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Recorded at CAPA Live April

SriLankan Airlines CEO Update: Recovery and expanded cargo operations

SriLankan Airlines is the national carrier of Sri Lanka based in Colombo and a member of the oneworld alliance. The carrier operates a network of regional services within Asia and the Subcontinent, as well as services to the Middle East and Europe and several unique destinations which are not served by any other international carrier.  

 

During the pandemic the carrier significantly expanded their cargo operations and completed an Airbus A330 freighter conversion in-house with plans to convert a second aircraft and induct dedicated freighters by the third quarter of 2021. The airline has been looking into new MRO opportunities either through joint ventures to set up a new MRO facility or by using the existing hangars and workshop capacity under a franchise. 

We will hear an update from the region and how the cargo and MRO opportunities are progressing.


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Transcript

Adrian Schofield:

I'm Adrian Schofield, Senior Air Transport Editor for Aviation Week. Today, I have the privilege to be speaking to SriLankan Airlines CEO, Vipula Gunatilleka, about the challenges the airline is facing during the pandemic. We'll also touch on the airline's plans going forward and some broader industry questions.

Welcome, Vipula! And it's great to have you here with us.

Vipula Gunatilleka:

Yeah. Good to talk to you and good morning, Adrian. Thank you for the opportunity.

Adrian Schofield:

Right! Well, firstly, I was wondering if you could talk about how the pandemic has affected your operations. It looks like trafficking capacity is still well down, but are they starting to recover?

Vipula Gunatilleka:

Yes. I mean, like many other airlines, our airport came to a total shutdown in March last year, but we were fortunate what we did was being an island nation. We had lot of [inaudible 00:01:15] and also the national carrier. We had to help the Sri Lankan expatriates who were standard there all over the world. So we started a lot of humanitarian or the repatriation operations initially, and at the same time, we started doing our cargo.

Unfortunately we didn't have a dedicated cargo care freight as such, but we are making use of all the wide body aircraft. We initially started with the cargo network connecting Sri Lanka with Australia, UK, Germany, France, and all that. Yeah.

Adrian Schofield:

Right. Okay. When do you think you might see a significant recovery in international passenger demand? And how long do you think it might be until you get to a full recovery?

Vipula Gunatilleka:

Yeah, my gut feeling is by the winter next year, you'll see the recovery. But what we are projecting this year is since we don't have any domestic traffic like we are expecting, but 40% recovery at the end of our next financial year, which is ending in March Q1 next year.

Adrian Schofield:

Yeah. Right.

Vipula Gunatilleka:

So full recovery will be going back to pre-COVID level would be '22, '23 for us. Yeah.

Adrian Schofield:

Okay. So sort of your financial year runs through the end of March.

Vipula Gunatilleka:

Yeah. April to March.

Adrian Schofield:

Right. What do you think your recovery level is at the moment, if you hope to get it to 40% by then?

Vipula Gunatilleka:

Yeah, in terms of the turnover, we used to do between 70 to 100 million dollars a month, a 100 during the winter peak time. So we are doing about 30 million now, slightly about 30, but a lot of room to improvement. Cargo contributes about 60% of that.

Adrian Schofield:

Right. Okay. Where do you think your capacity is at the moment, compared to pre-COVID levels?

Vipula Gunatilleka:

We are deploying most of the aircraft on long hauls, like Germany and UK. Of course, we were heavily relying on UK before the shutdown. We also have the advantage of Maldives open. The footwork is about six, seven months ago. So we were making this [inaudible 00:03:35] opportunity as well. So it's mainly on the long hauls and lot of... We've done operations all over the world. During the pandemic, the patients that we never been to Africa, South Africa. Now we got operation to Nairobi starting soon. China, again, lot of cargo.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

Passengers, with the passengers.

Adrian Schofield:

Right. So there's a mainly cargo and repatriation floods, I guess.

Vipula Gunatilleka:

It's going to be cargo, little bit of... Now the repatriation flyer numbers are coming down. It's transit passengers and little bit of... Yeah. We have passengers.

Adrian Schofield:

Okay. So which of your international routes are actually open right now? I imagine there's still quite a few suspended.

