BSE: 500410 | NSE: ACC | ISIN: INE012A01025 
Market Cap: [Rs.Cr.] 28,435.68 | Face Value: [Rs.] 10
Industry: Cement - North India

Director's Report




The Directors take pleasure in presenting the Seventy Ninth Annual Report together withthe audited financial statements for the year ended December 31, 2014. The ManagementDiscussion and Analysis has also been incorporated into this report.


• Consolidated income for the year increased by 5% to Rs. 11,995.42 Crore ascompared to Rs. 11,431.10 Crore in 2013;

• Consolidated net sales for the year was Rs. 11,480.31 Crore as compared to Rs.10,889.08 Crore in 2013, a growth of 5.4%;

• Consolidated profit before tax for the year was Rs. 1,119.54 Crore as comparedto Rs. 1,213.64 Crore in 2013;

• Consolidated Profit after tax for the year was Rs. 1,161.82 Crore (including taxwrite back of Rs. 309.23 Crore) as compared to Rs. 1,094.67 Crore in 2013 (including taxwrite back of Rs. 216.74 Crore).


Consolidated Standalone
Rs. Crore Rs. Crore
2014 2013 2014 2013
Revenue from Operations(Net) and other income 11,995.42 11,431.10 12,006.49 11,435.28
Profit Before Tax (PBT) 1,119.54 1,213.64 1,135.20 1226.96
Provision for Tax (31.13) 131.91 (33.09) 131.20
Profit After Tax (PAT) 1,161.82 1,094.67 1,168.29 1,095.76
Balance brought forward from previous year 4,158.74 3,845.79 4,175.87 3,861.83
Profit available for Appropriations 5,320.56 4,940.46 5,344.16 4,957.59
Interim Equity Dividend 281.62 206.52 281.62 206.52
Proposed Final Equity Dividend 356.72 356.72 356.72 356.72
Tax on Equity Dividends 119.18 95.72 119.18 95.72
Previous Year Tax on Equity Dividends - 2.76 - 2.76
General Reserve 130.00 120.00 130.00 120.00
Surplus carried to the next year’s account 4,433.04 4,158.74 4,456.64 4,175.87

The Company proposes to transfer an amount of Rs. 130 Crore to the General Reserves. Anamount of Rs. 4,456.64 Crore is proposed to be retained in the Statement of Profit andLoss.


Your Directors are pleased to recommend a final dividend of Rs. 19/- per equity shareof Rs. 10 each. The Company had distributed an interim dividend of Rs. 15/- per equityshare of Rs. 10 each in August 2014. The total dividend for the year ended December 31,2014 would accordingly be Rs. 34/- per equity share of Rs. 10 each. The total outgo forthe current year amounts to Rs. 757.52 Crore, including dividend distribution tax of Rs.119.18 Crore as against Rs. 658.96 Crore including dividend distribution tax of Rs. 95.72Crore in the previous year.

During the year, the unclaimed dividend pertaining to the 69th dividend forthe year ended December 31, 2006 and the 70th Interim dividend for the yearended December 31, 2007 were transferred to the Investor Education & Protection Fundafter giving due notice to the Members.


The paid up Equity Share Capital as on December 31, 2014 was Rs. 187.95 Crore. Duringthe year under review, the Company has not issued shares with differential voting rightsnor granted stock options nor sweat equity. As on December 31, 2014, none of the Directorsof the Company hold shares or convertible instruments of the Company.


Cash and cash equivalent as at December 31, 2014 was Rs. 1,686 Crore. The Companycontinues to focus on judicious management of its working capital. Receivables,inventories and other working capital parameters were kept under strict check throughcontinuous monitoring.


During the year, the Non-Convertible Debentures aggregating Rs. 32 Crore were redeemed(Rs. 125 Crore were bought back / redeemed in 2013). Accordingly all the debentures standextinguished.


The Company had discontinued its fixed deposit scheme in the financial year 2001-02.Despite efforts to identify and repay unclaimed deposits the total amount of fixeddeposits matured and remaining unclaimed with the Company as on December 31, 2014 was Rs.0.02 Crore. The Company has not accepted deposit from the public falling within the ambitof Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules,2014.


Details of Loans, Guarantees and Investments covered under the provisions of Section186 of the Companies Act, 2013 are given in the notes to the Financial Statements.


