initiating coverage aquaculture avanti feeds - religare · pdf fileavanti feeds is amongst the...

Avanti Feeds is amongst the leading companies operating in aquaculture in India. It manufactures and markets shrimp feeds along with the manufacturing and processing of prawns, fish feeds and shrimps. The company exports processed shrimps to USA, Europe, Japan, Australia & Middle East countries. In addition, the company, through its outlets, offers shrimp ready to eat and ready to cook products under the Prawn King brand.

Increasing consumer per-capita disposable income along with growing nutritional standards is likely to propel aquaculture industry and aquafeed market growth in the coming years. Avanti sells shrimp feeds to local aquaculture farmers and has ~45% market share.

The future outlook for the Indian shrimp industry looks promising. India with its vast coastline, increasing shrimp culture activities and better prevention measures to overcome diseases, is likely to emerge as a major beneficiary and could become the largest shrimp exporter in the world in the coming few years.

The management has given a guidance of 20-25% growth in FY18. The product mix currently stands in favor of shrimp feeds, wherein it contributes 85% to the total revenue and processed shrimp contributes 15%. However, the company is making efforts and implementing strategies to increase the contribution of processed shrimp to 40% of the total revenue in the next few years to reduce dependence on shrimp feeds.

The company is backward integrating by setting up hatchery along with capacity expansion in shrimp feed & shrimp processing, which will help it to achieve its desired target to become a $1 bn company in the next five years from the current $380 mn.

Avanti is leveraging on Thai Union Frozen Products (TUF) in marketing its products in the US market. This will further help the company to enhance its presence globally and increase its exports.

We expect the company to benefit from improving prospects of shrimp industry worldwide. The management is focused on its vision to become one of the largest seafood companies. It is setting up hatchery (backward integration) and expanding capacities of processed shrimps and shrimp feeds. Globally the demand for seafood, particularly, processed shrimp is rising given its better nutritional values compared to other forms of meat. The company has strong fundamentals with robust return ratios (ROC >30%), cash rich, net- debt free, experienced management and bright future outlook. We recommend a Buy on the stock with a target price of Rs. 945.

Financial Summary - consolidated

Particulars, Rs cr FY15 FY16 FY17E FY18E FY19E

Net revenue

EBITDA

OPM (%)

Adj PAT

PATM (%)

EPS, Rs

RoE (%)

P/E (x)

1,781

181

10.2

116

6.5

25.5

52.1

28.0

2,018

229

11.4

157

7.8

34.7

48.5

20.6

2,604

258

9.9

164

6.3

36.2

36.3

19.8

3,115

341

11.0

221

7.1

48.6

36.0

14.7

3,667

415

11.3

268

7.3

59.1

33.0

12.1

Source : Company; RSL Research

Religare Investment Call

March 16, 2017

Aquaculture

CMP (Rs)

Target Price (Rs)

Potential Upside

Sensex

Nifty

Key Stock data

BSE Code

NSE Code

Bloomberg

Shares o/s, Cr (FV 2)

Market Cap (Rs Cr)

3M Avg Volume

52 week H/L

Shareholding Pattern

(%)

Promoter

FII

DII

Others

1 Year relative price performance

715

945

32.2%

29,398

9,085

512573

AVANTIFEED

AVNT:IN

4.5

3,250

37,500

747/386

Jun-16

44.0

4.0

0.2

51.8

Sep-16

43.9

4.0

0.5

51.6

Dec-16

43.9

4.3

0.9

50.9

Research Analyst

Ajay Pasari, CFA [email protected]

Investment rationale

Outlook & Valuation

Initiating Coverage Avanti Feeds

The tide is turning...BUY

90100110120130140150160170180190

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May

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Sep

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Oct

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Dec

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Jan

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Avan� Feeds Ni�y

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Initiating Coverage Aquaculture


Avanti Feeds

Investment rationale

Increasing demand for seafood

The demand for seafood is increasing all over the world, particularly for Indian Seafood exports. One of the reasons being, seafood is considered healthier as compared to other forms of meat. Shrimp contains high protein content with essential vitamins and minerals, and low fat. It is a moderate source of omega-3 fatty acids, with antioxidant and anti-inflammatory properties.

