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Results
29-May-24
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Analysis
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EPL
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EO expense led to 74% fall in NP
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Consolidated
net sales (including other operating income) of EPL has increased 6.18% to Rs
1029.2 crore. Sales of AMESA segment was
up 5% to Rs 353.6 crore (accounting for 32% of total sales). Sales of EAP segment has increased 4% to Rs
222.9 crore (accounting for 20% of total sales). Sales of AMERICAS segment rose 16% to Rs
266.4 crore (accounting for 24% of total sales). Sales of EUROPE segment has gone up 2% to Rs
256.3 crore (accounting for 23% of total sales). Inter-segment sales rose from Rs 62.8 crore
to Rs 70 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 25% to Rs
105.9 crore. PBIT of AMESA segment fell
2% to Rs 41.4 crore (accounting for 39% of total PBIT). PBIT of EAP segment rose 9% to Rs 27.1crore
(accounting for 26% of total PBIT). PBIT
of AMERICAS segment rose 307% to Rs 24 crore (accounting for 23% of total
PBIT). PBIT of EUROPE segment fell 26%
to Rs 9.9 crore (accounting for 9% of total PBIT).
PBIT
margin of AMESA segment fell from 12.5% to 11.7%. PBIT margin of EAP segment rose from 11.6% to
12.2%. PBIT margin of AMERICAS segment
rose from 2.6% to 9%. PBIT margin of
EUROPE segment rose from 8.2% to 9.6%.
Overall PBIT margin rose from 8.2% to 9.6%.
Operating
profit margin has jumped from 15.95% to 18.55%, leading to 23.48% rise in
operating profit to Rs 190.90 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
44.71% to 42.50%. Employee cost
increased from 18.76% to 19.35%. Other
expenses fell from 20.20% to 19.58%.
Other
income fell 39.93% to Rs 16.1 crore.
PBIDT rose 14.11% to Rs 207 crore.
Provision for interest rose 55.83% to Rs 32.1 crore.
PBDT
rose 8.77% to Rs 174.9 crore. Provision
for depreciation rose 7.59% to Rs 85 crore.
Fixed assets increased to Rs 1,868.00 crore as of 31 March 2024 from Rs
1,755.60 crore as of 31 March 2023.
Intangible assets stood at Rs 115.90 crore.
Profit
before tax grew 9.90% to Rs 89.90 crore.
Share of profit/loss was 50% higher at Rs 0.9 crore. PBT before EO rose 10% to Rs 90.8 crore. The
company reported EO expense of Rs 60.5 crore compared to nil in the
corresponding previous year period. PBT after EO fell 63% to Rs 30.3 crore.
Provision
for tax was debit of Rs 15.2 crore, compared to credit of Rs 2.7 crore. Effective tax rate was 50.17% compared to
negative 3.28%.
Net
profit attributable to owners of the company decreased 73.55% to Rs 22.30 crore.
Equity
capital increased from Rs 63.60 crore as of 31 March 2023 to Rs 63.70 crore as
of 31 March 2024. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.50% as of 31 March 2024 ,compared to 51.53% as of 31 March 2023
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Full year results
analysis
Net
sales (including other operating income) of EPL has increased 6.01% to Rs
3916.1 crore. Sales of AMESA segment rose 4% to Rs 1418.5 crore (accounting for
33% of total sales). Sales of EAP
segment has increased 10% to Rs 935.6 crore (accounting for 22% of total
sales). Sales of AMERICAS segment rose
13% to Rs 988.9 crore (accounting for 23% of total sales). Sales of EUROPE segment has gone up 6% to Rs
892.7 crore (accounting for 21% of total sales). Inter-segment sales rose from Rs 244.2 crore
to Rs 319.6 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 20% to Rs
381.5 crore. PBIT of AMESA segment rose
10% to Rs 161.7 crore (accounting for 42% of total PBIT). PBIT of EAP segment rose 18% to Rs 146.2
crore (accounting for 38% of total PBIT).
PBIT of AMERICAS segment rose 40% to Rs 53 crore (accounting for 14% of
total PBIT). PBIT of EUROPE segment rose
22% to Rs 24.7 crore (accounting for 6% of total PBIT).
PBIT
margin of AMESA segment rose from 10.7% to 11.4%. PBIT margin of EAP segment rose from 14.6% to
15.6%. PBIT margin of AMERICAS segment
rose to 5.4% from 4.3%. PBIT margin of
EUROPE segment rose from 2.4% to 2.8%.
Overall PBIT margin rose from 8.1% to 9%.
Operating profit margin has jumped from 15.64%
to 18.24%, leading to 23.62% rise in operating profit to Rs 714.30 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 45.77% to 43.02%. Employee cost increased from 18.51% to
19.48%. Other expenses fell from 20.21%
to 19.48%.
Other
income rose 41.09% to Rs 59.4 crore.
PBIDT rose 24.81% to Rs 773.7 crore.
