Wrap Text
Audited summarised consolidated financial results for the year ended 30 June 2017
Mustek Limited
Incorporated in the Republic of South Africa
Registration number: 1987/070161/06
Share code: MST
ISIN: ZAE000012373
(“Mustek” or “the Group”)
Audited summarised consolidated financial results for the year ended 30 June 2017
Net cash generated from operations up 30.7%
R228.78 million
2016: R175.05 million
Headline earnings per share up 5.7%
81.26 cents
2016: 76.88 cents
Net asset value per share up 16.0%
1 169.08 cents
2016: 1 008.08 cents
Summarised consolidated statement of comprehensive income
30 June 30 June
2017 2016
R000 R000
Continuing operations
Revenue 5 243 147 5 286 384
Cost of sales (4 581 639) (4 605 634)
Gross profit 661 508 680 750
Foreign currency losses (464) (11 784)
Distribution, administrative and other operating expenses (487 352) (480 138)
Profit from operations 173 692 188 828
Investment revenues 20 937 19 278
Finance costs (108 266) (109 950)
Other losses (468) -
Share of profit of associates 7 956 15 352
Profit before tax 93 851 113 508
Income tax expense (20 131) (28 753)
Profit for the year from continuing operations 73 720 84 755
Discontinued operations
Loss for the year from discontinued operations - (5 811)
Profit for the year 73 720 78 944
Other comprehensive income
Exchange differences on translation of foreign operations (7 740) 4 262
Other comprehensive income for the year, net of tax (7 740) 4 262
Total comprehensive income for the year 65 980 83 206
Profit attributable to:
Owners of the parent 73 091 74 630
Non-controlling interest 629 4 314
73 720 78 944
Total comprehensive income attributable to:
Owners of the parent 65 351 78 590
Non-controlling interest 629 4 616
65 980 83 206
Earnings and dividend per share (cents)
Weighted number of ordinary shares in issue 91 003 326 100 674 409
Ordinary shares in issue 83 000 000 98 000 000
Dividend per ordinary share - paid 15.00 35.00
Dividend per ordinary share - proposed 16.00 15.00
From continuing and discontinued operations
Basic earnings per ordinary share 80.32 74.13
From continuing operations
Basic earnings per ordinary share 80.32 79.59
From discontinued operations
Basic loss per ordinary share - (5.46)
Summarised consolidated statement of financial position
30 June 30 June
2017 2016
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 156 237 152 458
Goodwill 55 627 48 018
Intangible assets 37 889 19 041
Investments in associates 103 006 84 848
Other investments and loans 77 920 67 809
Deferred tax asset 16 572 17 312
447 251 389 486
Current assets
Inventories 1 078 035 1 111 929
Inventories in transit 128 375 95 753
Trade and other receivables 1 093 565 1 101 718
Foreign currency assets 2 602 3 059
Bank balances and cash 230 371 383 613
2 532 948 2 696 072
TOTAL ASSETS 2 980 199 3 085 558
EQUITY AND LIABILITIES
Capital and reserves
Ordinary stated capital - 50 531
Retained earnings 969 164 927 669
Non-distributable reserve - 809
Foreign currency translation reserve 1 169 8 909
Equity attributable to owners of the parent 970 333 987 918
Non-controlling interest 8 128 (581)
Total equity 978 461 987 337
Non-current liabilities
Long-term borrowings 5 637 499
Deferred tax liabilities 10 617 4 504
Deferred income 13 215 12 632
29 469 17 635
Current liabilities
Trade and other payables 1 715 277 1 673 558
Foreign currency liabilities 4 481 10 031
Deferred income 13 233 19 284
Bank overdrafts 239 278 377 713
1 972 269 2 080 586
Total liabilities 2 001 738 2 098 221
TOTAL EQUITY AND LIABILITIES 2 980 199 3 085 558
Summarised consolidated cash flow statement
