SAFARI INDUSTRIES (INDIA) LTD - CORPORATE PRESENTATION MARCH 2019
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SAFARI INDUSTRIES (INDIA) LTD. CORPORATE PRESENTATION MARCH 2019
DISCLAIMER
This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or
sell any securities of Safari Industries (India) Limited ( the “Company”). This presentation should not be considered as a recommendation that any
investor should purchase, any securities of the Company and should not be used as a basis for any investment decision.
The information contained in this presentation is only current as of its date and has not been independently verified. Please note that the past
performance of the Company is not, and should not be considered as, indicative of future results. Furthermore, no express or implied representation
or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in
this presentation.
None of the Company or any of its affiliates, advisors or representatives accepts any liability whatsoever for any loss howsoever arising from any
information presented or contained in this presentation.
This presentation contains certain currency exchange rates and the same have been provided only for the convenience of readers. No representation
is made that the Rupee amounts actually represent such USD amounts or could have been, or could be, converted into USD at the indicated rates.
The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of
such revision or changes.
Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. This presentation
contains certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and
strategy, our future financial condition and growth prospects, and future developments in our sector and our competitive and regulatory
environment. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’,
‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward looking statements. All forward
looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially
from the results contemplated by the relevant forward looking statement. The factors which may affect the results contemplated by the forward
looking statements could include, amongst others, future changes or developments in (i) the Company’s business, (ii) the Company’s competitive
environment, and (iii) political, economic, legal and social conditions in India.
Private & Confidential 2
1. CORPORATE OVERVIEW
EXECUTIVE SUMMARY
Consistently growing One of the fastest growing luggage brands in India
luggage brand ~47% CAGR in Revenues & ~59% CAGR in EBITDA since FY 2013 to FY 2018
One of the top 3 luggage brands in India
Leadership position
Leadership position in an oligopolistic market
Products spanning across all luggage categories
Diversified product
Products for all customer categories suiting all possible occasions
portfolio
Currently dominated by Soft luggage (>70%*), Polycarbonate and School bags launched recently
Well entrenched Multi channel distribution network with >3500 customer touchpoints
distribution network Channel network covering CSD, Hyper market, MBO, EBO, Ecommerce and Institutional
Management & Experienced management team and Board of Directors
Governance Adhering to high standards of corporate governance
* FY 18 Private & Confidential 4
CORPORATE SNAPSHOT
Revenues Debt*
(FY 18)
INR 4,218 Mn (FY 18) INR 550 Mn
Customer ~3,000 (MBOs)
EBITDA Touch ~750 (Modern Trade)
(FY 18)
INR 429 Mn
Points ~2200 (CSDs)
100+ (across Soft
PAT SKUs
(FY 18)
INR 215 Mn Luggage, Hard Luggage,
Backpacks, School Bags)
Net Worth INR 1,728 Mn Employees 1,100+
(FY 18)
* Including Short Term and Long Term Borrowings Private & Confidential 5SHARE PERFORMANCE & REVENUE GROWTH
Historical Stock Price Movement
Performance Comparison with BSE Index
Share holding pattern as on 31st March 2018
700 40000
600 35000
500 30000
Promoter
Share Price (Rs.)
25000 17%
400
20000
300
15000
200 10000 25% Institutions (Public)
100 5000
0 0
58% Non Institutions
(Public)
Safari ind BSE
Revenue (Rs. Mn)
4,218
3,535
2,789
2,165
~ 6.8x growth in 1,671
revenue in the past 7 940
620
years
FY 12 FY 13 FY 14 FY 15 FY 16 FY 17* FY 18*
Source: Company
*As per IND AS Private & ConfidentialTIMELINE OF KEY EVENTS
Mr. Sudhir Jatia acquired
majority stake (77%) in Tano Capital invested ~Rs. 500
Launched in 1974. Safari Industries (India) Mn in July 2014
Ltd in May 2012 Launched polycarbonate Launched backpacks
Started with limited luggage and new product under SAFARI brand.
