NCSoft Financial Statement Analysis

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Course: Financial Accounting & Analysis
Date: Mar 20, 2013

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NCSoft Q4/2012 Financial Report

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NCSoft Financial Statement Analysis

  1. 1.   Financial  Statement  Analysis IM516  Financial  Accounting  and  Analysis  –  KAIST  Business  School By:  Daniel  Munoz-­‐‑Smith  &  Anggriawan  Sugianto  –  March  20,  2013 1
  2. 2. Outline 1.  Business  Environment 2.  Financial  Statements  Analysis a.  Balance  Sheet b.  Income  Statement c.  Cash  Flow  Statement 3.  Earning  Quality a.  Irregular  items b.  True  income 4.  Activity  analysis 5.  Risk  analysis 6.  Profitability  analysis 7.  Conclusion 8.  Appendix 2
  3. 3. NCsoft  –  Financial  Statement  Analysis 1.  Business  Environment 3
  4. 4. Company  Profile NCSOFT  Corp. NCSOFT  Corporation Consolidated  Subsidiaries Equity  method  investees •  Developer  and  publisher  of  online   games NC  West  Holdings  (100%)   NC  True  (49%) •  Founded  March  11,  1997,  by  Taek  Jin   NC  Europe  (100%) Crazy  Diamond  (34%) Kim  (CEO) •  Listed  on  KOSDAQ,  September  14,   NC  Taiwan  (85%) Zepeeo  (30%) 2000 NC  Japan  (60%) •  Listed  on  Korea  Stock  Exchange  on   Ntreev  Soft  (76%) May  22,  2003  (revoked  registration   with  KOSDAQ). NCSOFT    Service  (  100%) •  Locations:  Korea  (HQ),  China,  Japan,   NextPlay  (80%) Taiwan,  Thailand,  UK,  US •  Employees:  >  3,000  (est.) Orion  Soft  (100%) NC  Dinos  Baseball  Club  (100%) Hotdog  Studio  (58%) 4
  5. 5. Game  Industry  Overview •  Online  is  the  fastest  growing  game  platform  with  CAGR  21%  2009~2014. •  China  is  the  biggest  online  game  market  with  CAGR  23%  2009~2014. 5
  6. 6. Online  Game  Industry •  Online  is  the  a  faster  growing  game  platform  than  mobile. •  China  and  MMORPG  genre  are  one  of  the  biggest  growth  drivers  for  online  games. 6
  7. 7. Core  Competence Products: 1.  MMORPG Lineage,  Lineage  II,  Aion,  Blade  and  Soul,   Sales  Breakdown  by  Game  Title Guild  Wars,  Guild  Wars  2,  Wild  Star,  Lineage   Eternal Others 2.  Casual  Games  50,764   7% Love  Best,  Metal  Black,  마법천자문,  Food   Lineage Force,  Free  Rice Guild  Wars2  205,261   30% 3.  Web/Board  Games  164,854   24% Golden  Land,  명인장기,  선언맞고,  클래식맞고,   Golden  Poker Hybrid  Business  Models: 1.  Free-­‐‑to-­‐‑play  /  Premium  subscription Blade&Soul Lineage  II  65,082   2.  In-­‐‑game  item  sales  62,147   9% 9% Aion Strength:  141,311   1.  World-­‐‑class  development  capabilities  &  strong   21% distribution  pipeline 2.  Global  publishing  network Unit:  KR  Million  Won 3.  14  years  of  operational  know-­‐‑how  and  skills 7
  8. 8. Industry  Analysis New  Entrants Public  Policy •  Sizable  barriers  to  entry  and   •  2012:  Selective  shutdown  system   learning  curve  in  game  industry,   aiming  to  curtail  online  gaming   especially  in  MMORPG   addiction  among  young  students. development. •  2011:  Cinderella  Law  prohibiting   players  under  16  playing  between   12  am  and  6  am Suppliers Competition Costumers •  Korea:  Webzen,  Actoz  Soft,  Neowiz   •  China  market:  MMORPG  will  be  the  •  In  order  to  publish  more  quality   Games,  Golfzon,  Gamevil,  Com2Us most  favored  genre  with  50-­‐‑60%   games  (role:  game  publisher),   •  Japan:  Sega  Sammy,  Tecmo  Koei,   market  share. NCsoft  needs  to  cooperate  with   Konami,  Nexon   •  Korea  market:  Online  games  will  make   several  game  developer  companies. •  China:  Shanda  Games,  Changyou,   up  88-­‐‑89%  of  Korean  gaming  market. NetDragon  Websoft •  US  &  EU  market:  Online  is  expected  to   •  US:  Zynga,  Electronic  Arts grow  faster  than  mobile  (CAGR  17%   vs.  CAGR  10%). Substitutes •  Mobile/casual  game  is  growing  fast   now  (with  CAGR  14%).  However,   it’s  still  relatively  slower  than  the   growth  of  online  game. 8
