Punj Lloyd 4Q FY 2013

4QFY2013 Result Update | Infrastructure
May 13, 2013
Punj Lloyd
Performance Highlights
Y/E March (` cr) Net sales Operating profit Net profit 4QFY13 3,292 261 15 4QFY12 3,038 255 9 % chg (yoy) 8.4 2.5 70.3 3QFY13 2,881 291 9 % chg (qoq) 14.3 (10.2) 74.9
NEUTRAL
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 1,793 5,887 1.6 64/39 870,078 2 19,692 5,980 PUJL.BO
`54 -
Source: Company, Angel Research
For 4QFY2013, Punj posted mixed set of numbers with subdued performance on revenue front, however higher tax credit provision during the quarter led to bottom-line growth. The companys order book stood at `22,499cr (a decline of 17.5% yoy), thereby converting into an order book-to-sales ratio of 1.9x FY2013 revenues. However, we maintain our Neutral view on the stock on account of various overhangs uncertainty over receivable claims, stretched working capital and increasing leverage on the balance sheet. Tax credit boost PAT margins: Punj reported a subdued revenue growth of 8.4% yoy to `3,292cr in 4QFY2013 against consensus estimate of `3,071cr The company reported an EBITDA of `261cr in 4QFY2013, a growth of 2.5% yoy, with EBITDAM declining by 45bp/217bp on a yoy/qoq basis to 7.9%. Interest cost increased by 4.8% yoy to `196cr while depreciation witnessed a growth of 12.9% yoy to `79cr in 4QFY2013. On the bottom-line front, PAT came in at `15cr (`9cr) in 4QFY2013, registering a growth of 70.3%. This was mainly due to higher tax credit provision of `11cr in 4QFY2013 (vs. `5cr in 4QFY2012) and lower performance at the operating level. Outlook and valuation: Based on FY2013 performance and current order book mix, we are revising our EPS estimates for FY2014 to `0.5 and introduce our FY2015 estimate to `0.9 respectively. Punj has been looking to reduce its debt through sale of its non-core assets and replacing Indian debt with foreign debt. However, given the difficult environment we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on the timeframe of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. We continue to remain Neutral on the stock due to headwinds faced by the company as mentioned above.
PUNJ@IN
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 37.1 11.1 12.8 39.0
Abs. (%) Sensex Punj Lloyd
3m 1.1 8.8
1yr 20.9 20.0
3yr 15.9 (62.7)
Key financials (Consolidated)

Y/E March (` cr) Net Sales % chg Adj. Net Profit % chg FDEPS (`) EBITDA Margin (%) P/E (x) RoAE (%) RoACE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x) Order/Sales (x) Order backlog % chg
FY2012 10,557 29.7 92 2.8 8.5 19.5 3.1 7.9 0.6 0.5 6.4 2.6 27,276 45.5
FY2013A 11,717 11.0 (7) (0.2) 9.8 (0.3) 9.5 0.6 0.6 5.6 1.9 22,499 (17.5)
FY2014E 12,954 10.6 17 0.5 9.8 106.4 0.6 10.0 0.6 0.6 5.6 1.8 23,624 5.0
FY2015E 14,740 13.8 31 83.6 0.9 9.8 57.9 1.1 10.9 0.6 0.5 5.4 1.7 25,514 8.0
Viral Shah
022-39357800 Ext: 6842 viralk.shah@angelbroking.com
Please refer to important disclosures at the end of this report
Punj Lloyd | 4QFY2013 Result Update
Exhibit 1: 4QFY2013 performance (Consolidated)