Shrimp products have emerged as high value species or luxury products with high appeal among consumers. The high demand of shrimps can be attributed to its high nutritional value, growth in the aquaculture industry, and rising health consciousness regarding value-added fish products. India is gifted with long coast line ideally suited for development of seafood industry. The successful adoption of Vannamei species shrimp culture is poised for a significant increase in the shrimp production and exports.

Increasing consumer per-capita disposable income along with growing nutritional standards is likely to propel aquaculture industry and aquafeed market growth in the coming years. Avanti sells shrimp feeds to local aquaculture farmers and has ~45% market share. The company derives 15% of its total revenue from processed shrimp exports, while the rest comes from domestic shrimp feed sales. The demand for process shrimps is increasing from countries including US, Europe and Middle East.

According to Global Market Insights Inc., global aquafeed market size may reach 107.7 million tons or $185 billion by 2023 with expected gains at 11.2% CAGR over 2016-2023E. The company is poised to benefit from strong demand for Vannamei shrimps with support from robust distribution network of ~200 dealers, strong research and development, high quality feed and technical assistance to farmers.

Slowdown by the international exporters beneficial for Indian aquaculture industry

The future outlook for the Indian shrimp industry looks promising as China's dominance as a leading seafood exporter is set to gradually diminish. The Chinese aquaculture industry is slowing down due to increasing labor cost and disease. China's slowdown is likely to benefit other developing Asian countries with large aquaculture areas including India, Vietnam, Thailand and Indonesia. However, Vietnam, Thailand and Indonesia have also been hit by diseases and production issues, but are recovering gradually and will increase production in coming months.

India with its vast coastline, increasing shrimp culture activities and better prevention measures to overcome diseases, is likely to emerge as a major beneficiary and could become the largest shrimp exporter in the world in the coming few years.

Global aquafeed market size may reach 107.7 million tons or $185 billion by 2023 with expected gains at 11.2% CAGR over 2016-2023E

Issues faced by countries including China, Vietnam, Thailand, etc., will be beneficial for the Indian seafood industry

Initiating Coverage


Aim to become a $1 bn company by 2022

The management has given strong guidance on the company's growth for the next few years. It aims to become a billion dollar company in the next five years. The product mix currently stands in favor of shrimp feeds, wherein it contributes 85% to the total revenue and processed shrimp contributes 15%. However, the company is making efforts and implementing strategies to increase the contribution of processed shrimp to 40% of the total revenue in the next few years to reduce dependence on shrimp feeds. Also, the shrimp farmers are migrating from Tiger shrimp to Vannamei shrimp, which will further increase the demand for shrimp feeds.

The company is looking to enter fish feed manufacturing, which is the second largest aquaculture product after shrimps. It has not given any guidance on the capex required or implementation, as it is still in discussion stage. It is foraying into higher value added products which are currently unavailable in India. Its backward integration plan by setting up hatchery along with capacity expansion in shrimp feed and shrimp processing will help the company achieve its desired target. The objective behind the forthcoming plan is to get the value added products for the direct consumers.

New capacity addition along with backward integration

The company has spent around Rs. 200 cr in the last few years, which has led to a substantial growth in capacity. Avanti has set up new shrimp feed manufacturing plant with 125,000 MT capacity at Village Bandapuram, West Godavari district in Andhra Pradesh. This facility is located 20 kms away from its shrimp feed manufacturing plant at Kovvur and became operational in August 2016. Hence the total shrimp feed capacity now stands at 400,000 MT per annum.

It has transferred its existing shrimp processing facilities at Ravulapalem, East Godavari District, Andhra Pradesh to Avanti Frozen Foods Pvt. Ltd., a subsidiary of Avanti Feeds to facilitate bringing the shrimp processing facilities under one roof. Thai Union Group holds 40% stake in the subsidiary to extend support in this business. Divestment of shrimp processing and export division in a new subsidiary will provide global recognition to its export business. Currently Avanti's shrimp processing capacity is 6,000 tonnes per annum. It is all set to commission a new shrimp processing plant with a capacity of 15,000 TPA in East Godavari, Andhra Pradesh, which is expected to be operational by the end of March 2017. Thus the company will be able to increase its revenue from shrimp processing over the next few years.

Avanti Feeds is operating a Vannamei hatchery on a leasehold basis, which produces good quality Vannamei seed for the farmers. It is setting up 400 million shrimp seed hatchery in Village Gudivada near Visakhapatnam, Andhra Pradesh. The said facility is being planned in two phases of 200 million each. The phase 1 facility is likely to start operations by April 2017, while the phase 2 facility is expected to become operational by July 2017.