Provision for interest rose 71.51% to Rs 115.6 crore. Loan funds rose to Rs 912.30 crore as of 31
March 2024 from Rs 889.50 crore as of 31 March 2023. Inventories rose to Rs 655.80 crore as of 31
March 2024 from Rs 607.90 crore as of 31 March 2023. Sundry debtors were higher at Rs 695.30 crore
as of 31 March 2024 compared to Rs 643.00 crore as of 31 March 2023. Cash and bank balance declined from Rs 244.40
crore as of 31 March 2023 to Rs 207.30 crore as of 31 March 2024. Investments declined from Rs 19.30 crore as
of 31 March 2023 to Rs 7.60 crore as of 31 March 2024.
PBDT
rose 19.11% to Rs 658.1 crore. Provision
for depreciation rose 18.65% to Rs 332.8 crore.
Fixed assets increased to Rs 1,868.00 crore as of 31 March 2024 from Rs
1,755.60 crore as of 31 March 2023.
Intangible assets stood at Rs 115.90 crore.
Profit
before tax grew 19.60% to Rs 325.30 crore.
Extraordinary items were decreased to Rs -60.50 crore. Provision for tax was expense of Rs 58.2
crore, compared to Rs 37.3 crore.
Effective tax rate was 21.69% compared to 13.92%.
Net
profit attributable to owners of the company decreased 5.96% to Rs 213.20
crore.
Equity
capital increased from Rs 63.60 crore as of 31 March 2023 to Rs 63.70 crore as
of 31 March 2024. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.50% as of 31 March 2024 ,compared to 51.53% as of 31 March 2023
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Cash flow from operating
activities decreased to Rs 586.50 crore for year ended March 2024 from Rs
601.80 crore for year ended March 2023.
Cash flow used in acquiring fixed assets during the year ended March
2024 stood at Rs 374.60 crore, compared to Rs 387.10 crore during the year
ended March 2023.
The scrip is
currently trading at Rs 184
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EPL : 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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1029.20
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969.30
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6
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3,916.10
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3,694.10
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6
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OPM
(%)
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18.5
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15.9
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18.2
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15.6
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OP
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190.90
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154.60
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23
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714.30
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577.80
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24
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Other
Inc.
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16.10
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26.80
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-40
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59.4
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42.1
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41
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PBIDT
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207.00
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181.40
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14
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773.70
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619.9
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25
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Interest
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32.10
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20.60
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56
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115.6
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67.4
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72
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PBDT
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174.90
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160.80
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9
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658.10
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552.5
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19
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Depreciation
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85.00
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79.00
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8
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332.8
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280.5
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19
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PBT
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89.90
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81.80
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10
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325.30
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272
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20
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Share
of Profit/(Loss) from Associates
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0.90
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0.60
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50
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3.5
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-2.9
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LP
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PBT
before EO
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90.80
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82.40
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10
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328.80
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269.1
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22
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EO
Income
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-60.50
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0.00
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PL
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-60.5
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-1.1
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999
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PBT
after EO
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30.30
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82.40
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-63
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268.3
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268
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0
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Taxation
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15.20
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-2.70
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-663
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58.20
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37.30
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56
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PAT
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15.10
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85.10
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-82
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210.1
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230.7
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-9
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PPA
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0.00
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0.00
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0.00
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0.00
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PAT after PPA
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15.10
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85.10
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-82
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210.1
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230.7
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-9
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Minority
Interest (MI)
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-7.20
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0.80
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LP
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-3.1
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4
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LP
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Net
profit
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22.30
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84.30
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-74
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213.2
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226.7
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-6
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EPS
(Rs)*
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#
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#
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8.2
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7.2
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Notes
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*
EPS is on current equity of Rs 63.64 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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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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AMESA
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32
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353.6
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337.9
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5
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33
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1,418.50
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1,369.20
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4
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EAP
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20
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222.9
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214.1
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4
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22
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935.6
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849.8
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10
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AMERICAS
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24
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266.4
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229.9
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16
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23
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988.9
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875.8
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13
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EUROPE
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23
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256.3
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250.2
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2
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21
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892.7
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843.5
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6
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Total
Reported Sales
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100
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1,099.2
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1,032.10
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7
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100
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4,235.7
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3,938.30
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8
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Less:
Inter segment revenues
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70
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62.8
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11
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319.6
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244.2
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31
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Net
Sales
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1,029.20
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969.30
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6
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3,916.10
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3,694.10
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6
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PBIT
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AMESA
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39
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41.4
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42.3
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-2
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42
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161.7
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146.9
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10
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EAP
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26
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27.1
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24.8
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9
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38
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146.2
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123.7
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18
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AMERICAS
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23
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24
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5.9
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307
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14
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53.0
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37.9
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40
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EUROPE
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9
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9.9
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13.4
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-26
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6
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24.7
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20.2
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22
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Inter segment revenues
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3
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3.5
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-1.5
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-1
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-4.1
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-10.1
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-59
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Total
PBIT
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100
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105.9
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84.9
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25
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100
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381.5
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318.6
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20
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Less
: Interest
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32.1
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20.6
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56
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115.6
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67.4
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72
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Add:
Other un-allcoable
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-43.5
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18.1
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LP
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2.4
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16.8
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LP
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PBT
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30.3
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82.4
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-63
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268.3
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268.0
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0
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