Indian economic growth in 2014 rose to ~5.2% from 4.7% last year as a result of theimproving macro-economic situation. The wholesale and consumer price inflation has fallento ~4.2% and 7.4% from last year’s 6.3% and 10.1% on the back of a strong baseeffect. Falling oil prices, lower food and commodity prices and the proactive measurestaken by the Government helped in containing inflation in 2014.

Contrary to expectations, agricultural growth was strong at ~4.5% in 2014. However, theslow pace of reforms, lack of impetus for infrastructure projects, high interest rates andtightening of fiscal policies adversely impacted the capital goods sector. Industrialproduction / output was also sluggish.

The low economic growth appears to have bottomed out and a gradual increase in economicactivity is expected in 2015. The medium term to long term growth prospects look positivein view of the Government’s determination to bring in reforms. For the year 2015, theeconomy is expected to grow at a higher rate than in 2014. The long term prospects for theeconomy is optimistic.


The Indian Cement Industry has an installed capacity of ~360 million tonnes and thedomestic consumption in the calendar year 2014 was ~264 million tonnes. Cement consumptiongrew at the rate of ~6% in the calendar year 2014.

The overall cement demand is estimated to grow at the rate of 6% in 2015. Theconsumption growth may go beyond 6% if investment is made in the infrastructure segment.With the gradual reduction in fiscal deficits and Consumer Price Index, it is expectedthat the interest rates would gradually come down which would stimulate demand in thehousing sector. The Company’s continued focus on cost reduction, its thrust onincreasing the sale of premium products and various other customer excellence initiativesshould help in presenting an improved performance.


2014 2013 Change %
Production - million tonnes 24.24 23.86 1.59
Sales Volume - million tonnes 24.21 23.93 1.17
Sale Value (Rs. Crore) 10,720.28 10,233.17 4.76
Operating EBITDA (Rs. Crore) 1,473.13 1,609.19 -8.45
Operating EBITDA Margin (%) 13.74 15.73


9.1 Volume

Domestic sales in 2014 increased by 1.5% to 24.14 million tonnes as compared to 23.80million tonnes achieved in 2013. Cement exports in 2014 reduced to 0.07 million tonnes ascompared to 0.13 million tonnes in 2013. Total cement sales (including exports) increasedby 1.2% to 24.21 million tonnes as compared to 23.93 million tonnes achieved in 2013. TheCompany continues to focus on the Individual House Builder segment for higherprofitability.

The sale volumes of premium products in 2014 was 2.73 MT as against 1.55 MT in 2013.

9.2 Selling Price

Selling price of cement improved by 4% in 2014 over 2013.


During the year 2014, the economy witnessed an upward movement in the overall coststructure and the Company continued to focus on cost improvements through its excellenceprogrammes.

10.1 Cost of materials consumed

Cost of materials consumed accounted for 15%oftotalincomefromoperations(14.4%in 2013).Cost of material consumed increased by 11% in 2014 over 2013. Slag prices were lower by17% in 2014 as compared to 2013 while gypsum prices remained almost flat. Fly ash pricesincreased by 11% in 2014 over 2013. The cost of material consumed during the yearincreased on account of purchase of clinker as a result of temporary suspension oflimestone mining operation at Chaibasa and Bargarh.

10.2 Power & Fuel

The power and fuel spend was Rs. 2,441.82 Crore which constitutes 21% of the totalincome from operations of the Company (Rs. 2,375.97 Crore in 2013 i.e. 21% of the totalincome from operations of the Company). The various initiatives taken such as the usage ofindustrial waste and biomass as alternate fuels and optimization of fuel mix, has limitedthe power and fuel costs increases to 2.8% in 2014 over 2013. Coal cost for kilnsincreased by 3.6% in 2014 over 2013 mainly on account of a drop in supply of linkage coaldue to shortage of rakes and resultant higher procurement of imported and e-auction coal.Use of imported coal increased to 24% in 2014 (21% in 2013) while linkage coalavailability reduced to 57% in 2014 (67% in 2013). Coal cost for captive power plantsincreased by 10% mainly because of limited availability of CPP grade linkage coal andresultant higher procurement of market / imported coal. Improved operating efficiencies ofkiln and captive power plants and benefits derived from Waste Heat Recovery System (WHRS)operations had a positive impact in limiting cost increases.

