{"product_id":"downergroup-swot-analysis","title":"Downer SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete SWOT Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eDowner’s operational scale and diversified services position it well across infrastructure and maintenance markets, but margin pressure, regulatory exposure, and cyclic demand pose clear risks; our full SWOT unpacks these dynamics with metrics and scenario-driven implications.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominant Market Position in Australia and New Zealand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDowner holds a premier Trans-Tasman position, delivering integrated services across Australia and New Zealand with FY2024 revenue of AUD 8.1bn, leveraging scale and 150+ years of combined heritage.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDiversified Service Portfolio and Revenue Streams\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDowner operates across transport, utilities and facilities management, reducing exposure to single-sector downturns; in FY2025 46% of revenue came from infrastructure and 28% from maintenance contracts, spreading cyclic risk. By covering the full asset lifecycle—from design and construction to maintenance and decommissioning—Downer secures higher-margin annuity-like revenue, with recurring services making up about 55% of earnings. This integrated model creates multiple client touchpoints and supports long-term partnership contracts, evidenced by 5–10 year framework agreements with major Australian rail and utility clients. Long-term contracts improved revenue visibility, with FY2025 contracted backlog ~A$3.2bn.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrong Relationships with Government Entities\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eA significant share of Downer’s revenue comes from long-term contracts with Australian and New Zealand federal, state and local governments—about 55% of FY2024 revenue, per company reports—giving high earnings visibility and steady cash flow that investors prize in downturns.\u003c\/p\u003e\n\u003cp\u003eThese public-sector agreements, many multi-year and indexed to CPI, reduced revenue volatility and supported Downer’s FY2024 operating cash flow of A$285m, making the firm a preferred partner for critical social and transport infrastructure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTransition Toward an Asset-Light Business Model\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eDowner has shifted to an asset-light model by divesting capital-intensive units, cutting net debt from A$1.1bn in FY2021 to about A$250m by H1 FY2025, which tightened the balance sheet and freed cash for services and consulting.\u003c\/p\u003e\n\u003cp\u003eThis focus on high-margin service contracts raised adjusted EBIT margin from ~3.8% in FY2020 to 6.1% in FY2024, improving return on invested capital (ROIC) and lowering capex needs.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eNet debt down ~A$850m (FY2021→H1 FY2025)\u003c\/li\u003e\n\u003cli\u003eAdj. EBIT margin +2.3ppt (FY2020→FY2024)\u003c\/li\u003e\n\u003cli\u003eLower capex, higher ROIC\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExpertise in Essential Infrastructure Services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eDowner’s core strength is managing water, power and public transport networks that keep cities running; these non-discretionary services drove 2024 continuing-operations revenue of A$5.2bn and 2024 EBIT of A$300m, showing resilience versus cyclic peers.\u003c\/p\u003e\n\u003cp\u003eBecause customers can’t defer these services, demand held up through 2023–24 and underpins cash flow stability, supporting Downer’s 2024 full-year dividend of 6.0 cents per share and enabling steady capex programs.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 revenue A$5.2bn\u003c\/li\u003e\n\u003cli\u003e2024 EBIT A$300m\u003c\/li\u003e\n\u003cli\u003e2024 dividend 6.0 cps\u003c\/li\u003e\n\u003cli\u003eLow demand elasticity for essential services\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDowner scales Trans‑Tasman, cuts net debt A$850m, FY24 revenue A$8.1bn, 6.1% EBIT\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDowner’s Trans-Tasman scale and asset-light shift drove FY2024 revenue A$8.1bn, contracted backlog ~A$3.2bn (FY2025), recurring services ~55% of earnings, net debt cut ~A$850m (FY2021→H1 FY2025) and adj. EBIT margin up to 6.1% (FY2024), supporting FY2024 operating cash flow A$285m and a 2024 dividend of 6.0 cps.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFY2024 revenue\u003c\/td\u003e\n\u003ctd\u003eA$8.1bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBacklog (FY2025)\u003c\/td\u003e\n\u003ctd\u003eA$3.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecurring earnings\u003c\/td\u003e\n\u003ctd\u003e~55%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet debt reduction\u003c\/td\u003e\n\u003ctd\u003e~A$850m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdj. EBIT margin\u003c\/td\u003e\n\u003ctd\u003e6.1%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOperating CF\u003c\/td\u003e\n\u003ctd\u003eA$285m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend 2024\u003c\/td\u003e\n\u003ctd\u003e6.0 cps\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise strategic overview of Downer by outlining its strengths, weaknesses, opportunities, and threats to assess competitive position and future risks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT matrix tailored to Downer for fast, visual strategy alignment and quick executive decision-making.