motherson sumi systems limited...sumitomo wiring systems ltd. (27.2%) : subsidiary of sumitomo...

Presentation

by

Motherson Sumi Systems Limited

17th & 18th September 2009

Sumitomo Wiring Systems Ltd. (27.2%) :

Subsidiary of Sumitomo Electric Industries , Japan

The third largest Manufacturer of wiring harnesses in

the world and the second largest in Asia with current

market share – about 20 % in the world passenger car

market

2

Motherson Sumi Systems Limited

Sehgal Family (SMFL*- 43.8%) :

Started Motherson Group in 1975

Started manufacturing Wiring Harness in technical

agreement with Tokai Electric Industries, Japan ( a

part of Sumitomo Wiring Systems) in 1983

Established Motherson Sumi Systems Ltd. (MSSL)

in JV with Sumitomo Wiring Systems Ltd. (SWS) in

1986

Group Turnover over USD 850 Million (2008-09)

Shareholding Pattern

As on date

Company Established in 1986 and listed in 1993

* SMFL : Samvardhana Motherson Finance Limited

SWS

27.3%

SMFL

39.6%

FIIs & Mutual

Funds

10.6%Public

18.3%

Sehgal Family

4.2%

Partners

Specialise in managing manufacturing

companies

Bring new technologies for customers

Acquire tested technologies from

collaborators

Amalgamation of technologies to

provide single window solutions to

customers

Collaborate with “follow-me” sources of

global OEMs

Develop long term relationships

Extend relationship to new business

areas

Existing Partners

Japan 12

Germany 6

Australia 2

Korea 2

Italy 2

China 1

Total 25

Growing with multiple successful

collaborations, oldest being over 23 years

Joint Venture Specialist

3

4

Diversified Global Customer Base

Business Portfolio

Geographical Spread

Vision 2010

Debt Equity Position

MSSL is providing Full System Solutions

to its customers from product design to

tooling, molding, manufacture, assembly

and supply of Integrated Modules like IP

(Dashboard) and Door Trim Modules

MSSL is working with various JV partners

on various technological platforms

With the acquisition of Visiocorp, the

group now owned a technology with

strong R&D setup & an extensive portfolio

of over 300 active patents

5

Vision : To be a Globally Preferred Solutions Provider

Business Profile (2008-09)

Mirror

14%Rubber &

Metal

8%

Polymer

17%Wiring

Harness(WH)

61%

6

2007-08

2008-09

15,674.74486.1

Rs. in Million

Wiring harnesses,

65.80%

Polymer component

21.60%

Rubber/metal machined

component&

others, 12.60%Mirrors, 1.74

13,351.6

4,369.6

2,207.4 352.6

Rs. in Million

*

* Includes SMR sales of Rs. 3,117 Million for One Month only

7

Leadership Position in Market

65% Share* of

Wiring Harness Market

In India for Passenger Cars

MSSL65%

Other35%

Wiring Harness

48% Share* of

Rear View Mirror Market

In India for Passenger Cars

One of the largest supplier of Plastic components & Modules

SMR30%

Others70%

Rear View Mirror (Globally)