30 June 30 June
2017 2016
R000 R000
OPERATING ACTIVITIES
Cash receipts from customers 5 251 783 5 563 726
Cash paid to suppliers and employees (5 023 008) (5 388 679)
Net cash from operations 228 775 175 047
Investment revenues received 20 937 19 281
Finance costs paid (108 266) (110 793)
Dividends paid (13 950) (35 605)
Income taxes paid (27 637) (34 697)
Net cash from operating activities 99 859 13 233
Net cash used in investing activities (52 354) (56 949)
Net cash used in financing activities (200 747) (32 503)
Net decrease in cash and cash equivalents (153 242) (76 219)
Cash and cash equivalents at beginning of the year 383 613 459 832
Cash and cash equivalents at end of the year 230 371 383 613
Summarised consolidated statement of changes in equity
Foreign
Non- currency Attributable Non-
Ordinary Retained distributable translation to owners of controlling
stated capital earnings reserve reserve the parent interest Total
R000 R000 R000 R000 R000 R000 R000
Balance at 30 June 2015 93 354 894 636 809 4 949 993 748 19 268 1 013 016
Net profit for the year - 74 630 - - 74 630 4 314 78 944
Other comprehensive income - - - 3 960 3 960 302 4 262
Dividends paid - (35 605) - - (35 605) - (35 605)
Buy back of shares (42 823) - - - (42 823) - (42 823)
Acquisition of additional
shareholding in a controlled entity - - - - - (24 465) (24 465)
Premium on acquisition of additional
shareholding in a controlled entity - (5 992) - - (5 992) - (5 992)
Balance at 30 June 2016 50 531 927 669 809 8 909 987 918 (581) 987 337
Net profit for the year - 73 091 - - 73 091 629 73 720
Other comprehensive income - - - (7 740) (7 740) - (7 740)
Dividends paid - (13 950) - - (13 950) - (13 950)
Buy back of shares (50 531) (18 455) - - (68 986) - (68 986)
Acquisition of subsidiary - - - - - 8 080 8 080
Non-distributable reserves recycled
to retained earnings - 809 (809) - - - -
Balance at 30 June 2017 - 969 164 - 1 169 970 333 8 128 978 461
Summarised segmental analysis
Total Mustek Rectron Group Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
Business segments 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
R000 R000 R000 R000 R000 R000 R000 R000 R000 R000
Revenue 5 243 147 5 286 384 3 135 498 3 274 542 2 429 919 2 341 781 - - (322 270) (329 939)
EBITDA * 202 465 217 645 132 170 128 690 86 265 97 092 (15 970) (8 137) - -
Depreciation and amortisation (28 773) (28 817) (18 759) (20 867) (10 014) (7 950) - - - -
Profit (loss) from operations 173 692 188 828 113 411 107 823 76 251 89 142 (15 970) (8 137) - -
Investment revenues 20 937 19 278 7 818 10 395 13 780 6 187 4 988 9 268 (5 649) (6 572)
Finance costs (108 266) (109 950) (57 759) (66 591) (50 507) (43 359) (5 649) (6 572) 5 649 6 572
Other losses (468) - - - - - (468) - - -
Share of profit of associates 7 956 15 352 - - - - 7 956 15 352 - -
Profit before tax 93 851 113 508 63 470 51 627 39 524 51 970 (9 143) 9 911 - -
Income tax (expense) benefit (20 131) (28 753) (13 933) (13 680) (9 273) (14 756) 3 075 (317) - -
Profit (loss) for the year from
continuing operations 73 720 84 755 49 537 37 947 30 251 37 214 (6 068) 9 594 - -
Discontinued operations
Loss for the year from
discontinued operations - (5 811) - - - (5 811) - - - -
Profit (loss) for the year 73 720 78 944 49 537 37 947 30 251 31 403 (6 068) 9 594 - -
Attributable to:
Owners of the parent 73 091 74 630 49 537 37 947 29 574 31 719 (6 020) 4 964 - -
Non-controlling interest 629 4 314 - - 677 (316) (48) 4 630 - -
73 720 78 944 49 537 37 947 30 251 31 403 (6 068) 9 594 - -
* Earnings before interest, taxation, depreciation and amortisation.
