silverlake axis ltd · 2020. 3. 24. · 2 disclaimer this presentation may contain statements...

Silverlake Axis Ltd

Corporate Presentation

February 2015

2

Disclaimer

This presentation may contain statements regarding the business of Silverlake Axis Ltd and its subsidiaries (the “Group”) that are of a forward looking nature and are therefore based on management’s assumptions about future developments. Such forward looking statements are typically identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘expect’, and ‘project’ and similar expressions as they relate to the Group. Forward looking statements involve certain risks and uncertainties as they relate to future events. Actual results may vary materially from those targeted, expected or projected due to various factors.

Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, interest rate charges and regulatory developments. Such factors that may affect the Group’s future financial results are detailed in our listing prospectus / circulars, listed in this presentation, or in the management discussion and analysis section of the company’s result report and filing with the SGX. The reader is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward looking statements.

The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither Silverlake Axis or any of its affiliates, advisers or representatives shall have any liability whatsoever for any loss arising, whether directly or indirectly, from any use or distribution of this presentation or its contents.

This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares in Silverlake Axis.

3

Presentation Outline

Investment Merits

Business Overview

Major Developments

Results & Financials

Prospects

4

A leading IT software and services company in the high growth Asia Pacific Region - 40% of leading SE Asian banks use Silverlake’s software and services - 25 years track record of successful implementation of Silverlake’s enterprise software applications in over 150 customer sites with 100% success rate

Earnings turnaround with EPS growth in FY2011, FY2012, FY2013 & FY2014

Positive trends in banking industry Increasing need of a common core platform for regional banks as well as need to keep up with regulatory changes, compliance and competition

Strong balance sheet with net cash of RM334.3m as of 31 December 2014

Strong margins above most peers Strong EBIT margin with growth in SIBS licensing and maintenance & enhancement services revenue from new contracts

Key Points

5


Investment Merits

Business Overview

Major Developments


Prospects

Business Overview

6

A leading long term value based provider of core banking, insurance, payment and retail solutions and application

services to major financial institutions, retailers and conglomerates in Asia since

1989

40% of leading South-East Asia banks use the Silverlake Axis Integrated Banking Solution (SIBS) to process their banking transactions everyday

100% success track record in delivering End-to-End Core Banking, Payment and Retail solutions implementation and enhancement, backed by strong management and key software development team

Provides proven, cost-effective and innovative front, middle and back office banking, payment, insurance and retail solutions

Business Evolution & Transformation

7

FY 2014 Revenue RM500.7 mil

Licensing of Application Software

RM147.7 m

30%

Application Maintenance & Enhancement

Services RM210.3 m

42%

Sale of Hardware Products RM32.4 m

6%

Software Project Services RM71.8 m

14%

Credit and Cards

Processing RM19.5 m

4%

Insurance Processing RM19.0 m

4%

Sale of Hardware Products

Licensing of SIBS

RM90.6 m

61%

Branch Banking Maintenance

Sale of Branch Banking Solution


RM19.0 m 14%

RM16.4 m 11%

RM20.9 m 14%

Sale of Branch Banking Solution

Branch Banking Maintenance


RM19.4 m 70%

RM8.4 m 30%

2006 to 2009 2010 to 2014 2003 to 2005

Axis Systems Limited

(Listed on SGX in 2003)

Silverlake Axis Limited

(Post SIBS Acquisition 2006)

SSB, QR, Isis,

Merimen, CVSB & Finzsoft *

Acquisitions

2015 & Beyond

Delivery Channels & Branch Banking Solutions

Core Banking & Payments Solutions

Structured Software Maintenance & Project Services, Retail,

Logistics, Integration Software, Insurance, Mobility & Internet

Solutions

+ + +

Asia Pacific’s

Largest

Digital Economy

Solutions

Company

Digital Economy Transformation

Partnerships Across Asia and

Beyond

Note: Silverlake Solution Limited (SSB), QR Technology Sdn Bhd (QR), Isis International Pte Ltd (Isis), Merimen Group, Cyber Village Sdn Bhd (CVSB), Finzsoft Solutions Limited (Finzsoft) * Refer to SAL’s announcement on 18 December 2014 for entry into a lock-up agreement in relation to a full takeover offer for shares in Finzsoft Solution Ltd.

