Step 7: Contribution Margins – BSA LimitedMy company BSA ...



ASSIGNMENT STAGE 2: Step 7 to 10By Monika BoltonStep 7: Contribution Margins – BSA LimitedMy company BSA Limited, offers many different products under their three main services: BSA Build; BSA Connect; and BSA Maintain. I must admit that this resulted in a little difficulty whilst determine which three products to use and calculate the contribution margins for. After examining each service area and what BSA offers, I decided to go with three products that I believe are widely known across Australia, are popular with many markets today and are utilised in all industries as well as for personal use. These three products are roof top solar panels, fire extinguishers and fire hose reels. Unfortunately, BSA does not list their selling price on their website for their products, as I am assuming that pricing and costs would be issued through quotes. As a result of this, I have researched these products and have been successful in finding an average selling price that I am confident BSA Limited would charge for their products.center469929300Product 1: Roof Top Solar PanelsBesides requesting an actual quote through BSA Limited for the selling price of their solar products, my best alternative from researching the average cost of a solar panel in Australia was to use the information provided on solar quote websites. I discovered that an average household would require a 5kW solar system to meet the power needs for a day, so I decided to go with this size when looking at average costs. On majority of solar pricing websites, I found that a 5kW solar system ranges from $4,500 to $8,000, so I decided to go with a price right in the middle of these two figures, which is $6,250. This is what I feel is most realistic for BSA Limited’s selling price for roof top solar panels. center541867003066415741480168025987532Product 2: Fire ExtinguishersAs we all know, there are many types of fire extinguishers on the market. For the purpose of this assignment, I will be referring to a powder fire extinguisher, as this is one of the main types of extinguishers used in a workplace and households due to it being a multi-purpose extinguisher. As previously mentioned, BSA Limited has not listed their selling price for fire extinguishers on their website or anywhere that I could find, therefore I have provided some pricing of powder fire extinguishers that I sourced from two different companies below. 264922028257500right611759000Big Safety have powder fire extinguishers listed for sale as $99. This is for a 4.5kg extinguisher.52514531369000Officeworks offer the same extinguisher, but for a more budget friendly price of $69.90. 26062201479550As you can see, this is a difference in price of approximately $30. From doing some research, I discovered that powder fire extinguishers do range in price, however if I determine my realistic selling price on these figures, I am setting my selling price as $85 (an average price for this type of fire extinguisher in the market).Product 3: Fire Hose ReelsI found that the price for a fire hose reel also ranges throughout the market, however the higher-quality reels are generally priced between $300 to $800. This can be seen below.Fire Extinguisher Sales generally lists a standard fire hose reel as $330, however when researching this the price was reduced to $242.4339742178830200Bunnings also sells fire hose reels; however, I found their pricing to be a lot higher than others. They listed a similar fire hose reel as $791. See below.center64775600339587210579700From what I have interpreted so far about BSA Limited, the company strongly communicates that quality is of utmost importance to them, as well as high safety standards. Knowing this, I would assume that their selling price for their fire hose reels are relatively high. Thus, I feel it is fair to set BSA’s selling price as $500 for their fire hose reels, as this price seems to reflect a realistic selling price for BSA. Selling Price TotalsI am confident that each selling price I have estimated below represents BSA Limited’s values and is realistic in comparison to BSA’s actual selling prices. ProductSelling PriceRoof Top Solar Panel$6,250.00Fire Extinguisher$85.00Fire Hose Reel$500.00Variable CostsAs predicted, I could not locate any information on variable costs whilst reading BSA Limited’s financial reports. As Maria stated in her video on Moodle, variable costs are usually not broadcasted to the external environment, only the internal. Due to this, I have estimated a variable cost for each product that I believe is reasonably realistic. Due to solar power being such a large service offered by BSA and a product that is continually growing more popular throughout the country, I have allocated a high variable cost of 90% to the roof top solar panels. From what I have researched on my company, roof top solar panels are a high-volume product. Maria states in her contribution margin video on Moodle that high-volume products generally have small margins and therefore high variable costs.In regards to the fire extinguishers and