Vipula Gunatilleka:

Yeah. You would have seen the Sri Lanka, they relaxed the quarantine requirements couple of days ago. So now, if you have a vaccine and all that, you can come. You had to only spend one day and you went for tourists. They encourage it. They can go to a designated hotel for seven days.

So what we have done is we have opened a systems, basically, booking terms, Middle East and India. India, two flights, basically Mumbai and Chennai, coupled with cargo. Australia, Sydney, Melbourne, but, you know the restrictions in Australia. So we can't get that many passengers there. Narita. We are also looking at Singapore now. Singapore, we do quite a few flights. A lot of people still go from India to Singapore or Colombo and Ramale. Yeah.

Adrian Schofield:

Right. Okay. Okay. So what is still suspended in terms of your regular international network?

Vipula Gunatilleka:

Yeah, majority of the roots are we are doing in a very small scale. If you look at Australia, we are doing only three flights. Narita, again, only three flights at the moment. We'll be up to four. UK was doing well, but we suspended with the restriction, but now I think we can reopen UK. I would say it's a very dynamic thing.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

Sometime we had to planning team, we meet three, four times a week and go through all the opportunities. They're so set. We got the main link through the cargo and then the rest is all, we are quite flexible.

Adrian Schofield:

Right. Okay. And so when do you think you might resume your London flights?

Vipula Gunatilleka:

London? Now, we have opened the systems now with the new restrictions, with new quarantine rules. The Sri Lankans, who are in UK, they expected they can all come no sooner the UK. If there are restrictions and will be able to have, we are looking at summer really. Summer, we are expecting a lot, even we are looking at opening Russia. As you know, Russians, like at Moscow, we are looking at one frequency to start with in May, June timeframe.

Adrian Schofield:

Right. Okay. Right. Huh. So, London resuming during the Northern summer season.

Vipula Gunatilleka:

Yeah. Correct.

Adrian Schofield:

All right. Okay. I know that the Maldives are very important to your strategy. How much have you reopened those flights?

Vipula Gunatilleka:

Maldives? We are doing a lot of cargo flights and then passenger flights. At the moment, we do about seven to eight flights a week, which is nowhere near what we were doing earlier. Capacities of Maldives will kickstart soon.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

Once London opens and here.

Adrian Schofield:

Okay. And so you mentioned this before, but what sort of travel and entry restrictions are enforced in Sri Lanka right now? I guess there has been a slight easing recently, hasn't there?

Vipula Gunatilleka:

Yeah, it has. We are... Sri Lankans, and they expect it swallowing. If they have the vaccine, just basically one day. If not, so they can stay in a hotel where they are to come with a PCR. And if they have actually been upon arrival, they do another PCR. And then within 40, or 24 hours, they can go tour. Even the others, like what your diet needs. We have a seven-day home quarantine facility available. Tourists, they go to a designated to a resort hotels, like a certified hotels. So they can operate within that bubble. Yeah.

Adrian Schofield:

Okay. Right. Right. And is there any, any sign of further easing in the near future, do you think? Or is that really going to be dependent on the vaccine roll in?

Vipula Gunatilleka:

I think it will happen because we are quite okay. We have got on top of the situation compared to the most of the countries, our numbers are very little. So we will review this, but we opened the systems now, so people can book in and within those parameters.

Adrian Schofield:

Oh, okay. And do you think when would it start to open around the world, in other countries as well? What's your feeling with tourism will rebound quickly because I know that inbound tourism is very important to Sri Lanka, isn't it?

Vipula Gunatilleka:

Yeah. Tourism will lighten for Sri Lanka. Tourism, we rebound now what is happening? I think we have had about 4,000 plus tourists coming during the last one to two months from Ukraine and Russia and the Eastern, some of Eastern European countries. So they will come. They'll continue to come during summer because they have no places to go, actually. Europe is shut down, and the places like Egypt and Turkey have their own restrictions, so we'll have opportunities there to attract them and...

Adrian Schofield:

Oh, okay. Right, right. And what about the tourism infrastructure in Sri Lanka? Do you think that has suffered at all during the pandemic period? Or is it still pretty much ready to go when the tourists start coming back in and...