The management has a vision to become a $1 bn company in the next five years

Exports are expected to increase in the overall revenue mix

The company is expanding capacity of shrimp feeds, processed shrimps and setting up hatcheries to meet the rising demand

Aquaculture Avanti Feeds


Revenue Mix : 9MFY17 Revenue Mix : FY22E

85%

15%

Shrimp Feed Processed shrimp

60%

40%

Shrimp Feed Processed shrimp

Initiating Coverage


Technical collaboration with TUF to expand its reach in the overseas markets

Thai Union Frozen Products (TUF), parent of a leading Thailand-based group of companies engaged in shrimp business, owns ~25% stake in Avanti Feeds. Thai Union Group, a listed entity, is the largest seafood exporter outside Japan with consolidated sales of over $2 billion. It has operations in Thailand, US, Vietnam, Indonesia and China. The major products include canned tuna, frozen shrimps, cephalopod, shrimp feed and fish feed. TUF is supporting Avanti feeds big-time in expanding its processing and export market as TUF has a large wholesale and retail network in the US. Avanti is leveraging TUF in marketing its products in the US market. This will further help the company to enhance its presence globally and increase its exports.

Rising shrimp prices, stable raw material prices and healthy demand augurs well for company's growth

The first half of 2016 has been tough for shrimp farmers. Lower production of farmed shrimp had been reported in China due to disease issues. Similarly, production in the southern Indian states of Andhra and Tamil Nadu had also been affected by disease outbreaks (white spot syndrome, terocytozoon hepatopenaei, white feces and running mortality syndromes) and flooding. Despite these difficulties, overall supply in India had been balanced by farmers significantly shifting from Black Tiger category to Vannamei around the south-eastern belt of India, namely Gujarat, Odisha and West Bengal.

Avanti reported subdued performance in FY16 due to drop in international shrimp prices (led by outbreak of diseases) and less production of tiger shrimp by farmers. As a result, it reported Net sales growth of 13% compared to 58% growth in FY15. During H1FY17, global shrimp prices were more or less stable, but prices of soya, a key raw material for shrimp feed increased. This impacted company's operating margins, which reduced to 9% compared to 11.1% in H1FY16. In the past 5-6 months, international shrimp prices have risen by close to 20% and soya prices have remained flat, which should improve Avanti’s margins in the coming quarters.

Global shrimp prices are expected to remain firm over the next few months on account of rising demand and lower supply. However, the production is expected to pick up in later months, which can soften shrimp prices to a certain extent. But we expect the company to improve its operational margins in the coming year, led by higher sales and focus on value added products.

Technical tip-up with Thai Union Frozen Foods provides access to huge export market worldwide, mainly US

After subdued performance in FY16, Avanti Feeds is expected to perform better in the coming years with improvement in operational and Net profit margins

Rising shrimp prices and lower raw material prices augurs well for higher profitability


Source : Index Mundi; RSL Research

Shrimp and Soybean meal price trend

10.0

10.5

11.0

11.5

12.0

12.5

13.0

50

150

250

350

450

550

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Soybean Meal Price (US Dollars per Metric Ton) - (LHS)

Shrimp Price (US cents per pound) - (RHS)

Initiating Coverage


Financial Analysis


Net revenue: To grow at 22% CAGR over FY16-19E led by healthy demand and capacity expansion

Operating profit: Operating margins to improve led by operational efficiency and backward integration


Net profit: Healthy demand and higher global shrimp prices to improve the profitability in the coming years



1,781 2,018 2,604 3,115 3,667

57.4%

13.3%

29.0%

19.6%17.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

1,000

1,500

2,000

2,500

3,000

3,500

4,000

FY15 FY16 FY17E FY18E FY19E

Net revenue Rs. Cr (LHS) Revenue growth % (RHS)

181 229 258 341 415

10.2%

11.4%

9.9%

11.0%

11.3%

9.0%

9.5%

10.0%

10.5%

11.0%

11.5%

150

200

250

300

350

400

450


EBITDA Rs. Cr (LHS) EBITDA % (RHS)

116 159 177 234 284

6.5%

7.8%

6.3%

7.1%

7.3%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

-

50

100

150

200

250

300


APAT Rs. Cr (LHS) APAT % (RHS)