Y/E March (` cr) Net Sales Total Expenditure Operating Profit OPM (%) Interest Depreciation Non Operating Income Nonrecurring items Profit Before tax Tax PAT Share of Profits/ (Losses) of Assoc. Share of Profits/ (Losses) of MI PAT after MI and Share of Assoc. PAT (%) Adjusted PAT Adj. PAT (%) FDEPS (`)
4QFY13 3,292 3,031 261 7.9 196 79 15 2 (11) 12 1 2 15 0.5 15 0.5 0.5
4QFY12 3,038 2,783 255 8.4 187 70 17 16 (5) 21 (3) (9) 9 0.3 9 0.3 0.3
% yoy chg 8.4 8.9 2.5 (45)bp 4.8 12.9 (14.2) (89.5) 113.6 (39.6) (132.8) (121.7) 70.3 18bp 70.3 18bp 70.3
3QFY13 2,881 2,590 291 10.1 198 88 3 8 8 (1) 8 2 9 0.3 9 0.3 0.3
% qoq chg 14.3 17.0 (10.2) (217) bp (1.3) (10.5) 432.4 (78.4) (229.0) (1,518.2) (87.8) 10.5 74.9 18bp 74.9 18bp -
FY2013 11,717 10,567 1,150 9.8 781 354 25 41 70 (29) 4 18 (7) (0.1) (7) (0.1) (0.2)
FY2012 10,557 9,660 897 8.5 633 299 227 193 81 112 (11) (9) 92 0.9 92 0.9 2.8
% chg 11.0 9.4 28.2 132bp 23.4 18.3 (88.9) (78.7) (12.9) (125.9) (136.7) (288.4) (107.8) (93)bp (107.8) (93)bp (107.8)
Muted top-line growth

Punj reported a subdued revenue growth of 8.4% yoy to `3,292cr in 4QFY2013 against consensus estimate of `3,071cr. As per the Management, high working capital and borrowing costs continue to pose challenges. Hence, it is exploring avenues of paring this debt and improving the quality of its balance sheet. Going forward, the company would be focusing on the following: 1) Bringing down the cost of debt by shifting it to some other geography where cost of debt is lower. 2) Improving profitability and working capital cycle. Libya: Out of the total Libyan orders (~`4,500cr), slow moving orders consist of ~`2,500cr as of 4QFY2013. As per management, there has been some traction in pace of work in Libya due to continues on-ground mobilisation of workforce. Out of five infrastructure contracts, the work on two infrastructure contracts is expected to commence shortly while remaining three contracts are in the negotiation stage.
May 13, 2013
Exhibit 2: Revenue Sector wise (` cr)

1,363 1,229
Exhibit 3: Revenue Geography wise (` cr)

105
3,184
2,884
4,485
2,109
912 3,934
2,611
Pipelines
Tankages
Infrastructure
Process
Power & Others
Offshore
South Asia
South East Asia
MEACIS & Africa
Rest of the world
Tax credit boost PAT margin

The company reported an EBITDA of `261cr in 4QFY2013, a growth of 2.5% yoy, with EBITDAM declining by 45bp/217bp on a yoy/qoq basis to 7.9%. Going forward, on the back of current order book mix, we expect EBITDA margins to be in the range of 9.5-10% for FY2014 and FY2015 respectively. Interest cost increased by 4.8% yoy to `196cr while depreciation witnessed a growth of 12.9% yoy to `79cr in 4QFY2013. On the bottom-line front, PAT came in at `15cr (`9cr) in 4QFY2013, registering a growth of 70.3%. This was mainly due to higher tax credit provision of `11cr in 4QFY2013 (vs. `5cr in 4QFY2012) and lower performance at the operating level.
Exhibit 4: Lower operating performance

350 8.4 300 8.4 250 200 150 100
202 164 255 288 314 291
Exhibit 5: Tax credit boost PATM

12.0 80 70 60 50 40 30 20 10 0 (10) (20) (30) 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 PAT (` cr, LHS) PATM (%, RHS) 2.5 3.0 2.5 2.0 1.0 0.3 (0.5) 0.3 0.5 1.5 1.0 0.5 (0.6) (0.5) (1.0) 10.0 7.9 8.0
10.4
11.3
10.1
5.8 6.0 4.0

261
50 0
2.0 -
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 EBITDA (` cr, LHS) EBITDAM (%, RHS)
May 13, 2013
Order book analysis

