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4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentLIFESTYLEiientertainment
Q t l B i fiQ t l B i fi
LIFESTYLEentertainmententertainmentQuarterly BriefingQuarterly Briefing
MAJOR CINEPLEX GROUP PLC.MAJOR CINEPLEX GROUP PLC.Paragon Cineplex, Siam ParagonFeb 25, 2011
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentcontentscontents entertainmentcontentscontents
The Bottom LineThe Bottom Line
4Q10 & FY10 Financial ReviewR i f R EBITDA N fiReview of Revenue, EBITDA, Net profit B/S snapshot
FY11 OutlookFilms line‐up: “FY11 is another Golden Year”pNew capacities
FY11 Strategic Focus
2
FY11 Strategic Focus
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentThe Bottom LineThe Bottom Line entertainmentThe Bottom LineThe Bottom Line
St t fit ti dStrong net profit continued• Cinema margin remains healthy despite lower admissions sales as a result of floodingas a result of flooding
• Some extra gain items provide extra cushion
• Associates contributing their shares of healthy net profits
255
160 137
171 141 152
214
122
43
137 141
43 12 13
32Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentLIFESTYLEiientertainmentLIFESTYLEentertainmententertainment
Q t l B i fiQ t l B i fiQuarterly BriefingQuarterly Briefing
4Q10 FINANCIAL REVIEW4Q10 FINANCIAL REVIEW
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewWeaker overall revenue from floods
Bt.million
Revenues
• Flooding taken toll on admissions sales• Concessions sales slow at lower pace as sales opportunities better captured
36
Revenues‐11%
admissions25%
opportunities better captured• Advertising remains strong• Some improvement from Bowling Group• Rental & services register new high
8221,63
1,45
9
‐25%
filmdistribution
• Rental & services register new high• Film distribution remains solid
615
266
271
concessions17%
advertising+25% bowling
rental
+2%
178
147
141 17
5
128
133
1 18
‐17% group+4%
rental&services+17%
1
101 1
54Q09 4Q10 4Q09 4Q10 4Q09 4Q10 4Q09 4Q10 4Q09 4Q10 4Q09 4Q10 4Q09 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewFlooding taken toll on admissions sales
Bt.million
Revenues
g• Roughly two months of serious floods, especially in Provincial Thailand
• Northern Northeastern Southern cities hard hit
36
Revenues‐11%
admissions25%
Northern, Northeastern, Southern cities hard hit• Most releases during the period are Thai films, which should have done well provincially
Reminder 4Q09 2nd highest quarter for admission sales with
8221,63
1,45
9
‐25% Reminder: 4Q09 = 2nd highest quarter for admission sales with releases of Avatar, 2012, BKK Traffic Love Story (Rodfaifah)
615
64Q09 4Q10 4Q09 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewAdmissions sales margin held up well
Bt.million
Revenues
g p• MPIC releases two very‐well received films in Dec: “Lulla man” & “Sudkhet‐salade‐ped”
• Integration benefit helps provide cushion despite
36
Revenues‐11%
admissions25%
Integration benefit helps provide cushion despite relatively lower admissions sales
8221,63
1,45
9
‐25%
12%15%
12%
20% 21%
15%
19%17%
%admissions sales margins
615
7%
12%10% 11%
6%
12%
542684 628 599
533
738 650
822
635 652
871
615
74Q09 4Q10 4Q09 4Q10 admissions sales Bt.million
542 533
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewConcessions sales remain healthy
Bt.million
Revenues
y• Ratio of concessions sales to admissions sales back up to 24% after period of sharp ATP increase
• Better product line‐up
36
Revenues‐11%
Better product line up• Higher concessions sales contribution should help improve overall margin
23% 24% 24% 24% 24%22% 22%
23% 22%24%
1,63
1,45
9 % concessions sales to admissions sales
21% 21% 22% 22% 22%
concessions17%
112 143 142 141 130
176 154
178
139 149
194
147 178
147
‐17%
84Q09 4Q10 4Q09 4Q10
