A brief introduction to Armenia. Market Research Department, SCHNEIDER GROUP October 2018

Transcription

1 A brief introduction to Armenia Market Research Department, SCHNEIDER GROUP October 2018

2 Contents Introduction General Overview International Cooperation Regional Economy Key Industries in Armenia Pro-Business Environment General Tax Overview Foreign Investors in Armenia Investment Opportunities State Support for Investors Free Economic Zones (FEZ) of Armenia SCHNEIDER GROUP in Armenia SCHNEIDER GROUP Services 2

3 Introduction Dear business partners, We at SCHNEIDER GROUP decided to open an office in Armenia in 2018: a decision that surprised many observers. Let me explain our decision. We see Armenia as a very attractive bridge country between the Eurasian Economic Union (EAEU) and the European Union; Armenia is a member of the former and has a partnership agreement with the latter. Armenia is also a potential entry port to Iran; a function that is becoming more important when one considers the current political turbulence surrounding Iran. The Armenian government is undertaking serious reforms and we are observing all stratums of society supporting the new dynamic. Armenia has a strong agricultural base and a highly-skilled and developing IT-industry. The Caucasian Republic s labour force is well educated and ambitious, boding well for local production and subsequent export within the EAEU, to Iran and to the EU. We are looking forward to welcoming you to Armenia. Our services and solutions are perfectly honed to build your business in the Caucasian country, a country that offers its rich culture and nature, not to mention its broad business opportunities. Yours, Ulf Schneider Founder & Managing Partner 3

4 General Overview A bridge between EU and EAEU, which stands out for its investor-friendliness and hospitality Armenia is a dynamic market with 2,9mn inhabitants, of which 64% live in cities and towns and 36% live in rural areas. 2,1mn people are of working-age (15-75 y. o.) 61 universities welcome an average of 95 thou. students per year*. Armenia is rated 47 th in 2018 (decreasing from 45 th place in 2015; and 43 rd place in 2010) in the World Bank s Ease of Doing Business ranking. Its Distance to Frontier ranking by the World Bank** improved from 70 in 2015 to 73 in 2017 and is currently above the average in the region. Visa free regime for citizens of more than 60 countries. Armenia Yerevan Armenia s economic performance: international comparison, 2017 Country GDP per capita, current prices GDP per capita, based on PPP Armenia USD USD Georgia USD USD Russia USD USD Germany USD USD Average exchange rates were used. Sources: National Statistical Agencies, The World Bank, IMF, own estimates * **measuring the absolute level of economic performance of a country and the improvement in the economy's regulatory environment over time on a scale from 0 to 100, with 100 being the best possible. For further explanation please visit Link Map template by NordNordWest [CC BY-SA 3.0 ( from Wikimedia Commons Icon made by Freepik from (//commons.wikimedia.org/wiki/file:armenia_adm_location_map.svg) / Desaturated from original 4

5 International Cooperation (1) The country gives access to the EAEU market, the 13 th largest consumer market in the world with USD 790bn household final consumption expenditure* and more than 180mn consumers. EAEU membership (2015) spurred the 4,7 4,7 6,3 growth of Armenia s foreign trade. Its trade turnover with EAEU members has grown 52% since The country s total foreign trade turnover has grown 34%, in spite of the tensions in the region. Armenia's Foreign Trade Turnover, USD bn 2,2 2,3 1,5 1,2 1 1,2 2,9 1,5 1, Other countries EU countries EAEU countries Sources: National Statistical Agencies, The World Bank, IMF, Eurasian Economic Commission, European Commission own estimates *2016, based on the Households and NPISHs Final consumption expenditure indicator by the World Bank, including 170 countries, EU, EAEU and Mercosur 5

6 International Cooperation (2) Top-3 Armenia s export destinations are: EU (28%), EAEU (25%, of which Russia 98%) and Bulgaria (13%). Top-3 import origins are: EAEU (30%, of which Russia 96%), EU (22%) and China (12%). Armenia benefits from EU's General Scheme of Preferences plus (GSP+) arrangement (advantageous access to EU market). Moreover, the new Comprehensive and Enhanced Partnership Agreement has been signed between Armenia and EU. It applies since June 2018 and is expected to stimulate further improvement of the regulatory environment for businesses in the nearest future. For information on Armenia s trade relations with Iran, please see slide 23. Sources: National Statistical Agencies, The World Bank, IMF, Eurasian Economic Commission, European Commission own estimates 6