Mustek Technology
Total South Africa Mustek East Africa (Taiwan) Rectron Australia
Geographical segments 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
R000 R000 R000 R000 R000 R000 R000 R000 R000 R000
Revenue 5 243 147 5 286 384 5 204 256 5 214 394 37 762 51 761 1 129 20 229 - -
Profit (loss) before tax 93 851 113 508 94 205 108 758 (1 600) (4 528) 1 246 9 278 - -
Income tax (expense) benefit (20 131) (28 753) (20 863) (28 418) 1 295 1 473 (563) (1 808) - -
Profit (loss) for the year
from continuing operations 73 720 84 755 73 342 80 340 (305) (3 055) 683 7 470 - -
Discontinued operations
Loss for the year from
discontinued operations - (5 811) - - - - - - - (5 811)
Profit (loss) for the year 73 720 78 944 73 342 80 340 (305) (3 055) 683 7 470 - (5 811)
Attributable to:
Owners of the parent 73 091 74 630 73 390 75 710 (305) (3 055) 683 7 470 (677) (5 495)
Non-controlling interest 629 4 314 (48) 4 630 - - - - 677 (316)
73 720 78 944 73 342 80 340 (305) (3 055) 683 7 470 - (5 811)
Commentary
Corporate information
Mustek is a public company incorporated and domiciled in South Africa. The main business of Mustek, its subsidiaries,
joint ventures and associates is the assembling, marketing and distribution of Information Communication Technology
(ICT) products and services.
Basis of preparation
The audited summarised consolidated financial information for the year ended 30 June 2017 has been prepared in
accordance with the framework concepts and measurement and recognition requirements of International Financial Reporting
Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, and as a minimum contain the information
required by IAS 34 Interim Financial Reporting, the Listings Requirements of the JSE Limited and the requirements of the
Companies Act of South Africa. The audited consolidated financial statements and this set of summarised financial
information, which are based on reasonable judgements and estimates, have been prepared using accounting policies that comply
with IFRS. The accounting policies are consistent with those applied in the consolidated financial statements for the year
ended 30 June 2016.
Audit report
Mustek’s independent auditors, Deloitte & Touche, have issued their unmodified opinion on the consolidated financial
statements and this set of summarised consolidated financial statements for the year ended 30 June 2017. The audit was
conducted in accordance with International Standards on Auditing. The directors take full responsibility for the
preparation of this provisional report and the financial information has been derived from the Group financial statements and
are consistent in all material aspects with the Group financial statements. Their unmodified audit report for this set of
summarised consolidated financial statements and the Group annual financial statements are available for inspection at
the company’s registered office. The auditor’s report does not necessarily report on the information contained in this
announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the
auditor’s engagement, they should obtain a full copy of the auditor’s report, together with the accompanying financial
information from the issuer’s registered office. Any reference to future financial performance included in this announcement
has not been reviewed or reported on by the company’s auditors.
Headline earnings per ordinary share
30 June 30 June
2017 2016
From continuing and discontinued operations
Headline earnings per ordinary share (cents) 81.26 76.88
From continuing operations
Headline earnings per ordinary share (cents) 81.26 80.07
From discontinued operations
Headline loss per ordinary share (cents) - (3.20)
Reconciliation between basic and headline earnings (R000)
Basic earnings attributable to owners of the parent 73 091 74 630
Group’s share of after tax loss on disposal of property, plant and equipment 391 488
Group’s share of loss on impairment of goodwill 468 -
Group’s share of loss from disposal of shares in subsidiary - 2 278
Headline earnings from continuing and discontinued operations 73 950 77 396
Plus Group’s share of loss for the year from discontinued operations - 5 495
Headline earnings from continuing operations 73 950 82 891
Basic earnings attributable to owners of the parent 73 091 74 630
Plus Group’s share of loss for the year from discontinued operations - 5 495
Basic earnings from continuing operations 73 091 80 125
Net asset value per share (cents) 1 169.08 1 008.08
Fair value measurement of financial instruments
Fair value measurements of financial assets and liabilities are analysed as follows:
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical
assets or liabilities;
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or
liability that are not based on observable market data (unobservable inputs).
