Ql< GHieN cuu - TRflO DOI
SU" DUNG HOP LY SO UEU TREN BAO CAO TAI CHJNH KHI PHAN liCH BAO CAO TAI CHINH DOANH NGHIEP
' TS. Pham Thi Thuy Dgi hpc Kinh ti Qudc ddn EmaiLlhiirpl ivneii. edu. vn
Sd Hill trin hdo cdn Idi diinb do cdc doanh nghiip cung cdp khdng phai hidn ludn Id ca sa liirp li dm viic phdn tich linh Mnh ldi chinh doanh nghiip do sir Idn lgi cuu cdc y kiin ngoai trie cua kiim loan viin. siii sdt cua ban thdn doanh nghiip khi kip bdo cdo Idi chinh vd lliay ddi Irong chi dp ki lodn - ldi chinh. Di cd duac ca sd die lieu hap li dm phdn lich, nhd phdn lich cdn ihiec hiin diiu chmh sd lieu trin cdc bdo cdo tdi chinh Irirac khi linh lodn cdc chi sd tdi chinh. Bdi viil nciy bao gdm hai ndi dung ca ban: (1) cdc tnrdng hap ddn din sie khdng hpp li cna sd Hiu Irin bdo cdo tdi chinh vd (2) sir dung cdc so lieu ndy nhir Ihi ndo khi phdn lich hdn cdo tdi chinh.
Tir khoa: bao cao tai chinh, phan tich sd lieu, tai ehinh doanh nghiep 1. Gioi thieu
Phan tich bao eao tiii chinh la \iec xem xet mdi lien he giira cae ehi tieu tren bao cao tai chinh nham diinh gia toim dien \ e tinh trang tai chinh, hieu qua boat dgng eiia doanh nghiep sau mdi ki kinh doanh, tir dd cd nhirng du bao \'e tinh hinh tai cbinh eiia doanh nghiep trong luong lai. Phan tich bao cao tai
tin hd trg dac lire eho cac nhii dau tu trong cac quyet djnh mua- ban cd phieu tren thi trirdng chimg khoan.
Qua trinh phan tich bao cao tai diinh doanh nghiep dirge tien banh qua ba budc; (1) tbu thap va xir ly tai lieu; (2) tinh loan, phan tich va dir doan; (3) tdng hgp ket qua va nit ra ket luan. Cliat lugng eiia chinh dirge tlurc hien bdi nhieu ddi tugng khae phan tich phu thudc vao chat lugng eiia ea sd dir nhau. ca ben trong \ii ben ngoai doanh nghiep. Xet lieu phan tich nen d budc thir nbat, tai lieu thu thap tren gdc dp ben trong doanh nghiep, cac chuyen can dam bao tinh tin cay \ri pbii hgp vdi muc tieu
\ ien tai chinh- ke loan tien hanh phan tich bao cao phan tich. Cac tai lieu phan tich thudng bao gdm bp lai chinh cua doanii nghiep minh de bao cao cho cac bao cao tai chinh (bang can ddi ke loan, bao cao ket nha quan trj \ c tinh trang tai ehinh ciia doanh qua kinh doanh, bao cao luu chuyen tien te. thuyet nghiep. phat hien cac viin de tiem an, tir dd de xuat minh bao cao tai cbinh). bao cao kiem loan, bao cao cac bien phap thao gd. Xet tren gdc do ben ngoai ciia ban giam ddc va cae tai lieu kbac trong bao cao doanh nghiep, cac chinen \ ien tin dung eiia eac thudng nien ciia doanh nghiep (neu cd) hoac cac ngan hang thuong mai tien banh phan tich bao cao
uii diinh cua cac doanh nghiep khach hang nham dimh giii ve kha niing thanh loan, hieu qua sir dung
\dn \a\ dc quyet dinh cbo \ a \ hoac khdng cho \ay kem theo cac dieu khoan cu the ciia hgp ddng tin dung. Cac nhii dim tu cd tlie true tiep tiC-n hanh phan lich biio Clio tlii ehinh cim doanh nghiep quan tam
thdng tin lien quan den nganh kinh doanh, cac sir kien quan trgng cua doanh nghiep cdng bd tren cat phuong tien thdng tin dai chiing. Ddi vdi ndi bp doanh nghiep, cac nha phan tich (chuyen vien tai chinh- ke loan) cdn cd the sir dung sd lieu tren cac sd chi tiet, cac bao cao trong he thdng ke loan ciia don \ i minh de phuc \ii cbo quii trinh phan ticli.
