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Results
20-May-23
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Analysis
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EPL
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Robust performance
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EPL
consolidated net sales increased 10.12% to Rs 969.3 crore in Q4FY23 compared to
Q4FY22. Sales of AMESA segment has gone
up 7.61% to Rs 337.90 crore (accounting for 32.74% of total sales). Sales of EAP segment has gone up 8.63% to Rs
214.10 crore (accounting for 20.74% of total sales). Sales of AMERICAS segment rose 17.06% to Rs
229.90 crore (accounting for 22.27% of total sales). Sales of EUROPE segment has gone up 19.94% to
Rs 250.20 crore (accounting for 24.24% of total sales). Inter-segment sales rose Rs 36.20 crore to Rs
63.20 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 18.36% to Rs
86.40 crore. PBIT of AMESA segment rose
52.71% to Rs 42.30 crore (accounting for 48.96% of total PBIT). PBIT of EAP segment rose 55.00% to Rs 24.80
crore (accounting for 28.70% of total PBIT).
PBIT of AMERICAS segment fell 68.78% to Rs 5.90 crore (accounting for
6.83% of total PBIT). PBIT of EUROPE
segment rose 28.85% to Rs 13.40 crore (accounting for 15.51% of total
PBIT).
PBIT
margin of AMESA segment rose from 8.82% to 12.52%. PBIT margin of EAP segment rose from 8.12% to
11.58%. PBIT margin of AMERICAS segment
fell from 9.62% to 2.57%. PBIT margin of
EUROPE segment rose from 4.99% to 5.36%.
Overall PBIT margin rose from 7.97% to 8.37%.
Operating
profit margin has jumped from 15.12% to 15.95%, leading to 16.15% rise in
operating profit to Rs 154.60 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
47.60% to 44.71%. Employee cost
increased from 17.85% to 18.76%. Other
expenses rose from 19.88% to 20.20%.
Other
income rose 1,118.18% to Rs 26.8 crore.
PBIDT rose 34.07% to Rs 181.4 crore.
Provision for interest rose 80.70% to Rs 20.6 crore.
PBDT
rose 29.78% to Rs 160.8 crore. Provision
for depreciation rose 25.20% to Rs 79 crore.
Fixed assets increased to Rs 1,755.60 crore as of 31 March 2023 from Rs
1,504.10 crore as of 31 March 2022.
Intangible assets stood at Rs 115.90 crore.
Profit
before tax grew 34.54% to Rs 81.80 crore.
Share of profit/loss were nil in both the periods. Provision for tax was credit of Rs 2.7 crore,
compared to debit of Rs 10.7 crore.
Effective tax rate was negative 3.28% compared to 17.60%.
Minority
interest decreased 42.86% to Rs 0.80 crore.
Net profit attributable to owners of the company increased 73.10% to Rs
84.30 crore.
Equity
capital increased from Rs 63.20 crore as of 31 March 2022 to Rs 63.60 crore as
of 31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 51.53% as of 31 March 2023 ,compared to 51.91% as of 31 March 2022
.
Full year results
analysis
Net
sales (including other operating income) of EPL has increased 7.61% to Rs
3694.1 crore. Sales of AMESA segment has
gone up 11.69% to Rs 1,369.20 crore (accounting for 34.77% of total
sales). Sales of EAP segment has gone
down 1.48% to Rs 849.80 crore (accounting for 21.58% of total sales). Sales of AMERICAS segment rose 18.96% to Rs
875.80 crore (accounting for 22.24% of total sales). Sales of EUROPE segment has gone up 12.71% to
Rs 843.50 crore (accounting for 21.42% of total sales). Inter-segment sales rose Rs 141.40 crore to
Rs 245.60 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 2.03% to Rs
328.70 crore. PBIT of AMESA segment rose
13.61% to Rs 146.90 crore (accounting for 44.69% of total PBIT). PBIT of EAP segment fell 3.13% to Rs 123.70
crore (accounting for 37.63% of total PBIT).
PBIT of AMERICAS segment fell 28.36% to Rs 37.90 crore (accounting for
11.53% of total PBIT). PBIT of EUROPE
segment fell 21.09% to Rs 20.20 crore (accounting for 6.15% of total
PBIT).
PBIT
margin of AMESA segment rose from 10.55% to 10.73%. PBIT margin of EAP segment fell from 14.80%
to 14.56%. PBIT margin of AMERICAS
segment fell from 7.19% to 4.33%. PBIT
margin of EUROPE segment fell from 3.42% to 2.39%. Overall PBIT margin fell from 9.39% to
8.35%.
Operating
profit margin has declined from 16.78% to 15.64%, leading to 0.30% rise in
operating profit to Rs 577.80 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
45.12% to 45.77%. Employee cost
decreased from 18.63% to 18.51%. Other
expenses rose from 19.75% to 20.21%.
Other
income rose 250.83% to Rs 42.1 crore.
PBIDT rose 5.41% to Rs 619.9 crore.
