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Results
29-Jul-21
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Analysis
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EPL
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Margin pressure
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EPL consolidated net
sales increased 7.77% to Rs 799.1 crore in Q1FY22 compared to Q1FY21. Sales of AMESA segment has gone up 28.55% to
Rs 281.90 crore (accounting for 33.96% of total sales). Sales of EAP segment has gone up 1.98% to Rs
206.00 crore (accounting for 24.81% of total sales). Sales of AMERICAS segment rose 8.76% to Rs
163.90 crore (accounting for 19.74% of total sales). Sales of EUROPE segment has gone down 9.76% to
Rs 178.40 crore (accounting for 21.49% of total sales). Inter-segment sales rose Rs 28.50 crore to Rs
31.40 crore.
Operating profit
margin has slumped from 19.77% to 18.13%, leading to 1.16% decline in operating
profit to Rs 144.90 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 42.77% to
43.59%. Employee cost decreased from 19.62%
to 19.01%. Other expenses rose from
17.99% to 19.71%.
Other income rose
3.92% to Rs 5.3 crore. Profit before
interest, tax and other unallocable items (PBIT) has slumped 6.12% to Rs 87.40
crore. PBIT of AMESA segment rose 94.38%
to Rs 31.10 crore (accounting for 35.58% of total PBIT). PBIT of EAP segment fell 21.23% to Rs 34.50
crore (accounting for 39.47% of total PBIT).
PBIT of AMERICAS segment fell 22.73% to Rs 11.90 crore (accounting for
13.62% of total PBIT). PBIT of EUROPE
segment fell 44.69% to Rs 9.90 crore (accounting for 11.33% of total
PBIT).
PBIT margin of AMESA
segment rose from 7.30% to 11.03%. PBIT
margin of EAP segment fell from 21.68% to 16.75%. PBIT margin of AMERICAS segment fell from
10.22% to 7.26%. PBIT margin of EUROPE
segment fell from 9.05% to 5.55%.
Overall PBIT margin fell from 12.10% to 10.53%.
Provision for
interest fell 45.06% to Rs 8.9 crore. Provision for depreciation rose 6.91% to
Rs 61.9 crore.
Profit before tax
grew 2.32% to Rs 79.40 crore. Share of
profit/loss were nil in both the periods.
The company reported
nil EO items during the quarter compared to EO expense of Rs 16.1 crore representing
impairment of assets and other associated costs on account of scaling down the
business of one of the overseas operating units. PBT after EO was up 29% to Rs 79.1
crore.
Provision for tax was
expense of Rs 18.9 crore, compared to Rs 15.9 crore. Effective tax rate was 23.89% compared to
25.85%.
Minority interest
increased 91.67% to Rs 2.30 crore. Net
profit attributable to owners of the company increased 30.41% to Rs 57.90
crore.
Full year results analysis
Net sales (including
other operating income) of EPL has increased 11.96% to Rs 3091.6 crore. Sales of AMESA segment has gone up 6.11% to
Rs 993.40 crore (accounting for 31.08% of total sales). Sales of EAP segment has gone up 25.52% to Rs
782.00 crore (accounting for 24.47% of total sales). Sales of AMERICAS segment rose 5.38% to Rs
652.10 crore (accounting for 20.40% of total sales). Sales of EUROPE segment has gone up 13.50% to
Rs 768.60 crore (accounting for 24.05% of total sales). Inter-segment sales rose Rs 94.60 crore to Rs
105.70 crore.
Operating profit
margin has slumped from 20.19% to 19.77%, leading to 9.61% rise in operating
profit to Rs 611.10 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 42.42% to
41.75%. Employee cost increased from
19.07% to 19.64%. Other expenses rose
from 18.48% to 18.81%.
Other income rose
9.02% to Rs 14.5 crore. Profit before
interest, tax and other unallocable items (PBIT) has jumped 15.25% to Rs 385.40
crore. PBIT of AMESA segment rose 0.65%
to Rs 108.30 crore (accounting for 28.10% of total PBIT). PBIT of EAP segment rose 43.69% to Rs 143.40
crore (accounting for 37.21% of total PBIT).
PBIT of AMERICAS segment fell 19.82% to Rs 71.20 crore (accounting for
18.47% of total PBIT). PBIT of EUROPE
segment rose 63.61% to Rs 62.50 crore (accounting for 16.22% of total
PBIT).
PBIT margin of AMESA
segment fell from 11.49% to 10.90%. PBIT
margin of EAP segment rose from 16.02% to 18.34%. PBIT margin of AMERICAS segment fell from
14.35% to 10.92%. PBIT margin of EUROPE
segment rose from 5.64% to 8.13%.
Overall PBIT margin rose from 11.71% to 12.06%.
Provision for
interest fell 22.84% to Rs 42.9 crore.
Loan funds declined from Rs 616.00 crore as of 31 March 2020 to Rs
584.40 crore as of 31 March 2021.
Inventories rose to Rs 414.90 crore as of 31 March 2021 from Rs 369.20
crore as of 31 March 2020. Sundry
debtors were higher at Rs 589.10 crore as of 31 March 2021 compared to Rs
490.30 crore as of 31 March 2020. Cash
and bank balance declined from Rs 371.50 crore as of 31 March 2020 to Rs 241.40
crore as of 31 March 2021. Investments
declined from Rs 16.00 crore as of 31 March 2020 to Rs 14.90 crore as of 31
March 2021.