SKUs primarily catering Product rationalization & categories e.g. laptop bags
to adult customers, strategy realignment, Begun the ecommerce sales Launch of backpacks
family travel needs elimination of non Opened China office under Genius and
performing SKUs Genie brands for
schools
FY 1974-
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
2011
Identified school bags as a Malabar Fund invested
Product rationalization Foray into PC focus area and intensified Rs.510 Mn in October 2017
& strategy realignment manufacturing. focus on backpacks
– elimination of non
Acquisition of Genius, SAP implementation in
performing SKUs Introduction of SKUs in Magnum, Activa, Orthofit, July 2017
CSD segment DBH, Egonauts, Gscape
and Genie GST migration from July
Opened second China 2017
office
PC capacity expansion at
Halol in March 2018
Private & Confidential 7PILLARS OF SUCCESS
Attractive industry dynamics
Diversified customer offerings with a wide product portfolio
Well entrenched distribution network
Experienced management team
Sound corporate governance
Private & Confidential 82. INDUSTRY SNAPSHOT
ATTRACTIVE INDUSTRY DYNAMICS
SIZEABLE MARKET WITH HEALTHY GROWTH POTENTIAL
Composition of Luggage Market – contributes 23-24% of overall market Registered ~15% CAGR during 2011-16
91
Total Sales - 138 Mn Units (2016 Luggage & Bags Sales) Volume growth ~11% 79
68
Value growth ~15%58
Luggage 51
23% 45
29 32
24 26
19 21
Bags
77% 2011 2012 2013 2014 2015 2016
Sales of Luggage (Million Units) Sales of Luggage (INR Bn)
Source: Euromonitor International
Source: Euromonitor International
Luggage is dominated by “Soft” Expected to grow to > INR 120 Bn by 2021
Sales of Luggage by Type -2016 (%) 117 121
112
106
98
91
Soft Hard 40 43 45
32 35 38
2016 2017 2018 2019 2020 2021
Sales of Luggage (Million Units) Sales of Luggage (INR Bn)
Source: Euromonitor International Source: Euromonitor International
Private & Confidential 10ATTRACTIVE INDUSTRY DYNAMICS
UNDER PINNED BY STRONG MACRO DRIVERS
Indian tourism market grew at >10% CAGR over the past 10 years… …leading to steady growth in number of air passenger’s
86 >10%
90 110 CAGR 99
80 >10% 83
CAGR 90 74 76
70 72
60 64
70 54
50 40 43 52 50
36 50 40
40 31 31
25 24 26
30 18 30
20
10 10
2006 2007 2008 2009 2010 2011 2012 2013 2015 2025E 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Indian Tourism Market (USD bn) Air Passengers Carried in India (mn)
Source: IBEF, Travel & Tourism Council’s Economic Impact 2015 Source: World Bank
Increase in number of IT employees… …and increase in students
25
Number of IT/BPM Employees (mn) Number of college students (in mn) 21.5
3.7 20.3
4.0
Number of college students (mn)
3.5 20 18.7
17.2
3.0 3.1 15.8
3.0 2.8 14.4
2.6 15 13.2
12.0
11.0
9.5 10.2
9.0
2.0 10 8.4
1.0 5
0
0.0
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Source: NASSCOM Source: data.gov
Expected to drive the growth in luggage & bags market
Private & Confidential 113. BUSINESS HIGHLIGHTS
BUSINESS HIGHLIGHTS
COMPREHENSIVE LUGGAGE OFFERINGS
•Daily use Safari’s Offering
•School children
•Leisure
•Young adults/
•Work
college students
•Business/ Family
•Adults Travel School Bags
All customer Suitable for all
segments occasions Backpacks
Reaching
Delivering at Laptop Bags
customers via
multiple price
diversified
points
channels
•CSD
•Mass market Uprights/Duffles
•MBO
•Value customers
•Hyper markets
•Premium customers
•EBOs & Others
Addressing diverse customer needs across all customer categories Polycarbonate
Source: Company
Private & Confidential 13BUSINESS HIGHLIGHTS
EVOLVED TO MEET THE LATEST CUSTOMER NEEDS
Post the new management, product portfolio has been revamped to suit the changing consumer trends
Identified the evolving trends and
deployed focus and resources on
Travel products beyond driving polycarbonate
luggage
Sporty duffels Strengthened the product team
Urban centric / youth Laptop backpacks (design & development) which
centric products School bags helped in roll-out of large number