Company secured orders worth `6,205cr in FY2013 taking the order book to `22,499cr, indicating a decline of 17.5% yoy. This converts into an OB-to-sales ratio of 1.9x FY2013 revenues. The order book is dominated by the infrastructure (39.0%), process (24.2%) and pipeline (12.4%) segments. Geographically, Middle East, CIS and Africa contribute 45.7% to the order book, followed by South Asia (32.2%) and South East Asia (21.8%). During the quarter, the company has also secured its maiden offshore order in Saudi Arabia.
Exhibit 6: Order backlog Sector wise (` cr)

2,132 2,461 2,794 910
Exhibit 7: Order backlog Geography wise (` cr)

46 7,251 10,290
5,434 8,768 4,912
Pipelines
Tankages
Infrastructure
Process
Power & Others
Offshore
South Asia
South East Asia
MEACIS & Africa
Rest of the world
May 13, 2013
Outlook and valuation

Based on performance for the full year and current order book mix, we are revising our estimates for FY2014 and introducing our FY2015E. We have revised our revenue estimates for FY2014 marginally by 1.2% and introduce our FY2015 revenue estimate to `14,740cr. EBITDAM has been revised to 9.8% (earlier our estimate was 10.2%) for FY2014. However, we are now estimating a PAT of `17cr (earlier estimate was `98cr) and `31cr for FY2014 and FY2015, respectively.
Exhibit 8: Change in estimates

FY2014E Earlier Estimates Revenues (` cr) EBITDA Margin (%) PAT (` cr)
FY2015E Variation (%) (1.2) (3.5) (82.8) Earlier Estimates 14,740 9.8 31 Revised Estimates 14,740 9.8 31 Variation (%) 12,954 9.8 17
Revised Estimates
13,116 10.2 98
In order to lower its interest cost, Punj is looking to reduce its debt by sale of non-core assets, and replacing Indian debt with foreign debt. However, given the difficult environment, we believe these steps would not yield results before the next six to nine months. Further, there is no clarity on timeframe of recovering various outstanding claims as legal issues such as litigation and arbitration usually are lengthy processes. We continue to remain Neutral on the stock due to headwinds faced by the company.
Exhibit 9: Angel EPS forecast vs consensus

Angel Forecast FY2014E FY2015E
Bloomberg consensus 3.5 5.0
Variation (%) (85.5) (81.4)
0.5 0.9
Company background
Punj Lloyd (Punj) is a diversified global engineering and construction company, with presence across the infrastructure (39% of order book), pipeline (12%), and process segments (24%). Punj Group has two main entities Punj, headquartered in India and SEC in Singapore. Punj started as a pipeline company in 1982. Over the years, Punj, with the help of various JVs and acquisitions, has increased its expertise in basic infrastructure projects, such as roads, power, cross-country pipelines, urban infrastructure, tankages and terminals and process plants, among others. Punj was listed in 2006, and in the same year, it acquired SEC and Simon Carves.
May 13, 2013
Exhibit 10: Recommendation Summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP 219 12 117 175 19 74 34 54 110 112 31 TP Rating FY12 272 Buy - Neutral 167 Buy 230 Buy 35 Buy 90 Buy 45 Buy 153 Buy 164 Buy 45 Buy 1,866 1,931 3,843 6,645 3,773 Top-line (` cr) FY13E 2,013 2,281 4,152 7,444 6,287 EPS (`) P/E OB/ 9.0 5.9 6.8 5.5 6.4 25.9 17.9 7.2 57.9 14.1 4.8 2.1 2.9 2.2 2.8 2.2 4.9 2.7 3.3 1.9 3.3 2.5 2.0 FY14E CAGR (%) FY12 FY13E FY14E CAGR (%) FY12 2,293 2,492 4,624 8,041 6,836 10.8 24.3 13.6 (3.3) 9.7 16.8 10.0 26.8 34.6 (3.9) 8.2 11.3 32.2 2.2 3.1 1.5 14.1 63.4 12.2 (0.2) 12.0 14.1 12.0 12.7 26.0 0.7 17.0 29.8 2.3 2.5 75.1 4.1 0.5 7.3 18.0 14.6 24.4 2.0 17.2 32.1 3.0 2.9 84.8 4.8 0.9 7.8 23.4 14.9 0.0 1.2 9.4 9.0 7.0 6.5 - (3.6) FY13E FY14E Sales(x) 8.4 17.4 6.9 5.9 8.3 29.1 20.2 8.4 106.4 15.1 6.2 2.1
13,358 14,850 15,631 60,837 69,586 79,247 5,863 1,565 6,026 2,180 6,576 2,511 6,824 2,455 7,264 2,736 7,563 2,734
13.8 33.5 15.7 23.9 24.6 11.1 28.8 8.0 7.9 2.4 131.3 75.5
1,517 1,795 Buy
- Neutral 11,717 12,954 14,740
Exhibit 11: SOTP break-up