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
concessions sales Bt.million
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewSlight improvement in bowling group
Bt.million
Revenues
g p g g p• Bowling group sales up 4% yoy• Improvement coming from tournament sales
36
Revenues‐11%
34%36%
35%32% 33% 33%
%bowling group sales margins1,
63
1,45
9
30% 31% 30% 29% 28%30% 32% 33% 33%
bowling
127 142 153 153
120 124 119 128 111 104
119 133
128
133
group+4%
Bowling & Karaoke revenues Bt.million
1
94Q09 4Q10 4Q09 4Q10
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewRental & services at a new high
Bt.million
Revenues
g• Rental & services incomes resuming revenue level prior to riot in 2Q10
• New & improved Big‐C Rajadamri now reopened
36
Revenues‐11%
New & improved Big C Rajadamri now reopened• Metropolis’ cinema space being converted to approximately 12,000 sq.m. of rental space which is to start contributing from around
1,63
1,45
9
which is to start contributing from around mid‐2Q11 onward
101
117 108 112
118
rental
78 83 84 93 94 97 95 101
1 18
rental&services+17%
101 1
104Q09 4Q10 4Q09 4Q10
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
rental & services income Bt.million
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewAdvertising media sales remain strong
Bt.million
Revenues
g g• Favorable local economic fundamentals continue to support growth trend
• Strong films line‐up should help sustain
36
Revenues‐11%
Strong films line up should help sustain momentum, while new innovative media sales packs being explored
• New digital projector system expected to improve
1,63
1,45
9
• New digital projector system expected to improve “cinemedia” commercials in medium‐to‐long term
229 212 216 216
175 175
advertising+25%
157 136
101
128 141
128
175 175
141 17
5
114Q09 4Q10 4Q09 4Q10
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
advertising services income Bt.million
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewBetter visibility in integrated film business
Bt.million
Revenues
y g• DVD/VCD distribution as “bread & butter” recurring well based on its seasonality pattern
• Film production M39 adding
36
Revenues‐11%
Film production M39 adding on‐top bonuses with its successful film releases, while downside risks limited
filmdistribution
1,63
1,45
9
while downside risks limited by sponsorships/partnerships
254
MVDM39+MPSponsorships26
6
271
+2%
145
254 220
153 184
227
124Q09 4Q10 4Q09 4Q10
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
MPIC Group revenues Bt.million
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewEBITDA relatively lower but still strongy g• 4Q09 admissions sales were exceptionally high with numbers of blockbusters from both Hollywood & Thai studios
Bt.million
EBITDA
Hollywood & Thai studios• Film integration helps generate strong cash flow despite sharply lower admissions sales in 4Q10
EBITDA‐18%
390
132
1
134Q09 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewSG&A still largely well under controlg y• MAJOR recurring normally with slight increase from more R&M activities and new stores opening
• MPIC Group incurs slightly higher marketing
Bt.million
EBITDA
MPIC Group incurs slightly higher marketing expenses to propel its films releases
• Non‐recurring items relate to:• Terminating cinema business at MetropolisEBITDA
‐18%• Terminating cinema business at Metropolis• Provisioning for investment in CAWOW
390
1
MAJOR recurringMPIC GroupNon‐recurring
321
282 283261 268 279 281 285 279 269 259
281 296
144Q09 4Q101Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
SG&A Bt.million
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainment4Q10 Financial Review4Q10 Financial Review entertainment4Q10 Financial Review4Q10 Financial ReviewExtra gains contribute to net profit growth g p g• Gains on sales of “Suzuki Avenue” into MJLF Property Fund directly recognized through equity income from RAV and indirectly through 23 2%income from RAV and indirectly through 23.2% stake in Siam Future