Approx 30% Share* of

Exterior Rear View Mirror Market

Globally for Passenger Cars

* As accessed by the company

# MSSL including JV’s & Subsidiaries

#

#

Wiring Harnesses

Market Leader – With over 65 % market share of

passenger car wiring harnesses in India

Serving a global customer base

Strong presence in Europe Two-Wheeler & Material

Handling Equipment markets

Full Service Supplier with complete in-house

design capability

More than 20 Manufacturing Facilities

Vertical backward integration for critical wiring

harness components

Partners

Sumitomo

Wiring Systems,

Japan

Kyungshin

Industrial Co.,

S. Korea8

Wiring Harness-Backward Integration

Backward integration for critical inputs for wiring

harnesses such as wires, connectors, terminals,

fuses and fuse boxes

Direct exports to the customers as well as

exporting back to collaborators

Over 13000 Types of Wiring Harness Produced

Annually

Over 24000 Types of Components Handled in

Manufacturing

Over 20 Million Wiring Harnesses Produced

Annually

Wiring Harness

Design

Fuses & Fuse Boxes

Caps & Sleeves

In-house Facilities

Clamps & Binders

Grommets & Seals

Applicators JigsAssembly Boards

Circuit Boards

Material Handling

Process Engineering

Terminals

Connectors

Wires

Component Design

Tool Manufacturing

Component

Manufacturing

9

Rearview Mirrors

Samvardhana Motherson Reflectec, which acquired global rear

view mirror business of Visiocorp in March 2009 , is one of the

largest manufacturers of automotive rear view mirrors in the

world

The largest manufacturer of mirrors for passenger cars in India

Supplying products to nearly every major OEM totalling more

than 400 individual programs

More than 16 manufacturing locations across the world in

growing markets like China, India, Korea, Japan & Mexico

Technology leader with over 300 patents and a history of

innovationsFirst combined

power telescopic

and power folding

mirror

First turn signal

in exterior mirror

First Blind Spot Detection SystemPartners

Ningbo HuaXiang

Electronic Co.,Ltd.

China

50:50JV for China

Jae Seok Kim

Korea

90:10 JV for Korea 10

Samvardhana Motherson Reflectec (SMR) –

Innovation and Technology Leadership

• First to market

– SMR offers leadership in technology and styling options

First interior mirror

with multiple

functions

(Mercedes-Benz)

First turn signal in

exterior mirror

(Mercedes-Benz)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

First camera-

based blind spot

detection system

First combined

power telescopic and

power folding mirror

(Ford)

2007

First LIN-bus-

system in exterior

mirror (Jaguar)

First light guide

style turn signal

(Audi Q7)

First side-looker-

LED turn signal

(Hyundai)

11

Polymer Processing

One of the largest molded parts, assemblies &

module supplier to the Indian automotive industry

Comprehensive post molding & assembly

processes

Over 30 Manufacturing Facilities

Over 900 injection molding machines

Injection molding machines ranging from 5 ton to

3200 tons

Over 20 Blow Molding Machines

2K Molding Facilities

Global manufacturing, Global supplies

Partners

Sumitomo

Wiring Systems,

Japan

Balda,

Germany

Roki Mfg.

Co., Japan12

http://www.balda.de/

http://www.balda.de/

http://www.roki-jp.com/english/index.html

http://www.roki-jp.com/english/index.html

Elastomer Processing

Manufacturing processes include

Rubber Injection Molding

Silicon Injection Molding

Rubber Extrusion

Rubber Compounding

Supporting Collaborator with exports from India

Manufacturing parts for the Automotive, Measuring

and Control, Medical, White Goods and for other

Industrial applications

Five manufacturing Facilities spread over India,

U.A.E. and Australia

Partner

Woco Industrietechnik

GmbH, Germany 13

Metal Working, Modules & Non-Automotive

Partners

DREMOTEC GmbH

& Co. ORCA)

Germany

Machined Metal

Components

Specialise in machining of

high precision, critical

application metal

components

14

HVAC Systems for

cars

Manufacturing HVAC

Systems for passenger

cars

Modules including Body

Control Modules and

Engine Cooling Modules

Calsonic Kansei

Japan

Waste Recycling

Systems

Manufacturing and

marketing “Aerobin”, a

home and garden waste

containment system

Patented Areation

technology

Product launched in

Australia, Europe & Japan

E-Compost

Australia

ECompost

http://www.calsonickansei.co.jp/english/index.html

http://www.calsonickansei.co.jp/english/index.html

Increasing Content per Car

* Depictive range only

B-Pillar Trim

Interior Lamp

A-Pillar Trim

Door Trim

Inside Handle

Cockpit

Fuse Box

HTC

Wiring Harness

Grommets

Connectors

Net Front Grill

Boot CV Joint

Bumper

HVAC Systems

Scuff Plate

Exterior Mirror

Outside Handle

Wheel Hub Cap

Exhaust

Suspension

Garnish

Fuel Filler Door

Steering Column

Cover

Spoiler

Roof Rail

C-Pillar Trim

Roof Handle

Pedal Box Assembly

Box Floor Console

Battery Tray

Air Cleaner Assy.