Initiating Coverage


Avanti Feeds is amongst the leading companies operating in aquaculture in India. It manufactures and markets shrimp feeds along with the manufacturing and processing of prawns, fish feeds and shrimps. The company exports processed shrimps to USA, Europe, Japan, Australia & Middle East countries. In addition, the company, through its outlets, offers shrimp ready to eat and ready to cook products under the Prawn King brand. The company has 4 Prawn units and a Fish Feed Manufacturing unit at respective locations - Kovvur, Vemuluru and Bandapuram in West Godavari District, Andhra Pradesh and Pardi in Valsad District, Gujarat, in India with a capacity of 4,00,000 MT per annum. Avanti produces nutritionally well balanced and high quality feed, consistently, catering to the Indian prawn and fish farmers, at their door step.

The Shrimp Processing and Exports Unit is located in Gopalapuram near Ravulapalem, East Godavari District Andhra Pradesh, India. Avanti Feeds Limited has also established a joint venture with Thai Union Frozen Products PCL., the world's largest seafood processor and a leading manufacturer of prawn and fish feeds in Thailand with integrated facilities from Hatchery to Shrimp & Fish processing and Exports. The company also operates 4 windmills with a capacity of 3.2 MW at Chitradurga, Karnataka.

The shrimp culture success depends on climatic conditions, availability of good quality seed, free from attack of any disease and good culture practices by the farmer. Thus any disease outbreak can impact the demand for shrimp feed and processed shrimp.

Any substantial price increase of key raw material like soya can depress the margins of the company. India has seen in earlier years, failure of shrimp culture activity due to wide spread diseases, steep fall in international prices of shrimp, levy of anti-dumping duty by USA etc., due to which the profitability of feed and processing activity dropped significantly leading to loss or inadequacy of profits.

Avanti is also exposed to volatility in international currency as it exports processed shrimp to many countries. Thus any adverse movement in exchange rate can negatively impact its profitability.

Company background


Key Risks

Initiating Coverage


India has a vast coastline of ~8,100 kms. The size of the Rs. 4,500 cr Indian shrimp feed market is about 0.6 million tonnes. India currently has 13 feed mills that can produce modern feed for the shrimp sector with a production capacity of ~1.33 million tonnes. Seafood exports from India during the year 2014-15 reached to an all-time high of $ 5.5 bn. USA, Europe, Japan and South East Asian countries are the major export markets for sea foods. India is the second largest aquaculture producer in the world, largest exporter of shrimp to USA, the 2nd largest exporter of shrimps to Europe and the 4th largest exporter of shrimps to Japan. Frozen shrimp holds the major share in India's export earnings and frozen fish is the principal export item in terms of quantity. Shrimps account for around 66% in value and 40% in volume of India's marine exports.

From FY05 to FY15, shrimp production has grown at a CAGR of 13%. The introduction of white leg shrimp (Litopenaeus Vannamei, or Vannamei) in 2009 spurred growth in shrimp production and displaced sales of the other major shrimp species, tiger shrimp (Penaeus Monodon). Farming of tiger shrimp declined once it was found to be susceptible to disease. In FY15, the production of white leg shrimp (Vannamei) rose to around 353,000 MT, which was 81% of the total shrimp production in India. The Vannamei species is preferred due to its superior traits such as fast growth rate, disease resistance, lower feed requirements, and higher survival rate. India's largest cultured shrimp production is in the state of Andhra Pradesh, which is followed by West Bengal, Tamil Nadu & Pondicherry, Gujarat, and Odisha. Tiger shrimps (Penaeus Monodon) are farmed in the states of West Bengal, Odisha and Kerala, while the Vannamei species is preferred in the states of Andhra Pradesh, Gujarat, Tamil Nadu and Odisha. Andhra Pradesh produces around 65% of the total shrimp in India.

According to estimates, 11 lakh hectares are available for brackish water shrimp cultivation, of which only 8.5%, or one lakh hectare, is under cultivation. Compared to other South-East Asian countries, which are saturated, the advantage with India is that large tracts of unused land are available for aquaculture. Marine Products Exports Development Authority (MPEDA) envisages an ambitious target of $ 10 bn for the year 2020 with increased production of Vannamei shrimp and increase in infrastructure facilities for production of value added items. India's seafood industry has become one of the leading suppliers of quality seafood to all the major markets of the world. India has world class seafood processing plants that follow quality control regimes compliant to stringent international regulatory requirements.