  9. 9. Gaming  Industry  Peer  Group •  International Name   Sector   Ctry   Webzen  Inc   Toys   KOR   Actoz  So8  Co  Ltd   Toys   KOR   Neowiz  Games  Corp   Toys   KOR   Sega  Sammy  Holding  Inc.   Toys   JPN   Tecmo  Koei  Holdings  Co.  Ltd.   So8ware   JPN   Golfzon  Co  Ltd   RecreaFonal  Services   KOR   Shanda  Games  Ltd   Toys   CYM   Konami  Corp   Toys   JPN   Changyou.com  Ltd.   Toys   CYM   Zynga  Inc   Toys   USA   Electronic  Arts  Inc.   Toys   USA   Gamevil  Co  Ltd   Toys   KOR   NEXON  Co  Ltd   Toys   JPN   Com2uS  Corp   Toys   KOR   NetDragon  Webso8  Inc.   Toys   CYM   9
  10. 10. NCsoft  –  Financial  Statement  Analysis 2.  Financial  Statements  Analysis 10
  11. 11. Balance  Sheet Cash  increased  dramatically   mostly  from  operating   activities.  Please  refer  to  CF/S Consolidated  (million  KRW) Area      Accounts   2012   2011   %     Current  Assets   674,304   650,829   4%      Cash  &  cash  equivalents   123,041   60,183   102%      Short-­‐‑term  financial  instruments   313,035   421,993   -­‐‑26%   Significant  change  in   Available-­‐‑for-­‐‑Sale  Assets,      Account  receivables   76,702   71,983   7%   and  Inventories    Others   161,525   83,506   93%   Assets     Non-­‐‑current  Assets   642,522   470,183   37%      Investment  assets   45,522   36,149   26%   M&A  activity  affected      Tangible  assets   425,828   366,698   16%   intangible  assets      Intangible  assets   133,317   31,550   323%      Others   336   361   -­‐‑7%   Total  Assets   1,316,826   1,121,012   17%   Current  Liabilities   235,652   189,874   24%   M&A  activity  also  affected   the  amount  of  payable    Borrowings   12,175   12,380   -­‐‑2%      Payables   25,474   16,342   56%      Current  tax  liabilities   5,317   7,613   -­‐‑30%      Other  provisions   7                        -­‐‑          -­‐‑   Liabilities          Others   192,679   170,093   13%   Non-­‐‑current  Liabilities   60,610   46,285   31%      Defined  benefit  obligations   35,284   34,115   3%      Long-­‐‑term  employee  benefits   4,549   5,391   -­‐‑16%      Others   20,776   26,288   -­‐‑21%   Total  Liabilities   296,262   255,669   16%   Paid-­‐‑in  Capital  Stock   10,949   11,425   -­‐‑4%   Other  Paid-­‐‑up  Capital   117,910   112,113   5%   Other  Components  of  Equity   991   4,613   -­‐‑121%   Equity     Retained  Earnings   870,734   733,318   19%   Non-­‐‑Controlling  Interests   19,979   12,872   55%   Total  Stockholders  Equity   1,020,563   865,243   18%       Total  Liabilities  +  Shareholders’  Equity   1,316,826   1,121,012   17%   11