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Increasing Value Add to Customers

Time Series Recurring License Revenue

Annual Recurring Maintenance Revenue

Repeatable Project Implementation Revenue

Maintenance & Enhancement

Services

Project Services

Initial Software License

Software

Licence

Expansion/

Upgrade

Software

Licence

Expansion/

Upgrade

Software License

Growing Core Customer Revenues

Leading & Growing Market Share

9

Silverlake Axis Has More Than 150 Customers Who Are Leaders in the Markets They Serve and Known for Their Products &

Services Innovation and Operational Excellence

LEADING MARKET SHARE

Core System Platform Partner of

Choice for 3 of the 5 Largest ASEAN

Financial Institutions

Over 40% of the Top 20 Largest

Banks in South-East Asia run on

SIBS

Anchor Customers in China, Japan,

Middle East, South Asia

EXPANDING MARKET SHARE

As of Jan. 30, 2015

As of Jan. 1, 2005

Silverlake Customer

Source: Bloomberg

Note: The list of prominent core banking vendors in each market changes when non-top 10 institutions are included

Prominent Core Banking Provider in Asia Pacific Market

10

Country Prominent Core Banking Applications

Australia Internal/ Older proprietary, SAP, Oracle, Hogan

China Local/ Internal/ Older Systems, Temenos, TCS

Hong Kong Local/ Internal/ Older Systems

India Infosys, Oracle, TCS FNS

Indonesia Silverlake Axis

Malaysia Silverlake Axis

Philippines Silverlake Axis, FIS, Infosys

Singapore Silverlake Axis

South Korea Local core banking applications, Hyundai

Taiwan Internal and proprietary systems

Thailand Silverlake Axis, FIS

Vietnam Silverlake Axis, Temenos, Hyundai

Note: The list of prominent core banking vendors in each market changes when non-top 10 institutions are included

Source: Table 1 - Leading Core Banking Players in the Top 10 Bank Segments in 12 Asia/Pacific Countries, IDC Financial Insights, 2013

Leader in the IDC MarketScape Global Core Banking Survey

Based on the December

2014 IDC MarketScape

Global Core Banking

Survey*,

Silverlake is ranked as the

Leader in Core Banking

System based on

Capablities and Strategies

11

*Note: Survey is done by IDC Financial Insights and is based on analysis

and buyer perception. IDC is a leading provider of data-driven research

and analysis in the Asia Pacific

Comprehensive Core Banking Solution

12

Silverlake Axis Integrated Banking Solution (SIBS)

13

Board of Directors Profile

Goh Peng Ooi Founder & Group Executive Chairman Mr. Goh Peng Ooi was appointed as the Group Executive Chairman of Silverlake Axis Ltd (“the Company”) on 23 May 2006. Prior to that, he was the Non-Executive Chairman of the Company since 2002. He founded Silverlake Group in 1989 and has built it to become an established provider of cross industry high performance banking, payment and retail solutions .

Dr. Kwong Yong Sin CEO & Group Managing Director Dr. Kwong Yong Sin was appointed as the Group Managing Director on 1 November 2005. He was previously the Managing Director of Silverlake Corporation from 2001 to 2005 where he completed several key SIBS customer transformation projects. Prior to Silverlake, he was the Partner and Senior Vice President of Ernst & Young and Cap Gemini E&Y Consulting.

Y Bhg. Datuk Sulaiman bin Daud Non-Executive Director Datuk Sulaiman bin Daud was appointed a Director in 2003. He was a Director of the Agricultural Bank of Malaysia for two years and later became Chairman for eight years. Under his leadership, the Bank was transformed into a corporatised entity, today known as AGRO Bank.

Y Bhg. Tan Sri Dato’Dr. Lin See-Yan Independent Non-Executive Director Tan Sri Dato’Dr. Lin See-Yan was appointed a Director in 2003. Tan Sri is currently an independent strategic and financial consultant. Prior to 1998, he was Chairman and CEO of the Pacific Bank Group and for 14 years previously, he was the Deputy Governor of Bank Negara Malaysia (Central Bank of Malaysia).