Vipula Gunatilleka:

Yeah, the infrastructure are pretty much in shape. Initially we had a huge... With the first lockdown, the whole country was in lockdown. But then the locals started traveling. So I've been traveling, we have gone to so many places. The hotels are operating now, so they are especially, they got lot of weekend traffic with locals.

Adrian Schofield:

Okay. [crosstalk 00:09:55].

Vipula Gunatilleka:

So they can bounce back. So, yeah.

Adrian Schofield:

Yeah. So their domestic tourism really sort of kept things moving with the local tourism industry.

Vipula Gunatilleka:

Yeah, correct.

Adrian Schofield:

Right. Okay. And does Sri Lanka have any travel bubbles or travel corridors in place with other countries or does it have any of those under discussion at the moment?

Vipula Gunatilleka:

Yeah, we don't have anything confirmed up yet, but what we are looking at is a bubble with India. So as you know, a lot of Indians come here too for just two, three days, three days. So that's what we are looking forward to.

Adrian Schofield:

Right. Wow. Is that something that might happen in the near future?

Vipula Gunatilleka:

Yeah, it should technically.

Adrian Schofield:

Wow. And that'd be a big deal with Sri Lanka, wouldn't it? Because I know that your Indian network is very important to the airline.

Vipula Gunatilleka:

Yeah, definitely. They're looking forward to that.

Adrian Schofield:

Right. And even with something I'm always interested in with, as countries increase their vaccination programs, do you think it's still important to focus on travel bubbles and travel corridors even as vaccination rates start to rise?

Vipula Gunatilleka:

Yeah, I think so. If you look at the way the disease has spread, the pandemic. Some countries are still, they're shut down, they're on recovery mode. New variants are being discovered now. So I think this is important.

Adrian Schofield:

Right. Okay. And just looking back a little further, Sri Lanka was... but before the pandemic came along, Sri Lanka was also hit by another pretty major event that had a impact on tourism that there being the Easter bombings in 2019. And I know they had a huge detrimental effect to your traffic and to tourism to Sri Lanka. Had FedEx, had tourism actually re recovered for you from that before the pandemic hit, or was it still down?

Vipula Gunatilleka:

I think we got hit by the pandemic beginning of last year with Wuhan. So we had a pretty robust recovery from the Easter setback. We were about, by December 2019, we were about 80%. We had made about 80% recovery, especially also thanks to the demise of Jet Airways. We were able to launch.

So we were on the right track with that. I mean, it was very unfortunate. Then we started, we saw the Chinese, we didn't get the expected Chinese Divia traffic last year. So with all that, we made, in terms of the profitability, we were EBITDA positive last financial year after so many years, because of all the initiatives we implemented in terms of restructuring.

Adrian Schofield:

Okay. So you returned to profitability before the pandemic striked, did you?

Vipula Gunatilleka:

Yeah. It made a positive, because we've got a huge debt for national, we've got a billion dollars worth of debt, so performance is measured on EBITDA.

Adrian Schofield:

Right. Okay. You touched on this earlier, but how much of a disadvantage is it that you have no, really no domestic network to rely on? Other airlines have been able to rely on the domestic network, while all international traffic's been down. But for carriers like yourselves and Cathay and Singapore Airlines, there is no domestic network. So how much of a handicap is that?

Vipula Gunatilleka:

Yeah, actually, it was real set back. But I'm relying, that's why I'm counting on India. India is domestic travel for me because we are a very small island... [crosstalk 00:13:37]

Adrian Schofield:

Right.

Vipula Gunatilleka:

But then Singapore. So once India kickstarts, we'll be okay. We'll have that short holiday makers coming.

Adrian Schofield:

Right. Okay. There's something that I did want to ask you a little bit later, but perhaps we'll bring it up now. How important is the Indian market to your strategy? I mean, I think you've sort of positioned your hub like a de facto hub for the Indian market. How important it is that to your broader operation?

Vipula Gunatilleka:

It was initial. Previously, it was important because as you know, with going back to the history of, we were fighting a war and all that, so there were no tourists coming. So we had to rely this, going back to India Strait. So we had to rely on Maldives and India and we consider Sri Lanka as a hub. So that Saturday, we'll continue with the airport expansion also. But what I am looking at is that some of the long haul flights will relaunch during the pandemic like Frankfurt, Paris and Sydney.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

Also, we are planning... Those will continue. So my focus will be mainly on the long haul flights, that's where you can have that advantage in terms of costs and also in terms of the point to point travel.