• Gain on annual MJLF’s existing asset appraisal
Bt.million
Net profit MJLF
1Q10 2Q10 3Q10 4Q10
Net profit+49%
Share of net profit from three associates Bt.million
1Q10 2Q10 3Q10 4Q10RAV 4.1 7.6 1.9 140.3SFD 4.3 4.4 7.2 37.7MJLF 20 2 20 6 23 2 47 971
255
MJLF 20.2 20.6 23.2 47.917
154Q09 4Q10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentLIFESTYLEiientertainmentLIFESTYLEentertainmententertainment
Q t l B i fiQ t l B i fiQuarterly BriefingQuarterly Briefing
FY10 FINANCIAL REVIEWFY10 FINANCIAL REVIEW
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentFY10 Financial ReviewFY10 Financial Review entertainmentFY10 Financial ReviewFY10 Financial ReviewRespectable revenues growth of 7% yoy
Bt.million
Revenues
p g y y• Overall 2010 films line‐up inferior to 2009’s• Two unfortunate incidents , i.e. 2Q10 Riot & 4Q10 Flooding hinder higher admissions salesRevenues
+7%admissions+1%
4Q10 Flooding hinder higher admissions sales• Apparent turnaround in advertising business• New Standalone Cineplex contributes to growth in rental & services business
2,74
4
2,77
2
5,54
4
5,93
7
+1%
film
in rental & services business• Strong development in film distribution business
77
915
5
concessions‐1%
advertising+37%
bowling rental& i
distribution+18%
638
629
506
694
491
467
88 455
77group‐5%
&services+17%
38
17FY09 FY10 FY09 FY10 FY09 FY10 FY09 FY10 FY09 FY10 FY09 FY10 FY09 FY10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentFY10 Financial ReviewFY10 Financial Review entertainmentFY10 Financial ReviewFY10 Financial ReviewStronger EBITDA growth
Bt.million
EBITDA
g g• Blended “gross” margin improvement of 5% contributed virtually by all BUs
• Sales from rentals & services business expected
46
EBITDA+16%
Sales from rentals & services business expected to improve with re‐opening of Metropolis at Big‐C Rajadamri
1,24
9 1,44
“Gross” margin improvementsM i FY09 FY10 Δ1 Margins FY09 FY10 ΔAdmissions 14% 18% 4%Concessions 62% 65% 3%Advertising services 85% 87% 2%Advertising services 85% 87% 2%Bowling group 29% 33% 4%Rentals & services 44% 36% ‐8%Film distribution 15% 21% 6%
18
Blended 29% 34% 5%
FY09 FY10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentFY10 Financial ReviewFY10 Financial Review entertainmentFY10 Financial ReviewFY10 Financial ReviewBottom line fully back on tracky• Much stronger core business operations compared to prior years
• Healthy profits contribution from associates
Bt.million
Net profit
Healthy profits contribution from associates,with no value destruction at the bottom line
• 22% higher than a normalized year of FY08
762
626
334
FY08 FY09 19FY10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentB/S SnapshotB/S Snapshot entertainment
Bt.million Dec 31, 09 Dec 31, 10 %chg
B/S SnapshotB/S SnapshotHealthy balance sheets
Assets 11,269 11,033 ‐2%Liabilities 5,880 5,359 ‐9%Equity 5,389 5,674 5%
y• Closing of non‐performing branches• LT‐Debts being paid back & refinanced by lower‐cost debentures
5,359 11,033 5,880 11,269
by lower cost debenturesDec 31, 09 Dec 31, 10
0.85
Equity Net interest‐bearing debts Net D/E
TIES
LITI
ES
0.62
0.30 0.37
0.60 0.51
5,674
LIAB
ILIT
LIAB
IL
5,674 5,389
ASSE
TS
ASSE
TS
EQUI
TY
EQUI
TY
20
YE05 YE06 YE07 YE08 YE09 YE10
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentDividendDividend entertainmentDividendDividend
%Chg
EPS (Bahts) 133%
FY09
0.391H10
0.91
Full year dividend of Bt0 80/share (Bt 0 20+0 60)
DPS (Bahts) 129%
Payout ratio0.3590%
0.8088%
Full‐year dividend of Bt0.80/share (Bt 0.20+0.60)• Record date: Mar 14, 2011• Payout date: May 4, 2011
21