Ong Kian Min Independent Non-Executive Director Mr. Ong Kian Min was appointed a Director in 2003. Mr. Ong is concurrently an Advocate and Solicitor practicing as a consultant with Drew & Napier LLC and a Senior Adviser with Alpha Advisory Pte. Ltd., an independent corporate advisory group providing advice to companies and businesses in the Asia Pacific region.

Lim Kok Min Independent Non-Executive Director Mr. Lim Kok Min was appointed a Director on 15 June 2006. He is currently the Chairman of IREIT Global Group Pte Ltd. He is the immediate past Chairman of Gas Supply Pte Ltd, the Singapore Institute of Directors, of Building & Construction Authority and of Senoko Power Limited.

14

Key Management Profile

Wong Yok Koon Senior EVP, SIBS Core Solutions Ms. Wong is one of the pioneer employees and was instrumental in driving the Group’s core banking solution portfolio growth. She has over 25 years’ experience in core banking development and deployment at major regional and local financial institutions. Today, she continues to be responsible for core product development of Silverlake Axis Integrated Banking Solution (SIBS) particularly in cards and payments, and works with clients in their digital economy transformation.

Mary Yau Siew Moi Senior EVP, SIBS Core Solutions Ms. Yau has been a key driver in the Group’s growth over the past 25 years and is one of the pioneer employees. Under her leadership, she has grown and enriched the capabilities of the core banking solution portfolio particularly in lending solutions. She is currently responsible for core product development of Silverlake Axis Integrated Banking Solution (SIBS) and works collaboratively with the other entities in the Group to offer digital transformation propositions to customers.

Lau Siow Ling Senior EVP, Structured Services Ms. Lau has 28 years of IT industry experience in sales, marketing and operations, spending 16 years in IBM Malaysia before joining the Group. She was previously the IBM iSeries Country Manager. She is currently responsible for the Silverlake Axis Integrated Banking Solution (SIBS) Application Maintenance and Management business, whereby she engages with our clients in ensuring the smooth running of their daily business operations and keeping up with the dynamic industry changes.

Hoong Lai Ling Senior EVP, Administration & Finance Ms. Hoong is responsible for overseeing the Group’s financial and administrative functions. She has 23 years of experience in auditing and financial managerial positions. She is a qualified accountant from the Malaysian Institute of Certified Public Accountants and was trained in Pricewaterhouse Malaysia. Prior to her current role, she was an accountant at Silverlake System from 1996 to 2002. She is also a member of the Malaysian Institute of Accountants.

Jean Aw Peng Mei Senior EVP, Digital Enterprise Solutions Ms. Aw is responsible for driving the Group’s digital enterprise strategy by combining and creating digital solution propositions from our core and acquired businesses. She joined the Group in 2014 and brings 25 years experience in business and technology transformation of a number of global, regional and local banks. Prior to her current role, she was Vice President at OCBC Bank and was previously Director at Ernst & Young Advisory Services.

Lee Cheen Siong EVP, SIBS Channel Solutions Mr. Lee has been with the Group since 2000 focusing on the development and implementation of Branch Delivery and Channels Solutions at major regional and local financial institutions. Today, his focus is on channels convergence and

product development. He was appointed

as EVP in June 2012. Prior to his current role, he was the country manager for Silverlake Axis in Beijing, China. Mr. Lee has 18 years of experience in the banking software industry.

15

Key Management Profile

Hidetoshi Neda Managing Director, Silverlake Japan Ltd Mr. Neda is responsible for the growth and expansion of Silverlake Axis Group’s business in Japan and joined the Group in 2009. In his 23 years’ experience in the Credit Card and Retail Banking industries, he played a lead role in the Japan credit card market by developing new credit card products, payment products and services. These business products were successfully implemented in MasterCard, Citibank N.A., Shinsei Bank, Tokyo Star Bank and SBI Group.

Sua Shii Huey Director, Cyber Village Sdn Bhd Ms. Sua joined Cyber Village in its founding year. She has more than 18 years business development and project management experience, specializing in e-commerce implementations and managing small to large enterprise scale e-business projects. Prior to Cyber Village, she was part of the team which set up the first image bank/stock photo company in Malaysia - Ultra Dimension and successfully signed up stock photo agencies in Singapore, Hong Kong and China.