The Company continues to focus on maximizing Alternative Fuels & Raw Materials(AFR) consumption in the cement manufacturing process.

10.3 Freight & Forwarding expenses

Freight and forwarding expenses were Rs. 2,598.33 Crore which constitutes 22% of totalincome from operations of the Company (Rs. 2,308.87 Crore in 2013 i.e. ~21% of totalincome from operations). Freight and forwarding expenses went up by 12.5% in 2014 over2013.

Freight on clinker transfer increased mainly on account of railway freight increase,freight rationalization by Railways and long lead inter unit movements of clinker.

Freight on cement despatches increased on account of higher cement sale volumes as alsoon account of hike in rail and road freight. This increase was partially offset byimprovement in logistics operational efficiencies.

10.4 Other Expenditure

Other expenditure constitutes ~21% of total income from operations of the Company. Theincrease in other expenditure was restricted to 3.5% in 2014 over 2013.

Continued focus on reduction in fixed cost helped in restricting the fixed costincreases to ~3% in 2014 on a YoY basis.


In 2012, an Institutionalizing Excellence programme was launched across all functionsto sustain exceptional performance over time. The programme is now central to theCompany’s growth initiatives and the whole organization is galvanized to accomplishtargets. Over a period of two years, the programme has yielded encouraging results and hashelped the Company balance inflationary pressures by improving efficiencies. TheInstitutionalizing Excellence journey continues with a strong focus on Safety.

In Manufacturing Excellence, two Plants, Chanda and Jamul, figured in the top fifteenamongst all Holcim Plants globally in terms of efficiency. Efforts are underway towardsraising the Company’s overall efficiency parameters closer to aspirational targetsand to pursue further reductions in input costs of coal, power generation and in mineralcomponents like gypsum, slag and fly ash. A manufacturing academy was setup that drivescontinuous improvement in each Plant by regular training and skill enhancement.

The Customer Excellence programme focuses on the customer and seeks to achieve volumeand price improvement and steps for the enhancement of brand equity.

The Logistics Excellence journey saw visible and significant initiatives to optimizecost-to-serve and time-to-serve, reduce lead distances, eliminate multiple handling andinitiate the creation of modern infrastructure at the plants and warehouses. The RadioFrequency Identification Device (RFID) and Global Positioning Systems (GPS) modules whichwere successfully deployed at three plants are being replicated at all plants of theCompany in a phased manner.


The ongoing Jamul Project in Chhattisgarh, which comprises a new state-of-the-artclinkering line of a capacity of 2.79 million tonnes per annum and grinding facilities ofa capacity of 1.10 million tonnes at Jamul and of 1.35 million tonnes at Sindri areexpected to be commissioned during 2015.

The pre-processing and co-processing Alternative Fuel and Raw Materials (AFR) platformsat Wadi in Karnataka and Kymore in Madhya Pradesh have been commissioned in December 2014.


During the year 2009, the Company through its wholly owned subsidiary, ACC MineralResources Limited (AMRL), had entered into four separate Joint Venture Agreements (JVA)with Madhya Pradesh State Mining Corporation Limited (MPSMC) for the development andoperation of four coal blocks with an equity participation of 49% by AMRL and 51% byMPSMC. The coal from these four coal blocks was earmarked for supplies to cement plants ofthe Company.

Out of the four coal blocks being developed, the Bicharpur Coal Block in districtShahdol was in an advanced stage of development. The second coal block Marki Barka indistrict Singrauli was also ready for commencement of mine development activities with allits regulatory clearances in place.

While the development of coal blocks was in progress, on September 24, 2014, theHon’ble Supreme Court of India cancelled the allocation of Coal Blocks by theGovernment of India to State and private sectors. Consequently, allocation of Marki Barka,Semaria/Piparia and Morga IV coal blocks to MPSMC stood cancelled with immediate effect.However, by virtue of an advanced stage of development, the Bicharpur coal block is liablefor cancellation with effect from March 31, 2015.