  12. 12. Balance  Sheet  Analysis Increased  by  nearly  100%   between  2011  and  2012 Important  to  determine  Other  Current  Assets materiality  of  assets;  may   distort  liquidity. (million  KRW) 2012 2011 %  Other  Current  Assets  161,525  96,084 93% Other  Receivables                    10,732                    25,584,1 -­‐‑58% Short-­‐‑Term  Loans                        2,039                        2,097 -­‐‑3% Available-­‐‑for-­‐‑Sale  Financial  Assets              125,000                    50,000 150% Held-­‐‑to-­‐‑Maturity  Securities                                                                          -­‐‑                                127 -­‐‑100% Inventories                        2,038                          1,265 61% Other  Quick  Assets                    15,748                    17,009 -­‐‑7% Income  Tax  Assets                        5,966     •  Other  Current  Assets  increased  by  nearly  100%  between  2011  and  2012 •  The  most  significant  changes  happened  in  Available-­‐‑for-­‐‑sale  financial  assets. •  Available-­‐‑for-­‐‑sale  Financial  Assets  (AFS)  are  any  non-­‐‑derivative  financial  assets   designated  on  initial  recognition  as  available  for  sale ü  Any  other  instruments  that  are  not  classified  as  as  (a)  loans  and  receivables,  (b)  held-­‐‑to-­‐‑ maturity  investments  or  (c)  financial  assets  at  fair  value  through  profit  or  loss. 12
  13. 13. Balance  Sheet  Analysis Increase  in  intrinsic   business  value Intangible  Assets (millions  KRW) 2012 2011 2010 ‘12-­‐‑’11 ‘11-­‐‑’10 Non-­‐‑current  Assets 642,522 470,183 291,884 37% 61%    Investment  assets 45,522 36,149 49,546 26% 27%    Tangible  assets 425,828 366,698 189,517 16% 93%    Intangible  assets 133,317 31,550 16,142 323% 95% •  Increase  in  intrinsic  business  value:  Significant  increase  intangible  assets  which   reflects  Nexon’s  acquisition  of  Ntreev,  and  Nexon’s  purchase  of  NCSoft. 13
  14. 14. Income  Statement Sales  increase  from  new   (millions  KRW) online  games  (“Blade  &   Soul”,  “Guild  War  2”),   Accounts   2012   2011   2010     %  (2012)   %  (2011)   royalty,  and  from   merchandise Net  Sales   753,520   608,904   649,748       24%   -­‐6%  Cost  of  Goods  Sold   226,175   139,099   142,991       63%   -­‐3%   There  is  room   to  improve Gross  Profit   527,344   469,804   506,757       12%   -­‐7%  Selling  &  AdministraEve  Expenses   376,091   333,997   263,876       13%   27%   Company  is   doing    well OperaFng  Income   151,252   134,682   242,881       12%   -­‐45%  Opera2ng  Profit  Margin  (%)   20%   22%   37%       Decrease  in  Non-­‐operaEng  Income   18,290   23,617   38,209       -­‐23%   -­‐38%   interest  revenue Non-­‐operaEng  Expenses   865   1,462   556       -­‐41%   163%  Equity  Income  on  Investments   7,026               Significant  increase   from  “Misc.  Gains”  &  Other  Income   24,912   16,165           54%       Gains  on  Evaluation   of  Investments  under  Other  Expense   17,708   17,290           2%       Equity  Method Income  before  Tax  Expenses   182,907   156,837   228,293       17%   -­‐31%  Pre-­‐tax  Profit  Margin  (%)   24%   26%   35%      Income  Tax  Expenses   29,240   39,537   228,293       -­‐26%   -­‐83%   31%  increase  in   consolidated  net   income Consolidated  Net  Income   153,666   117,300   173,803       31%   -­‐33%  Non-­‐Controlling  (Minority)  Interest   -­‐2,135   -­‐2,515   -­‐  1,780       15%   41%  Controlling  Interest   155,802   119,815   175,584       30%   -­‐32%   14
  15. 15. Game  Sales Year  2012  –  in  million  KRW Year  2011  –  in  million  KRW Title   Total   Growth*   %   Title   Total   %  Lineage   205,261   5%   30%   Lineage    195,702     35%  Lineage  II   65,082   -­‐35%   9%   Lineage  II    100,574     18%  Aion   141,311   -­‐37%   20%   Aion    223,248     40%  Blade  &  Soul   62,147   414%   9%   City  of  Heroes    12,086     2%  Guild  Wars2   164,854   1985%   24%   Guild  Wars    7,905     1%  Others   50,764   296%   7%   Others    12,816     2%  Total  Game  Sales   689,419   25%   100%   Total  Game  Sales   552,331   100%   Game  Sales  (2012) Game  Sales  (2011) Lineage  II Aion Lineage  II 65,082 141,311  100,574   9% 21% 18% Blade  &  Soul Aion 62,147  223,248   9% 40% Lineage Lineage 205,261  195,702   30% 36% Others Guild  Wars2  12,816   City  of   164,854 2% Guild  Wars Heroes Others  7,905   24% 50,764  12,086   2% 7% 2% 15 Significant  growth  was  made  by  new  game  launched  in  2012:  Blade  &  Soul,  Guild  Wars  2