Sunroof

Headlight

Interior Mirror

Compressor

Back Light

15

16


Business Portfolio

Geographical Spread

Vision 2010


17

Geographical Spread

Wiring Harness

Mirror

Mirror

Plastic Molding

Metal Machining

Representative Office

Wiring Harness

Plastic Molding

Injection Molding Tools

Silicon Rubber Injection Molding

Plastic Molding

Design EngineeringIRELAND

UK

GERMANY CZECH REPUBLIC

SHARJAH Rubber Extrusion

Waste Recycling Systems

Mirror

Representative Office Representative

Office

AUSTRIAAUSTRALIA

MAURITIUS

Strategic Sourcing

Wires

SINGAPORE

SRILANKA

Design Engineering

ITALY

Mirror

Representative

Office

USA

Mirror

FRANCE

MirrorSPAIN

MEXICO Mirror

MirrorHUNGARY

MirrorCHINA

MirrorKOREA

MirrorJAPAN

Presence in 20 Countries with

over 80 manufacturing

facilities

18

Locations in India

NOIDA & NCR REGION

KANDLA

BANGALORE

CHENNAI

PONDICHERRY

NASHIK Wiring Harness Wires Fuse Holders Tubes Plastic Molding & Assemblies Rubber Injection Molding IP, Door Trim & Bumpers Automotive Rearview Mirrors Design Engineering Components & HVAC

Rubber Injection Molding

Wiring Harness

Wiring Harness Plastic Molding &

Assemblies

Wiring Harness Wires Plastic Molding & Assemblies Metal Machining

Wiring Harness Wires Plastic Molding & Assemblies IP, Door Trim & Bumpers Automotive Rearview Mirrors Mirror Components & HVAC Rubber Molding Plastic Molding & Assemblies

Design Engineering

Being Established

PUNE

Plastic Molding & Assemblies

Sales Manufacturing MSSL

19


Business Portfolio

Geographical Spread

Vision 2010


Global Customer Base (08-09)

MARUTI SUZUKI INDIA LIMITED, 18.6%

HYUNDAI MOTORINDIA LTD, 13.6%

SEWS Hungary, 8.5%

FORD, 3.6%

TATA MOTORS LTD, 3.2%

MAHINDRA & MAHINDRA , 3.1%PIAGGIO & C. spa, 2.7%

HONDA SIEL CARS INDIA LTD, 2.3%

Continental Automotive -Group ( Siemens), 2.2%

Others, 42.2%

20

Global Customer Base (08-09) SMR*

21*For the month of March 2009

Global Customer Base (08-09) – Combined*

MARUTI SUZUKI INDIA LIMITED, 16.6%

HYUNDAI MOTOR INDIA LTD, 13.5%

SEWS Hungary, 7.5%

Ford, 5.2%

TATA MOTORS LTD, 3.1%

MAHINDRA & MAHINDRA , 2.7%PIAGGIO & C. spa, 2.4%Volkwagen Group, 2.1%

General Motors , 2.2%

Others, 44.7%

* Taking one month Sales into consideration 22

Export Profile

23

Domestic

56%

Exports

44%

24


Business Portfolio

Geographical Spread

Vision 2010


Vision 2010 – How Close are we…!

14040

6018

25956

20281

15276

7812

10155

5000

8000

11000

14000

17000

20000

23000

26000

2004-05 2005-06 2006-07 2007-08 2008-09 Q1 08-09 Q1 09-10

Rs

. in

Millio

n 22839

3117

SMR Figures (2008-09) for One Month

CAGR

35.03%

Figures for 2008-09 includes SMR for one Month.

