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Results
08-May-24
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Analysis
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United Breweries
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Volume in Q4 increased 10.9%
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Consolidated
net sales (including other operating income) of United Breweries has increased
20.81% to Rs 2133.38 crore. Sales of
Beer segment has gone up 17.27% to Rs 4,784.34 crore (accounting for 99.91% of
total sales). Sales of Non-Alcoholic
Beverages segment has gone up 294.55% to Rs 4.34 crore (accounting for 0.09% of
total sales).
Volume
in Q4 increased 10.9% predominantly driven by South and East regions. The
premium segment grew by 21% in the quarter. Within the segment, the company see
strong growth for Kingfisher Ultra & Kingfisher Ultra Max and continues to
drive premium volume growth. To celebrate International Women`s day, the
company introduced Queenfisher, an all-women initiative. It also introduced
London Pilsner Strong Beer in Karnataka, aimed to cater to the discerning taste
of Karnataka`s consumers.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 118.90% to
Rs 206.97 crore. PBIT of Beer segment
rose 112.84% to Rs 206.90 crore (accounting for 99.97% of total PBIT). PBIT of Non-Alcoholic Beverages reported
profit of Rs 0.07 crore compared to loss of Rs 2.66 crore.
PBIT
margin of Beer segment rose from 2.38% to 4.32%. PBIT margin of Non-Alcoholic Beverages segment
rose from negative 241.82% to 1.61%.
Overall PBIT margin rose from 2.32% to 4.32%.
Operating
profit margin has jumped from 3.04% to 6.69%, leading to 166.29% rise in
operating profit to Rs 142.81 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
61.44% to 56.97%. Purchase of finished
goods cost rose from 0.55% to 1.20%.
Employee cost decreased from 8.90% to 8.22%. Other expenses rose from 26.14% to
26.93%.
Other
income rose 124.43% to Rs 26.46 crore.
PBIDT rose 158.74% to Rs 169.27 crore.
Provision for interest rose 43.44% to Rs 1.75 crore.
PBDT
rose 160.93% to Rs 167.52 crore.
Provision for depreciation rose 13.88% to Rs 57.76 crore. Fixed assets increased to Rs 1,941.81 crore
as of 31 March 2024 from Rs 1,921.71 crore as of 31 March 2023. Intangible assets stood at Rs 6.45
crore.
Profit
before tax grew 714.24% to Rs 109.76 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 28.21
crore, compared to Rs 3.61 crore.
Effective tax rate was 25.70% compared to 26.78%.
Minority
interest increased 483.33% to Rs 0.35 crore.
Net profit attributable to owners of the company increased 727.73% to Rs
81.20 crore.
Equity
capital stood at Rs 26.44 crore as of 31 March 2024 to Rs 26.44 crore as of 31
March 2023. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.83% as of 31 March 2024 ,compared to 72.71% as of 31 March 2023
. Promoters pledged stake was 12.40% as
of 31 March 2024 ,compared to 14.45% as of 31 March 2023.
Investments
in capex during the year were Rs. 190 crore, primarily in supply chain
initiatives to cater for future growth.
Despite
some inflationary softening as seen from Q2, volatility will remain. The
companhy remain optimistic about the long-term growth potential of the
industry, driven by increasing disposable income, favorable demographics &
premiumization.
Full year results
analysis
Net
sales (including other operating income) of United Breweries has increased
8.30% to Rs 8122.68 crore. Sales of Beer
segment has gone up 10.41% to Rs 18,374.18 crore (accounting for 99.97% of
total sales). Sales of Non-Alcoholic
Beverages segment has gone down 46.18% to Rs 5.35 crore (accounting for 0.03%
of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 22.61% to Rs
886.19 crore. PBIT of Beer segment rose
19.81% to Rs 910.63 crore (accounting for 102.76% of total PBIT). PBIT of Non-Alcoholic Beverages segment rose
34.55% to Rs -24.44 crore (accounting for -2.76% of total PBIT).
PBIT
margin of Beer segment rose from 4.57% to 4.96%. PBIT margin of Non-Alcoholic Beverages
segment fell from negative 375.65% to negative 456.82%. Overall PBIT margin rose from 4.34% to
4.82%.
Operating
profit margin has jumped from 8.22% to 8.57%, leading to 12.98% rise in
operating profit to Rs 696.19 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
55.94% to 56.00%. Purchase of finished
goods cost rose from 1.22% to 1.45%.
Employee cost increased from 7.89% to 7.94%. Other expenses fell from 26.79% to
26.08%.
Other
income rose 49.18% to Rs 73.74 crore.
PBIDT rose 15.66% to Rs 769.93 crore.