Audited Audited
Financial assets and liabilities 30 June 30 June
2017 2016
Level R000 R000
Held-for-trading: Foreign currency assets
These financial assets consist of foreign currency forward
contracts and options, and are measured using discounted
cash flows. Future cash flows are estimated based on the
observable yield curves of forward interest rates at the end
of the reporting period, as well as contract interest rates.
The revaluation of these assets are included in foreign
currency losses 2 2 602 3 059
Held-for-trading: Foreign currency liabilities
These financial liabilities consist of foreign currency forward
contracts and options, and are measured using discounted
cash flows. Future cash flows are estimated based on the
observable yield curves of forward interest rates at the end
of the reporting period, as well as contract interest rates.
The revaluation of these assets are included in foreign
currency losses 2 4 481 10 031
Available-for-sale: Other investments and loans
This financial asset consists of shares held in
Zinox Technologies Limited. The inputs used to measure the
fair value of this investment are the Group’s share of the
net asset value of Zinox Technologies Limited. As the fair
value approximates the carrying value of this asset, no
revaluation was done during the reporting periods presented 3 18 742 18 742
Operating results
The Group’s revenue from continuing operations decreased by 0.8% to R5.24 billion (2016: R5.29 billion). The major
reason for the slowdown in growth was the reduction in the spending from the government sector.
The gross profit percentage from continuing operations was marginally down from 12.9% to 12.6%, predominantly as a
result of product mix, the drive to reduce inventory levels and an increase in inventory provisions. Although the gross
profit percentages achieved by products such as Huawei Enterprise Solutions and Microsoft Volume Licensing are lower, their
contributions to profit are expected to continue growing.
The Group’s hedging policy proved effective, as forex losses from continuing operations, which includes the cost of
forward points, was R0.5 million compared to R11.8 million in the comparative period.
Distribution, administrative and other operating expenses from continuing operations were well controlled, increasing
by 1.5%. This is despite a once-off R3.7 million spent on retrenchment costs.
Net finance charges from continuing operations continues to decrease. After incurring net finance charges of R45.3 million
during the first six months of the current financial year, the Group incurred net finance charges of R42.0 million
during the second half of the financial year. As a result, net finance charges decreased from R90.7 million to R87.3 million.
Working capital management continues to be a driver of profitability and is currently receiving management’s full
attention. The Group applies hedge accounting where the requirements of IAS 39 have been met to separate the interest
and spot elements from the forward contracts, and R18.5 million (2016: R14.3 million) was classified as finance costs, as
opposed to forex losses.
The contribution from our associates decreased mainly due to the start-up losses incurred at Yangtze Optics Africa
Holdings Proprietary Limited (YOA). The Group’s share of losses equity accounted amounted to R4.7 million. All the required
manufacturing equipment was completely installed and commissioned during November 2016 and core employees are now fully
trained. YOA started production during January 2017 and managed to grow its monthly revenue each month without
exception from February 2017 to July 2017 and produced their first monthly operating profit during July 2017.
Mustek’s headline earnings per share is 5.7% higher at 81.26 cents (2016: 76.88 cents) and basic earnings per share is
8.4% higher at 80.32 cents (2016: 74.13 cents).
Cash flow
The improvement in working capital levels contributed to cash generated from operations of R228.8 million (2016:
R175.0 million). Inventory on hand reduced by 3.0% and trade and other receivables reduced by 0.7% compared to the
previous financial year. Management continues to focus on optimal working capital management as it remains a driver of
profitability in our industry.
Transformation
Following an audit by an accredited verification agency, Mustek retained its level 2 BBBEE rating, using the amended
ICT sector codes.
Management has continued to meaningfully extend its initiatives in employment equity, skills development and corporate
social investment during the year. The Group is committed to a process of further transformation and economic
empowerment of its stakeholders, such that an acceptable balance between the operations and commercial benefits of such a
process can be achieved, thereby ensuring the sustainability and prosperity of the Group in a competitive market sector.
Board of directors
No changes were made to the board during the period under review.