nliani danh gia \ c tinh trang tai chinh, hieu qua boat Sau khi thu thap tai lieu, nha phan tich can xii li tai ddng tir dd du biio \ c trien \gng ciia doanii nghiep
irirdc klii CO cac qii>ct djnh dau tu, khdng dau tu hoac nit vdn dau tu \:io doanh nghiep dd. Cac chu\cn gia tu viin tai chinh thudc cac cdng tv chirng khoan tien banh phan tich bao cao tai chinh ciia cac cdng \\ CO pliiin niem _\ci. tir dd cdng bd cae bao ciio
lieu trudc khi tien banh budc tliir hai- tinh toan, phan tich va du doan. Xii li lai lieu la \ iec danh gia mirc do hgp li, tin cay ciia tai lieu, thuc hien cac dieu cbinh can thiet. nham cd dugc mdt co so' dir lieu khach quan \ a da> dii de tinh toan, so sanh, giai thich va danh gia phuc \ii cbo \ ice ra qii\ct djnh.
pluin tich ciia minli dudi gdc do la mdt kenh thdng Trong thirc te. cang viec nil) thuirng hi cac nha phan
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NGHieN cuu-TRflO D <^P
tich bd qua, va do dd anh hudng tdi chat lugng phan tich bao eao tai chinh. Thdi quen ciia cac nha phan tich la ehi sir dung true tiep sd lieu tren bao cao tai cbinh do doanh nghiep cung cap de tinh toan cac chi sd tai ehinh trong khi cac sd lieu dd cd the la khdng hgp Ii cho muc tieu phan tich.
2. Cac truong hop dan den sir khong ho'p ly ciia so lieu tren bao cao tai chinh
Cd nhieu nguyen nhan dan tdi sir khdng hgp li cua sd lieu tren bao cao tai chinh cbo muc tieu phan tich, bai viet nay tap trung vao ba nguyen nhan ca ban, dd la (1) cac y kien ngoai trii' eiia kiem toan vien, (2) sai sdt ciia ban than doanh nghiep kbi lap bao cao tai cbinh va (3) thay ddi trong che dp ke loan - tai ehinh, Mac dii cac van de nay thudng it anh hudng tdi thdng tin tren bao cao luu chuyen tien te, nhung cd anh budng dang ke tdi thdng tin tren bang can ddi ke toan va bao cao ket qua kinh doanh, tir dd lam sai lech cac chi tieu phan anh cau true tai cbinh, kha nang tbanb toan cung nhu hieu qua kinb doanh eiia doanh nghiep.
2.1. Cdc y kien ngogi trir cua kiem todn viin Y kiln ngoai trir la nipt trong cac loai ket luan kiem loan ma kiem loan vien cd the dua ra khi tien hanh kilm toan bao cao tai ehinh doanh nghiep.
Mong mudn ciia eac nha phan tich bao cao tai chinh la cd dugc y kien chap nhan toan phan ciia kiem toan vien, tire la cdng nhan sd lieu tren bao cao tai chinh doanh nghiep cdng bd la trung thuc, khach quan, tuan tbu theo cbi do ke toan Viet Nam va cac qui djnh phap li lien quan. Tuy nhien, trong trudng hgp khdng ddng tinh vdi sd lieu bao cao ciia mdt vai khoan muc tren bao cao tai cbinh hoac khdng cd du CO sd dl dua ra y kiln, kiem toan vien se dua ra y kiln ngoai trir vdi cac khoan muc dd. Thirc te, cd khdng it bao eao tai chinh cua cac cdng ty cd phan dai chung kilm toan vien da phai dua ra y kien ngoai trii'. Cac y kiln ngoai trir ciia kiem toan vien thudng xoay quanh cac van de nhu trich lap dir phdng, gia trj ciia mdt sd cac khoan muc tai san nhu hang tdn kho, tai san cd djnb vd hinh hoac cac khoan ng phai tra.