Company ` ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra 86 16 54 80 15 24 1,358 25 64 54 164 45 Core Const. % to TP 32 100 32 35 43 27 76 57 100 35 100 100 ` 23 Real Estate % to TP 25 ` 182 113 120 7 99 Road BOT % to TP 68 68 52 16 65 Invst. In Subsidiaries ` 20 437 % to TP 57 24 ` 30 43 12 Others % to TP 13 48 27 Total ` 268 16 167 230 35 90 1,795 44 64 153 164 45
May 13, 2013
Profit & Loss Statement (Consolidated)

Y/E March (` cr) Net Sales Other operating income Total operating income % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of asso. Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers
FY2010 FY2011 FY2012 FY2013A FY2014E FY2015E 10,448 10,448 (12.3) 10,083 3,770 4,968 1,345 365 (17.2) 3.5 227 137 (47.8) 1.3 387 108 (76.7) (141) (162) 21 137 654.4 (116) 10 (2) (108) (363) 51.1 (3.5) (10.9) (10.9) 51.1 8,139 10,557 (22.1) 7,411 2,384 3,900 1,127 728 99.7 8.9 269 459 233.5 5.6 463 21 130.6 16 16 66 417.4 (50) 2 (3) (8) (60) (60) (83.6) (0.7) (1.8) (1.8) (83.6) 29.7 9,660 3,100 5,207 1,353 897 23.3 8.5 299 599 30.5 5.7 633 227 117.5 193 193 81 41.8 112 (11) (9) 92 92 0.9 2.8 2.8 8,139 10,557
11,717 11,717 12,954 12,954 14,740 14,740
11.0
10,567 3,519 5,365 1,684 1,150
10.6
11,678 3,886 5,931 1,861 1,275
13.8
13,289 4,422 6,749 2,118 1,451
28.2 9.8
354 797
10.9 9.8
383 892
13.8 9.8
413 1,039
33.1 6.8
781 25
12.0 6.9
817 28
16.4 7.0
880 31
61.4
-
27.0
-
16.2
-
41 (78.7)
-
103 149.9
-
189 83.6
-
708.0 (111.2) 1,115.3
41
70
103
35
189
64
170.5
(29)
34.0
68
34.0
125
4 18 (7) (7)
(10) (42) 17 17
(17) (76) 31 31
(0.1) (0.2) (0.2) -
0.1 0.5 0.5 -
83.6 0.2 0.9 0.9 83.6
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
May 13, 2013
Balance Sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long Term Loan and Advances Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets
FY2010 FY2011 FY2012 FY2013A FY2014E FY2015E 66 2,961 3,027 42 4,455 180 7,705 3,120 943 2,178 160 382 8,828 611 1,042 7,175 3,843 4,985 7,705 66 2,912 2,979 74 3,881 152 7,085 3,365 1,113 2,252 82 384 1,215 1,137 7,139 5,123 4,367 7,085 66 2,855 2,921 86 4,944 155 8,106 4,187 1,368 2,820 329 371 973 1,422 8,756 6,564 4,587 8,106 66 2,752 2,818
90
66 2,835 2,901
90
66 2,852 2,918
90
5,540 151 8,599