As of December 31, 2014, the amount incurred, invested and advanced (including deposits/ advances to MPSMC and other parties) by the Company in this regard is ~Rs. 153.79 Crore.Subsequently, the Government promulgated The Coal Mines (Special Provisions) Ordinance,2014, which intends to take appropriate action to deal with the situation arising pursuantto the Hon’ble Supreme Court’s decision. The Management, based on itsunderstanding of it’s contractual rights under its JV agreements, its interpretationof the Ordinance and on the basis of legal advice, believes that the financial loss oroperational impact if any, will not be significant.

In addition to the above "Moira Madhujore North and South" Coal block in theState of West Bengal was allocated to six companies by Ministry of Coal in December 2009,wherein your Company holds equity of 14.37%. The allocation of the said coal block hasalso been cancelled by the aforementioned Order of Supreme Court. The Company has impairedits investment amounting to Rs. 0.69 Crore made in this Joint Venture Company.


As a sequel to the Supreme Court’s Order dated May 16, 2014 in two separate PublicInterest Litigations, policy changes were made by the Government with regard to renewal ofmines and deemed mining rights.

As per the Supreme Court’s directive, such of the mines which were hithertooperating under "deemed renewal" without any express orders of renewal passed bythe State Governments were not allowed to operate until express orders were passed by therespective State Governments in terms of Section 8(3) of the Mine and Mineral (Developmentand Regulation) Act, 1957. Pursuant thereto, the Government of India amended Sub Rule,24A(6) of the Mineral Concession Rules which had the effect of disallowing deemed renewalstatus for second and subsequent mining leases and limiting the deemed renewal status evenin case of the first renewal application to only two years. This development hastemporarily impacted the mining operations at Bargarh and Chaibasa which in turn affectedthe clinker production at the said Plants and clinker was required to be procured fromother sister plants as well as from outside. The Government has since passed the Mines andMinerals (Development and Regulation) Ordinance on January 12, 2015 in terms of which themining leases would stand extended from the date of their last renewal upto March 31, 2030in cases where the mines were being operated for captive consumption, such as in the caseof the Company.


Ready Mixed Concrete business continues to perform well despite the fact that in 2014,the Industry witnessed the entry of more players and increased liquidity issues. The RMXmarket is greatly fragmented and with increased participation by the unorganized segments,there is pressure on pricing. Against this backdrop, the Operating EBITDA increased to Rs.34.12 Crore in 2014 from Rs. 19.61 Crore in 2013. Sales volume improved by 18%.

The growth in business is attributed to the efforts made to enhance customersatisfaction. ACC Concrete is being perceived as a solutions provider rather than merelyas a concrete supplier. This was made possible by continuous customer involvement inprojects and by offering various products and providing value added services for itsstakeholders. A new line of allied products which could be supplied in the form of readyto use mortar were developed, produced and marketed. The Centre of Excellence set up bythe Company facilitates and supports capability demonstration initiatives, helps inengaging with customers and trains professionals in advanced construction techniques.

There is considerable focus by the Government on infrastructure development and in theyear 2015, the construction sector is expected to grow at a higher rate than in 2014.Demand for RMX is expected to revive in almost all markets across the country and islikely to be stronger in metro markets like Mumbai, Bengaluru, Chennai, and Delhi. Majordemand is expected to come from large investments in infrastructure and development ofreal estate across India in proposed future cities. Reduction in lending rates by banksand restructuring of loans should ease the liquidity position and help boost sales andprofitability. Ready Mix Concrete is expected to maintain the momentum and contribute tothe overall business with enhanced participation.

2014 2013 Change %
Production - Lakh Cubic Meters 19.65 15.96 23.12
Sales volume - Lakh Cubic Meters 21.24 18.00 18.00
Sale value - (Rs. Crore) 760.77 655.91 15.99
Operating EBITDA - (Rs. Crore) 34.12 19.61 73.99
Operating EBITDA Margin (%) 4.48 2.99


Sustainability has been deeply embedded into the Company’s business and has becomean integral part of its decision making process while considering social, economic andenvironmental dimensions. During the year 2014, a Sustainability Development road map forthe period 2014-2017 was developed with a focus on the following areas:

(a) Reduction of Specific CO2 emissions;

(b) Enhancing Thermal Substitution Rate (TSR);

(c) Reducing specific water consumption;

(d) Reduction of specific total energy intensity (Thermal & Electrical);

(e) Improving CSR footprint focusing on inclusive business projects.

