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Results
10-May-22
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Analysis
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EPL
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Margin impacted by continuing raw material and freight cost hardening
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EPL
consolidated net sales increased 8.64% to Rs 880.2 crore in Q4FY22 compared to
Q4FY21. Sales of AMESA segment has gone
up 13.52% to Rs 314.00 crore (accounting for 34.28% of total sales). Sales of EAP segment has gone up 6.60% to Rs
197.10 crore (accounting for 21.52% of total sales). Sales of AMERICAS segment rose 12.29% to Rs
196.40 crore (accounting for 21.44% of total sales). Sales of EUROPE segment has gone up 4.20% to
Rs 208.60 crore (accounting for 22.77% of total sales). Inter-segment sales rose Rs 26.70 crore to Rs
36.20 crore.
Operating
profit margin has declined from 17.26% to 15.12%, leading to 4.79% decline in
operating profit to Rs 133.10 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
42.22% to 47.60%. Employee cost
decreased from 19.77% to 17.85%. Other
expenses fell from 20.47% to 19.88%.
Other
income fell 26.67% to Rs 2.2 crore.
PBIDT fell 5.25% to Rs 135.3 crore.
Provision for interest rose 32.56% to Rs 11.4 crore. PBDT fell 7.68% to
Rs 123.9 crore. Provision for depreciation
rose 4.99% to Rs 63.1 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 12.15% to
Rs 73.00 crore. PBIT of AMESA segment
rose 23.66% to Rs 27.70 crore (accounting for 37.95% of total PBIT). PBIT of EAP segment fell 25.93% to Rs 16.00
crore (accounting for 21.92% of total PBIT).
PBIT of AMERICAS segment fell 6.44% to Rs 18.90 crore (accounting for
25.89% of total PBIT). PBIT of EUROPE
segment fell 44.97% to Rs 10.40 crore (accounting for 14.25% of total PBIT).
PBIT
margin of AMESA segment rose from 8.10% to 8.82%. PBIT margin of EAP segment fell from 11.68%
to 8.12%. PBIT margin of AMERICAS
segment fell from 11.55% to 9.62%. PBIT
margin of EUROPE segment fell from 9.44% to 4.99%. Overall PBIT margin fell from 9.93% to 7.97%.
Profit
before tax down 17.95% to Rs 60.80 crore.
Provision for tax was expense of Rs 10.7
crore, compared to Rs 15.5 crore.
Effective tax rate was 17.60% compared to 20.97%.
Minority
interest decreased 12.50% to Rs 1.40 crore.
Net profit attributable to owners of the company decreased 14.26% to Rs
48.70 crore.
Equity
capital increased from Rs 63.10 crore as of 31 March 2021 to Rs 63.20 crore as
of 31 March 2022. Per share face Value
remained same at Rs 2.00.
Promoters’ stake was
51.91% as of 31 March 2022 compared to 51.96% as of 31 March 2021.
Full year results analysis
Net
sales of EPL have increased 11.04% to Rs 3432.8 crore. Sales of AMESA segment has gone up 23.40% to
Rs 1,225.90 crore (accounting for 34.31% of total sales). Sales of EAP segment has gone up 10.31% to Rs
862.60 crore (accounting for 24.14% of total sales). Sales of AMERICAS segment rose 12.90% to Rs
736.20 crore (accounting for 20.60% of total sales). Sales of EUROPE segment has gone down 2.63%
to Rs 748.40 crore (accounting for 20.95% of total sales). Inter-segment sales rose Rs 105.70 crore to
Rs 141.40 crore.
Operating
profit margin has declined from 19.77% to 16.78%, leading to 5.73% decline in
operating profit to Rs 576.10 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
41.75% to 45.12%. Employee cost
decreased from 19.64% to 18.63%. Other
expenses rose from 18.81% to 19.75%.
Other
income fell 17.24% to Rs 12 crore. PBIDT
fell 5.99% to Rs 588.1 crore. Provision
for interest fell 6.06% to Rs 40.3 crore.
Loan funds rose to Rs 767.10 crore as of 31 March 2022 from Rs 642.30
crore as of 31 March 2021. Inventories
rose to Rs 594.10 crore as of 31 March 2022 from Rs 414.90 crore as of 31 March
2021. Sundry debtors were higher at Rs
636.70 crore as of 31 March 2022 compared to Rs 589.10 crore as of 31 March
2021. Cash and bank balance declined
from Rs 241.40 crore as of 31 March 2021 to Rs 192.70 crore as of 31 March
2022. Investments declined from Rs 14.90
crore as of 31 March 2021 to Rs 7.20 crore as of 31 March 2022.
PBDT
fell 5.99% to Rs 547.8 crore. Provision
for depreciation rose 7.16% to Rs 251.4 crore.
Fixed assets increased to Rs 1,453.10 crore as of 31 March 2022 from Rs
1,383.60 crore as of 31 March 2021.
Intangible assets declined from Rs 174.90 crore to Rs 166.90 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 12.95% to
Rs 335.50 crore. PBIT of AMESA segment
rose 19.39% to Rs 129.30 crore (accounting for 38.54% of total PBIT). PBIT of EAP segment fell 10.95% to Rs 127.70
crore (accounting for 38.06% of total PBIT).