Corporate activities
On 1 March 2017, Rectron Holdings Limited, a wholly owned subsidiary of Mustek, acquired a 50.1% stake in Palladium
Business Solutions Proprietary Limited, an independent software vendor for a total consideration of R16.2 million.
R7.9 million of the total consideration is conditional upon the achievement of profit guarantees over the next two
financial years.
On 12 June 2017, the Group acquired a notarial lease on land in Cape Town that shall expire after a period of 99 years
calculated from 18 March 2015 for a purchase consideration of R9.6 million. The board approved a further R35.0 million
for the development of the site.
Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and payments to the plan are expensed as they fall
due. The majority of the Group’s employees belong to this fund. The Group does not provide additional post-retirement
benefits.
Environmental, social and governance aspects
The Group subscribes to and complies in all material aspects with the Code on Corporate Governance Practices and
Conduct as contained in the King III Report on Corporate Governance.
Mustek is committed to transparent and integrated reporting in the spirit of King III and the Global Reporting
Initiative (GRI). We are accordingly continuously reviewing our corporate governance practices and are enhancing our
internal information gathering systems to provide the quality and type of information required for authentically
integrated reporting.
Mustek has successfully maintained its ISO 14001 certification since 2004 and has not been sanctioned or fined for
non-compliance with environmental laws and regulations.
Mustek has a consistent record in community support and corporate social investment (CSI). The Group focuses its CSI
efforts on children’s needs - in particular, their education - but also supports charities, sporting events and community
facilities.
For more than a decade, we have conducted a comprehensive HIV/Aids strategy and programme that also provides
antiretroviral drugs to HIV-positive staff.
Company and industry outlook
According to the International Data Corporation, ICT spending in South Africa will top USD26.6 billion in 2017 as
organisations increasingly embrace digital transformation initiatives in a bid to streamline their costs and bolster their
flexibility. It is expected that communication, finance, and government will be the biggest-spending verticals in 2017,
but healthcare, transportation, and utilities are expected to be the fastest growing over the five-year forecast period.
The three pillars that constantly evolve and change are communications, mobility and energy and Mustek is well
positioned to service and add value in those pillars with our Huawei Enterprise portfolio offering and Hytera, a provider of
radio communication technology. We have several best-in-class brands and products to service the mobility market including
Lenovo, Acer, Apple, Asus and Toshiba. Our Renewable Energy division is showing good, steady growth and our fibre-optic
cabling partner, YOA, officially opened its manufacturing plant in KwaZulu-Natal in January. This comes amid a global
shortage of cabling as demand for FTTH increases.
The smart education and learning market is expected to grow as more education institutions realise the importance of
digitisation in the mobile and connected world. We are excited to be able to support schools and universities with
digital education deployment and to assist them in taking advantage of this growth opportunity. As an early adopter of
3D printing we expect this product line to show growth in the coming years as the line-up becomes mainstream. The document
scanning market is expected to grow at a compound annual growth rate of 13.85% between 2016 and 2020 and we are excited to
support our partners, Epson, Brother and Fujitsu, to take advantage of this growth.
It is clear that the Internet of Things, including home automation, security, personal/medical health and fitness,
self-driving cars, etc are getting major coverage at the moment. We have seen tremendous growth in the field of digital
surveillance. Many large camera installations are now realising that advanced analytics are required to make sense of all
the data. We at Mustek are carefully seeking alliances with the players that will translate to our unique geography and
provide appropriate opportunities.
The growth in PC gaming and e-sports is being carefully monitored and new brands like MSI have been added to the
product portfolio to ensure we meet the needs of this market. We do however note the phenomenal rise in GPU sales based
on intense interest in Crypto currency mining by the public and supply is unable to meet the demand.
Although economic and market conditions are expected to remain difficult, net finance costs should reduce in line with
lower inventory levels at both Mustek and Rectron. Lower inventory levels should also have a positive effect on gross
profit margins.
In conjunction with strategic partners from across the ICT industry, Mustek is well positioned for the forthcoming
years.