Compound Growth Rate over 2004-05

Indian Passenger Car Market : 11.02 %

MSSL Domestic Sales : 26.84%

MSSL Sales outside India : 50.71%

For the FY 2008-09 :

MSSL Growth Rate : 28%

MSSL Growth Rate (with out SMR) : 12%

25

Make MSSL a Billion Dollar Company

SMR Figures (2009-10) for Q1

8824

108

VML figures (2008-09) for Q1

26

36% 37%

44%41%

71%

60%

33%29%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

2009-

10

Q1 08-

09

Q1 09-

10

Pe

rce

nta

ge

Target64% 63%

29%

56%59%

67%71%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2004-05 2005-06 2006-07 2007-08 2008-09 Q1 08-

09

Q1 09-

10

Pe

rce

nta

ge

60% of our consolidated turnover should

cater to the requirements of our

customers outside India


Domestic Exports

Domestic Vs Export

27

5,582 6,788

9,752

12,817

14,431

3,543 4,115

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2004-05 2005-06 2006-07 2007-08 2008-09 Q1 08-09 Q1 09-10

Domestic Sales

2,230

3,367

5,524

7,464

11,525

2,475

9,925

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2004-05 2005-06 2006-07 2007-08 2008-09 Q1 08-09 Q1 09-10

Export sales

Rs

in

mil

lio

ns

Rs

in

mil

lio

ns

CAGR

26.80%

CAGR

50.78%

SMR Figures (2008-09) for One Month

SMR Figures (2009-10) for Q1

322

8502

2984

133

Performance Q1 (2009-10)

TOTALQ1

2009-10

Q1

2008-09

Growth

In

Percentage

Percentage

of Total

Consolidated

DOMESTIC 4114.89 3,542.45 16.2% 29.3%

EXPORTS 9,925.49 2,475.00 301.0% 70.7%

Total 14,040.38 6,017.45 133.3% 100%

Standalone

DOMESTIC 2,950.60 2,669.91 11% 85%

EXPORTS 521.56 793.87 -34% 15%

Total 3,472.16 3,463.78 0.24% 100%

Rs in millions


28

29

20%18% 18% 17%

27%

23%

0%

5%

10%

15%

20%

25%

30%

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

Perc

en

tag

e

20%18% 18% 19%

27%

23%

0%

5%

10%

15%

20%

25%

30%

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

Pe

rce

nta

ge

With SMRWithout SMR

Vision 2010 – How Close are we…!Have a customer profile where contribution from

any individual customer in our turnover shall

not be more than 20% of the total turnover

Target Target

Focus on Profitability – Profit Before Tax

Profit Before Tax

11301261

2264

2560

1625

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

2600

2004-05 2005-06 2006-07 2007-08 2008-09

Rs

. in

Mill

ion

1. Exceptional Items included are:

2. Company provides premium on redemption of

FCCB(in case conversion doesn’t happen) and

exchange fluctuation which is charge to P/L account

Figure in Rs. Million

2007-08 2008-09

Income - 1008

Profit on Sale of Land 240 -

Exchange Fluctuation On

FCCB(266 ) (249)

Impairment of

Investment- (110)

2007-08 2008-09

Exchange

Fluctuation 266 249

Premium on

Redemption 165 154

Total charge to

P/L 431 403

Cumulative till

date charged to

P/L825 1228

30

CAGR

22.68%

Focus on Profitability – Profit After Tax

31

Profit After Tax

1071

1295

17631779

840

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2004-05 2005-06 2006-07 2007-08 2008-09

Rs

. in

Millio

n

1. The Profit after tax with adjustment in Minority

Interest are as follows:

Figure in Rs. Million

2007-08 2008-09

PAT(Profit after

Tax)1750 2212

Less Minority

Interest (28) 449

Concern Share 1779 1763

EPS 5.03 4.96

CAGR

20.36%


32

Particulars

Three months ended

June 30, 2009 June 30 2008

SMRConsolidated Without

SMRConsolidated

Net Sales/Income from Operations 8,824 5,216 6,017

- Within India 3,22 3,793 3,542

- Outside India 8,502 1,423 2,475

Profit Before Interest Depreciation & Tax 151 740 637

Exceptional Income / (Expenses) (171) - -

Profit Before Tax (427) 443 368

Profit After Tax (444) 315 303

Minority Share (221) (17) (13)

Profit After Tax (Concern Share) (223) 332 316

(Rs. in Million)