PBIT of AMERICAS segment fell 25.70% to Rs 52.90 crore (accounting for
15.77% of total PBIT). PBIT of EUROPE
segment fell 59.04% to Rs 25.60 crore (accounting for 7.63% of total
PBIT).
PBIT
margin of AMESA segment fell from 10.90% to 10.55%. PBIT margin of EAP segment fell from 18.34%
to 14.80%. PBIT margin of AMERICAS
segment fell from 10.92% to 7.19%. PBIT
margin of EUROPE segment fell from 8.13% to 3.42%. Overall PBIT margin fell from 12.06% to
9.39%.
Profit
before tax down 14.85% to Rs 296.40 crore.
Share of profit/loss was 744.44% lower at Rs -7.6 crore. Provision for tax was expense of Rs 67.5
crore, compared to Rs 86.8 crore.
Effective tax rate was 23.37% compared to 26.22%.
Minority
interest increased 32.69% to Rs 6.90 crore.
Net profit attributable to owners of the company decreased 10.33% to Rs
214.40 crore.
Equity
capital increased from Rs 63.10 crore as of 31 March 2021 to Rs 63.20 crore as
of 31 March 2022. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.91% as of 31 March 2022 ,compared to 51.96% as of 31 March 2021
.
Cash flow from
operating activities decreased to Rs 311.70 crore for year ended March 2022
from Rs 522.40 crore for year ended March 2021.
Cash flow used in acquiring fixed assets during the year ended March
2022 stood at Rs 275.50 crore, compared to Rs 176.00 crore during the year
ended March 2021.
The scrip is
currently trading at Rs 160
EPL : Consolidated Results
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Particulars
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2203
(03)
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2103
(03)
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Var.(%)
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2203
(12)
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2103
(12)
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Var.(%)
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Net
Sales
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880.2
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810.2
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9
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3,432.80
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3,091.60
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11
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OPM
(%)
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15.1
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17.3
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16.8
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19.8
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OP
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133.1
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139.8
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-5
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576.1
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611.1
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-6
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Other
Inc.
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2.2
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3
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-27
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12
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14.5
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-17
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PBIDT
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135.3
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142.8
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-5
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588.1
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625.6
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-6
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Interest
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11.4
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8.6
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33
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40.3
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42.9
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-6
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PBDT
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123.9
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134.2
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-8
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547.8
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582.7
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-6
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Depreciation
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63.1
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60.1
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5
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251.4
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234.6
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7
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PBT
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60.8
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74.1
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-18
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296.4
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348.1
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-15
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Share
of Profit/(Loss) from Associates
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0
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-0.2
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-100
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-7.6
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-0.9
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744
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PBT
before EO
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60.8
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73.9
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-18
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288.8
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347.2
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-17
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EO
Income
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0
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0
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0
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-16.1
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-100
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PBT
after EO
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60.8
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73.9
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-18
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288.8
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331.1
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-13
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Taxation
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10.7
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15.5
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-31
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67.50
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86.80
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-22
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PAT
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50.1
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58.4
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-14
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221.3
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244.3
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-9
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PPA
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0
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0
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0.00
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0.00
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PAT after PPA
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50.1
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58.4
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-14
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221.3
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244.3
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-9
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Minority
Interest (MI)
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1.4
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1.6
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-13
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6.9
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5.2
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33
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Net
profit
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48.7
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56.8
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-14
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214.4
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239.1
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-10
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EPS
(Rs)*
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#
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#
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6.8
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7.9
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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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2203
(03)
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2103
(03)
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Var.(%)
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%
of (Total)
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2203
(12)
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2103
(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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314
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276.6
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14
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34
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1,225.90
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993.4
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23
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EAP
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22
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197.1
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184.9
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7
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24
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862.6
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782
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10
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AMERICAS
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21
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196.4
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174.9
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12
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21
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736.2
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652.1
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13
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EUROPE
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23
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208.6
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200.2
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4
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21
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748.4
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768.6
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-3
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Total
Reported Sales
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100
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916.1
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836.6
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10
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100
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3,573.10
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3,196.10
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12
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Less:
Inter segment revenues
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36.2
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26.7
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36
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141.4
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105.7
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34
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Net
Sales
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879.9
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809.9
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9
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3,431.70
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3,090.40
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11
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PBIT
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AMESA
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38
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27.7
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22.4
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24
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39
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129.3
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108.3
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19
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EAP
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22
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16
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21.6
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-26
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38
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127.7
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143.4
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-11
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AMERICAS
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26
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18.9
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20.2
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-6
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16
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52.9
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71.2
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-26
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EUROPE
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14
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10.4
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18.9
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-45
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8
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25.6
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62.5
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-59
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Total
PBIT
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100
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73
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83.1
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-12
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100
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335.5
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385.4
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-13
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Less
: Interest
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11.4
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8.6
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33
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40.3
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42.9
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-6
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Add:
Other un-allcoable
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-0.8
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-0.6
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-33
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-6.4
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-11.4
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44
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PBT
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60.8
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73.9
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-18
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288.8
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331.1
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-13
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