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentLIFESTYLEiientertainmentLIFESTYLEentertainmententertainment
Q t l B i fiQ t l B i fiQuarterly BriefingQuarterly Briefing
FY11 OUTLOOKFY11 OUTLOOK
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentFY11 filmsFY11 filmsl k d l f f l ( ll )
“2011 is another Golden Year” entertainmentFY11 filmsFY11 filmsTotal market admissions sales estimates of Top‐5 films (Bt.million)
FY11
SpiderMan 3 190 Mummy 3 130 2012 230 Avatar 300 Transformer 3
FY07 FY08 FY09 FY10oo
d
Harry Potter 5 165 007 Quantum 90 Transformer 2 210 Harry Potter 7.1 160 MI:4
Transformers 125 IronMan 80 Harry Potter 6 130 IronMan 2 175 Harry Potter 7.2
Pirates Carib 3 125 Hancock 75 Terminator 4 100 Resident Evil 4 110 Pirates Carib 4
Hollywo
Pirates Carib 3 125 Hancock 75 Terminator 4 100 Resident Evil 4 110 Pirates Carib 4
Resident Evil 3 90 Dark Knight 75 Fast Furious 4 100 Twilight 3 110 Twilight 4
Clash of Titans 95 Fast Furious 5
KingNaresuan2 250 OngBak 2 120 RodFaiFah 140 GuanMuenHo 130 King Naresuan 3
KingNaresuan1 250 TengNong 2 100 5‐Prang 100 32‐Thanwa 110 King Naresuan 4
Bodyguard 2 100 PidTermYai 85 WongKumLao 100 SingLekLek 100
Thai
Bodyguard 2 100 PidTermYai 85 WongKumLao 100 SingLekLek 100
TengNong 90 4‐Prang 80 Saranair 95 Tukky 90
May‐Na‐Rok 90 Yam‐Yasothorn 2 95 Saranair 2 90
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentFY11 Films lineFY11 Films line upup entertainmentFY11 Films lineFY11 Films line‐‐upupสาระแน 4
Dec1Q11 2Q11 3Q11 4Q11
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Mission: Impossible ‐ Ghost Protocol King Naresuan 4 ยุทธหัตถี
หลวงพี่เทง 5The Twilight Saga: Breaking Dawn ‐ Part 1
พุมพวง ดวงจันทรParanormal Activity 3y
Journey to the Center of the Earth 2Johnny English 2
ตุกกี้ 2Final Destination 5
Cowboys & AliensCaptain America: The First AvengerCaptain America: The First Avenger
Harry Potter & the Deathly Hallows: Part 2Transformers: Dark of the Moon
Green Lantern ผูหญิงปากรายผูชายปากดี (M39)
X‐Men: First Class Kung Fu Panda 2
Pirates of the Caribbean: On Stranger Tides Scream 4
Fast Five Thorลัดดาแลนด (GTH)( )
World InvasionKing Naresuan 3 ยุทธนาวี
Suck Seed หวยขั้นเทพ (GTH)Rango
Love Love จุลินทรีย (M39)I am Number Four
24
I am Number Fourเทงโหนง จีวรบิน
หอแตวแตก แหวกชิมิสุดเขตเสลดเปด (M39)สาระแนเห็นผีSelected films only, subject to change As of Feb 2011
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentNew CapacitiesNew Capacities entertainmentNew CapacitiesNew CapacitiesAs of As of Feb 2011Feb 2011
FY09 FY10 FY11FY09 FY10 FY11New screens 23 21 25
BKK Namwongwan 16 Samsen 6Paradise Park 2Paradise Park 2 Additional screens
BKK vicinity Korat 2 Mahachai 5 Chiang-rai 5& Provincial Additional screens Saraburi 4 Pitsanuloke 5& Provincial Saraburi 4 Pitsanuloke 5
Amatanakorn 5 Kampangpetch 4 Chantaburi 5
TBA 10
New lanes 48 26BKK Namwongwan 24
BKK vicinity& Provincial& Provincial
International New Delhi 24 Vasant Kunj 26
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentMGenerationM Generation entertainmentM GenerationM Generation
• Loyalty card to customersC t i i ht & Di t k ti h l f MAJOR
26
• Customer insights & Direct marketing channel for MAJOR to drive same‐store growth
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentPVR bluPVR blu O RolloutO Rollout entertainmentPVR bluPVR blu‐‐O RolloutO Rollout
Fi 24 l l i ib d B 2 3 /• First 24‐lane location contributes around Bt.2‐3m/qtr to MAJOR’s net profit as 49% share of profit in PVR blu‐O
PVR blu‐O Equity Income
9.2
Equity Income on MAJOR P&LBt.million
9.2
Full‐launch in Apr‐09
6.5
• One more 26‐lane location under construction & scheduled
27FY09 FY10
to open in 2Q11• 3 locations in design stage, while 3 under feasibility study
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentFY11 Strategic FocusFY11 Strategic Focus entertainmentFY11 Strategic FocusFY11 Strategic Focus