Light-weight and stylish of designs/new and attractive SKUs
Traditional products PC/hard – zippered case across product categories
Polypropylene - based 2-wheel,4-wheel,
suitcase/briefcase 360O spinning trolleys Acquired bags maker Genius
Unsuited for casual travel Leathercraft in Sep ’15 focussingon
school bags and backpacks
With > 100 SKUs across all product categories having healthy gross margins
Group Product Category Revenue Contribution* Remarks
RDFL
• Shift from 2 wheel to 4 wheel
Upright - 2 Wheel
• Focusing on rolling duffels as against traditional duffels
Soft Luggage Upright - 4 Wheel ~77%
Children's Accessories • Branded offering in a largely unorganized market
Back packs • Innovating by adding features
Poly-Carbonate & ABS • Focus on innovative designs to suit new-age customers
Hard Luggage ~23%
Poly Propylene • Steadily getting phased out from Safari’s offering
Company has evolved its products portfolio by rationalizing SKU mix in line with its product philosophy
Source: Company * By FY 18 Revenue Private & Confidential 14BUSINESS HIGHLIGHTS
DIVERSIFIED CHANNEL MIX WITH AIM TO MAXIMIZE CUSTOMER TOUCHPOINTS
Pan India presence through its well Products are available in major 25+ cities across
established distribution network 3500+ outlets
Channel Mix
Channel Modern Trade/ Hyper EBOs, Ecommerce,
CSDs MBOs
markets Institutional
Customer Touchpoints ~2,200 ~3,000 ~750# NM
11% 20% 17%
41%
59%
80% 83%
89%
Soft Luggage Soft Luggage Soft Luggage Soft Luggage
Product Mix
Hard Luggage Hard Luggage Hard Luggage Hard Luggage
Soft-luggage includes back packs and Hard luggage includes PC and PP
Safari consciously built the channel mix to address its diverse customer base
Source: Company * Share of FY 18 Revenues, # Doors PP – Polypropylene, PC – Polycarbonate, PP & PC together constitute the Hard Luggage Private & Confidential 15BUSINESS HIGHLIGHTS
SUPPLY CHAIN SNAPSHOT
Operational Value Chain
Design Procurement & Manufacturing Branding & Distribution
Import of finished Outsourced
products driven model
Started first office in
Soft luggage
Shanghai in 2015 Mother Warehouse
EBOs
(Bhiwandi,
Maharashtra)
MBOs
Inhouse Design Supply chain Branches
Team (supported by (Metro/ Non CSDs
SAP) Metros)
Overall aim is to align
design to brand identity
Modern Trade/
Hard luggage
Hypermarkets
Manufacturing
Facility Ecommerce/
(Halol, Gujarat) Others
Procurement of In house
Raw materials Manufacturing Returns
Processing
Sourcing via China office ensured close proximity to vendors thereby reducing costs, improving credit terms & better development cycle
Source: Company
Private & Confidential 164. MANAGEMENT TEAM & CORPORATE GOVERNANCE
BOARD OF DIRECTORS
Over 25 years experience in the Luggage Industry in India
Mr. Sudhir Jatia Appointed as Safari Industries (India) Ltd Managing Director from 18th April 2012
Studied commerce from Mumbai University, attended the Owner/President Management Program of Harvard Business School
Has been on the Company’s Board since 2007
Dr. Shailesh
Founder and managing general partner of Granite Hill Capital Partners. Previously former Chairman & CEO of Providian FinancialCorp
Mehta
M.S & Ph.D in Operations Research and Computer Science, B. Tech - Mechanical Engineering IIT Mumbai
Possesses vast experience in the sphere of management and has been instrumental in the development of the realty business
Mr. Anujj Patodia
He has worked extensively in the textile sector with a special focus on apparel
Managing Director of Euro Vistaa (India) Ltd. - trading house and leading exporter of textile yarn
Mr. Punkajj Lath
Commerce graduate from Mumbai university
Over 32 years of experience and has been associated with companies such as Tatas in Forbes, Forbes & Campbell, Hindustan Lever
Previously served on the board of Godrej Hershey Ltd as MD & CEO ,Godrej Consumer Products as MD, on the Board of Graviss
Mr. Dalip Sehgal
Hospitality, currently CEO of Nexus Mall.