  16. 16. Cash  Flow  Statement Operating  activities  are  the   most  influential  factors   affecting  company’s  cash   (millions  KRW) CASH  FLOW   2012   2011   2010   %2012   %2011  Net  Income   153,666   117,676   167,396   31%   -­‐59%  Cash  From  OperaFng  AcFviFes   210,641   138,554   217,189   52%   177%  Cash  From  InvesFng  AcFviFes   -­‐146,451   -­‐127,420   -­‐246,453   -­‐15%   -­‐50%  Cash  From  Financing  AcFviFes   5,512   -­‐11,650   -­‐4,533   147%   489%  Net  Change  Cash   63,887   -­‐299   -­‐33,797   21420%   143%  •  NCSoft’s  program  of  Liability  driven  acquisitions  and  disposals  between  2011  and  2012  are  reflected   in  the  Cash  Flow  statements  highlight  significant  increases  in  cash  from  operating  and  financing   activities. •  In  2012,  NCsoft  Corp  increased  its  cash  reserves  by  108.00%,  or  63.89bn.  The  company  earned   210.64bn  from  its  operations  for  a  Cash  Flow  Margin  of  27.95%.  In  addition  the  company  generated   5.51bn  cash  from  financing  while  146.45bn  was  spent  on  investing.   •  Most  of  this  increase  in  cash  reserve  was  from  Operating  Activities,  which  is  positive. 16
  17. 17. Footnotes Significant  Transaction  between  2011-­‐‑2012 Major  Acquisitions: Discontinuance/Disposals •  December  2012   •  Aug  2012   NCSoft  folded  NC  Interactive  Inc.  into  a  new  wholly   NCSoft  liquidated  Paragon  Studios  and  shut-­‐‑down  of   owned  subsidiary,  NC  West  Holdings  to  manage  its   ‘City  of  Heroes’  game Western  subsidiaries •  Jun  2011  •  Jul  2012   NCSOFT  shut  -­‐‑down  ʹLinageʹ  in  North  American   NEXON  acquired  14.7%  interest  in  NCSoft  for  $688  M servers   •  Feb  2012   NCSoft  purchased  76%  of  Ntreev  for  US$96.7  M •  Jul  2011   NCSoft  acquired  58.3%  interest  in  Hotdog  Studio Litigation: Write-­‐‑Downs •  Aug  2012      -­‐‑ EN  Masse  Entertainment  seeles  NCSoft    lawsuit   •  End  of  2011   NCSoft  defendant  in  2  pending  lawsuits   •  Oct  2011:     Richard  Garrioe-­‐‑Lawsuit  seelement;  NCSoft  paid  $36   million  USD  in  damages   17
  18. 18. NCsoft  –  Financial  Statement  Analysis 3.  Earning  Quality 18
  19. 19. Irregular  Items Discontinued  operations •  On  August  31,  2012,  NCsoft  closed  Paragon  Studios  (formerly  known  as  NCsoft   NorCal),  one  of  its  subsidiaries  that  developed  “City  of  Heroes”. (millions  KRW) 2011   Title   Total   Lineage  II  100,574   Lineage    195,702     18% Lineage  II    100,574     Aion (in  million  KRW)   Game  Sales     Aion    223,248      223,248   40% City  of  Heroes    12,086     Lineage Guild  Wars    7,905      195,702   36% Others    12,816     Others  12,816   Total  Game  Sales   552,331   2% Guild  Wars  7,905   City  of  Heroes 2%  12,086   2% Changes  in  accounting  principles  applied •  Since  January  1,  2011,  NCsoft  has  applied  K-­‐‑IFRS  as  their  accounting  principle   standard,  replacing  K-­‐‑GAPP. 19