Provision for interest rose 67.25% to Rs 67.4 crore. Loan funds rose to Rs 889.50 crore as of 31
March 2023 from Rs 767.10 crore as of 31 March 2022. Inventories rose to Rs 607.90 crore as of 31
March 2023 from Rs 594.10 crore as of 31 March 2022. Sundry debtors were higher at Rs 643.00 crore
as of 31 March 2023 compared to Rs 636.70 crore as of 31 March 2022. Cash and bank balance rose to Rs 244.40 crore
as of 31 March 2023 from Rs 192.70 crore as of 31 March 2022. Investments rose to Rs 19.30 crore as of 31
March 2023 from Rs 7.20 crore as of 31 March 2022 .
PBDT
rose 0.86% to Rs 552.5 crore. Provision
for depreciation rose 11.58% to Rs 280.5 crore.
Fixed assets increased to Rs 1,755.60 crore as of 31 March 2023 from Rs
1,504.10 crore as of 31 March 2022.
Intangible assets stood at Rs 115.90 crore.
Profit
before tax down 8.23% to Rs 272.00 crore.
Share of profit/loss was 61.84% higher at Rs -2.9 crore. Provision for tax was expense of Rs 37.3
crore, compared to Rs 67.5 crore.
Effective tax rate was 13.92% compared to 23.37%.
Minority
interest decreased 42.03% to Rs 4.00 crore.
Net profit attributable to owners of the company increased 5.74% to Rs
226.70 crore.
Equity
capital increased from Rs 63.20 crore as of 31 March 2022 to Rs 63.60 crore as
of 31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’ stake was
51.53% as of 31 March 2023 ,compared to 51.91% as of 31 March 2022 .
The scrip is
currently trading at Rs 189
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EPL : Consolidated Results
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Particulars
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2303 (03)
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2203
(03)
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Var.(%)
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2303 (12)
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2203
(12)
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Var.(%)
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Net
Sales
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969.3
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880.2
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10
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3,694.10
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3,432.80
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8
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OPM
(%)
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15.9
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15.1
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15.6
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16.8
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OP
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154.6
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133.1
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16
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577.8
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576.1
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0
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Other
Inc.
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26.8
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2.2
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1118
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42.1
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12
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251
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PBIDT
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181.4
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135.3
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34
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619.9
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588.1
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5
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Interest
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20.6
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11.4
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81
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67.4
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40.3
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67
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PBDT
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160.8
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123.9
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30
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552.5
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547.8
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1
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Depreciation
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79
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63.1
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25
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280.5
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251.4
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12
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PBT
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81.8
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60.8
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35
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272
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296.4
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-8
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Share
of Profit/(Loss) from Associates
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0.6
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0
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-2.9
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-7.6
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-62
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PBT
before EO
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82.4
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60.8
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36
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269.1
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288.8
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-7
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EO
Income
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0
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0
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-1.1
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0
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PBT
after EO
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82.4
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60.8
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36
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268
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288.8
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-7
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Taxation
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-2.7
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10.7
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-125
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37.30
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67.50
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-45
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PAT
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85.1
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50.1
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70
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230.7
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221.3
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4
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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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85.1
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50.1
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70
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230.7
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221.3
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4
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Minority
Interest (MI)
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0.8
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1.4
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-43
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4
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6.9
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-42
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Net
profit
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84.3
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48.7
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73
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226.7
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214.4
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6
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EPS
(Rs)*
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#
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#
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7.2
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6.7
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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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2303 (03)
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2203
(03)
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Var.(%)
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%
of (Total)
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2303 (12)
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2203
(12)
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Var.(%)
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Sales
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AMESA
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33
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337.9
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314
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8
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35
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1,369.20
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1,225.90
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12
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EAP
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21
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214.1
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197.1
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9
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22
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849.8
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862.6
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-1
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AMERICAS
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22
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229.9
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196.4
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17
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22
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875.8
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736.2
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19
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EUROPE
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24
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250.2
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208.6
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20
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21
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843.5
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748.4
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13
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Total
Reported Sales
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100
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1,032.10
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916.1
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13
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100
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3,938.30
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3,573.10
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10
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Less:
Inter segment revenues
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63.2
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36.2
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75
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245.6
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141.4
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74
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Net
Sales
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968.9
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879.9
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10
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3,692.70
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3,431.70
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8
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PBIT
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AMESA
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49
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42.3
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27.7
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53
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45
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146.9
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129.3
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14
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EAP
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29
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24.8
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16
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55
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38
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123.7
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127.7
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-3
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AMERICAS
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7
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5.9
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18.9
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-69
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12
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37.9
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52.9
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-28
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EUROPE
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16
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13.4
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10.4
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29
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6
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20.2
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25.6
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-21
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Total
PBIT
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100
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86.4
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73
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18
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100
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328.7
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335.5
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-2
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Less
: Interest
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20.6
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11.4
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81
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67.4
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40.3
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67
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Add:
Other un-allcoable
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16.6
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-0.8
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LP
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6.7
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-6.4
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LP
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PBT
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82.4
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60.8
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36
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268
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288.8
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-7
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