MBA - FMS Delhi
Over 17 years of experience in PE investing and currently a partner at Tano Capital, an independent mid-market PE Fund Manager
Mr. Piyush Made investments across various sectors and has led most investments in consumer, pharmaceuticals and financial services.
Goenka
By qualification, Mr. Goenka is an MBA and CFA.
Over 30 years of work experience and has been a Senior Partner heading the corporate practice of Lakshmikumaran and Sridharan and the
Mrs. Vijaya Ombudsperson for the Bharti group
Sampath
Previously was part of global group general counsel and Company Secretary for the USD 15 billion Bharti group
Over 25 years of professional experience and has held several progressively senior and leadership positions
Mr. Rahul Kanodia Currently CEO of Datamatics. Currently serves as the Chairman for the Western Region of ESC (Electronics and Computer Software
Export Promotion Council, Government of India's largest Electronics and IT trade facilitation organization)
MBA degree from Columbia University (USA)
Private & Confidential 18COMMITTEES
AUDIT COMMITTEE NOMINATION, REMUNERATION & COMPENSATION
COMMITTEE
Position on Nature of Directorship
Name of the Director
Committee Position on Nature of Directorship
Name of the Director
Committee
Dr. Shailesh Mehta Chairman Independent
Mr. Punkajj Lath Chairman Independent
Mr. Punkajj Lath Member Independent
Dr. Shailesh Mehta Member Independent
Mr. Dalip Sehgal Member Independent
Mr. Piyush Goenka Member Non-Executive
Mr. Piyush Goenka Member Non-Executive
Non Independent
Non Independent
Mrs.Vijaya Sampath Member Independent
STAKEHOLDERS RELATIONSHIP COMMITTEE
Position on Nature of OPERATIONS COMMITTEE
Name of the Director
Committee Directorship Position on Nature of Directorship
Name of the Director
Committee
Mr. Punkajj Lath Chairman Independent
Mr. Sudhir Jatia Chairman Executive
Mr. Sudhir Jatia Member Executive
Mr. Piyush Goenka Member Non-Executive
Mr. Piyush Goenka Member Non-Executive
Non Independent
Non Independent
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Stringent Internal Audits and Reputed Statutory Auditor
Position on Nature of Directorship
Name of the Director Audit Auditor
Committee
Mr. Sudhir Jatia Chairman Executive Statutory Audit Lodha & Co. Chartered Accountants
Mr. Piyush Goenka Member Non-Executive Internal Audit Moore Stephens Singhi Advisors LLP
Non Independent
Mrs. Vijaya Sampath Member Independent
Private & Confidential 19ORGANIZATION CHART
MANAGING DIRECTOR
Chief Marketing Officer
Executive Assistant to MD
Marketing Team - Luggage
GM – Marketing (Campus Gear)
Sr. VP - CSD Sr. VP - Trade Sales, Retail,
GM - SCM
Sales Ecomm., Institutional Marketing Team –Campus Gear
CSD Team Chief Financial Officer - VP – China Office
GM- Sales
Finance, Commercial, IT
Campus Gear & CS China Office Team
DGM - Retail
VP - HR
Trade & Finance, Commercial, HR Team
Retail Sales Genius/ Genie
Institutional Sales E commerce IT & CS Team
Team Sales Team
Team
VP - Hyper
Bhiwandi Hyper Team
SCM Team
Team
VP - Operations
Halol Plant Operations
Private & Confidential 20MANAGEMENT TEAM
LEADERSHIP TEAM
Sudhir Jatia, Chairman & Managing Director
Studied commerce from Mumbai University
Attended the Owner/President Management Program of Harvard Business School
Acquired Safari Industries (India) Limited in the year 2011 and was appointed as its Managing Director from 18th April 2012
Over 25 years experience in the Luggage Industry in India
SENIOR MANAGEMENT TEAM
Vineet Poddar, Chief Financial Officer Satyabrata Mitra, Sr. VP - CSD Sales
CA, CS & Commerce graduate - Calcutta University M.Com from Calcutta University
22+ years experience with a wide range of companies 36+ years experience with major luggage
- Nshama Development LLC, Bombay Dyeing & companies
Manufacturing Co. Ltd, Birla Corporation Ltd., Marsh i.e. VIP Industries Ltd., Universal Luggage,
India etc. Universal Mineral Industries etc.