Provision for interest rose 48.49% to Rs 6.89 crore. Loan funds rose to Rs 102.03 crore as of 31
March 2024 from Rs 15.62 crore as of 31 March 2023. Inventories declined from Rs 1,427.81 crore
as of 31 March 2023 to Rs 1,368.74 crore as of 31 March 2024. Sundry debtors were higher at Rs 2,313.84
crore as of 31 March 2024 compared to Rs 1,407.32 crore as of 31 March
2023. Cash and bank balance declined
from Rs 395.29 crore as of 31 March 2023 to Rs 214.20 crore as of 31 March
2024. Investments declined from Rs 8.05
crore as of 31 March 2023 to Rs 7.97 crore as of 31 March 2024.
PBDT
rose 15.43% to Rs 763.04 crore.
Provision for depreciation rose 0.62% to Rs 211.9 crore. Fixed assets increased to Rs 1,941.81 crore
as of 31 March 2024 from Rs 1,921.71 crore as of 31 March 2023. Intangible assets stood at Rs 6.45
crore.
Profit
before tax grew 22.36% to Rs 551.14 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 140.28
crore, compared to Rs 112.63 crore.
Effective tax rate was 25.45% compared to 26.99%.
Minority
interest increased 18.57% to Rs 0.83 crore.
Net profit attributable to owners of the company increased 34.89% to Rs
410.03 crore.
Equity
capital stood at Rs 26.44 crore as of 31 March 2024 to Rs 26.44 crore as of 31
March 2023. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 70.83% as of 31 March 2024 ,compared to 72.71% as of 31 March 2023
. Promoters pledged stake was 12.40% as
of 31 March 2024 ,compared to 14.45% as of 31 March 2023 .
Cash
flow from operating activities has turned positive Rs 77.33 crore for year
ended March 2024 from negative Rs 119.57 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 191.50 crore, compared to Rs
156.28 crore during the year ended March 2023.
The
scrip is currently trading at Rs 2016
United Breweries : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var.(%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net Sales
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2,133.38
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1,765.88
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21
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8,122.68
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7,499.92
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8
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OPM (%)
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6.69
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3.04
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8.57
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8.22
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OP
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142.81
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53.63
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166
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696.19
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616.23
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13
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Other Inc.
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26.46
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11.79
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124
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73.74
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49.43
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49
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PBIDT
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169.27
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65.42
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159
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769.93
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665.66
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16
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Interest
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1.75
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1.22
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43
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6.89
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4.64
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48
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PBDT
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167.52
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64.2
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161
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763.04
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661.02
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15
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Depreciation
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57.76
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50.72
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14
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211.9
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210.59
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1
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PBT
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109.76
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13.48
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714
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551.14
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450.43
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22
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Share of Profit/(Loss) from Associates
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0
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0
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-
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0
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0
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-
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PBT before EO
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109.76
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13.48
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714
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551.14
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450.43
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22
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EO Income
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0
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0
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-
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0
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-33.12
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-
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PBT after EO
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109.76
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13.48
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714
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551.14
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417.31
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32
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Taxation
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28.21
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3.61
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681
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140.28
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112.63
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25
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PAT
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81.55
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9.87
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726
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410.86
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304.68
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35
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Minority Interest (MI)
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0.35
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0.06
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483
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0.83
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0.7
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19
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Net profit
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81.2
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9.81
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728
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410.03
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303.98
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35
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EPS (Rs)*
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#
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#
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15.5
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12.4
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Notes
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* EPS is on current equity of Rs 26.44 crore, Face value of Rs
1, 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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United Breweries : Consolidated Segment Results
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% of (Total)
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2403 (03)
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2303 (03)
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Var.(%)
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% of (Total)
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2403 (12)
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2303 (12)
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Var.(%)
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Sales
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Beer
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100
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4,784.34
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4,079.91
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17
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100
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18,374.18
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16,641.15
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10
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Non-Alcoholic Beverages
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0
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4.34
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1.1
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295
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0
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5.35
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9.94
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-46
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Total Reported Sales
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100
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4,788.68
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4,081.01
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17
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100
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18,379.53
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16,651.09
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10
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PBIT
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Beer
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100
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206.9
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97.21
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113
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103
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910.63
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760.09
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20
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Non-Alcoholic Beverages
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0
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0.07
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-2.66
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LP
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-3
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-24.44
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-37.34
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35
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Total PBIT
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100
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206.97
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94.55
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119
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100
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886.19
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722.75
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23
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Less : Interest
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1.75
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1.22
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43
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6.89
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4.64
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48
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Add: Other un-allcoable
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-95.46
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-79.85
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-20
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-328.16
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-300.8
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-9
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PBT
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100
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109.76
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13.48
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714
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100
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551.14
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417.31
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32
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