Share repurchase programme
Mustek acquired 15 000 000 ordinary shares of its issued share capital on the open market for a purchase consideration
in aggregate of R68 986 289. The general repurchase commenced on 1 September 2016 and continued on a day-to-day basis
as market conditions allowed and in accordance with the JSE Limited (JSE) Listings Requirements until 23 June 2017.
The repurchase of shares will continue to be considered by the board in conjunction with an evaluation of current and
future funding requirements in the period to 30 June 2018. This programme will be effected in accordance with the terms
of the authority granted by shareholders at the annual general meeting held on 8 December 2016. It is currently intended
that any shares purchased will be cancelled and de-listed. The market will be notified in accordance with applicable
listing rules and regulations if and when purchases are made.
Dividend
The declaration of cash dividends will continue to be considered by the board in conjunction with an evaluation of
current and future funding requirements and opportunities to repurchase shares. It will be adjusted to levels considered
appropriate at the time of declaration.
Mustek’s continued commitments to optimal cash utilisation will mean that cash generated by the operations will be
used to fund our growth and reduce our debt. To this end, the board has declared a final dividend of 16 cents
(2016: 15 cents) per ordinary share for the financial year ended 30 June 2017.
Notice is hereby given that a final dividend of 16 cents per ordinary share for the year ended 30 June 2017 is
declared, payable to shareholders recorded in the books of the company at the close of business on the record date appearing
below. This dividend is declared out of income reserves. The company’s income tax reference number is 9550081716 and the
company has 83 000 000 ordinary shares in issue and ranking for dividend at the date of this declaration. The South
African dividend tax rate is 20% and no secondary tax on companies credits have been utilised, resulting in a net dividend
of 12.80 cents per share to shareholders who are not tax exempt.
The salient dates applicable to the final dividend are as follows:
Last day of trade cum dividend Tuesday, 26 September 2017
First day to trade ex dividend Wednesday, 27 September 2017
Record date Friday, 29 September 2017
Payment date Monday, 2 October 2017
No share certificates may be dematerialised or rematerialised between Wednesday, 27 September 2017 and
Friday, 29 September 2017, both days inclusive.
Where applicable, payment in respect of certificated shareholders will be transferred electronically to shareholders’
bank accounts on the payment date. In the absence of specific mandates, payment cheques will be posted to certificated
shareholders at their risk on the payment date. Shareholders who have dematerialised their shares will have their
accounts at their Central Securities Depository Participant or broker credited on the payment date.
Financial assistance
During the 2014 and 2015 financial years, the board authorised the company in terms of section 45 of the Companies Act
(the Act) to provide financial assistance in the form of loans to certain directors and senior employees in order to
buy shares pursuant to an employee share scheme that satisfies the requirements of section 97 of the Act. At the time, the
board decided to charge interest on these loans at the repo rate plus 1%.
On 24 August 2017, after being satisfied that the company would satisfy the solvency and liquidity test, the board
resolved that with effect from 1 September 2017, the company will not charge interest on these loans until they are fully
repaid. All fringe benefit tax will be paid by the company and capitalised to these loans.
Post-balance sheet events
There have been no significant events subsequent to year-end up until the date of this report that requires adjustment
or disclosure.
On behalf of the board of directors
David Kan Neels Coetzee, CA(SA) 29 August 2017
Chief Executive Officer Financial Director (preparer of provisional Group results) Midrand
Corporate information:
Company secretary: Sirkien van Schalkwyk, 1 Carlsberg, 430 Nieuwenhuyzen Street, Erasmuskloof Extension 2, 0181.
PO Box 4896, Rietvalleirand, 0174, Telephone: +27 (0) 12 751 6000.
Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196.
PO Box 61051, Marshalltown, 2107. Telephone: +27 (0) 11 370 5000.
Registered office: 322 15th Road, Randjespark, Midrand, 1685. Postal address: PO Box 1638, Parklands, 2121.
Contact numbers: Telephone: +27 (0) 11 237 1000 Facsimile: +27 (0) 11 314 5039
Email: ltd@mustek.co.za.
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited.
www.mustek.co.za
Date: 29/08/2017 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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