Parmod Aggarwal, VP - Hyper Sales Indranil Roy, Sr. VP - Trade, Retail, E-comm, Instl.
Arts graduate Sales
29+ years experience with companies like PGDBM from Calcutta University
VIP Industries Ltd 27+ years experience with several blue chip
companies i.e. Titan Watches Ltd., Bausch & Lomb,
Whirlpool, US West Telecom, Panasonic India, VIP
Industries Ltd.
Private & Confidential 21MANAGEMENT TEAM
SENIOR MANAGEMENT TEAM
Sharad Chaugule, VP - Halol (Operation) Sonali Majumdar, VP – Human Resources
Mechanical engineer from Kolhapur University
MBA HR from XISS, Ranchi
24+ years experience with companies like VIP
17 years experience in sectors like Media,
Industries Ltd, Hitech Plast Ltd.
Consulting, Insurance and Manufacturing
Pushkar Jain, Chief Marketing Officer Pravin Prabhakar, VP - China (Operations)
MBA – Marketing from MDI Gurgaon MBA – Marketing Mumbai University
17+ years experience with companies like Pidilite 21+ years experience with companies like
Industries, ICI Paints (Akzonobel), Tata Eveready Industries India Ltd., Blow Plast Ltd.,
Teleservices, Bluestone.com,etc. IFB Industries Ltd.,, Princeware International etc.
Arindam Banerjee, GM SCM Paritosh Sinha, GM – Campus Gear Sales
MBA from Sikkim Manipal University PGDBA from School of Management Sciences,
17+ years of experience with companies like Varanasi
GATI Ltd., TNT India, Pantaloons Retail India 17+ years of experience with companies like
Ltd. & CEAT Tyres Panacea Biotech Ltd., Berger Paints India Ltd., VIP
Industries Ltd., Jubilant Agri & Consumer
Products Ltd., JK Files (India) Ltd. etc.
Sudhansu Shankar Karmokar, , GM – Head of Information Technology
Studied Advance Diploma in Systems Management from NIIT
28 years of experience with companies like Raymond Woollen Mills, Softpro Consultancy, Godrej Industries Ltd., Blue Star
Infotech Ltd. , Meru Cab Company, SOTC Travel Ltd. ,etc.
Private & Confidential 225. GROWTH STRATEGY
FOCUSED PRODUCT STRATEGY
Category Growth
• Growth in SL is driven by
• 4-wheeler (fastest growing with in SL)
• Short-duration travel products (e.g. rolling duffels)
Soft Luggage (SL) • SL to continue as the largest product segment
• Polycarbonate (PC) is the growth driver within HL
• Growth rate expected to be higher than 4-wheelers owing to innovative product designs & consumer
preference
•Already leading growth in industry with in-house design & manufacturing which has helped in taking
new designs faster to the market
Hard Luggage (HL)
•Polypropylene (PP) growth is expected to moderate due to shift in customer behaviour
• Renewed focus by Safari
• Backpack to be the fastest growing product category across all existing categories (SL, HL and Backpacks)
Backpacks
• Given the recent addition to product portfolio, growth is expected via
• Dedicated sales & marketing efforts
Children’s Accessories • Minimal existing competition from branded players
Safari’s focused product strategy geared for the next phase of growth
Private & Confidential 24CHANNEL STRATEGY
Maximize customer touch points
• EBOs
• Focus on rationalizing product Increasing throughput per canteen
ranges to offer the best range by adding sales promoters
• Fresh roll-out of EBOs to amplify
growth from the channel Canteen Sales Promotion initiatives such as
EBOs & signages and hoardings
• Focus in strategically locating Department
stores in high footfall areas
Others^
(CSDs)
• Increasing penetration by increasing
counters where Safari is present and Modern Multi Brand • Ramping-up dealer and
aided by channel growth Retail/ Hyper Outlets distributer network
• Adding sales promoters to high Markets (MBOs) • Despite low channel level growth,
performing stores Safari to expand MBO footprint
• Growth to be faster than other • Strategically converting select