7 Regional Economy (1) GDP Structure: 2017 GDP, USD bn: 11,6 Agriculture, forestry and fishing, % 15% Industry, % 25% Services, % 60% Retail trade turnover per capita, USD 954,2 Shirak Lory Aragatsotn Kotayk Armavir Yerevan Ararat Tavush Gekharkunik Vayots dzor Foreign trade turnover, USD bn 6,3 Export 2,2 Syunik Import 4,1 Regional contribution to GDP 1,6% 52,9% Sources: National Statistical Agencies, Ministry of Foreign Affairs of the Republic of Armenia Map template by NordNordWest [CC BY-SA 3.0 ( from Wikimedia Commons (//commons.wikimedia.org/wiki/file:armenia_adm_location_map.svg) / Desaturated from original 7

8 Regional Economy (2) Shares of economic sectors, by region: 6 11 Regions of Armenia Share of the region in total agricultural production, % industrial production, % construction sector, % services, % Share in the regional economy, % Agriculture Industry Construction Services Sources: National Statistical Agencies 9 1 Yerevan City 2 Aragatsotn 3 Ararat 4 Armavir 5 Gegharkunik 6 Lory 7 Kotayk 8 Shirak 9 Syunik 10 Vayots dzor 11 Tavush 1,2 40,8 47,2 77,7 9,8 2,2 5,1 1,0 13,7 12,4 8,1 2,4 20,1 3,5 6,1 2,3 13,7 1,8 3,2 1,5 8,7 8,8 4,3 2,0 8,1 9,6 5,1 6,0 10,9 2,5 3,4 2,8 6,8 16,6 4,3 2,0 2,6 1,0 9,1 0,6 4,4 0,8 4,1 1,7 Map template by NordNordWest [CC BY-SA 3.0 ( from Wikimedia Commons (//commons.wikimedia.org/wiki/file:armenia_adm_location_map.svg) / Desaturated from original 8

9 Key Industries in Armenia (1) Regional Contribution to Economy Regions of Armenia 1 Yerevan City 7 Kotayk Aragatsotn 8 Shirak 3 Ararat 9 Syunik 4 Armavir 10 Vayots dzor 5 Gegharkunik 11 Tavush 6 Lory 2 Main Agricultural and Industrial Production 5 Agriculture: Cereals Potatoes 4 Vegetables Watermelon 3 10 Fruit and berries Grapes Husbandry Other major industries: 1 Construction Hydro Energy 9 ICT Mining of metal ores Nuclear Energy Tourism Sources: National Statistical Agencies, Embassy.am, S. Avetisyan, Agriculture and Food Processing in Armenia, Yerevan, Limush Publishing House, 2010 Thermal Energy Map template by NordNordWest [CC BY-SA 3.0 ( from Wikimedia Commons (//commons.wikimedia.org/wiki/file:armenia_adm_location_map.svg) / Desaturated from original Icons made by Freepik and SimpleIcon from 9

10 Key Industries in Armenia (2) Information and communications technologies (ICT) One of the most dynamic and attractive industries for foreign investments. The industry's total revenue reached 765mn USD in 2017, a 37% increase over More than people are currently employed in this sector. Total number of ICT companies in Armenia has doubled since 2010: it went from 324 companies in 2010 to 650 in Most common specialization areas in the software and services sector are customized software/complex software solutions (22% of companies), web design and development (14%), IT services and consulting (11%), mobile application development (10%) and system design and automatization (9%). The majority (80%) of ICT companies are located in Yerevan. The city of Yerevan also generates 93% of the ICT sector value. Export destinations, 2017 USA &Canada 36% Origin of FDI in ICT Industry, 2017 Europe 21% Europe 28% Other 7% Russia &CIS 15% Russia&CIS 21% USA &Canada 52% Other 20% Sources: National Statistical Agencies, The World Bank, FDI Markets, Enterprise Incubator Foundation 10