• More focus on existing assets given solid film line‐upD i i t th f f th i i t• Driving same store growth for further margin improvement• Increase cinema occupancy• Improve ticketing convenience• Improve ticketing convenience• Understanding customers: m‐Gen
• Digital & 3D films to help manage ATP• Digital & 3D films to help manage ATP• Further inroad into India while exploring other international markets
28
international markets
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmentLIFESTYLEiientertainment
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MAJOR CINEPLEX GROUP PLC.MAJOR CINEPLEX GROUP PLC.Thank You
4Q10 QUARTERLY BRIEFINGLIFESTYLEentertainmententertainmentBt. Thousand 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
RevenuesAdmissions 532,905 738,037 650,492 822,218 634,790 651,556 871,354 614,666Concessions sales 129,887 175,907 154,006 178,289 139,064 148,948 193,829 147,376Advertising services income 136,117 101,098 128,498 140,784 128,448 216,009 174,565 175,315 AppendixAppendixAdvertising services income 136,117 101,098 128,498 140,784 128,448 216,009 174,565 175,315Bowling, Karaoke, Ice skating services income 120,356 124,118 119,081 127,635 111,341 103,521 118,820 133,149Rentals and services income 93,831 97,345 95,375 101,144 117,072 107,855 112,160 118,016Sales of VCD/DVD and film rights 166,959 189,407 154,452 266,280 267,977 172,611 204,176 270,714Others 0 0 0 0 1,502 1,957 0 0
Total revenues 1,180,055 1,425,912 1,301,905 1,636,350 1,400,194 1,402,456 1,674,904 1,459,236
C t
AppendixAppendixDetailed P&LsDetailed P&Ls
CostsCost of film exhibition and theatre 503,243 626,691 573,684 661,222 502,666 552,120 702,340 508,236Cost of concessions 53,754 66,897 58,337 66,296 51,377 52,597 65,075 53,618Cost of advertising services 15,053 18,452 15,465 26,182 23,964 19,091 21,970 23,839Cost of bowling, Karaoke, Ice skating services 84,696 88,243 86,069 89,132 72,734 70,600 79,229 89,068Cost of rentals and services 49,178 54,370 53,898 59,217 74,889 70,325 72,000 74,465Cost of sales of VCD/DVD and film rights 131,510 183,879 132,532 213,874 214,240 169,669 138,124 202,901Cost of sales of VCD/DVD and film rights 131,510 183,879 132,532 213,874 214,240 169,669 138,124 202,901Others 0 0 0 0 53 572 0 0
Total costs 837,434 1,038,533 919,985 1,115,922 939,923 934,974 1,078,738 952,127
Gross profits 342,620 387,379 381,920 520,427 460,272 467,482 596,166 507,109
Selling expenses 92,782 86,269 73,736 121,929 109,858 100,591 90,461 88,684d i i i 2 810 232 16 2 1 2 0 1 2 3 303 216 86 2 106 3 8 1 8Administrative expenses 245,810 232,716 257,175 240,451 253,303 216,867 244,106 358,148
Directors' remuneration 8,603 7,908 7,034 11,155 16,904 11,397 10,380 6,144Selling and administrative expenses 347,195 326,893 337,945 373,535 380,066 328,855 344,947 452,975
EBIT -4,574 60,486 43,975 146,892 80,206 138,627 251,219 54,134Disposal of investments 1,467 82,120 15,889 19,400 252 837 -5,906Upfront lease income 9,464 45,545Upfront lease income 9,464 45,545Other operating income 40,198 27,498 31,725 51,475 27,830 36,953 28,581 34,895Operating profit 35,624 89,452 157,820 223,720 172,981 175,832 280,638 83,123
Share of profit of investments - equity 23,920 -15,474 27,311 11,236 30,535 32,661 36,231 228,861Profit before interest and tax 59,544 73,977 185,131 234,957 203,516 208,492 316,869 311,985
Financial costs -30,052 -30,785 -32,143 -40,389 -35,023 -36,617 -34,060 -32,712Income tax -17,066 -29,889 -15,580 -30,267 -26,403 -19,803 -64,221 -15,217Profit before minorities 12,425 13,303 137,408 164,301 142,090 152,073 218,588 264,056
Profit attributable to minorities, net -149 0 -366 6,802 -907 -569 -4,439 -8,903Net profit 12,277 13,303 137,042 171,103 141,183 151,503 214,150 255,153 30