physical retail channels except EBOs MBOs into EBOs through asset-
which currently has a low base light arrangements
Consciously crafted channel strategy involves balancing volume and value led growth with increasing touch points being the sole focus
^ Institutional and Ecommerce Private & Confidential 25BRANDING & MARKETING
Focusing on thoughtful innovations in existing product category and providing simple, doable design solutions to
common problems
Product, Design Increasing focus on creating “Design Identity”
& Pricing Investing in product collaterals, POS, tags
Implementing “Focused Product Strategy” across each of the product categories – focus on PC and back packs
Evolving from an affordable pricing proposition to competitive, product position linked pricing
With the recent rebranding, focus is on reaching the customers with renewed brand
Increasing “Above the Line” advertising – Internet marketing, presence in high visibility events e.g. cricket, TV shows
Branding,
Brand spends focused on BTL (~ 2% of sales* done in FY18). Hyper and MBO channels have already benefited from this
Communication & Strengthened marketing team to have better customer insights on product features, structure, utility items, design trends
Marketing Mass media communication campaign both internal (Corporate Stationery, i-cards, Intranet, Uniforms) and external
(Website, In-store communication in EBOs, Hyper & MBOs, Ecommerce, Collaterals etc.)
Sole focus to be “As close to the consumer” as possible
Tracking consumer trends actively
Consumer reach Further optimizing the channel mix to maximize customer touch points
Expanding beyond metros reaching via both offline and online channels
Opening franchisee led EBOs to amplify the brand visibility on ground
Overall branding strategy which couples the product and channel strategies to evolve Safari into a one stop luggagebrand
* Excluding sales promoter costs Private & Confidential 266. FINANCIAL SUMMARY
FINANCIAL SUMMARY
PROFIT & LOSS STATEMENT (Consolidated)
Profit and Loss Statement (Rs. mn unless specified otherwise) FY 17 FY 18
Operational Revenue 3524 4202
Other Income 11 16
Total Revenues 3535 4218
Direct Expenses:
Material costs, Inventory changes, Packaging Costs, Excise Duty 2103 2284
Gross Margins 1432 1934
Operational Gross Margin % 41% 46%
SG&A:
Employee Expenses + Other Expenses 1179 1505
253 429
EBITDA
Operational EBITDA Margin % 7% 10%
Depreciation 51 62
Finance Costs 37 29
Exceptional Items & Extra Ordinary Items (9) -
PBT 156 338
PBT Margin % 4% 8%
Tax Expense 54 123
PAT 102 215
PAT Margin% 3% 5%
Other Comprehensive Income (OCI) (7) (5)
Items that will not be reclassified to profit or loss 2 2
Total Other Comprehensive Income (OCI) (5) (3)
Total Comprehensive Income 97 212
Private & Confidential 28FINANCIAL SUMMARY
BALANCE SHEET (Consolidated)
Balance Sheet (Rs. mn unless specified otherwise) FY 17 FY 18
A EQUITY & LIABILITIES
1 Equity
Equity Share Capital 42 44
Other equity 968 1684
1010 1728
2 Non Current Liabilities
Financial Liabilities
- Borrowings 32 20
Deferred Tax Liabilities (net) 3 4
35 24
3 Current Liabilities
Financial Liabilities
- Borrowings 374 524
- Trade Payables 476 472
- Other Financial Liabilities 32 11
Other current liabilities 41 19
Provisions 8 20
Current tax liabilities 5 11
936 1057
TOTAL 1981 2809
B ASSETS
1 Non Current Assets
Property, plant and equipment 192 270
Other Intangible assets 42 46
Intangible Assets under Development 11 1
Financial Assets
- Other Financial assets 31 53
Other non-current assets 3 2
279 372
2 Current Assets
Inventories 942 1225
Financial assets
- Trade Receivables 583 1036
- Cash and Cash Equivalent 21 5
- Other Bank Balances 29 23
- Other financial assets 60 18
Other Current Assets 67 130
1702 2437
TOTAL 1981 2809
29
Private & ConfidentialTHANK YOU
You can also read