The Company’s cement operations retained its certifications under variousmanagement systems for quality, environment, energy and safety.

16.1 CO2 Emissions:

The Company continued in its efforts towards achieving the commitments of Low CarbonTechnology Roadmap for the Indian Cement Industry under the umbrella of the CementSustainability Initiative (CSI) in India of the World Business Council for SustainableDevelopment (WBCSD). The various initiatives taken resulted in reducing the specific CO2emissions per tonne of cement to 526 Kg CO2/tonne of cement from 538 Kg CO2/tonne ofcement.

The CO2 emission per tonne of cement including emissions from on site power generationhas been reduced to 617 Kg CO2/ tonne of cement from 641 Kg CO2/tonne of cement.

16.2 Alternative Fuels and Raw Materials (AFR):

The Company provides co-processing and waste management services to over a hundredcustomers which facilitates disposal of a wide range of hazardous and non-hazardousindustrial waste streams in the form of solids, sludges and liquids.

The pre-processing and co-processing platforms which were commissioned during the yearat Kymore and at Wadi will add momentum to co-processing of larger volumes of wastes in anefficient manner. The AFR feeding and storage systems have also been ramped up in theseplants to the required levels.

16.3 Reduction of Thermal Energy

Many initiatives for process optimization were taken to reduce specific thermal energyin the manufacturing of clinker. These efforts resulted in reduction of 16 MJ of specificthermal energy / tonne of clinker to 3050 MJ in 2014 as compared to 3066 MJ in 2013. Othermeasures such as enhancing the usage of industrial waste and biomass as alternative fuelsand optimization of fuel mix has helped to contain the energy costs to some extent.

16.4 Clinker Factor

Through research and product innovation, the Company has been able to reduce clinkerfactor in both varieties of blended cements viz. Portland Slag Cement and PortlandPozzolana Cement. The use of slag and fly ash in cement manufacture helps the steelindustry and power plants to dispose of their waste in an environmentally friendly manner.

The Company’s blended cement production activities at Wadi, Kymore, Chanda andTikaria are registered with United Nations Framework Convention on Climate Change (UNFCCC)as a Clean Development Mechanism (CDM) Project. The blended cement project is one of thebiggest CDM of its kind in the Indian Cement Industry.

16.5 Renewable Energy:

The Company’s renewable energy portfolio consists of 19 MW in the form of windfarms across three states viz. 9 MW in Tamil Nadu, 7.5 MW in Rajasthan and 2.5 MW inMaharashtra. These helped the Company meet its non-solar renewable purchase obligationsfor Madukkarai and Lakheri Plants.

Various options are being evaluated to enhance the renewable energy portfolio such assetting up new assets of renewable energy and by use of renewable energy through the PowerPurchase Agreement route.

16.6 Waste Heat Power generation from process waste heat

During the year 2014, the Waste Heat Recovery System (WHRS) at Gagal Cement Worksbecame fully operational and produced 46.64 million kWh of electrical energy.

16.7 Dust Emissions

The Company’s average kiln stack dust emissions were well below the statutorynorms fixed by the States in which the Company operates. This has been achieved throughvarious controls and maintenance measures which were implemented on a continuous basis.The Company has also implemented various measures across all its operations to controlfugitive emissions.

16.8 Water Initiatives:

Multiple initiatives were taken in process and non process areas to improve the waterperformance which resulted in 15.6% reduction of specific water consumption/ tonne ofcement. These include: ??

• Increased use of recycled water for process and non-process applications; ??

• Minimizing leakages and wastages; ??

• Implementing water metering systems for accurate measurement of waterconsumption/withdrawal and to initiate more intense and focused measures for conservingwater;

• Implementing rain water harvesting measures in mines, plant, colony andsurrounding communities.

16.9 Biodiversity

A biodiversity risk assessment of all mines of the Company has been carried out.Afforestation and biodiversity conservation programmes have been initiated / implementedacross all the Company’s plants and mines. The Company has become a member of IndianBusiness Biodiversity Initiative (IBBI) a collaborative initiative of Confederation ofIndian Industry (CII) and Ministry of Environment Forest and Climate Change (MoEF &CC) and Leaders for Nature (LfN), an initiative led by International Union forConservation of Nature (IUCN) India. It has agreed to their charters and is in the processof implementing various associated initiatives.