4,770 1,721
6,062 151 9,204

5,170 2,104
6,634 151 9,793

5,570 2,517
3,049 363 364 12,552 835 1,686 10,031 7,730 4,823

-
3,065 363 364 13,732 694 1,928 11,110 8,320 5,412

-
3,053 363 364 14,969 661 2,071 12,238 8,957 6,013

-
9,490 11,151
8,599
9,204
9,793
May 13, 2013
Cash Flow statement (Consolidated)

Y/E March (` cr) Profit Before Tax Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments (Inc.)/Dec. in loans and adv. Other income Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances
FY2010 FY2011 FY2012 FY2013A FY2014E FY2015E 21 165 (1,786) (108) (137) (1,845) (331) 279 108 57 6 896 6 679 1,587 (201) 812 611 16 170 1,221 (21) (66) 1,321 (166) (2) 21 (148) 0 (575) 6 0 (569) 604 611 1,215 193 255 (462) (227) (81) (322) (740) 13 227 (500) 1,064 6 (490) 580 (242) 1,215 973 41 354 (374) (25) (70) (75) (582) 7 25 (551) 0 595 14 (122) 487 (138) 973 835 103 383 (729) (28) (35) (306) (400) 28 (372) 522 14 1 537 (141) 835 694 189 413 (634) (31) (64) (127) (400) 31 (369) 572 14 (122) 464 (33) 694 661
May 13, 2013
Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Order Book/Sales (x) Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROAE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage
FY2010 FY2011 FY2012 FY2013A FY2014E FY2015E 0.6 0.3 0.5 15.5 0.7 2.7 (10.9) (10.9) (4.1) 0.2 91.2 1.3 1.7 1.1 2.0 2.2 (13.2) 3.6 145 85 151 122 1.3 10.5 0.4 8.6 0.6 0.3 0.5 6.1 0.6 2.3 (1.8) (1.8) 6.3 0.2 89.7 5.6 1.3 1.1 6.2 7.1 (2.0) 2.5 213 98 107 165 0.9 3.7 1.0 19.5 4.6 0.6 0.3 0.5 6.4 0.7 2.6 2.8 2.8 11.8 0.2 88.0 5.7 58.2 1.6 5.4 8.3 1.1 2.0 7.9 9.2 3.1 2.8 191 80 104 104 1.4 4.4 0.9
5.2 0.6 106.4 4.5 0.6 57.9 4.0 0.6
0.8
0.6 5.6 0.8 1.9
0.8
0.6 5.6 0.8 1.8
0.8
0.5 5.4 0.8 1.7
(0.2) (0.2) 10.4
0.5 0.5 12.0
0.9 0.9 13.4
0.4
84.9
0.4
87.4
0.4
87.9
6.8 (70.5)
6.9 66.0
7.0 66.0
1.6
(7.5) (10.5) 1.5 (3.0)
1.6
7.2 9.3 1.7 3.7
1.7
7.8 9.1 1.9 5.1
9.5
10.7 (0.3)
10.0
11.0 0.6
10.9
11.8 1.1
2.6 201 88
2.6 199 95
2.7 192 93
118
95
115
98
109
103
1.7 4.1 1.0
1.8 4.2 1.1
2.0 4.1 1.2
May 13, 2013
10
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbrokling.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Punj Lloyd No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
May 13, 2013
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Punj Lloyd 4Q FY 2013

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Punj Lloyd 4Q FY 2013

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4QFY2013 Result Update | Infrastructure

May 13, 2013

Source: Company, Angel Research

Abs. (%) Sensex Punj Lloyd

1yr 20.9 20.0

3yr 15.9 (62.7)

Key financials (Consolidated)

Please refer to important disclosures at the end of this report