Adrian Schofield:

Do you anticipate getting a lot of feed from the Indian market through your hub and onto those long haul routes? Or is it mainly sort of point to point you're looking at?

Vipula Gunatilleka:

Long hauls? Yeah, India. If I'm looking at Australia, it's basically a lot of India, Sydney, and Melbourne will be a lot of Indian traffic coming in, in addition to the two areas. And Melbourne was mainly on diaspora and Indian... That was very [inaudible 00:15:24], but Sydney will be different.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

Sydney will have more tourists coming in.

Adrian Schofield:

Right. Cause there's not a lot of direct options from Australia to India. So I guess it's mostly indirect traffic and you're pretty well located for that.

Vipula Gunatilleka:

Yeah. Correct.

Adrian Schofield:

Right. Okay.

Vipula Gunatilleka:

Even to places like Europe, Frankfurt, Paris, which we used to operate for, we pulled out from those routes couple of years ago for strange reasons. I think we are looking at, so what are my strategies basically? I got a fairly decent cargo network in operations.

As you know, the cargo margins are coming down, the volume will come down. So what I'll do is, you'll have the passenger traffic network around the cargo. So that way, I will not feel the pain. So I do not relaunch some of these routes. I'll continue.

Adrian Schofield:

Yeah. So sort of build up what is currently a cargo network? You can build the passenger services around that.

Vipula Gunatilleka:

Yeah. That's what we have done. Also, for example, if you look at most of the flights, we get not many. We carry the belly cargo, we don't have freighters as such, except one car, not a freighter. But we get good passenger numbers to compensate for the revenue. So that, I will build up. But I am looking at a freighter as well to have a freight train operation within the next six months or so, because I can't rely on belly cargo for long.

Adrian Schofield:

Right. Okay. And just on the Indian market, again, there's been a lot of changes in that market. You mentioned Jet Airways disappearing, the rise of Indigo, a lot of things happening. How did the changes in that market affect you or doesn't it really affect you that much?

Vipula Gunatilleka:

Oh, I think my margins are under pressure to an extent, but then again, there's enough demand. And as you know, Sri Lanka is one of the most sought-after destinations by the Indian and the middle-class professionals. So we'll have enough space to play it. But what I'm looking at also if the transit. Anybody to go to Australia, to Japan too. So...

Adrian Schofield:

Yeah. Do you do any sort of India to India connections or you're not really...?

Vipula Gunatilleka:

No, we don't.

Adrian Schofield:

Yeah. Okay. All right. And has the rise of the LCCs in the Indian market. Has that impacted you at all? I guess they'd be looking to carry a lot of that leisure traffic into Sri Lanka, wouldn't they?

Vipula Gunatilleka:

Yeah, it was, but we are quite competitive in that sense. Also, we are and a lot of people, and if you look at a transit passenger, they prefer to go in a better aircraft. If they're going to Melbourne or maybe to UK or to the Middle East or something, they prefer to what we call legacy candidate. [inaudible 00:18:25]

Adrian Schofield:

Right. Okay. You developed a turnaround plan in 2019, obviously before the pandemic hit. Have you had to adjust the strategy or the timeline due to COVID-19?

Vipula Gunatilleka:

In terms of the costs, what we did was we focused on what we were doing and as I told you, in 2019, we were to reach breakeven status after so many years. But we made use of the pandemic and we were aggressively negotiating with all the suppliers that the leases we made considerable savings.

We had couple of voluntary retirement schemes. Get rid of the extra staff and all the supply contract negotiators and made substantial savings on those things. That is basically why it was something that we made, during the pandemic time, we were very aggressive to prepare the airline for the core spend, I mean, recovery.

Adrian Schofield:

Right. Okay. And we're fast running out of time, but fascinating to talk about the challenges you realize facing. But I'd like to talk about fleet. If I could, you touched on your freighter plans earlier on, and I just wondered if you could go a little bit more in depth about how many freighters you might be adding, how many you're converting, or where else you might be getting dedicated freighters from?