Provision for
depreciation rose 2.09% to Rs 234.6 crore.
Fixed assets declined from Rs 1,384.90 crore as of 31 March 2020 to Rs
1,383.60 crore as of 31 March 2021.
Intangible assets increased from Rs 14.20 crore to Rs 174.90 crore.
Profit before tax
grew 21.97% to Rs 348.10 crore. Share of
profit/loss was 50% lower at Rs -0.9 crore.
Extraordinary items were decreased to Rs -16.10 crore. Provision for tax was expense of Rs 86.8
crore, compared to Rs 63.8 crore.
Effective tax rate was 26.22% compared to 23.17%.
Minority interest
increased 20.93% to Rs 5.20 crore. Net
profit attributable to owners of the company increased 15.34% to Rs 239.10
crore.
Equity capital stood
at Rs 63.10 crore as of 31 March 2021 to Rs 63.10 crore as of 31 March
2020. Per share face Value remained same
at Rs 2.00.
Promoters’ stake was
51.96% as of 31 March 2021 compared to 74.99% as of 31 March 2020 .
Cash flow from
operating activities increased to Rs 522.40 crore for year ended March 2021
from Rs 471.10 crore for year ended March 2020.
Cash flow used in acquiring fixed assets during the year ended March
2021 stood at Rs 176.00 crore, compared to Rs 124.30 crore during the year
ended March 2020.
The scrip is
currently trading at Rs 242
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EPL : Consolidated Results
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Particulars
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2106
(03)
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2006
(03)
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Var.(%)
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2103
(12)
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2003
(12)
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Var.(%)
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Net
Sales
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799.1
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741.5
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8
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3,091.60
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2,761.40
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12
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OPM
(%)
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18.1
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19.8
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19.77
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20.2
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OP
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144.9
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146.6
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-1
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611.1
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557.5
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10
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Other
Inc.
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5.3
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5.1
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4
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14.5
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13.3
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9
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PBIDT
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150.2
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151.7
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-1
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625.6
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570.8
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10
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Interest
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8.9
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16.2
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-45
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42.9
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55.6
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-23
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PBDT
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141.3
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135.5
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4
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582.7
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515.2
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13
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Depreciation
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61.9
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57.9
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7
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234.6
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229.8
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2
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PBT
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79.4
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77.6
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2
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348.1
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285.4
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22
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Share
of Profit/(Loss) from Associates
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-0.3
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0
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-
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-0.9
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-0.6
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-50
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PBT
before EO
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79.1
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77.6
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2
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347.2
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284.8
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22
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EO
Income
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0
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-16.1
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-
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-16.1
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-9.4
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-71
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PBT
after EO
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79.1
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61.5
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29
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331.1
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275.4
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20
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Taxation
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21.0
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18.4
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19
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89.50
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75.40
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36
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PAT
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58.1
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43.1
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32
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241.6
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200
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15
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PPA
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-2.1
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-2.5
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-2.70
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-11.60
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PAT after PPA
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60.2
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45.6
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244.3
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211.6
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Minority
Interest (MI)
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2.3
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1.2
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92
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5.2
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4.3
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21
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Net
profit
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57.9
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44.4
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30
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239.1
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207.3
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15
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EPS
(Rs)*
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#
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#
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7.9
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6.4
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Notes
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*
EPS is on current equity of Rs 63.11 crore, Face value of Rs 2, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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EPL : Consolidated Segment Results
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%
of (Total)
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2106
(03)
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2006
(03)
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Var.(%)
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%
of (Total)
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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AMESA
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34
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281.9
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219.3
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29
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31
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993.4
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936.2
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6
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EAP
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25
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206
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202
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2
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24
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782
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623
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26
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AMERICAS
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20
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163.9
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150.7
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9
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20
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652.1
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618.8
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5
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EUROPE
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21
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178.4
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197.7
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-10
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24
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768.6
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677.2
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14
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Total
Reported Sales
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100
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830.2
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769.7
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8
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100
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3,196.10
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2,855.20
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12
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Less:
Inter segment revenues
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31.4
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28.5
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10
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105.7
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94.6
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12
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Net
Sales
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798.8
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741.2
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8
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3,090.40
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2,760.60
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12
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PBIT
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AMESA
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36
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31.1
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16
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94
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28
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108.3
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107.6
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1
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EAP
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39
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34.5
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43.8
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-21
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37
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143.4
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99.8
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44
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AMERICAS
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14
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11.9
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15.4
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-23
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18
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71.2
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88.8
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-20
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EUROPE
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11
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9.9
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17.9
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-45
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16
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62.5
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38.2
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64
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Total
PBIT
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100
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87.4
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93.1
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-6
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100
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385.4
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334.4
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15
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Less
: Interest
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8.9
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16.2
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-45
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42.9
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55.6
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-23
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Add:
Other un-allcoable
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0.6
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-15.4
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LP
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-11.4
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-3.4
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235
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PBT
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79.1
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61.5
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29
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331.1
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275.4
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20
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