Vi du nhu trudng bgp bao cao tai cbinh cua Cdng ty cd phin Kinh Do nam 2010, kiem toan vien (cdng ty TNHH Ernst & Young Viet Nam) da dua ra y kiln ngoai trir vl khoan muc TSCD vd binh trj gia 50 ti ddng thi hien gia trj thuong hieu Kinh Dd do cdng ty TNHH Xay dung va Cbi bien thuc pham Kinh Dd gdp vdn vao cdng ty tir ngay 6/9/2002 la khdng dung theo chuin mirc ke toan Viet Nam (VAS) sd 04 "Tai san cd djnb vd hinh" cung nhu cac
qui djhb tai cbinh bien hanh [2]. Theo VAS 04, thudng bieu dugc tao ra tii' ngi bg doanh nghiep tbi khdng dugc ghi nhan la tai san cd djnb vd binh vi (1) loai thuong bieu nay khdng phai la ngudn lire ed the xac djnb dugc, (2) loai thuong bieu nay khdng dugc danh gia mpt each dang tin cay va (3) doanh nghiep khdng the kiem soat dugc loai thuong hieu nay. Viec ghi nhan gia trj thuang hieu ciia Cdng ty cd phan Kinh Dd da lam cho gia trj tai san, vdn chu sd hiru ciia cdng ty dugc phan anh cad ban thuc te va Igi nhuan bao cao bang nam cua cdng ty thap hon thuc te do viec trich khau bao gia tri thuong hieu vao chi phi kinh doanh. Rd rang la, neu sir dung true tiep sd lieu tren bao cao tai chinh eiia Kinh Dd trong trudng hgp nay de tinh toan cac cbi sd tai cbinh se dan den eac nhan djnb khdng dung ve tinh binh tai cbinh ciia cdng ty.
Ngoai ra, cd nhieu doanh nghiep chua thuc sir phan anh diing ban chat va phan biet rd rang cac khoan ng phai tra, dac biet la du phdng ng phai tra va eac khoan ng tiem tang khi lap cac bao cao tai chinh. Cac van de nay dugc qui djnh trong VAS 01
"Chuan mirc chung" va VAS 18 "Cac khoan du phdng, tai san va ng tiem tang" VAS 01 djnh ngliTa ng phai tra "la ngliTa vu bien tai eiia doanh nghiep phat sinh tii' cac giao djch va sir kien da qua ma doanh nghiep phai thanh toan tir cac ngudn lire ciia minh". Ng phai tra ciia mdt doanh nghiep bao gdm cac khoan ng phai tra thdng thudng, du phdng ng phai tra va ng tilm tang. Cac khoan ng phai tra thdng tbu'dng dugc phan anh tren bang can ddi ke toan la cac khoan ng dugc xac djnb chac chan ve thdi gian va gia trj, nhu mua hang hda chua tra tien cbo ngudi ban, vay ngan hang hay phai tra cdng nhan vien. Ngoai eac khoan ng phai tra thdng tbu'dng nay, VAS 18 qui djnb cae doanh nghiep can ghi nhan cac khoan du phdng ng phai tra (tren bang can ddi kl toan) va ng tien tang (tren thuyet minh bao cao tai cbinh). Du phdng ng phai tra la khoan ng phai tra chua cd su chac chan ve gia trj va thdi gian, nhung da cd nhung udc tinh dang tin cay, cdn ng tiln tang la khoan ng phai tra chua cd sir chan chan vl thdi gian, gia trj va khdng cd udc tinh tin cay.
Trong thuc te, cac doanh nghiep thudng chi dirng lai d viec phan anh cac khoan ng thdng thudng, ma chua phan anh cac khoan du phdng ng phai tra cung nhu ng tiem tang, dieu nay da lam cho cac doanh nghiep the hien muc do riii ro tai chinh thap hon mirc thuc te va ket qua boat ddng kinb doanh eao hon muc thuc te. Vi du, kiem toan vien Cdng t\' TNHH Djch VII Tu van Tai chinh Ke toan va Kiem toan Viet Nam (AVA) da dua ra y kien ngoai trir cho
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'GHieN cuu-TRflODOI
trudng hgp Cdng ty cd phan Che bien gd Thuan An, trong bao cao tai cbinh 6 thang dau nam 2011 da khdng trich lap dir phdng ng phai tra cho Id hang .xult khiu cho Tap doan IKEA - Thuy Dien da bj khach hang yeu cau tra lai do khdng dam bao yeu clu kT thuat; chi phi phat sinh lien quan tdi Id hang bj tra lai udc tinh khoang 29.000 USD, tuong duong 600 trieu ddng[I]. Trong trudng bgp nay, neu sir dung sd lieu true tiep tren bao cao tai chinh cua cdng ty cd phin cbi bien gd Thuan An de tinh toan cac chi tieu tai chinh cung se dan tdi cac ket luan ve tinh hinh tai chinh eiia cdng ty tdt lion so vdi thuc trang tai cbinh ciia cdng ty.