Trevor Lok Theng Hey CEO, Merimen Group Mr. Lok is one of the pioneer employees of Merimen since 2002 and played an instrumental role in its early success. He is currently responsible for the overall strategy and operations of Merimen’s business and leading Merimen’s business development and expansion. Before assuming his current role in 2013, he actively led the development of Merimen’s insurance policy solutions. He has over 12 years of experience in insurance solutions and services industry.

Sanjeev Dhar Managing Director, Isis Group Mr. Dhar joined the Group in 2011 and is responsible for enterprise payment and integration technology platform business. He leads the R&D of “Implementable Architectures and Compliance”, and is responsible for managing Isis’ day to day operations, product development and technology strategy. Prior to joining the Group, he was Senior Vice President at Isis since 1996 where he spearheaded all product development. He has over 19 years of experience in banking technologies, financial systems and digital banking infrastructure.

Shieh Yee Bing Director, Cyber Village Sdn Bhd Ms. Shieh is one of the pioneer employees of Cyber Village since 2000. She focuses on Cyber Village’s large enterprise scale projects and development of key banking accounts. Today, besides overseeing Cyber Village’s day to day operations, she also leads product development with special focus on portal and internet mobile financial self-service solutions. She has over 18 years experience in e-business projects across financial services, logistics, and education industries.

Andrew Ooi Su Jin CTO, Merimen Group Mr. Ooi is responsible for the technical framework in which all Merimen solutions are built upon since the founding years. He assumed the role of Chief Technology Officer in 2013. Prior to Merimen, he worked as a Software Engineer in Sunway Workflow Automation (SWA), and was involved in the design and development of insurance automation systems. He has over 15 years of experience in insurance claim solution and services industry.

16


Investment Merits

Business Overview

Major Developments


Prospects

Acquisitions Made: 2010 - 2014

17

2010 2011 2013

In addition to broadening the Group’s income base, these acquisitions have added depth and range to the Group’s portfolio of software solutions and services to deliver and support our customers’ transformations initiatives to compete and profit from the digital economy

2014

Silverlake Solution Ltd

(Structured Software Maintenance & Project

Services)

Isis International

Pte Ltd (Enterprise Payment & Integration Platform)

Merimen Group (Insurance Claims & Policies Processing

Software as a Service ‘SaaS’ Platform)

Cyber Village Sdn Bhd

(Mobile & Internet Solution)

QR Technology Sdn Bhd

(Retail & Logistic Solution)

Finzsoft Solutions Ltd * (Solutions for Banks & Financial Institutions in

New Zealand and Australia)

* Refer to SAL’s announcement on 18 December 2014 for entry into a lock-up agreement in relation to a full takeover offer for shares in Finzsoft Solution Ltd.

Silverlake Axis Digital Economy Solution

18 *SCCIM: Silverlake Collaborative Capability and Intelligence Model

CORE

Solutions

Silverlake Axis

Integrated

Banking Solution

(SIBS) Silverlake Axis

Integrated Islamic

Banking Solution

(SIIBS)

Silverlake Axis

Integrated

Provident Fund

System (SIPFS)

Silverlake Axis

Card System

(SCS)

Silverlake Axis

Retail Merchandising

System

(PROFIT) Silverlake Axis

Insurance Solution

(MERIMEN)

CORE Integration

SIBS Delivery Service Processor

(DSP)

Enterprise to Enterprise Collaboration (SCCIM*)

SIIBS DSP Complement

(DSP-C)

Omni Channel Services

SCCIM.OS Social Network

Services

Technology Services

Industry Services

SCCIM.OS. Payment

SCCIM.OS. Data

Web

ATM

Branch Teller

& Sales

Loan

Origination

Contact

Centre

Collection

Self/ Kiosk

Service

Customer

Relationship

Management

(CRM)

Internet

Banking

Smart Mobile

Banking

eWallet

Mobile

Advertisement

Virtual Real

Super Mall

Augmented Reality

GeoGate

ICMS

Mobile

Mobile Loyalty

Programme

Identity Access

Management

Mobile Game

Mobile POS

Notification

Mobile Alert

Offers

Mobile Stock

Trading

Internet Mobile

Convergence

Mobile Apps

(iOS, Android,

Windows, BB)