16.10 Green Products

The Company made efforts to promote and increase sales of various innovative cementproducts like ACC-Gold, ACC-F2R, ACC Plus, ACC Coastal+ and concrete products such asPermecrete, Stampcrete and Imprincrete, ready to use mortar, Thermocrete and Hi-densecretewhich have lower environmental footprint.

16.11 Green Building Material Centres:

During the year 2014, four new Green Building Material Centres were setup in differentparts of India. These centres provide a one-stop solution in housing expertise andbuilding materials required for high quality low cost housing. These centres also offerarchitectural services, skilled masons for housing construction. The building materialsupplies include bricks, blocks, tiles, cement etc. These materials are produced fromlocal resources and incorporate waste material like fly ash which help in reducing CO2emissions. This initiative received global recognition for its environment and socialbenefits. The Company is planning to scale up these centres in the coming years.


As part of its initiatives under "Corporate Social Responsibility (CSR), theCompany has undertaken projects in the areas of Education, Livelihood, Health, Water andSanitation. These projects are largely in accordance with Schedule VII of the CompaniesAct, 2013.

During the year 2014, the Company’s community development efforts successfullytouched the lives of almost 5,00,000 people spanning ~150 villages across the country.Providing quality education initiatives in the plants’ neighborhood schools benefited~29,000 students during the year. Scholarships were awarded to ~500 meritorious studentsfrom weaker sections of the society to help them continue with their education. Technologyaided education initiatives like smart classes and interactive kiosks reached out tostudents in ~26 rural schools to keep pace with modern methods of learning. Specificsupport was provided to revive education for ~750 girl children under "ACC kiLadli" Project. The Company continued to support 7 Government-run Industrial TrainingInstitutes under the Public Private Partnership Schemes with Ministry of Labour andEmployment, Government of India.

Skill development training programmes were imparted to unemployed youth in partnershipwith specialized NGOs, which helped ~3,800 youth get job placements in variousmanufacturing and service sector enterprises. The Company supported the formation of 486Self Help Groups (SHGs) and in their strengthening through structured training activities.In matters of health and nutrition, the Company’s initiatives benefitted more than1,00,000 people. Support to 134 "anganwadi centers" helped ~8,000 children getaccess to better health and nutrition. A Centre for awareness, prevention and treatment ofSexually Transmitted Infections (STI) was established at Tikaria Cement Works. Nearly 3042HIV/ AIDS affected persons were supported through counselling, testing and treatmentthrough Anti Retroviral Therapy (ART) and STI Centers.

Sanitation, being a national agenda, the Company has developed four affordableprototypes of toilets through the Green Building Center. It has also led the forum ofConfederation of Indian Industries(CII) Sanitation Committee to promote the sanitationinitiative of Government of India and has also actively participated in forums on PublicHealth & Education.

The Annual Report on CSR activities is annexed herewith as "Annexure A".


In pursuit of ensuring "No harm anywhere to anyone associated with ACC",Occupational Health & Safety (OH&S) remains the Company’s top priority. Incontinuation with the "Surakhsha Laher" initiative which was launched in 2013,"Suraksha Laher 2" and "Suraksha Laher 3" initiatives were launched.The "Suraksha Laher 2" aimed at building Line Ownership and OH&S Competency,establish forums for improving communication and

Futures & Options Quote
Expiry Date :
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Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 1,429
Average Price: 1,405.24
No. of Contracts Traded: 2,739
Open Interest: 6,60,250
Underlying: ACC
Market Lot: 250
Previous Close: 1,400.05
Day's High | Low: 1,434.80 | 1,390.10
Turnover (Cr.): 96.22
Open Int. Change: -1,23,250 ([15.73]% )
Key Information

Key Executives:

N S Sekhsaria , Chairman

Shailesh Haribhakti , Director

Burjor Dorab Nariman , Company Secretary

Aidan Lynam , Director

Company Head Office / Quarters:

Cement House,
121 Maharshi Karve Road,
Phone : Maharashtra-91-22-33024473/33024469 / Maharashtra-
Fax : Maharashtra-91-22-66317458 / Maharashtra-
E-mail :
Web :


Cement House,121 M Karve Road, ,Mumbai - 400 020

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