2.2. Sal sdt cua bdn than doanh nghiip khi lap bdo cdo tdt chinh
Mac dil cd y kien chap nhan toan phan ciia kiem toan vien, nhung sd lieu tren bao cao tai cbinh cua mdt sd doanh nghiep cd the van khdng dam bao tinh hgp li cho muc tieu phan tich. Thuc te cbo thay chat lupng kilm toan liieii nay d Viet Nam khdng ddng diu giua cac hang kiem toan, Chinh vi vay, trong tdng sd 168 cdng ty kiem toan ddc lap hien nay, cbi cd 32 cdng ty dugc Uy ban chung khoan nha nudc cho phep kiem toan bao cao tai cbinh cho cac cdng ty cd phin niem yet [7]. Do dd, khi phan tich bao eao tai chinh ciia cac doanh nghiep, mac dii cd y kien chap nhan loan phan eua kiem toan vien, nha phan tich van can danh gia tinh hgp Ii ciia sd lieu tren bao eao tai cbinh, phat hien va dieu cbinh nhung sai sdt ciia doanh nghiep khi lap bao eao tai chinh. Vi du, ed eac doanh nghiep "quen" khdng khi nhan cac khoan dir phdng ng phai tra tren bang can ddi ke loan cung nhu cdng bd cac khoan ng tiem tang tren thuyet minh bao cao tai cbinh nhirng cac kiem toan vien cung khdng cd y kien gi ve van de nay, nhu trudng hgp cua Cdng ty cd phan Dudng Quang Ngai vdi sir kien thai chat thai ddc hai ra sdng Tra Khiic thang 4 nam 2010, Sd Tai nguyen Mdi trudng tinh Quang Ngai da xac djnh muc den bii thiet hai eho ndng dan la 4 ti ddng, nhung cbo tdi nay Cdng ty cd phan Dudng Quang Ngai van chua nhat tri vdi muc den bii nay va chua den bii cbo ndng dan[6]. Theo VAS 01 va VAS 18, Cdng ty cd phan Dudng Quang Ngai da thuc sir phat sinh nghia vu ng phai tra ve viec den bii thiet hai cho ndng dan tir sir kien nay va khoan ng nay da dugc lugng hda mdt each dang tin ca) can cir tir mirc tinh toan ciia Sd Tai nguyen Mdi trudng tinh Quang Ngai nhung khoan ng phai tra nay da khdng dugc trinh bay trong bat ki bao cao tai cbinh nao (ke ca thuyet minh bao .cao tai cbinh) cua cdng t) trong ca hai nam 2010 va
2011. Bao cao tai cbinh ciia Cdng ty cd phan Dudng Quang Ngai van dugc kilm toan vien dua ra y kien chip nhan toan pbln[4],[5].
2.3. Thay ddi trong chi dp ki todn - tdi chinh Khi phan tich bao cao tai chinh, nha phan tich thudng tien banh so sanh cac chi sd tai chinh giira cae ki, rut ra xu hirdng bien ddng ciia chung de danh gia ve nhung tien trien trong tinh binh tai cbinh ciia doanh nghiep. Tuy nhien, che do ke toan - tai chinh ed the cd nhu'ng thay ddi lam cbo cac chi tieu tren bao eao tai cbinh giua cac thdi ky khdng dugc trinh bay mdt each nhat quan, va do dd neu sir dung true tiep cac sd lieu nay de tinh toan cac chi tieu tai chinh se dan tdi viec so sanh khap khieng giua cac ki, dan tdi cac ket luan khdng dung ve tinh binh tai cbinh cua dan vj. Vi du, Thdng tu 244/2009/TT-BTC ngay 31/12/2009 qui djnh quT khen thudng phiic Igi (trudc day hach toan tren tai khoan 413- mgt thanh phan cua vdn cbii sd huu) chuyen sang bach toan tren tai khoan 353- mdt tbanb phan ciia ng phai tra.