11 Key Industries in Armenia (3) Agriculture Traditionally, one of the strongest sectors in the country. The agricultural sector stands for approx. 15% of Armenia's GDP, gives work to 34% of the total employed population and is intensively supported by the government. Armenia s agriculture and food processing industries play a major role in the country s export: their share in the exports of the country is growing steadily and accounted for 18% in 2017 (16% in 2015 and 15% in 2010). Wine & Brandy Gross agricultural output, bn AMD* *2016 year decrease caused by unfavorable weather conditions Sources: National Statistical Agencies, The World Bank, FDI Markets, UN Comtrade, Export.gov, Yerevan Brandy Company One of the oldest industries of Armenian economy. 1 st exporter of brandy of CIS region, by value. After a slowdown in 2015, brandy exports recovered and grew 43% in 2016 and 37% in They accounted for USD 207mn in The major export destination for Armenian brandy is Russia (USD 177mn), followed by Ukraine (USD 6mn), Belarus (USD 4mn), Kazakhstan (USD 2mn) and the US (USD 2mn). Main consumers of Armenian wine (2017): Russia (USD 8,6mn), US (USD 0,5mn), China, Lithuania, Switzerland and France (USD 0,1mn each). Excellent soil and climate conditions, high altitude, and limited use of chemical fertilizers contribute to product popularity Yerevan Brandy Company (ArArAt brand, owned by the French company Pernod Ricard since 1998) is the largest grape buyer in Armenia and buys the product from 3 thou. farmers annually. 11

12 Key Industries in Armenia (4) Tourism A sector characterized by swift development: the number of tourists has doubled since The country is rich in natural, historical, cultural landmarks. Three UNESCO world heritage sites are located in Armenia. It also holds an original and deep culture: five of its people s cultural practices and expressions are part of UNESCO intangible heritage. Armenia is one of the safest destinations for tourists, according to the Travel and Tourism Competitiveness Report by the World Economic Forum: it ranks 34 th out of 136 countries and is the 2 nd safest travel destination in Eurasia. Visa free regime for citizens of more than 60 countries. In 2013 the government introduced the "Open Sky" policy (liberalization of the aviation regime: any airline is allowed to serve the Armenian market without any restriction in the number of flights or aircraft size, provided it complies with safety regulations), which spurred the frequency of flights at Armenia s two international airports (in Yerevan and in Gyumri, Shirak region): there were 20,6% more passengers at these airports in 2017 than in The sector s contribution to Armenia s GDP is growing and amounted to 16% in ,6 1,4 1,2 1,0 0,8 0,6 Tourists entering Armenia, mn people Sources: National Statistical Agencies, The World Bank, FDI Markets, The World Travel & Tourism Council, The World Economic Forum, ArmInfo News Agency 12

13 Pro-Business Environment (1) Armenia is going through a period of reforms and evolves as a region to invest in and a business platform for projects. Armenia s key business and investment indicators: Geographically Free trade agreement with CIS member countries & EAEU membership. GSP*+ trade regime with EU countries (complete duty suspension across ~ 66 % of all EU tariff lines). GSP trade regime with USA, Canada, Switzerland, Japan and Norway. Member of the World Trade Organization (WTO). Financially No obstructions to currency exchange process. The banking system is stable and aligns with global standards. Companies registered by a foreigner have the right to buy land. Remittances/repatriation of profits are not restricted. Legally 3 Free Economic Zones with tax benefits and customs preferences. 100% foreign ownership of local business entities is allowed. Equal opportunities for local and foreign investors. *Generalized Scheme of Preferences Sources: The World Bank, Alliance FEZ, National Assembly of Armenia, European Commission 13

14 Pro-Business Environment (2) Since January 2015, Armenia has been a member of the Eurasian Economic Union (EAEU), which creates the following opportunities: Duty free import between EAEU member states. No customs formalities for mutual trade operations between EAEU member states, which leads to a reduction in costs and time saving for businesses. No technical trade barriers between EAEU member countries, due to application of the standard technical requirements of the EAEU. Business set-up: Maximum 2 business days are required to obtain the name reservation, business registration and tax identification number. All of the above can be done simultaneously at a single location. Company seal order, registration for VAT and registration of employees can be carried out at the same time as other registration formalities and during 1 business day. No minimum requirement for share capital. Companies are not obliged to hold physical general meetings (e.g. shareholder meetings) in Armenia, open accounts with local banks, hire local directors or any other employees. No work permit is required for foreign employees until Sources: The World Bank, National Assembly of Armenia, Armenia Highlights 2018 Deloitte. 14