Vipula Gunatilleka:

Well, initially we will look at one for the first one year, and then we will gradually see, depending on the demand, we will add another one. So we don't want to be very aggressive, considering the financial challenges we are facing and all that. [crosstalk 00:20:10]

Adrian Schofield:

Would they keep conversions? Those two or...

Vipula Gunatilleka:

Those conversion? We have converted one, but that I'm going to take it back. And once the freight is... So we'll operate it till the end of the year, once the freight is in place. We'll take that out here.

Adrian Schofield:

Okay. Right. So you want two dedicated freighters in addition to the conversion?

Vipula Gunatilleka:

No. [inaudible 00:20:29] and we'll go out, we will, that was a passenger plane. So we are going to get the seats back.

Adrian Schofield:

Right, I see.

Vipula Gunatilleka:

There is one dedicated freight for the time being, initial to start with. And then depending on the demand, we'll go for the second.

Adrian Schofield:

Okay. Leased aircraft.

Vipula Gunatilleka:

Yeah. It's a leased...

Adrian Schofield:

Right. So what percentage of your fleet is parked currently versus the active lead?

Vipula Gunatilleka:

Yeah, my fleet is, we had about 27 before the pandemic. Now it's 24 is 12 wide body, including the [inaudible 00:21:02] freighter plus 12 narrow-body. So I think the plans are, if everything goes on, well, we'll go. Even initial plan was to go up to about 34 aircraft in four years' time. So those are on the cards, but it depends on how the recovery. But we will need a replacement aircraft. Six or five aircrafts will be retiring within the next one and a half, two years. So we will need replacement at possibles.

Adrian Schofield:

Okay. And what's your thinking on that? Would that be the wide bodies or the narrow bodies?

Vipula Gunatilleka:

Mainly wide bodies, we are looking at. So we are actually, we are releasing three wide bodies and three narrow bodies, so we can get, what we are looking at is in four years' time to have 34 aircraft. So it will be 18 wide body and a 16, say 15 narrow-body.

Adrian Schofield:

Okay. Right, right. And so what sort of top wide body types are you interested in looking at?

Vipula Gunatilleka:

Yeah, we all have all the Airbus fleet. So we will be looking at Emilia bus, but the options today are, I mean, you got a lot of options. Earlier, we were not looking at 350, but today you can see the prices, so it's the lessee's market. So we will look at maybe, but ideally for our type of thing, maybe 330, 900 Nils. But it would be [inaudible 00:22:26] the aircraft or even 350, but 350 would have the added advantage of carrying cargo and all that.

Adrian Schofield:

Right. And I know you were currently in dispute with their bus about that your existing eight 350 order. What's the status of that? I think the expectation is that you will exit that eight 350 order.

Vipula Gunatilleka:

Yeah. I am unable to comment on that for... There's reason. Yeah. But even initially with the Airbus before the pandemic, what we were looking at was sort of a SOP to get a three 3,900 years, but today the market dynamics are different. They've changed [crosstalk 00:23:10] their prices have come down. You can get a 350 today for 650, $700,000. So, we will look at it at that time. I think my first stage is to the world tour in six months, to rebuild the traffic.

Adrian Schofield:

Right. Right. Okay. So, so when you do look at wide body replacement, you'd be looking at least eight 330s or eight 350s, probably.

Vipula Gunatilleka:

Yeah. It could be a lease. And if I'm going to the manufacturer sooner, then we can look at a easier-backed facility, which is more advantageous for us. Yeah. We can get, yeah.

Adrian Schofield:

Okay. Wow. So you're certainly not ruling out the prospect of aiding eight 350s in the future.

Vipula Gunatilleka:

No, not that, yeah. We'll see how it goes.

Adrian Schofield:

Right. Okay.

Vipula Gunatilleka:

I think for our type of operation, 18 3300s, and then three, two, ones would be good to have more ideal. Concerning the stage length and the type of operations we are. I mean.

Adrian Schofield:

Right. And of course you asked that you have begun modernizing your fleet with the Neo-narrow bodies. So I guess that would be, obviously, the direction you'd continue to go in for the narrow bodies.

Vipula Gunatilleka:

Yeah. Correct.

