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

Q t l B i fiQ t l B i fi

LIFESTYLEentertainmententertainmentQuarterly BriefingQuarterly Briefing

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