fire hose reel, I believe that these products are not as much of a high-volume product like the solar panels, therefore I have allocated a variable cost of 60% to each. ProductSelling PriceVariable Cost %Variable CostContribution MarginCM = SP - VC1. Solar Panel$6,250.0090% (0.9)$5,625.00$625.002.Fire Extinguisher$85.0060% (0.6)$51.00$34.003.Fire Hose Reel$500.0060% (0.6)$300.00$200.00From the above figures, it is clear that the fire extinguisher and fire hose reel have a lower contribution margin for BSA’s fixed costs, when comparing this against the solar panel contribution margin. Although solar panels have a higher contribution margin, if you compare this to the selling price, is it actually a small amount (10%). When looking at the fire extinguisher and fire hose reel, their contribution margin is larger when comparing it to the selling price. This could potentially be due to the fact that BSA most likely purchases fire extinguishers and fire hose reels from suppliers, and profits by selling them to consumers with installation included, thus minimal variable costs. With roof top solar panels, there is a lot more involved in the selling of the product as well as the installation, thus higher variable costs and a smaller contribution margin percentage. For BSA, it is important for them to offer a large range of products and services, to give their consumers a choice. It is not worth the company only selling products that offer a higher contribution margin, as this is not the reality of business. ConstraintsI would say that the main constraint for BSA Limited is its competition (other companies that specialise in selling the same products). For solar panels, some of these companies include Infinity Solar, Solargain, Energy Matters and Nicholls Solar. These are some of the top companies in Australia that sell solar panels to a wide range of industry sectors. For fire extinguishers and fire hose reels, two main competitors would be Aegis Safe and Wormald, as both of these companies specialise in fire safety and fire safe products.I personally believe that BSA Limited’s constraint being competitors can potentially have an impact on how many units of each product they sell, as BSA will have to ensure they are not over producing. This could result in a waste of resources and money. With competitors, I believe it is important as a company to ensure that production remains sustainable, and matches competitor production. Step 8: RatiosBefore completing this step, my understanding of ratios was limited. To be fair, I can not even remember the last time I worked with ratios. Due to this, I was a little nervous when first learning that one whole step of this assignment was based on ratios. Once I started watching Maria’s video on Moodle, I let out a sigh of relief as it looked easier than I first assumed. In fact, having the instructions/equations written on the spreadsheet itself meant that there was essentially no room for errors to be made. I was relatively confident with my progress until I reached the market ratios section. I had a feeling right from the beginning that I hadn’t quite entered the number of issued ordinary shares correctly (like Maria states to in her video). This part was a little confusing for me as I didn’t quite grasp the whole idea of ensuring this number matched my firm’s dollar amount at the top of the spreadsheet (in my case – ‘000). Due to my lack of understanding on this, my market ratio figures seemed incredibly wrong. I reached out to Martin, and thankfully he was able to point me in the right direction to ensure I am matching one side of the ratio to the other side equally. For example, I was attempting to match my left side (in thousands) to my right side (in millions). This was incorrect, thus resulting in incorrect figures. Once I had figured this out, I was a lot more satisfied with how my ratios were looking for this part. I was already a lot more confident as my figures were more realistic.Profitability Ratios2018201720162015Net Profit MarginNet profit after tax/sales0.3%0.8%-0.4%0.7%Return on AssetsNet profit after tax/total assets1.0% 2.6%-1.6%2.7%I found the profitability ratios to be relatively easy to understand. From what I have learned, for every dollar of sales, the profit made by BSA Limited is called the net profit margin. In BSA’s case, it appears that in 2015, their profit from every dollar of sales was only $0.007. In my opinion, this is shockingly low. They didn’t even make a profit of 1 cent per dollar of sale (only 0.7 of a cent was made in profit). In 2016, they performed even worse as they did not make any profits at all, at -$0.004. From looking back at their financial statements, they were at a huge loss of $2,219,000. This explains why their net profit margin for this year was negative. In 2017, they jumped back up to making a profit of $0.008 per dollar of sales. This was the best year so far from what I could see, however they still have not succeeded in profiting 1 cent or over for each dollar made. The year 2018 is also low, at $0.003. After completing these ratios, I was astounded. I couldn’t believe how low BSA’s profit was. The return on assets is the amount turned into profit from every dollar of assets used. In 2015, BSA made $0.027 per dollar of assets. This is 2.7 cents. Although this is better than the net profit margin figures analysed above, this is still very low. No surprise, 2016 was worse again with -$0.016 per dollar of assets. 