  20. 20. True  Income (millions  KRW) 2012 % 2011 % Operating  Income 151,252 83% 134,682 87% Non-­‐‑operating  Income 18,290 10% 23,617 15% Non-­‐‑operating  Expenses 865 0% 1,462 1% Equity  Income  on  Investments 7,026 4% 0   0% Other  Income 24,912 14% 16,165 10% Other  Expense 17,708 10% 17,290 11% Income  before  Tax  Expenses 182,907 100% 156,837 100% •  The  income  statement,  indicates  that  operating  income  in  2012  is  12%  larger  than  in   2011. •  However,  the  percentage  of  operating  income  to  total  income  before  tax  expense  in   2012  is  lower  than  in  2011.  This  reflect  situation  that  NCsoft  become  a  somewhat   dependent  to  unsustainable  income  such  as  non-­‐‑operating  or  other  income. 20
  21. 21. NCsoft  –  Financial  Statement  Analysis 4.  Activity  Analysis 21
  22. 22. Short-­‐‑term  Activity  Analysis 2012 2011 Change Inventory  Turnover 136.90 98.91 38% Avg.  Days  Inventory  in  Stock 2.67 3.69 -­‐‑28% Receivable  Turnover 10.14 8.69 17% Avg.  Receivable  Outstanding 36.00 41.99 -­‐‑14% Payable  Turnover 81.69 72.54 13% Avg.  Days  Payable  Outstanding 4.47 5.03 -­‐‑11% Working  Capital  Turnover 1.68 1.15 45% Receivable  Turnover:  Increased  it’s  efficiency  in  collecting  on  accounts   receivable Payable  Turnover:  increasing,  which  indicates  that  NCSoft  is  paying  off  its   suppliers  at  a  faster  rate  than  in  2011 More  sale  compared  to  cash  used  to  fund  sales 22
  23. 23. Long-­‐‑term  Activity  Analysis 2012 2011 Change Fixed  Assets  Turnover 1.90 2.19 -­‐‑13% Total  Assets  Turnover 0.62 0.56 10% Fixed  Assets  Turnover  decrease  indicates  that  NCsoft  has  been  less   effective  in  using  the  investment  in  fixed  assets  to  generate  revenues Total  Assets  Turnover  increase  confirms  that  NCSoft  is  growing   revenues  in  proportion  to  sales 23
  24. 24. NCsoft  –  Financial  Statement  Analysis 5.  Risk  Analysis 24
  25. 25. Risk  Analysis Horizontal Vertical 2012 2011 Peer  Group Current  Ratio 286% 322% - Short-­‐‑Term Quick  Ratio 218% 321% 201% Cash  Ratio 185% 243% - Debt  to  Total  Capital 22% 22% 14% Solvency Debt  to  Equity 29% 28% 6%Liquid:  Strong  position  to  pay  back    short  –term  debt  obligation Debt  Financing:  Growth  being  financing  with  debt   25
  26. 26. NCsoft  –  Financial  Statement  Analysis 6.  Profitability  Analysis 26
  27. 27. Profitability  Analysis Horizontal   2012 2011 Gross  Margin 70% 77% Neeing  $.020  for  each  $  of  revenue   generated Operating  Margin   20% 22% EBITDA  Margin 25% 22% Operations  have  become  more   profitable   EBT  Margin   24% 26% Profit  Margin 21% 19% Significant  increase  in  the   company’s  ability  to  turn  Return  on  common  equity 21% 11% investment  capital  into  profits   Earnings  per  share 6,450   5,529   EPS  increase  of  KRW  921 Price-­‐‑to-­‐‑Earnings  ratio 23 56 Investors  anticipating  lower  growth Price-­‐‑to-­‐‑book  value  ratio 301 615 Financial  Leverage 83% 86% 27
  28. 28. Profitability  Analysis Vertical NCSOFT Peer  Group  Median  (14  Co.’s) EBITDA  Margin 25.16 22.09 EBT  Margin   24.27 17.24 Profit  Margin 20.68 11.45 Return  on  common  equity 20.97 25.09 •  Operations  beeer  managed  and  more  profitable  relative  to  its  Peer  Group •  Earned  significantly  more  before  taxes  than  its  industry  Peer  Group   •  Sales  –  relative  to  cost  –  nearly  doubled  its  Peer  Group  in  2012   •  Industry  Peer  group  was  beeer  able  to  turn  its  capital  investments  into  profits  during   2012.   28
  29. 29. NCsoft  –  Financial  Statement  Analysis 7.  Conclusion 29
