- registered pledge on fixed assets with a total value of PLN 2.8 million (included in the table above),
- Assignment of rights under an all-risk property insurance policy,
- statement of submission to execution under Article 777 of the Code of Civil Procedure up to PLN 15.6 million.
Apator Metrix Group
- Agreement on credit on current account concluded by George Wilson Industrial Ltd. (GWi) with Citibank N.A.:
- Pledge on inventories with the value of PLN 18.2 million being the property of Apator Metrix S.A.,
- guarantee granted by Apator Metrix S.A. in the amount of GBP 4 million, i.e. PLN 21.4 million, until 31 October 2023,
- statement of submission to execution under Art. 98 of the Code of Civil Procedure at a value of GBP 4.8 million, i.e. PLN 25.7 million.
Apator Powogaz Group
-
Investment credit agreement of Apator Powogaz S.A. for the construction of manufacturing plant, concluded
with PKO BP: - joint contractural mortgage on real estate owned by Apator Powogaz S.A. in Żerniki to the amount of PLN 182.8 million. The mortgage also secures a multi-purpose agreement with PKO,
- blank promissory note and promissory note declaration.
- assignment of rights under the insurance policy on the mortgaged property.
- Agreement on credit on current account of Apator Powogaz S.A. concluded with mBank S.A. - the agreement expired on 29-09-2023:
- blank promissory note with a promissory note declaration - the procedure for returning the promissory note is pending.
- Credit agreement for financing suppliers of Apator Telemetria Sp. z o.o. concluded with mBank S.A.
- blank promissory note and promissory note declaration.
- Agreement on credit on current account of Apator Metra concluded with Raiffeisenbank a.s.
- Mortgage in the amount of CZ 50 million
- assignment of rights under insurance agreement established on property of Apator Metra
During the reporting period, the Group's companies fulfilled their obligations under their loan agreements.
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 7 of 58
Consolidated quarterly report of Apator Group for 3 quarters 2023
1.2. Consolidated statement of comprehensive income
for the period | ||||
SPECIFICATION | 01.07.2023 | 01.07.2022 | 01.01.2023 | 01.01.2022 |
30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |
Revenue from sales and services | 288 693 | 281 226 | 852 764 | 776 426 |
- to other entities | 288 693 | 281 226 | 852 764 | 776 426 |
Cost of goods and services sold | (223 326) | (224 931) | (655 424) | (614 640) |
- to other entities | (223 326) | (224 931) | (655 424) | (614 640) |
Gross sales profit | 65 367 | 56 295 | 197 340 | 161 786 |
Sales costs | (10 242) | (10 419) | (32 507) | (30 107) |
General administrative costs | (38 841) | (31 385) | (115 136) | (101 487) |
Sales profit | 16 284 | 14 491 | 49 697 | 30 192 |
Other operating revenues (costs) | 530 | (9 930) | (1 828) | (10 443) |
Revenue | 1 443 | 734 | 2 554 | 2 589 |
Costs | (913) | (10 664) | (4 382) | (13 032) |
- including the result due to (impairment)/ reversal of | (56) | 4 147 | (1 250) | 2 411 |
receivables | ||||
Profit on operating activities | 16 814 | 4 561 | 47 869 | 19 749 |
(+) Financial costs | (5 240) | (7 183) | (11 597) | (17 065) |
Revenue | 1 252 | 502 | 4 631 | 3 318 |
Costs | (6 492) | (7 685) | (16 228) | (20 383) |
- including the result due to (impairment)/ reversal of | 27 | (3) | 27 | (3) |
receivables | ||||
Profit (loss) before tax | 11 574 | (2 622) | 36 272 | 2 684 |
Current income tax | (1 701) | (1 454) | (5 624) | (6 008) |
Deferred income tax | (1 478) | 715 | (9 349) | 1 275 |
NET PROFIT (LOSS) | 8 395 | (3 361) | 21 299 | (2 049) |
for the period | ||||
SPECIFICATION | 01.07.2023 | 01.07.2022 | 01.01.2023 | 01.01.2022 |
30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |
Other comprehensive income | ||||
Other net comprehensive income | 2 785 | (172) | 5 300 | (2 019) |
Foreign exchange differences on translation of foreign | 3 701 | 2 923 | 1 784 | 2 530 |
operations | ||||
Result on hedge accounting with tax effect | (916) | (3 095) | 3 516 | (4 549) |
Total comprehensive income | 11 180 | (3 533) | 26 599 | (4 068) |
Net profit (loss), of which attributable to: | 8 395 | (3 361) | 21 299 | (2 049) |
- shareholders of the parent company | 8 456 | (3 475) | 20 880 | (2 483) |
non-controlling interests | (61) | 114 | 419 | 434 |
Total comprehensive income, of which attributable to: | 11 180 | (3 533) | 26 599 | (4 068) |
- shareholders of the parent company | 11 241 | (3 647) | 26 180 | (4 502) |
non-controlling interests | (61) | 114 | 419 | 434 |
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 8 of 58
Consolidated quarterly report of Apator Group for 3 quarters 2023
1.3. Consolidated statement of changes in equity