33

1. Significant Capital Expenditure in last 2-3 years

2. Full cost on FCCB charged is charged to P/L account

3. Capex for 2009-10 (estimated) : Rs 3000 million to

Rs. 4000 million


Strive to maintain business ROCE of 40%

28% 28%

21%

40%

32%

39%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

2009-

10

Perc

en

tag

e

Target2007-08 2008-09

Standalone 1690 2094

Consolidated 2260 2811

Figures in Rs. Million

34


Shift our stated dividend policy of 40%

payout of the company’s profits to 40% payout

of the consolidated Profits

32% 32% 32%

40%

29%32%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2004-

05

2005-

06

2006-

07

2007-

08

2008-

09

2009-

10

Perc

en

tag

e

Target

268

308

412

562562

Update on SMR

35

Background :

MSSL (51%) along with SMFL (49%) acquired Rear View Business of Visiocorp plc (in administration )

on 6-3-2009. For this purpose the company has subsidiary under the name “ Samvardhana Motherson

Reflectec & referred to as “ SMR “

The purchase consideration is as follows :

Payment to administrator : Euro 25 millions ( approx.)

Issue of consideration shares : 5 % of SMR having capitalization of Euro 30 millions.

Rationale behind acquisition :

Acquisition was done on behest of customers

Favorable valuation – Potential to unlock substantial value under normalized conditions in near future

Familiarity with the business –

Successfully running business in India for more than 13 years

Indian Business in partnership with erstwhile Visiocorp since 1995

Update on SMR

Complete Synergy with the Group :

Mirrors is synergistic product and brings resourcing value into the MSSL’s already existing business

lines of Wiring Harness ( annual buying : Euro 28 millions ) , Polymer Processing & Elastomer

Opens new markets for MSSL like China, Mexico, USA, Korea, Japan, Spain, France & Hungary

Opportunity for Group professionals to take on more responsibilities and increases morale

Acquisition of Visiocorp has propelled MSSL in to the worldwide Tier 1 league

Present Status of SMR :

Results of SMR fully consolidated for first time in June 2009 results

SMR achieved EBITDA positive in the first quarter

Customers reposed confidence in acquisition

New orders received : significant orders of Euro 500 millions to be serviced from 2011 over period of

5 years received from German customers

Company’s action of restructuring under execution as per plan

36

37


Business Portfolio

Geographical Spread

Vision 2010


885 1,380 1,165 1,4581426 339 1468 542

3,0712,891

3,0712,891

3247

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

Standalone(08-09) Standalone(07-08) Consolidated (08-09) Consolidated (07-08)

Short Term Long Term FCCB SMR

4158

Net Worth

4025

7831

5359

Debt – Equity Position

38

2007-08 2008-09

Standalone 327 179

Consolidated 954 841

SMR - 1926

Cash and Bank Balances

Figures in Rs. Million

Rs. in

Millio

n

39

MSSL Subsidiaries & JV’s

India

VISIOCORPMOTHERSON LTD.

SMR

BALDA MOTHERSON SOLUTION INDIA LTD.

51%

60%

40%

Sharjah Europe

WOCO MOTHERSON LTD. (FZC)

MSSL MIDEAST (FZE)

MSSL TOOLINGS LTD.(FZE)

MOTHERSON SUMI

WIRING SYSTEM LTD.

(FZC)

MSSL IRELAND PVT. LTD.

(Ireland)

MSSL POLYMERS GmbH(Germany)

MSSL GB LTD. (U.K.)

MOTHERSON ORCA PRECISION TECHNOLOGY

GmbH (Germany)

MSSL ADVANCED

POLYMERS S.R.O.

(Czech Republic)

GLOBAL ENVIRONMENT MANAGEMENT (FZC)

MSSL

100%

100%

100%

51%

100%

66.7%

WOCO FRANZ JOSEF WOLF HOLDING GmbH

49%

21.18%

100%

100%

33.3%

51%

78.82%

KYUNGSHIN INDUSTRIAL MOTHERSON LTD.

WOCO MOTHERSON ELASTOMER LTD.

WOCO MOTHERSON ADVANCED RUBBER TECHNOLOGIES LTD.

33.3%

50%



50%

66.7%

66.7%

49%

MOTHERSON

ELECTRICAL WIRES

LANKA PVT.LTD.