Over FY11-15, the shrimp culture industry registered a growth of ~20% as exports more than doubled to 357,505 MT in FY15 from 151,465 MT in FY11. However, production and exports remained stagnant in FY16 due to lack of adequate rainfall and diseases breakout in major shrimp producing areas. With preventive measures taken to overcome diseases and replenishment in water bodies and good availability of water, shrimp culture registered 10% growth in FY16. According to Global Market Insights Inc., global aquafeed market size may reach 107.7 million tons or $185 billion by 2023 with expected gains at 11.2% CAGR over 2016-2023.


Sea food industry

Net sales

Other operating income

Total income

Expenditure

Raw material consumed

Employee cost

Other expenses

Total expenditure

EBITDA

OPM (%)

Other income

Depreciation

PBIT

Interest expenses

PBT

Exceptional items

Tax

Tax rate %

PAT

Share of minority interest

Profit/Loss of associates

Adjusted Net Profit

PATM (%)

EPS

Particulars, Rs cr FY16

FY18E FY15 FY19E

FY17E


1,995.3

23.0

2,018.3

1,528.9

58.1

202.0

1,789.0

229.3

11.4

16.6

10.2

235.6

1.4

234.3

3.9

79.2

33.3

159.0

0.0

-1.5

157.5

7.8

34.7

3,081.0

33.6

3,114.6

2,400.0

78.6

294.7

2,773.3

341.3

11.0

22.7

13.7

350.2

0.4

349.8

0.0

115.4

33.0

234.4

-11.9

-2.0

220.6

7.1

48.6

1,763.1

17.6

1,780.7

1,368.1

47.6

184.0

1,599.7

181.0

10.2

8.0

8.8

180.2

1.4

178.8

1.0

63.3

35.2

116.6

0.0

-0.7

115.9

6.5

25.5

3,629.4

37.6

3,667.1

2,816.5

90.0

345.4

3,251.9

415.2

11.3

25.6

16.8

424.0

0.4

423.6

0.0

139.8

33.0

283.8

-13.3

-2.2

268.3

7.3

59.1

2,573.9

30.0

2,603.9

2,029.6

67.8

248.7

2,346.1

257.9

9.9

19.2

10.7

266.4

0.9

265.5

0.1

89.0

33.5

176.6

-10.6

-1.7

164.3

6.3

36.2

P&L Account - consolidated


Initiating Coverage Aquaculture Avanti Feeds

Share Capital

Reserves & Surplus

Total Shareholder's Fund

Non-Current Liabilities

Long term borrowing

Deferred tax liability

Other long term liabilities

Long term provision

Current Liabilities

Short term borrowing

Trade payables

Short term provisions

Other current liabilities

Total liabilities

Fixed Assets

Non Current investment

Long Term loans & advances

Other non-current assets

Current Assets

Current Investment

Inventories

Trade receivables

Cash & Cash equivalents

Short term loans and advances

Other current assets

Total assets


9.1

375.5

384.5

10.8

2.1

4.7

3.7

0.3

227.2

6.5

142.9

47.9

29.9

622.6

145.6

33.2

28.3

3.8

411.7

0.0

285.6

35.0

73.5

7.7

9.9

622.6

9.1

694.1

703.2

10.4

0.8

4.7

4.4

0.4

297.9

5.0

205.8

57.9

29.2

1,011.4

296.2

33.2

34.3

3.8

644.0

0.0

408.5

55.5

158.1

9.3

12.5

1,011.4

9.1

256.2

265.3

14.4

4.2

6.0

3.7

0.5

197.8

50.6

91.2

31.8

24.3

477.6

89.6

34.6

2.6

1.0

273.3

76.5

222.0

33.6

6.2

4.7

6.9

477.6

9.1

913.5

922.6

10.7

0.8

4.7

4.8

0.4

335.4

4.7

234.0

66.5

30.1

1,268.8

359.5

33.2

36.0

3.8

836.4

0.0

478.8

64.7

270.0

9.8