2017 was looking better as BSA turned $0.026 into profit from each dollar of assets. 2018 was back down to $0.01 (1 cent per dollar of assets). From looking into my company, it is understood that 2016 was a huge year for them. Their revenue was the third lowest in the 4-year period, and their total expenses for the year were huge. The company completely revamped and redesigned their structure, which resulted in them spending much more than they earnt that year. The profitability ratios show a negative for this year, which is understandable as 2016 was one of the busiest years for them. The trends for both the net profit margin and return on assets seems to be heading in a downhill direction. Both figures for the year 2015 are higher than for the year 2018. I believe that this is not a good sign for BSA Limited, as it would make more sense for the company to be earning a higher profit, which is what they aimed for when spending large amounts of money in 2016. I am curious to know what their 2018/2019 results will be.Efficiency Ratios2018201720162015Days of InventoryInventory/av.daily cost of goods soldNANANANATotal Asset Turnover RatioSales/total assets3.553.213.713.84Even though BSA Limited has an inventories item listed under their assets in their financial statements, it appears that the company has not disclosed their cost of sales, therefore I found it difficult to complete the days of inventory ratio. Being unsure on this, I searched on the unit Facebook group to see if anyone else had this issue, and it turned out that there were quite a few questions related to this problem. I went with Martin’s suggestion and entered NA for this ratio, as it was impossible to find a figure for cost of sales. I believe that because BSA Limited is more service related rather than product related, they most likely would not have a lot of costs for sales anyway. This is only my opinion on the matter.In regards to the total asset turnover, for every dollar of assets, BSA Limited made $3.84 in sales in 2015, $3.71 in 2016, $3.21 in 2017 and $3.55 in 2018. I am confident that these figures represent a good ratio. I feel as though low figures for this ratio would mean poor performance from assets, which is never good. The trend for these figures seems to be constant, which is better than a downhill looking trend. Liquidity Ratios2018201720162015Current RatioCurrent assets/current liabilities1.131.131.081.09For every dollar of liabilities, does BSA Limited have a dollar of assets? Yes, in fact they do! BSA’s current ratio is for each dollar of liabilities, the company has $1.09 in assets for 2015, $1.08 for 2016 and $1.13 for 2017 and 2018. This upward trend seems to be representing a slow increase in assets compared to liabilities. This is definitely a positive result for BSA, as generally firms should at least be 1:1 for this ratio. For BSA this is certainly the case, with a rising amount each year.My understanding is that if the company does not have a dollar in assets for every dollar in liabilities, then it is likely that the company has more debt and borrowings. For BSA, they currently have more assets than liabilities and essentially debt. This is good for BSA.Financial Structure Ratios2018201720162015Debt/Equity RatioDebt/equity251.8%237.0%232.2%223.5%Equity RatioEquity/total assets28.4%29.7%30.1%30.9%Debt RatioDebt/total assets71.57%70.33%69.89%69.09%100%100%100%100%In 2015, for every dollar that BSA Limited’s owner is putting in to the company, a bank is putting in 223.5%, which is essentially $2.24. This is more than double what the owner of BSA Limited is putting in. For the following three years, it appears that this amount is increasing with the bank contributing $2.52 for 2018. For this reason, it is clear that BSA relies heavily on bank loans. After analysing the above current ratio under liquidity ratios, and now the debt/equity ratio, I feel that my original understanding of the current ratio may not be correct. I thought that by BSA having a higher number of assets than liabilities, that this means they are relying less on loans and have a smaller debt. I now see that this assumption was incorrect, and by doing the debt/equity ratio, I can see that BSA does in fact rely on loans from the bank, as it is clear that the bank is contributing more than the owner is. I now see that by having a lot of assets does not necessarily mean you are ahead; it just means that these assets have been mostly funded by the bank.By completing the equity and debt ratio, I have also been able to see a clearer picture when determining just how much the bank contributes to a dollar compared to the owner. For 2015, the owner had contributed 30.9% which is essentially 31 cents to the dollar, whilst the bank