Dieu nay dan tdi thdng tin trinh bay ve ng phai tra va vdn chu sd hiru tren bang can ddi ke loan cua cac doanh nghiep khdng nhat quan giua nam 2010 va cac nam trudc dd, do dd neu sir dung true tiep eac sd lieu nay den tinh toan cac chi sd tai chinh ve co eau ngudn vdn, hieu qua sir dung ngudn vdn khdng tuong dirong giira cac nam nen se danh gia khdng dung ve xu budng bien ddng trong tinh binh tai chinh ciia doanh nghiep.
3. Xit ly cac so lieu khong hop ly tren bao cao tai chinh
De cd dugc ca sd dir lieu bgp li cho phan tich, nha phan tich can thirc hien dieu chinh sd lieu tren cac bao cao tai chinh trudc kbi tinh toan cac chi so tai ehinh can cir tir y kien ngoai trir cua kiem toan vien, cae thay ddi trong che do ke loan- tai cbinh va cac thdng tin tir tbu thap. Viee dieu cbinh can dugc thuc hien cho tirng trudng bgp cu the, tien hanh tren tat ea cac khoan muc lien quan va dieu chinh hdi td cbo cac ki trudc de dam bao ngudn sd lieu so sanh nhit quan giira cae ki. Do cac trudng hgp can dieu cbinh da dang vdi cac each tbirc dieu ehinh khae nhau, tac gia xin minh hga cu the viec dieu chinh eho mdt sd trudng hgp sau:
Trudng hgp bao cao tai cbinh ciia Cdng ty cd phin Kinh Dd, y kiln ngoai trir eiia kiem toan vien cho bilt, cdng ty da tiln banh trich khau hao thuong bieu Kinh Dd 2,5 ti ddng/nam va do dd da trich khau hao luy kl (nen giam Igi nhuan chua phan phdi) 20,4 ti ddng, da lam tang gia tri tai san 26,9 ti ddng va tang vdn chii sd bQ-u 50 ti ddng[2]. Can cir vao
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NGHieN cuu-TRflOD ^9
ngudn thdng tin nay, nha phan tich can dieu chinh 600 trieu ddng, tuong irng dieu chinh tang chi phi giam gia trj tai san, tang ng phai tra, giam vdn chii quan li doanh nghiep, giam Igi nhuan thuan tir boat sd hiru tren bang can ddi ke toan va giam chi phi, ddng kinh doanh, tdng Igi nhuan ke loan tnrdc thue, tang Igi nhuan tren bao cao ket qua kinh doanh. Cac • Igi nhuan sau thue tbu nhap doanh nghiep tren bao dieu chinh tren eac bao cao tai cbinh cua Cdng ty cd
phan Kinh Dd cu the nhu sau:
Dieu chinh Bao cao ket qua kinh doanh bang nam: Nha phan tich can dieu chinh giam chi phi quan li doanh nghiep, keo theo dieu ehinh tang lgi nhuan thuan tir boat ddng kinh doanh, tdng Igi nhuan ke toan trudc thue va lgi nhuan sau thue thu nhap doanh nghiep 2,5 ti ddng (mirc trich khau hao thuong hieu Kinh Dd hang nam ciia cdng ty).
- Dieu cbinh Bang can ddi ke toan; Nha phan tich can dieu chinh giam gia trj tdng tai san, gia trj tdng vdn chu sd hiru ngay 31/12/2010 la 29,6 ti ddng, trong dd tang lgi nhuan chua phan phdi 20,4 ti ddng va giam vdn cd phan 50 ti ddng; ddng thdi dieu chinh giam gia trj tdng tai san, gia trj vdn chii sd buu ngay 31/12/2009 la 32,1 ti ddng (do dieu chinh bdi td 29,6 ti ddng gia trj cdn lai ciia thuong hieu cudi nam 2010 va 2,5 ti ddng trich khau hao trong nam 2009), trong do tang Igi nhuan chua phan phdi 17,9 ti ddng (20,4 ti d d n g - 2,5 ti ddng) va giam vdn cd phin 50 ti ddng. Nha phan tich cd the tien banh cac dilu chinh tuang tir cho nam 2008 va cae nam trudc dd d l cd the cd dugc sd lieu nhat quan khi phan tich.