13.1

1,268.8

9.1

512.6

521.7

10.0

0.8

4.7

4.1

0.4

264.0

5.2

180.1

50.3

28.4

795.7

230.0

33.2

31.2

3.8

497.7

0.0

361.2

47.6

68.1

8.9

11.9

795.7

Balance sheet - consolidated


Initiating Coverage

Particulars, Rs cr FY16 FY18EFY15 FY19EFY17E


Profit Before Tax

Add: Depreciation

Add: Interest cost

Others

Op profit before working capital changes

Changes In working Capital

Direct taxes

Cash Flow From Operating Activities

Cash Flow from Investing Activities

Purchase of Fixed assets

Sale of Fixed assets

Net proceeds from Investment

Others

Cash Flow from Investing Activities

Cash from Financing Activities

Proceeds from issuance of shares

Net proceeds from borrowings

Dividend (incl dividend tax)

Interest cost

Others

Cash Flow from Financing Activities

Net Cash Inflow / Outflow

Opening Cash & Cash Equivalents

Closing Cash & Cash Equivalent


236.7

10.2

0.7

-13.7

233.9

-38.7

-73.2

122.0

-66.5

0.2

80.4

4.0

18.1

0.0

-47.9

-30.1

-1.9

5.7

-74.3

65.9

4.3

70.2

349.8

13.7

0.4

3.5

367.5

-25.0

-115.4

227.1

-80.0

0.0

0.0

0.0

-80.0

0.0

-0.3

-52.9

-0.4

-3.5

-57.1

90.0

68.1

158.1

179.8

8.8

1.0

-6.3

183.3

-33.7

-60.3

89.3

-16.4

0.1

-69.1

1.9

-83.5

0.0

2.3

-15.9

-1.4

3.1

-12.0

-6.2

10.4

4.3

423.6

16.8

0.4

3.5

444.3

-44.1

-139.8

260.4

-80.0

0.0

0.0

0.0

-80.0

0.0

-0.2

-64.4

-0.4

-3.5

-68.6

111.9

158.1

270.0

265.6

10.7

0.9

-0.1

277.1

-55.8

-89.0

132.4

-95.0

0.0

0.0

0.1

-94.9

0.0

-2.5

-39.4

-0.9

0.0

-42.8

-5.4

73.5

68.1

Cash Flow statement - consolidated


Initiating Coverage




Dividend per share Rs

Dividend Yield (%)

Payout %

EPS Rs

Book Value per share Rs

Profitability Ratios

EBITDA / Total income (%)

PBT/Total income (%)

NPM / Total income (%)

ROCE (%)

ROE (%)

Liquidity ratios

Debt-Equity Ratio (x)

Current Ratio (x)

Interest Cover Ratio (x)

Turnover ratios

Total Asset Ratio (x)

Fixed Assets Ratio (x)

Debtors Velocity Overall (Days)

Inventory (Days)

Creditors Velocity (Days)

Cash Conversion cycle (Days)

GROWTH YOY%

Sales Growth (%)

Operating Profit (%)

Net Profit Growth (%)

VALUATION

P / E Ratio (x)

P / BV Ratio (x)

EV / EBITDA (x)


7.0

0.2

20.2

34.7

.4

11.4

11.6

7.8

43.8

48.5

0.0

1.8

174.5

3.6

20.9

6.2

45.9

21.2

30.9

13.3

26.7

35.9

20.6

8.4

13.9

9.7

0.3

20.0

48.6

154.9

11.0

11.2

7.1

35.4

36.0

0.0

2.2

865.2

3.4

12.6

6.0

45.1

22.6

28.5

19.6

32.4

34.2

14.7

4.6

9.1

5.5

0.2

21.5

25.5

12.7

10.2

10.0

6.5

41.7

52.1

0.2

1.8

131.5

4.0

21.3

8.1

43.2

21.8

29.5

57.4

63.7

64.6

28.0

12.2

17.8

11.8

0.3

20.0

59.1

203.2

11.3

11.6

7.3

32.6

33.0

0.0

2.5

1094.3

3.2

11.8

6.0

44.2

21.9

28.3

17.7

21.6

21.6

12.1

3.5

7.2

7.2

0.2

20.0

36.2

114.9

9.9

10.2

6.3

35.5

36.3

0.0

1.9

296.0

3.6

16.4

5.8

45.3

22.6

28.5

29.0

12.5

4.3

19.8

6.2

12.4

Key Financial ratios - consolidated

Initiating Coverage




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