contributed a significantly larger portion which is 69.09% or 69 cents. In 2018, the owner has contributed less again being 28 cents, and the bank 72 cents. It appears from these figures that BSA is relying more and more on the bank throughout the years, as 2018 has a lower contribution from the owner compared to 2015. To me this seems a little scary, however I do know that BSA had a huge year in 2018, with a major restructure of the company. This potentially could be the reason why the company has relied more on the banks in recent years, due to the large amount of expenses they’ve had. Market Ratios2018201720162015Earnings per Share (EPS)Net profit after tax/nos of issued ordinary shares0.0040.009-0.0050.009Dividends per Share (DPS)Dividends/number of issued ordinary shares0.0050.0000.0000.000Price Earnings RatioMarket price per share/earnings per share82.4936.28-46.6918.01The market ratios had me quite confused in the beginning. This was definitely due to my lack of understanding in ensuring that all my numbers were presented in millions, not thousands and millions… but also, it was due to the extremely small earnings per share figures that I got. The earning for each share in 2015 was 0.9 of a cent (not even 1 cent!). In 2018, it was even less at 0.4 of a cent. This was difficult to comprehend as I expected the earnings per share to be a lot higher, at least a dollar or two. And then next, BSA Limited paid nothing out in dividends for years 2015, 2016 and 2017, and ended up paying more dividends per share in 2018 than what the company actually earnt per share. It is clear that for the last four years, earnings were not great, therefore resulting in BSA not paying out any dividends. I personally believe that the company was occupied with so many projects and changes, which left no room for a profit to be made. Thus, no dividends were paid.For the price earnings ratio, the figures show me that if I were to invest in BSA Limited, I would have to wait 18 years to be paid back for my investment if I were to buy a share back in 2015. In 2018, I would have to wait 82 years to be paid back. This seems to me that it is definitely not worth investing in BSA. I know that I wouldn’t want to be waiting around for 82 years! Sure, each year this figure changes, however it does not look promising at all. Hopefully with all of the changes and restructuring BSA has been doing in the last four years, these figures will start to look more inviting, however right at this moment I think I’d keep my money and wait and see what the next couple of years bring.Ratios Based on Reformulated Financial Statements2018201720162015Return on Equity (ROE)Comprehensive income/shareholders’ equity3.47%8.72%-5.35%8.88%Return on Net Operating Assets (RNOA)Operating income after tax (OI)/net operating assets (NOA)4.61%11.88%-6.53%14.11%(compare to ROA)Net Borrowing Cost (NBC)Net fin. Expenses after tax (NFE)/net financial obligations (NFO)33.63%4.85%2.87%3.60%Profit Margin (PM)Operating income after tax (OI)/sales0.36%0.89%-0.36%0.80%(compare to NPM)Asset Turnover (ATO)Sales/net operating assets (NOA)12.8713.3618.2117.65(compare to TATO)Economic Profit(RNOA – cost of capital) x net operating assets (NOA)-$2353.93$693.42-$4645.66$1266.90The return on equity ratio shows us that for every dollar of shareholders equity, they were turning 8.9 cents into profit in 2015, losing 5.4 cents in 2016, turning 8.7 cents into profit in 2017, and lastly 3.5 cents in 2018. It appears that in the beginning BSA Limited was doing a lot better than of late, as they are now turning 5.4 cents less profit from shareholders equity. This negative trend represents a decrease in profit, which is disappointing for the firm.When looking at the return on net operating assets ratio, it is clear that when separating operating assets from financial assets, and comparing these figures to the return on assets listed under the profitability ratios, that operating assets have a larger return than operating and financial assets combined. In 2015, the return on assets was 2.7% (2.7 cents), whereas the return on operating assets was 14.11% (14 cents). In 2018, the return on assets was 1.0% (1 cent) compared to the return on operating assets at 4.61% (4.6 cents). It is clear that operating assets generate a greater return, however the common factor is the downward sloping trend.I can see from the net borrowing cost ratio figures that from years 2015 – 2016, the net borrowing cost decreased by 0.7%, however when I look back at the debt ratio listed under financial structure ratios, the ratio increased by 0.8%. As a result of these figures, I believe that BSA Limited has managed to borrow at a lower rate in 2016, which is a good thing. For years 2017 – 2017, the net borrowing cost increased by a massive 28.8%, which is not great for BSA, as this was obviously a more expensive year to be borrowing money.For the profit margin ratio, my figures are not much different from my net profit margin listed under profitability ratios. There is a slight improvement due to separating the operating income from the financial income, but