Adrian Schofield:

Right. Okay. And just to clarify. Of your current fleet, how many are active at the moment versus inactive?

Vipula Gunatilleka:

A wide body? The entire fleet had been active and, they have been operating pretty robustly. But the narrow body now about 50% utilization. But that is something if India and travel bubble kicks in, then we can operate. What we do is we mix and match, like most of the repatriation flights to short hauls, we try to operate a narrow body.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

Sometimes instead of sending two wide body, I have a capacity issue also with the wide body, because they're all over in all the long halls in cargo. So if I have to do a narrow-body flight to the Middle East or to Singapore for... but I sometimes do two instead of one, that's better.

Adrian Schofield:

Okay. Are you interested in the longer range, narrow bodies that are coming onto the market now? Or would that not be so suitable for your operation?

Vipula Gunatilleka:

That may not be, considering our stage lane and the network, that may not be ideal for us. Yeah.

Adrian Schofield:

Right. I think because you primarily use the narrow bodies into India, I guess.

Vipula Gunatilleka:

Hey, it's India. If you look at a three, sorry, 321 here, we can operate to places like India, the Middle East, but China is be tough with the payload.

Adrian Schofield:

Yeah.

Vipula Gunatilleka:

So yeah. So that's that, and the Middle East we are okay, but then again there are a lot of cargo. We are missing out if you operate a 321.

Adrian Schofield:

Right. Okay. And I'm also interested in the developments on the MRO front. I know that that is an area that you've been looking to develop a little bit. So could you tell us about what's happening with your MRO operation?

Vipula Gunatilleka:

Yeah. We got recertified by [inaudible 00:26:07] and we are doing a lot of work at the moment for other airlines, the third parties and all that. So we plan to grow that, but what we are looking at is, we need to do a joint venture and we got a nice facility in down South in Mattala. Long-term, we need to have a partner, to find a partner and do a proper joint venture.

Adrian Schofield:

Okay. Right. To perhaps increase the third party work.

Vipula Gunatilleka:

Yeah. Yeah. So we are doing, at the moment, we are making, so we got additional line. We make use of that. We are done quite a lot of third party work for the last two to three years. But that work will continue. Yeah.

Adrian Schofield:

Right. Okay. And just finally, a more sort of general question. In what ways do you think the travel experience and the airline industry have changed long-term as a result of the pandemic?

Vipula Gunatilleka:

Yeah. I think people will learn to be more tech-savvy, they had to adapt to technology. You'll have contactless travel. So this is one of the things we also did was we like re-vamped our back office. Now, our e-commerce penetration was about 14% by looking at doubling it within the next two years. And all this. So it will be more seamless travel now, travel policies one year, we are also working on it. Singapore has already introduced it. So it will be... And plus, also I would see it be more point-to-point traffic, people who divide at least initially the hubs.

Adrian Schofield:

Mm-hmm (affirmative). Right. So contactless travel, it will be perhaps a bigger thing.

Vipula Gunatilleka:

Yeah.

Adrian Schofield:

Right. Are you doing trials with any of the digital travel passes at the moment?

Vipula Gunatilleka:

Yeah, we are still in the development phase. We got some things done. We don't have a fully-fledged solution as such, but we've got the boarding passes and all done. So even the safe checking-in queues are in place. So, as the airport resumes operations, we'll make use of those, yeah.

Adrian Schofield:

Right. Okay. Well, that's all we have time for today. I'd like to thank Vipula very much for a really interesting conversation. And for being so frank about your plans. You've got some very interesting stuff going on, some big challenges obviously, but some great opportunities as well. Also, I'd like to thank everyone for tuning in, and I hope you listened to some of the other CAPA Live content that's coming up.

Vipula Gunatilleka:

Oh, yes. Yes. I've been part of CAPA Live. I used to come to Singapore and then I used to speak. But then, we're looking forward to seeing you guys soon, yeah. Not the online event, a physical event, hopefully towards the latter part of the year either in Singapore or in Australia, maybe.

Adrian Schofield:

That would be great. We're looking forward to it, too.

David Evans:

We're here at Heathrow in the testing center that we've set up to really help get the travel industry back on its feet and recovering. We've got a team of professionals here in the UK, medical experts around the world.

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