  30. 30. Conclusion •  NCsoft  is  a  leading  developer  and  publisher  of  online  games,  with  core   competence  in  developing  MMORPG. •  NCsoft  is  in  beeer  financial  situation  in  2012  compared  to  in  2011,  especially   if  we  look  at  their  cash  flow  which  its  growth  is  powered  by  operating   activities. •  NCsoft’s  risk  position  is  positive  with  a  strong  ability  to  meet  short  and  long   term  debt  obligations. •  M&A  activities  affected  NCsoft  in  term  of  both  tangible  and  intangible   assets,  and  made  its  financial  statement  look  beeer. •  Compare  to  its  competitors  (peer  group),  NCsoft  has  competitive  advantage   because  they  have  strong  operating  activities  in  online  game  development. 30
  31. 31. NCsoft  –  Financial  Statement  Analysis 8.  Appendix 31
  32. 32. References •  NCsoft  website  :  www.ncsoft.com •  NCsoft  Audit  Report  :  2011 •  Bloomberg  Businessweek:  hep://investing.businessweek.com/research/stocks/ financials/financials.asp?ticker=036570:KS&dataset=incomeStatement&period=A ¤cy=native •  Reuters:  hep://www.reuters.com/finance/stocks/financialHighlights? symbol=036570.KS •  Infinancials  Analysis:  hep://www.infinancialsanalytics.com/en/financial %20analysis,Ncsoft%20Corp,30238FK.html •  Financial  Times:  hep://markets.ft.com/research/Markets/Tearsheets/Financials? s=A036570:KSC •  Gamespace:  hep://www.gamespace.com/gamelist.cfm/game/446/view/forums/ thread/371752/page/1 32
  33. 33. Team  Meeting  Chronology 1.  Date:  04  March Discussion:  Knowledge  of  Ncsoft,  Korean  online  and  general  online  gaming  issues Assignments:   •  Anggri:  Research  on  general  online  gaming  industry •  Daniel:  NCSoft  general  overview  (latest  news,  overview  of  competitors 2.  Date:  07  March Discussion:  Review  of  findings;  overview  of  analysis  components  discussed  during  class  lectures Assignments: •  Anggri:  Obtain  Ncsoft  financial  statements    and  Auditor’s  reports •  Daniel:  Obtain  financial  data  on  industry  competitors  (Nexon,  Neowiz,  Webzen,  etc.) 3.  Date:  11  March Discussion:  Update  on  data  collection;  Assignment  of  analysis  responsibilities Issues:  Obtaining  English  language  data  and  analysis;  only  2011  Auditors  Report  is  available   Assignments: •  Anggri:  Business  Environment,  Irregular  Items,  Short-­‐‑term  activity,  Liquidity,  Profitability   analysis •  Daniel:  Financial  Statements  &  footnotes;  True  Income,  Long-­‐‑term  activity,  Solvency,   Integrated  analysis;  Appendices   33
  34. 34. Team  Meeting  Chronology 4.  Date:  15  March Discussion:  Update  on  progression  and  target-­‐‑seeing  for  weekend Assignments:   •  Anggri:  Complete  Business  Environment  and  Irregular  Items •  Daniel:  Financial  Statements  and  Footnotes,  and  True  Income   5.  Date:  17  March Discussion:  Review  of  progression  and  issue  problem  solving Issue:  Data  in  non-­‐‑Korean  currency  –  Nexon  a  more  complicated  option Assignments: •  Anggri:  Finalize  weekend  work  and  begin  Short-­‐‑term  activity,  Liquidity,  Profitability   •  Daniel:  Finalize  weekend  work,  research  appropriate  competitor  option,  and  begin  Long-­‐‑ term  activity,  Solvency  and  Integrated  analysis 6.  Date:  18  March Discussion:  Review  of  progress Assignment: •  Anggri;  PPT  compilation •  Daniel:  Editing   7.  Date:  19  March •  Discussion:  Finalization  of  report  and  presentation  preparation •  Assignments:  Finalization 34

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