nothing too major. It is clear that my profit margin is very small, as the figure for 2015 is 0.8% (0.8 of a cent) and 0.36% (0.3 of a cent) for 2018. In my opinion, these are ridiculously small figures, and show a negative trend for BSA Limited’s profit margin.For every dollar of operating assets, BSA Limited has turned $17.65 into sales for 2015, $18.21 for 2016, $13.36 for 2017 and $12.87 for 2018. This can be demonstrated by the asset turnover ratio. When comparing these figures to the total asset turnover ratio listed under efficiency ratios, these numbers are significantly larger. In 2015, the total asset turnover was $3.84. In 2018, it was $3.55. The difference in these figures really show how again by separating the operating assets from the financial, we see a more realistic figure. I think the asset turnover ratio figures are great, as they are quite high. It does look like there is a downward trend occurring though; which suggests that in 2018, BSA was not using their assets as efficiently as they were in 2015.And for the last equation of this step, the economic profit is clearly demonstrating a negative trend from 2015 through to 2018. In 2015, economic profit was at $1266.90. This confirmed that the return on net operating assets was greater than cost of capital for that year. In 2016, economic profit was -$4645.66, which meant BSA’s return on net operating assets was less than cost of capital. I believe this is due to the extensive amount of work and changes to the company that BSA carried out in 2016. The length of time it took to complete the work meant that there was no time to earn a return on the cost of capital for the remainder of the year. This is simply my assumption and, in my opinion, explains why there was such a dramatic economic loss. The economic profit figure for years 2017 and 2018 were $693.42 and -$2353.93. I believe that the economic profit was positive again in 2017 due to a smaller amount of spending. It seems that BSA sat back and relaxed for the year, which allowed them to earn a return on the cost of capital they spent the year before. Again, in 2018 BSA commenced a large number of projects to completely restructure the company which has resulted in another negative economic profit result. From what I can see so far, I think the 2018/19 results will be interesting. I am definitely curious to know if BSA’s predictions are correct in thinking that the huge changes and updates they have made will result in positive results for the year ending 2019.(still to compare ratios and economic profit with other students here)Overall, I believe that by completing step eight and by breaking my firm into tiny bits, that I am now confident in knowing how my firm is actually performing. I really did believe that I had a pretty good knowledge of how my firm has been performing over the last 4 years, however I have now learnt that there really was so much more to know! Being able to delve deeper into the return on assets, and the percentage that the owner and banks each contribute was eye opening. I truly believed that BSA Limited were performing well overall for the last four years, but now I know so much more and can clearly see that BSA Limited is really only breaking even. The company is not doing exceptionally well; however, they are surviving. Without completing this step, I generally would have had no idea about the capital profit and what the drivers are that resulted in BSA Limited being in the position it is currently in. I am happy that I now have broader knowledge base on BSA Limited’s performance, and now I will be curious to learn about a lot of other companies. It has definitely changed my perspective on firm performance. Step 9: Capital InvestmentBSA Limited is considering expanding to Far North Queensland, as their only Queensland location currently is Brisbane. They are considering building a firm in Townsville and/or Cairns. Ideally, BSA Limited has no plans to close down their firms, as they are aiming for a permanent and successful expansion that services all of North Queensland. Due to the success of their firm relying on many different factors, such as entering a market that already has quite a number of monopolistic firms already such as Telstra and Ergon Energy, it is suggested that each of these projects be given a length of 10 years. This will allow the BSA brand to gain awareness in the region.If either firm is not successful, there would be a demolition cost associated with this. The cash flow generated by BSA Limited would consist of consumer purchases and contracts less operational costs, for example: staff wages and raw material purchases.BSA is aiming to make this investment on the 1st of July 2019. The estimated future cash flows are expected to be received on the 30th of June each year. The original cost, estimated life, residual value and estimated future cash flows of each investment opportunity are examined in the table below (all expressed in AUD dollars).Assuming a rate of return/discount rate/WACC of 10%.CairnsTownsvilleOriginal Cost-$50 million-$53 millionEstimated Useful Life10 