15 General Tax Overview Tax and Tax base Tax rate Incentives Corporate income tax (CIT) on taxable profit. Withholding tax on dividends, interest, royalties. Withholding tax on insurance compensation, reinsurance payments, income received from freight. VAT Value added tax Property tax on cadastral value. Land tax on cadastral value. 20% For major exporters from Armenia CIT may be reduced to: 5% from mn USD export volume and 2% for more than 100mn USD of exports. Exempt from CIT are: Residents of Free Economic Zones; Income from some sales of IT; Income from the production of agricultural products (until 2025); Income from the production of handmade carpets. 10% Unless the rate is reduced under the tax treaty. 5% 20% VAT payments can be deferred for some types of imported goods for 1-3 years depending on the customs value of the goods. For 1 year: when the customs value of imported goods is below 170 thou. USD. For 2 years: when the customs value of imported goods is thou. USD. For 3 years: when the customs value of imported goods exceeds 730 thou. USD. 0,3% 1% Personal Income tax 23-36% Social Security tax 5% - 10% Sources: The World Bank, National Assembly of the Republic of Armenia, Armenia Highlights 2018 Deloitte, Vardanyan & Partners. 15

16 Foreign Direct Investment (FDI) Foreign investments Foreign Direct Investment, 2017 Foreign Direct Investment, mn USD 164mn USD 11% 23% FDI inflows by sectors, % 3% 30% ICT Alternative/Renewable energy Financial Services Transportation Food&Tobacco 30% 26% 23% 11% 7% Key investing countries Russia, France, Germany, Argentina, USA 26% Textiles 3% Sources: National Statistical Agencies, The World Bank, FDI Markets 16

17 Foreign Investors: Success Stories The huge success of several startups motivates innovative IT companies in Armenia to think about establishing their own startups of globally scalable business models. [ ] This will lead to building the Silicon Mountains in the country. Artashes Vardanyan, Director, MICROSOFT INNOVATION CENTER Trying to start and make an agribusiness in 2008, we bought 2000 hectares of land in Armavir. We employ more than 500 people from various regions and Yerevan. We are trying to take Armenia to the world in a bottle of wine. Juliana Del Aguila Eurnekian, CEO, KARAS WINES Sources: Enterprise Incubator Foundation, Business Armenia 17

18 Major Foreign Investors Renewable energy Hospitality Information & Communication Technology Mining & Extraction Transportation Financial Services & Insurance Food & Beverage* * Companies producing in Armenia 18

19 Investment Opportunities Armenia offers a number of diverse investment opportunities for companies that are interested in extending their operations overseas, especially in CIS, EAEU and Iran. A selection of examples of investment projects are listed below: Field Manufacturing Project Description Automobile disc brake pad sets manufacturing. Cost: 1,5mn USD. Sportmotors Racing LLC will manufacture and sell disc brake pads for passenger cars and mini busses for the Iranian and Russian wholesale markets. The company will act as an aftermarket manufacturer for European, Japanese, Korean and Russian light and middle weight vehicles with the capacity of up to 7 tons. Based on the current prices on the products and services market, Sportmotors Racing LLC has the potential of making over 1mn USD sales annually within the first five years of operation. More information and the detailed business plan: Link Manufacturing Sapphire Manufacturing. Cost: 20mn USD. IRR: 20% The purpose of this project is to grow sapphire crystals and manufacture sapphire plates. More information and the detailed business plan: Link Real Estate 33rd District Construction in Yerevan. Cost: 90mn USD. IRR: 12% Firdusi construction investment project is aimed at developing a 5,5 hectare land. The entire development area is divided into 18 parts. Every investor can choose the part suitable for specific function, according to master plan requirements. Current investment project is taking place under the patronage of the Armenian government, therefore each investor will receive unique benefits during its implementation. These benefits will be tangible during architectural project approval and construction permission processes. The government will also take care of landscaping and external engineering communication. More information: Link IT Data Center Construction in Yerevan. Cost: 21mn USD. IRR: 24% More information: Link Energy Jermaghbyur Geothermal Power Plant Construction. Cost: 44mn USD The goal is to construct the first geothermal power plant in Armenia with 25MW capacity in this area. More information and the detailed business plan: Link Energy 34 MW Semenovka Wind Power Plant. Cost: 42mn USD. IRR: 11% Based on the analysis of the landscape the project is evaluated for installment of 17 wind turbines each with an installed capacity of 2,0 MW. The totaled installed capacity of the wind park is 34,0 MW. More information: Link Sources: Invest in Armenia 19