Smart Devices,

Tablets and Web

Virtual Card

Online Share

Trading Personalization

eLoyalty

ePayment

eProcurement

Facebook

Banking

eRemittance

P2P

Payment

Web POS Portals Express

Banking

The Silverlake Collaborative Architecture (CORE + SCCIM) drives our industry and cross industry solution roadmap for digital economy enterprises

Silverlake Axis Digital Economy Core Capabilities and Ecosystem Offerings

19

Healthcare Ecosystem

Education Ecosystem

Hospitality Ecosystem

Merimen Software-As-A-Service Insurance

Platform

Insurers

Workshops & Repair Centres

Motor Part Suppliers

Loss Adjustors

Insurance Intermediaries

Cyber Village Mobile & Internet Solution

Isis Integration and Enterprise Payment Platform

Silverlake Axis Integrated Banking Solution (SIIBS)

Silverlake Axis Integrated Islamic Banking Solution (SIIBS)

Silverlake Axis Card Solution (SCS)

QR Retail Merchandising System (PROFIT)

Online Stores

Physical Stores

Warehouse

Digital Payment

Logistic

* Silverlake Collaborative Capability and Intelligence Model

Solicitors

Business Platform Capabilities

Islamic Financial

Institutions

Regional Financial

Institutions

Exchanges & Payment Gateways

Domestic Financial

Institutions

CORE

SCCIM*


CORE Integration

Silverlake Axis Banking Ecosystem

20

Cyber Village Mobile & Internet Solution

Isis Integration and Enterprise Payment Platform

Silverlake Axis Integrated Banking Solution (SIIBS)

Silverlake Axis Integrated Islamic Banking Solution (SIIBS)

Silverlake Axis Card System (SCS)

Islamic Financial

Institutions

Regional Financial

Institutions


Domestic Financial

Institutions

Core System Platform Partner of

Choice for Top 3 of the 5 Largest ASEAN Financial

Institutions

Over 40% of the Top 20 Largest

Banks in South-East Asia run on SIBS

100% Successful Implementation

Track In Over 100 Core

Institution Migrations In Asia & Middle East

Compliant in 20 Countries’

Banking Ecosystem (i.e. e-Govt, Financial Exchanges, Payment

Gateways)

HealthcareEcosystem

EducationEcosystem

HospitalityEcosystem

Insurers



Loss Adjustors


Online Stores

Physical Stores

Warehouse

Digital Payment

Logistic

Solicitors


CORE

SCCIM*


CORE Integration

Silverlake Axis Insurance Ecosystem

21

Merimen Software-As-A-Service Insurance Platform

Primary markets are Malaysia, Singapore and Indonesia

Over 80 insurers, encompassing most major

international insurers and many bank-affiliated insurers, covering both

conventional and takaful operators

Over 4,000 automobile workshops and

repair centres

Over 25 major automobile brands

Over 250 loss adjusters and law firms

Over 3,500 insurance intermediaries

Insurers



Loss Adjustors


Solicitors

HealthcareEcosystem

EducationEcosystem


Online Stores

Physical Stores

Warehouse

Digital Payment

Logistic


Islamic Financial

Institutions

Regional Financial

Institutions


Domestic Financial

Institutions

CORE

SCCIM*


CORE Integration

Silverlake Axis Retail Ecosystem

22

QR Retail Merchandising System (PROFIT)

Online Stores

Physical Stores

Warehouse

Digital Payment

Logistic

16 installations across the fastest

growing markets in Asia: China, Malaysia, Philippines, Singapore, Thailand, Vietnam, Cambodia &

Indonesia

Over 45,000 Suppliers

More than 350 Retail Outlets

HealthcareEcosystem

EducationEcosystem


Insurers



Loss Adjustors


Solicitors


Islamic Financial

Institutions

Regional Financial

Institutions


Domestic Financial

Institutions

CORE

SCCIM*


CORE Integration

23


Investment Merits

Business Overview

Major Developments


Prospects

24

1H FY2015 Results Summary

(RM Million) 1H FY2015 1H FY2014 % change

Revenue 240.9 226.4 +6

Gross Profit 158.0 136.2 +16

Pre-tax Profit 139.0 123.9 +12

Income Tax (7.7) (12.2) (37)