Trudng hgp Cdng ty cd phan che bien gd Thuan An, can cir vao y kien ngoai trir ciia kiem toan vien
cao ket qua kinh doanh sau thang dau nan 2011 la 600 trieu ddng, va do do ghi giam Igi nhuan sau thue chua phan phdi tren bang can ddi ke toan ngay 30/6/2011 la 600 trieu ddng.
Trudng hgp cdng ty cd phan Dudng Quang Ngai, mac dil khdng cd y kien ngoai trir cua kiem toan vien, nhung tren ca sd thdng tin thu thap dugc tir bao cbi, nha phan tich ciing can ghi nhan khoan du phdng ng phai tra tren bang can ddi ke loan ngay 31/12/2010 la 4 ti ddng, tuong irng dieu cbinh tang chi phi kbac, giam Igi nhuan khae, tdng lgi nhuan ke loan trudc thue, Igi nhuan sau thue thu nhap doanh nghiep tren bao cao ket qua kinb doanh nam 2010 la 4 ti ddng, va do dd ghi giam Igi nhuan sau thue chua phan phdi tren bang can ddi ke toan ngay 31/12/2010 la 4 ti ddng.
4. Ket luan
De bao cao tai cbinh thuc sir la ngudn thdng tin huu ich trong viec phan tich tinh binh tai cbinh doanh nghiep, la ea sd cho cac quyet djnh kinh doanh hgp li cho cac ddi tugng sir dung, sd lieu tren bao cao tai cbinh can dugc tham djnh ve tinli hgp Ii va muc do tin cay, tir dd cd nbirng dieu ehinh can thiet trudc khi tien banh cac cdng viee phan tich cu the. Bai vilt nay da de xuat mdt sd y kien nham giup cac nha phan tich cd the sir dung hgp Ii thdng tin nha phan tich d n ghi nhan them khoan dir phdng ng tren bao cao tai chinh trong qua trinh phan tich bao phai tra tren bang can ddi k l toan ngay 30/6/2011 la cao tai chinh doanh n g b i e p . n
Tai lieu t h a m k h a o :
1. Bao cao tai chinh cong ty c6 phin chi biln go Thuan An 6 thang diu nam 2011,
<http://imagesl.cafef vn/Images/Uploaded/DuLieuDownIoad/2011/GTA_11Q2_BA0 CAO TAI CHiNH_SX.pdf>.
2. Bao cao tai chinh Cong ty c6 phan Kinh Do nam 2010,
<http://imagesl.cafefvn/lmages/Uploaded/DuLieuDownload/2010/KDC_10CN_BAO CAO TAI CHINHMKTpdf^.
3. Bao cao tai chinh cong ty c6 phin Viglacera Dong Anh nam 2010,
<http://imagesl.cafefvn/lmages/Uploaded/DuLieuDownIoad/2010/DAC_10CN_BAOCAOTAICHiNH_KT.pdf>.
4. Bao cao tai chinh cong ty c6 phin Dudng Quang Ngai nam 2010,
<http://www,ssc.gov.vn/portal/page/portaI/ubck/1227390/1227931 ?m_action=4&p_id= 12590&p_ac=3&p_newsid=
40630>.
5. Bao cao tai chinh cong ty c6 phin Dudng Quang Ngai n5m 2011, <http://qns.com.vn/language/vi- V N / C % E I % B B % 9 5 - % C 4 % 9 0 % C 3 % B 4 n g / T h % C 3 % B 4 n g -1 i n - c % E 1 % B B % 9 5 -
%C4%91%C3%B4ng/ItemlD/420/View/DetaiIs.asp.\>.
6. Hai Van (2011), Vu xa thai ra song Tra Khuc; dan dai c6 chd bdi thudng, 7. <http://kinhtenongthon.com.vn/Story//20I l/3/27653.html>.
8. http://www.vacpa.org.vn/index.php?o=modules&n=news&f=news_detail&idnews=2550&idtype=109
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