years10 yearsResidual Value-$1 million-$1 millionEstimated Future Cash Flows30 June 2020 (time period = 1 year)-$2 million-$3 million30 June 2021 (time period = 2)$2 million$1 million30 June 2022 (time period = 3)$6 million$4 million30 June 2023 (time period = 4)$10 million$9 million30 June 2024 (time period = 5)$15 million$13 million30 June 2025 (time period = 6)$17 million$17 million30 June 2026 (time period = 7)$20 million$21 million30 June 2027 (time period = 8)$20 million$20 million30 June 2028 (time period = 9)$23 million$22 million30 June 2029 (time period = 10 years)$17 million$18 millionThe completed calculations to work out the net present value (NPV), the internal rate of return (IRR) and the payback period (PP) for each investment opportunity is shown below. From looking at each of these figures, it is clear to me that investing in a Cairns location would bring greater benefits to BSA Limited than a Townsville location, however in saying this, BSA could still invest in building a firm in both locations.Cairns would be a more sustainable investment due to the NPV (in green) being higher than the Townsville figure. It is actually double at $15.60 compared to Townsville’s NPV at $7.91. The IRR (in purple) is also slightly higher for the Cairns option at 14.6%, which is great for the company. I think what is most important is that if BSA were to invest in building a firm in Cairns, they would successful pay back the investment sooner than if it were to build a firm in Townsville. As you can see, the PP (in blue) for Cairns is 6 years and 36.5 days. For the Townsville investment, the PP is 6 years and 208.5 days. Of course, this is only a difference of 172 days, however that is 172 days’ worth of profit that BSA Limited could be earning. After analysing these results, I would recommend BSA Limited to invest their capital into a Cairns location, as this location shows greater overall benefits for the company. If BSA Limited really wanted to expand to both locations, then I would have no issues with this either. Both options are safe in my opinion, and I don’t see any high risks associated with these investments.Step 10: Peer Feedback (yet to complete)Feedback From: Feedback To:My Comments Step 7 - Identify three products or services of your firm- Estimate selling price, variable & CM- Commentary – contribution margins- Constraints – identify & commentaryStep 8 - Calculation of ratios- Ratios – commentary- Calculate economic profit- Commentary – drivers of economic profit Step 9 - Develop capital investment decision of your firm- Calculation of payback period, NVP & IRR- Recommendation & discussionOverall ASS#2 Steps 7-9Feedback From: Feedback To:My Comments Step 7 - Identify three products or services of your firm- Estimate selling price, variable & CM- Commentary – contribution margins- Constraints – identify & commentaryStep 8 - Calculation of ratios- Ratios – commentary- Calculate economic profit- Commentary – drivers of economic profit Step 9 - Develop capital investment decision of your firm- Calculation of payback period, NVP & IRR- Recommendation & discussionOverall ASS#2 Steps 7-9Feedback From: Feedback To:My Comments Step 7 - Identify three products or services of your firm- Estimate selling price, variable & CM- Commentary – contribution margins- Constraints – identify & commentaryStep 8 - Calculation of ratios- Ratios – commentary- Calculate economic profit- Commentary – drivers of economic profit Step 9 - Develop capital investment decision of your firm- Calculation of payback period, NVP & IRR- Recommendation & discussionOverall ASS#2 Steps 7-9Feedback From: Feedback To:My Comments Step 7 - Identify three products or services of your firm- Estimate selling price, variable & CM- Commentary – contribution margins- Constraints – identify & commentaryStep 8 - Calculation of ratios- Ratios – commentary- Calculate economic profit- Commentary – drivers of economic profit Step 9 - Develop capital investment decision of your firm- Calculation of payback period, NVP & IRR- Recommendation & discussionOverall ASS#2 Steps 7-9Feedback From: Feedback To:My Comments Step 7 - Identify three products or services of your firm- Estimate selling price, variable & CM- Commentary – contribution margins- Constraints – identify & commentaryStep 8 - Calculation of ratios- Ratios – commentary- Calculate economic profit- Commentary – drivers of economic profit Step 9 - Develop capital investment decision of your firm- Calculation of payback period, NVP & IRR- Recommendation & discussionOverall ASS#2 Steps 7-9Feedback From: Feedback To:My Comments Step 7 - Identify three products or services of your firm- Estimate selling price, variable & CM- Commentary – contribution margins- Constraints – identify & commentaryStep 8 - Calculation of ratios- Ratios – commentary- Calculate economic profit- Commentary – drivers of economic profit Step 9 - Develop capital investment decision of your firm- Calculation of payback period, NVP & IRR- Recommendation & discussionOverall ASS#2 Steps 7-9 ................
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