MSSL

100%

Sri Lanka

MSSL

Australia

78.82%GLOBAL ENVIRONMENT

MANAGEMENT

AUSTRALIA PTY. LTD.

CALSONIC KANSEI

CORP.

CALSONIC KANSEI MOTHERSON AUTO PRODUCTS LTD.

51%

BALDA AG

49%

80%MOTHERSON

ELASTOMERS PTY. LTD.

DREMOTEC GmbH &

Co.KG (ORCA)

49%

MSSL

33.3%

MSSL

SUMITOMO WIRING SYSTEMS LTD.

E-COMPOST PTY LTD.

KYUNGSHIN

INDUSTRIAL CO.

40

SMR* Subsidiaries & JV’s

Asia

100%

Europe

Visiocorp UK Ltd.

Visiocorp France SA

Visiocorp Hungary Bt

Visiocorp Grundbesitz

GmbH & Co KG

Visiocorp Espana SAU,

Spain

100%

100%

100%

100%

VISIOCORP MOTHERSON LTD. INDIA

VISIOCORP POONG

JEONG LTD. KOREA

NINGBO VISIOCORP

HUAXIANG AUTOMOTIVE

MIRRORS

90%

51%

49%

10%

50%

100%

VISIOCORP USA INC.

SMR

100%

USA/ Mexico

SMR

50%

SMR

VISIOCORP AUTOMOTIVE

BEIJING CO LTD. 100%

VISIOCORP AUTOMOTIVE

YANGCHENG CO LTD.100%

MOTHERSON SUMI

SYSTEMS LTD

VISIOCORP AUSTRALIA

PTY LTD.

VISIOCORP TAREE PTY

LTD.

Australia

100%VISIOCORP

SERVICIOS

SA DE CV, MEXICO

SMR

Visiocorp Patents Lux

Visiocorp Group

Services GmbH

Visiocorp

Verwaltung GmbH100%

100%

94%

100%

100%

Visiocorp

Beteillgungs GmbH

*In SMR , MSSL holds 51% & SMFL holds 49%

Customer Recognition

Performance Award

Incoming Quality

Improvement– 2008- 09

Performance Award

MPS

2008- 09

Performance

Award

Part

Development

2008- 09

Performance

Award

System Audit

2008- 09

Performance

Award

VA-VE

2008- 09

Performance Award

Overall Excellence

2008- 09

Vendor Quality

Awareness Quiz Award

2008-09

41

Award for Zero Defect

Supplies 2008


Supplier of the Year

Gold Award 2008

Gold Award in Delivery

2008-09

2nd runner up in Kaizen

Competition organized by HSCI

Best Vender Award

2007

Best Cooperation Award

2008

National Top Performer

for Service Part Supply

2008

Bronze Level Certification

received in Supplier Quality

Excellence Process

Outstanding Performance in Development

for the year 2008-09

42

Quality Award – 2001 & 2002

DAIMLER


2004

Global Supplier of The Year

Award for Best performance

Supply Chain Management

2007-08

Best Vender Award

Quality

2007

QDC Award 2006Best Supplier Performance Award

2005

Award For QCDDM

(Electrical) -2007-08

Best Response to

New Part Development

2007

43


Outstanding Efforts On

Quality Improvement 2007

Award for Outstanding Overall

Performance 2007-08

Quality Improvement Award

2007

Outstanding Supplier

Performance Award 2005 Award for Best Supplier 2006

Award for Outstanding

Quality & Delivery 2004

Outstanding Delivery

Performance 2009

Overall Best

Supplier Award

2005-06

Best Supplier

for Strategic support

2005-06

44

Safe Harbor

Certain expectations and projections regarding future performance of company referred to in this

presentation may be “forward-looking” statements within the meaning of applicable securities laws and

regulations. These are statements which the management believes are true at the time of their

preparation based on available data and information and are subject to certain future events and

uncertainties, which would cause actual results to differ materially from those anticipated in these

forward-looking statements. Factors influencing forward looking statements include the operating

environment and foreign currency exchange fluctuations.

45

Thank You …

A Relationship Built on Trust

motherson sumi systems limited...sumitomo wiring systems ltd. (27.2%) : subsidiary of sumitomo...

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