CAPITAL ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY | |||||||||||
Capital from | |||||||||||
valuation of | Non-controlling | TOTAL | |||||||||
SPECIFICATION | Share | Unregistered | Own | Other | Capital from the | hedging | Undistributed | ||||
interests | EQUITY | ||||||||||
reduction in share | revaluation of a | transactions and | TOTAL | ||||||||
capital | shares | capitals | financial result | ||||||||
capital | defined benefit plan | foreign exchange | |||||||||
differences on consolidation
Balance as at 01.01.2023 | 3 265 |
Changes in equity during the period from 01.01.2023 to 30.09.2023
Comprehensive income
Net profit for the period from | - |
01.01.2023 to 30.09.2023 | |
Distribution of result to supplementary | - |
capital | |
Other comprehensive income |
Items that may be reclassified to profit or loss in the future:
Result on hedge accounting with tax | - |
effect | |
Net foreign exchange differences on | |
translation of financial statements into | - |
presentation currency | |
Comprehensive income recognised in | |
the period from 01.01.2023 to | - |
30.09.2023 |
Transactions with owners recognised directly in equity:
- | (3 522) | 562 967 | 1 147 | 2 705 | (29 215) | 537 347 | 1 801 | 539 148 |
- | - | - | - | - | 20 880 | 20 880 | 419 | 21 299 |
- | - | - | - | - | (37 217) | (37 217) | - | (37 217) |
- | - | - | - | 3 516 | - | 3 516 | - | 3 516 |
- | - | - | - | 1 784 | - | 1 784 | - | 1 784 |
- | - | - | - | 5 300 | (16 337) | (11 037) | 419 | (10 618) |
Dividends
Other changes in capital
Total transactions with owners in the period from 01.01.2023 to 30.09.2023
Balance as at 30.09.2023
- | - | - | - | - | - | (8 714) | (8 714) | (109) | (8 823) |
- | - | - | - | - | - | 126 | 126 | - | 126 |
- | - | - | - | - | - | (8 588) | (8 588) | (109) | (8 697) |
3 265 | - | (3 522) | 562 967 | 1 147 | 8 005 | (54 140) | 517 722 | 2 111 | 519 833 |
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2021 - 30.09.2022 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 9 of 58
Consolidated quarterly report of Apator Group for 3 quarters 2023
CAPITAL ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY | ||||||||||
Capital from valuation | ||||||||||
SPECIFICATION | Unregistered | Capital from the | of hedging | Non-controlling | TOTAL | |||||
Share | Own | Other | revaluation of a | transactions and | Undistributed | |||||
reduction in share | TOTAL | interests | EQUITY | |||||||
capital | shares | capitals | defined benefit | foreign exchange | financial result | |||||
capital | ||||||||||
plan | differences on | |||||||||
consolidation | ||||||||||
Balance as at 01.01.2022 | 3 278 | - | (3 972) | 553 460 | (86) | 1 684 | (7 019) | 547 345 | 3 930 | 551 275 |
Changes in equity during the period from 01.01.2022 to 30.09.2022 |
Comprehensive income
Net profit for the period from 01.01.2022 to 30.09.2022 Distribution of result to supplementary capital
Loss coverage from supplementary capital
Result on hedge accounting with tax effect
Net foreign exchange differences on the translation of financial statements into presentation currency
Comprehensive income recognised in the period from 01.01.2022 to 30.09.2022
- | - | - | - | - | (2 483) | (2 483) | 434 | (2 049) | |
- | - | 48 293 | - | - | (48 293) | - | - | - | |
- | - | (37 546) | - | - | 37 546 | - | - | - | |
- | - | - | - | (4 549) | - | (4 549) | - | (4 549) | |
- | - | - | - | 2 530 | - | 2 530 | - | 2 530 | |
- | - | - | 10 747 | - | (2 019) | (13 230) | (4 502) | 434 | (4 068) |
Transactions with owners recognised directly in equity:
Dividends
Purchase of own shares
Result on sale of shares in an associate entity
Purchase of additional shares of a subsidiary
Redemption of own shares Other changes in capital
Total transactions with owners in the period from 01.01.2022 to 30.09.2022
Balance as at 30.09.2022
- | - | - | - | - | - | (14 553) | (14 553) | - | (14 553) |
- | - | (1 950) | - | - | - | - | (1 950) | - | (1 950) |
- | - | - | - | - | (2 513) | (1 326) | (3 839) | - | (3 839) |
- | - | - | - | - | - | (3 429) | (3 429) | (2 498) | (5 927) |
- | (13) | 13 | - | - | - | - | - | - | - |
- | - | - | - | - | - | (15) | (15) | - | (15) |
- | (13) | (1 937) | - | - | (2 513) | (19 323) | (23 786) | (2 498) | (26 284) |
3 278 | (13) | (5 909) | 564 207 | (86) | (2 848) | (39 572) | 519 057 | 1 866 | 520 923 |
Name of the certifying | Apator Group | ||
Period covered by the financial statements: | 01.01.2023 - 30.09.2023 | Reporting currency: | Polish zloty (PLN) |
Rounding level: | all amounts are expressed in thousands of PLN (unless stated otherwise) |
Page 10 of 58
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Apator SA published this content on 08 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2023 13:19:24 UTC.