Net Profit 131.3 111.7 +18

25

Q2 FY2015 Results Summary

(RM Million) Q2 FY2015 Q2 FY2014 % change

Revenue 124.1 125.2 (1)

Gross Profit 82.4 77.4 +6

Pre-tax Profit 76.1 68.8 +11

Income Tax (4.4) (8.2) (46)

Net Profit 71.6 60.6 +18

26

Revenue by Business Activities

% change

+ 21% + 26% (36%) (78%) (2%) (10%)

123.4

71.9

27.2

1.69.7 7.1

102.0

57.1

42.2

7.3 9.9 7.9

0

20

40

60

80

100

120

140

Maintenance &

Enhancement

Services

Software

Licensing

Software Project

Services

Sale of Software

and Hardware

Products

Insurance

Processing

Credit and Cards

Processing

RM

' m

1H FY2015 1H FY2014

66%

58%

6%

55%

10%

60%

55%

49%

0%

10%

20%

30%

40%

50%

60%

70%

Gross Profit Margin Pretax Profit

Margin

Net Profit Margin Effective Tax Rate

1H FY2015 1H FY2014

27

1H FY2015 Selected Ratios

Dividend

Dividend (Singapore cents

per share)

First

Interim

Second

Interim

Third

Interim Final Special Total

FY2013 0.5 0.7 0.8 1.1 - 3.1

FY 2014 0.8 0.9 1.0 1.2 0.6 4.5

FY 2015 0.8 1.1* - - - -

* Second interim cash dividend is payable on 13 March 2015

28

29

Balance Sheet

(RM millions) 31 Dec 2014 30 Jun 2014

CURRENT ASSETS 463.5 516.3

- Trade and other receivables 64.4 102.6

- Cash and bank balances 337.5 349.8

NON-CURRENT ASSETS 251.3 250.4

TOTAL ASSETS 714.8 766.7

CURRENT LIABILITIES* 85.6 115.0

NON-CURRENT LIABILITIES* 19.4 35.3

- Loans and borrowings 2.2 2.6

- Other payables* 1.8 17.3

SHAREHOLDERS’ EQUITY 609.8 616.4

TOTAL LIABILITIES & EQUITY 714.8 766.7

* The decrease in current and non-current liabilities and other payable as at 31 December 2014 was mainly due to the 3rd tranche payment for the acquisition of Merimen Group and lower accruals of sub-contractor fees

30


Investment Merits

Business Overview

Major Developments


Prospects

Technology Spending Drivers

31

Compliance Competition

• Mergers & Acquisitions • Strategic Alliances

Consolidation Cost Efficiency • Economies of Global

Processing Hubs • Improving Return on IT

Investment

• Basel 3 & AML • Major New

Regulations

• Regional & Global Competition

• Universal Banking Expansion (Conventional, Islamic, Micro-banking)

1

2

3

4

Core Banking Transformation

Delivery Channels Modernisation

Regulatory/Risk Compliance

Performance Management

Source: IDC Financial Insights Asia Pacific, 2013-2014

How new IT budgets will be spent…

BAU Projects

Singapore $4bn $1bn

Thailand, Indonesia, Malaysia combined $3bn $1.5bn

China $16bn $4bn

Australia $10bn $3bn

India $5bn $2bn

Currency: US$

Note: BAU: “Business As Usual” spending which generally falls under Bank’s Operating Expenditure category including Maintenance & Enhancement

9%

16%

30%

12%

28%

5%

Multi Channels & Distribution

Business Process Re-engineering

Core Refreshment/ Replacement

Enterprise Data Management

Governance, Risk & Compliance

Enterprise & Retail Payments

32

IT Budget Deployment 2013-2014

33

Thank You

Dr Raymond Kwong

CEO & Group Managing Director

Silverlake Axis Ltd

[email protected]

Meeting request, please contact:

Lee Teong Sang

Mobile: +65 9633 9035

[email protected]

www.silverlakeaxis.com

silverlake axis ltd · 2020. 3. 24. · 2 disclaimer this presentation may contain statements...

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