20 State Support for Investors Local Organizations International Organizations Small and Medium Entrepreneurship Development National Center Business Armenia Asian Development Bank International Finance Corporation Austrian Development Agency International Trade Center Enterprise Incubator Foundation Center for Strategic Initiatives SCHNEIDER GROUP The World Bank German Society for International Cooperation (GIZ) Export Insurance Agency of Armenia Armenian Development Agency Source: Business Armenia, ADA, SME Development National Center of Armenia European Union United Nations Development Programme 20

21 Free Economic Zones (FEZ) Main advantages of FEZ: VAT: 0% New FEZ Profit Tax: 0% Gyumri Import customs duties: 0% Hrazdan Export customs duties: 0% Dividend taxes: 0% Real estate and property taxes: 0% New FEZ Sources: Alliance FEZ, Meridian FEZ, The Government of the Republic of Armenia, Ministry of Economic Development and Investments Map template by NordNordWest [CC BY-SA 3.0 ( from Wikimedia Commons (//commons.wikimedia.org/wiki/file:armenia_adm_location_map.svg) / Desaturated from original 21

22 FEZ Alliance (Yerevan, 2013) Number of FEZ Residents Based on RAO Mars factory and The Yerevan Computer R&D Institute. Residents from USA, UK, EU, and Russia. Production and export of high technologies. Residents are specialized in the following areas: electronics; precision engineering; pharmaceuticals and biotechnology; information technologies and software; alternative energy sources; industrial design; telecommunications Size: Manufacturing (production) & Service space: 56 thou. sq. m Office space available for rent: 11 thou. sq. m Office space, also suitable for organization of R&D centers and laboratories: 27 thou. sq. m Sources: Alliance FEZ, The Government of the Republic of Armenia 22

23 FEZ Meridian (Yerevan, 2015) Jewelry Watchmaking Diamond cutting Size: Manufacturing, Service and Office Area: 25 thou. sq. m Diamond Manufacturing Area: 6 thou. sq. m Exhibition Halls: 10 thou. sq. m Auxiliary Area: 10 thou. sq. m Jewelry in Armenia: Major residents: Accounts for 10% of Armenian exports. 20 medium-sized companies skilled jewelers. GDM Diamonds (Russia) Fancy Silver (Turkey) Bagezyan (Turkey) Gigoss Jewelry (Lebanon) Aroyan Jewelry (Russia) KG Diamond (USA) Sources: Meridian FEZ, The Government of the Republic of Armenia Icons made by Freepik from 23

24 FEZ Meghri (Syunik region, Iran border, 2015) Trade relations with Iran are being developed intensively. In addition to Meghri FEZ, the Interim Free Trade Agreement was signed between EAEU and Iran in Spring It is anticipated that it will contribute to the increase of mutual trade volume between the two countries, which has been on the rise since 2016 and amounted to USD 259mn in Beside the above agreement the International North South Transport Corridor* which includes a road connection from Meghri on the border to Iran to Bavra on the border with Georgia, has the potential to further foster the flow of goods through Armenia. Trade between Armenia and Iran 2017 Year-on- Year 259mn USD +8% Exports to Iran 84mn USD +12% Imports from Iran 175mn USD +7% Meghri FEZ is located next to the border with Iran, only 2 km from the Iranian Aras FEZ. Main sectors: jewelry, food processing, trade, logistics, tourism and leisure. Total area hectares: Industrial/Production area 40 thou. sq. m Office/Services area 10 thou. sq. m Warehouses/Logistics 15 thou. sq. m Business/ EXPO center 10 thou. sq. m Meghri FEZ hosts, among others: ArmHydroEnergyProject Arman&Partner Sources: National Statistical Agencies, Ministry of Economic Development and Investments, The Government of the Republic of Armenia, Eurasian Economic Commission, Polar Research and Policy Initiative, INSTC, RIA Novosti *International North-South Transport Corridor (INSTC) is a project of a multi-mode route for freight and passenger transportation that goes from Saint-Petersburg to Mumbai and aims at connecting the Indian Ocean and the Persian Gulf with the Caspian Sea, Russia and, potentially, Northern Europe. INSTC project member countries are Iran, India, Russia (the three countries having initiated the project), Belarus, Kazakhstan, Tajikistan, Oman, Armenia, Azerbaijan, Syria and Ukraine. The project was relaunched after the removal of the sanctions against Iran in