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHistorical Governance and Internal Control Challenges\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDowner faced accounting irregularities and internal-control weaknesses in 2019–2020 that led to a AU$75m write-down and a 22% share-price drop in 2020, hurting investor trust.\u003c\/p\u003e\n\u003cp\u003eManagement launched remediation programs, strengthened controls, and hired external auditors; FY2024 reporting showed no material misstatements but monitoring costs rose ~AU$12m.\u003c\/p\u003e\n\u003cp\u003eThe legacy requires sustained governance effort, because any new lapse could trigger sharp valuation multiples compression among institutional holders and renewed sell-offs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTight Operating Margins in Competitive Tendering\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDowner faces intense bid-driven competition that compresses operating margins; FY2024 gross margin was about 14.8% while underlying EBIT margin slipped to ~3.7%, showing little cushion in fixed-price contracts.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Exposure to Labor Market Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDowner relies on ~37,000 employees across Australia and NZ, so labor shortages hit project capacity and margin quickly.\u003c\/p\u003e\n\u003cp\u003eWage inflation rose ~4–6% in 2024 in construction\/engineering, squeezing EBITDA unless passed to clients; FY24 report showed margin pressure in Infrastructure.\u003c\/p\u003e\n\u003cp\u003eDifficulty hiring specialists raises recruitment\/contractor costs and risks schedule overruns; a 2023 MBIE survey flagged skills gaps in civil trades.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eComplex Organizational Structure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOperating across infrastructure, utilities, facilities and mining services in Australia, New Zealand, and Asia has created a complex corporate structure at Downer that can slow decision-making and internal communication, contributing to slower project mobilization—FY2024 group revenue was A$8.9bn across \u0026gt;7 business divisions.\u003c\/p\u003e\n\u003cp\u003eManaging diverse units demands high administrative overhead and advanced ERP and safety systems; Downer reported FY2024 underlying EBITDA margin of 5.8%, partly reflecting integration costs.\u003c\/p\u003e\n\u003cp\u003eSimplifying the portfolio and breaking silos remains a challenge as the company seeks cross-functional efficiency and consistent safety outcomes; ongoing restructuring costs and divestment options are under review.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eComplex structure spans \u0026gt;7 divisions and 3 regions\u003c\/li\u003e\n\u003cli\u003eFY2024 revenue A$8.9bn, underlying EBITDA margin 5.8%\u003c\/li\u003e\n\u003cli\u003eHigh admin\/IT costs and restructure spend affect agility\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSensitivity to Public Sector Budget Constraints\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eDowner’s heavy reliance on government contracts gives revenue stability but ties growth to public budgets; in FY2024 ~42% of group revenue was from public-sector projects, exposing Downer to funding shifts.\u003c\/p\u003e\n\u003cp\u003eElection-driven policy changes or tighter fiscal settings can defer or cancel large projects—Australia’s 2024 federal infrastructure pipeline cuts trimmed A$3.2bn in planned starts, showing real downside risk.\u003c\/p\u003e\n\u003cp\u003eGeographic spread helps, but portfolio and cashflow remain partially linked to the budget health of states and territories the company serves.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~42% public-sector revenue in FY2024\u003c\/li\u003e\n\u003cli\u003eA$3.2bn cuts to 2024 infrastructure starts (Australia)\u003c\/li\u003e\n\u003cli\u003eRisk: project deferment, cancellation, contract restructure\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePublic-sector exposure, legacy write-downs and tight margins squeeze cashflow\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eLegacy accounting lapses (AU$75m write-down; 22% 2020 share drop) raised trust and compliance costs (~AU$12m FY24); tight bid-driven margins (FY24 gross 14.8%, underlying EBIT ~3.7%) and wage inflation (4–6% in 2024) squeeze EBITDA. Heavy public-sector exposure (~42% FY24 revenue) links cashflow to A$3.2bn 2024 infrastructure cuts; 37,000 staff and \u0026gt;7 divisions add execution and overhead risk.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFY24 Revenue\u003c\/td\u003e\n\u003ctd\u003eA$8.9bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnderlying EBITDA\u003c\/td\u003e\n\u003ctd\u003e5.8%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePublic-sector rev\u003c\/td\u003e\n\u003ctd\u003e~42%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEmployees\u003c\/td\u003e\n\u003ctd\u003e~37,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview Before You Purchase\u003c\/span\u003e\u003cbr\u003eDowner SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality.\u003c\/p\u003e\n\u003cp\u003eThe preview below is taken directly from the full SWOT report you'll get. Purchase unlocks the entire in-depth version.\u003c\/p\u003e\n\u003cp\u003eYou’re viewing a live preview of the actual SWOT analysis file. The complete version becomes available after checkout.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752731226489,"sku":"downergroup-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/downergroup-swot-analysis.png?v=1772244521","url":"https:\/\/growthsharematrix.com\/products\/downergroup-swot-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}