25 New FEZs FEZ in Hrazdan (Kotayk region) FEZ in Gyumri (Shirak region) The construction of a FEZ in the town of Hrazdan (Kotayk region) is a private initiative and was approved by the Government of Armenia on August 30 th The project is expected to involve over 50 residents by The main focus of the new FEZ will be directed towards IT sector. The organizer intends to invest 4mn USD; the residents are expected to contribute 15mn USD of investments by 2021 and another 30mn USD in the future. On February 21 st 2018 in the town of Gyumri (Shirak region) a Memorandum of Understanding on creation of a new FEZ was signed between the city administration and a private logistics company. According to the MoU, a territory of 330 ha will be given for construction of a new free economic zone, which is going to focus mainly on the logistics sector. The main advantage of the location is the availability of Gyumri airport that allows easy transportation of goods. Gyumri Hrazdan Sources: The Government of the Republic of Armenia, Lragir.am Map template by NordNordWest [CC BY-SA 3.0 ( from Wikimedia Commons (//commons.wikimedia.org/wiki/file:armenia_adm_location_map.svg) / Desaturated from original 25

26 SCHNEIDER GROUP in Armenia Felix Paytyan Head of Yerevan office SCHNEIDER GROUP Office in Yerevan will open on October 23 rd. Felix Paytyan is the Head of SCHNEIDER GROUP Office in Armenia and responsible for offering our services in the region. He received his Master s degree in the fields of Marketing and Commerce at the French University in Armenia (Jean Moulin Lyon 3). After graduation, Felix started working in Horeca industry as Marketing Manager. After a few years he was promoted to a Marketing Director position at Megasport Armenia, one of the leaders in the field of sports brands distribution and promotion in Armenia and Ukraine. In 2013 Felix joined Belgian Armenian Chamber of Commerce and later became its Vice President and Director for Armenia. He has been coordinating the process of business missions between Belgium and Armenia for promotion and deepening of bilateral commercial relations. Felix has an extensive experience in the fields of cooperation between the private and public sectors. The international profile of his working experience as well as an extensive networking with Armenian and international businesses makes Felix a reliable and efficient manager to assist your company in the region. 26

27 SCHNEIDER GROUP Services Market Entry Services ERP-systems & Accounting automation Interim Management Localization of production Tax & Legal Services SCHNEIDER_GROUP supports you with entering a new market within just a few days and without the hassle of company registration via our office-in-office solution. SCHNEIDER_GROUP supports you with setting up the right ERP system for your needs. SCHNEIDER_GROUP provides Interim General Director Services for your subsidiary in Armenia SCHNEIDER_GROUP provides you with overall support in all questions concerning the search for the right partnerships and construction of production in Armenia SCHNEIDER_GROUP provides you with overall support in all questions concerning tax & legal matters in the CIS, Ukraine and Poland. Market Analysis Distributor search Recruiting services Outstaffing Office-in-office solutions Fully equipped working desks with full office infrastructure Import handling Upgrade 1C accounting to a full ERP-System SAP-implementation Transparency in Accounting Automation of Accounting Controlling of Accounting We take over the function of the General Director and make sure all administrative obligations are met. CFO-Function Controlling-Function Compare industrial zones Cooperation with state authorities Search construction and project management firms Tax consulting Transfer pricing Legal consulting Due diligence and internal audit Compliance services 27

28 Ulf Schneider Managing Partner Felix Paytyan Head of Yerevan Office The exclusive right to the content of this presentation including the rights of translation, reproduction, transmittal, distribution and usage of the presentation and parts of it, in any way, as well as the rights to the company s logo and name SCHNEIDER GROUP, in existing and future publications in printed or electronic form, and the ability to confer rights to a third party belong to SCHNEIDER GROUP. The reproduction, alteration, transmittal or any distribution or usage of this presentation or parts of it, as well as of the company s logo or name SCHNEIDER GROUP in any way, need the written permission of SCHNEIDER GROUP in advance and shall be accompanied with the link to the SCHNEIDER GROUP website and reference to the copyright permission. SCHNEIDER GROUP 28

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