17 April 2015
Update | Sector: Real Estate
Phoenix Mills
BSE Sensex
28,442
S&P CNX
8,606
CMP: INR375
TP: INR455 (+21%)
Buy
Strong consumption trends entail rental headroom
Dev Co’s success - key to further growth capital
Stock Info
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
n
PHNX IN
144.8
54.3/0.9
416/236
1/-4/23
34/97
34.1
n
n
n
Consumption continues to outpace rentals - growth headroom intact at malls.
E-tailing advent is distant for best in class retail assets of Phoenix Mills (PHNX); no
major risk to 2x rental growth by FY19E led by renewals and stake increases.
Next leg of growth capital hinges on Dev Co’s success, where significant value
unlocking is awaited. Scale-up with launch cycle is gaining traction.
PHNX has underperformed the realty index, largely led by concern on its retail
specific risk, which is distant and unlikely to impact our base case growth
assumptions. We value PHNX based on SOTP of INR455/share. Maintain Buy.
Financial Snapshot (INR Billion)
Y/E Mar
2015E 2016E 2017E
Net Sales
17.3 22.9 25.9
EBITDA
Adj PAT
EPS (INR)
EPS Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
8.2
1.3
8.8
-1.1
125.
7.0
12.1
42.8
3.0
11.0
3.0
20.4
132.
7
143.
14.2
16.4
18.4
2.6
12.1
3.4
23.7
15.9
163.
14.5
18.2
15.9
2.3
Consumption continues to outpace rentals – growth headroom intact
PHNX’s five key malls have been posting 15-40% YoY growth in consumption
(average ~28%) and trading density (average ~22%) over the past 12-18 months.
During this period, rental income recorded 13-16% YoY growth. Rentals as a
percentage of consumption across malls have declined 2-6pp over the past five to
six quarters (at 10-12%). Thus, headroom for re-rating of rentals remains intact in
the upcoming renewals over FY16-19. Incremental leasing for marginal retailers at
market city malls is taking place at 30-50% higher rentals than the existing
average.
E-tailing advent distant for best assets; no major risk to 2x rental scale-up
Around 15-25% of the mall area comprises of supermarkets/hypermarkets along
with electronics, mid-end apparel segments etc which are the showcase products
of e-commerce players. PHNX believes that the advent of online stores is some
distance away for market leader and best in class retail assets like HSP and market
city malls. This is validated by steady consumption growth at malls so far. Adjusted
for increased effective stakes, PHNX to post ~17% rentals CAGR over FY15E-19E to
INR9.8b in FY19E (v/s 2x of INR4.9b in FY15E). Of the incremental rentals of
~INR5b, ~25% is attributable to stake increase and rest for renewals.
Shareholding Pattern (%)
As on
Promoter
DII
FII
Others
Dec-14 Sep-14 Dec-13
66.0
4.2
23.6
6.3
66.0
4.2
23.0
6.9
65.9
4.6
22.3
7.1
Notes:
FII incl. depository receipts
Stock Performance (1-year)
Significant value unlocking from Dev Co to aid next leg of growth capital
Currently, rentals from operating malls less the interest outgo is cash break-even,
with added outflow for stake increases. Thus, benefits of surplus cash (yet to
percolate) are expected as rentals grow and monetization cycle accelerates in Dev
Co (only 33% of its 7.5msf assets monetized so far). We estimate ~INR35b (75-
80% is attributable to PHNX) of net cash flow from Dev Co over the next three to
five years. Launch cycle is gaining traction along with potential recovery in
demand scenario. Success of Dev Co monetization would be key to pursue growth
and balance sheet health (by deleveraging) together, while equity capital (REIT)
remains a secondary option.
Sandipan Pal
(Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436
Anchit Agarwal
(Anchit.Agarwal@MotilalOswal.com); +91 22 3010 2397
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Phoenix Mills
Consumption continues to outpace rentals – growth headroom intact
Rental income recorded 13-
16% YoY growth v/s
consumption growth of
~28%, aiding no major risk
to rental re-pricing
scheduled ahead
n
n
n
n
Incremental leasing for
marginal retailers at market
city malls is taking place at
30-50% higher rentals than
the existing average
n
n
PHNX’s five key malls (High Street Phoenix - HSP and four Market City malls)
have been posting 15-40% YoY growth in consumption (average ~28%) and
trading density (average ~22%) over the past 12-18 months.
During this period, rental income recorded 13-16% YoY growth. Rentals as a
percentage of consumption across malls have declined 2-6pp over the past five
to six quarters (since stabilization of all malls). Barring Kurla (Mumbai), the
figures are hovering around 10-12% in market city malls (while Kurla at ~19%)
and ~15% at HSP.
Thus, with consumption growth outpacing rentals, headroom for re-rating of
rentals remains strong in the upcoming re-pricing schedules over FY16-19.
Of its 5msf of retail assets (~4.7msf leased out), ~36%/65% of area will come for
rentals renewal by FY17/19 (largely 10-20% annually over FY16-19). We expect
no major risk to successful renegotiation.
Much of PHNX’s existing rentals in market city malls were signed in the stressed
economic period (FY09-12) and at pre-leasing stage of malls. Thus, with the
macro outlook improving and revenue sharing threshold triggering in most
assets, we expect, no downside risk to our current rentals CAGR estimate of
~10% (FY15E-17E) and ~14% (FY15E-19E).
Incremental leasing at market city malls are taking place at INR120-130/sqft/m
(v/s current rental INR85-90/sqft/m) at Pune/Kurla/Bangalore, and of INR170-
180/sqft/m in Chennai mall (v/s current rental INR105/sqft/m). Management
expects to achieve 15-25% uptick in renewals.
HSP (INR m)
Market City Malls (INR m)
Exhibit 1: Consumption growth of ~28% YoY (post initial stabilization of all malls)
Source: Company, MOSL
Exhibit 2: Ex-Kurla mall, rentals as % of consumption declined 2-6pp in past 5-6 quarters
Rentals as percentage of
consumption across malls
are hovering around 10-
12% in market city malls
(ex-Kurla at ~19%) and
~15% at HSP
Chennai
24%
19%
14%
9%
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
HSP
Pune
Kurla (Mumbai)
Bangalore
Source: Company, MOSL
17 April 2015
2

Phoenix Mills
Exhibit 3: Almost 65% of PHNX’s occupied area is slated for renewal over FY16-19 (msf)
~36%/65% of the area will
come for rentals renewal
over FY17/19 (largely 10-
20% annually over FY16-19)
4.71
0.97
0.87
1.14
0.93
0.81
Total Area
Renewed till FY15
FY16
FY17
FY18
FY19
1.68
0.63
1.07
Total Area
HSP
Pune
Kurla
Bangalore
0.92
Chennai
0.41
Source: Company, MOSL
E-tailing advent is distant for best-in-class assets of PHNX
n
n
n
Around 15-25% of the mall area comprises of supermarkets/hypermarkets along
with electronics, mid-end apparel segments etc which are the showcase
products of e-commerce players.
PHNX believes that the advent of online stores to mall culture is some distance
away for the market leader and best assets like HSP and market city malls. This
is validated by steady consumption growth at malls so far.
Interestingly, company may exploit the online opportunity in future by
leveraging its brand name and relationships with retailers.
Electronics, apparels and
consumer durables are the
key segments seeing
major penetration by
e-tailing players
Exhibit 4: E-tailing market segmentation: Electronics lead by value
Home Furnishings
Jewellery
3%
4% Books
4%
Consumer
Durables
8%
Cameras
14%
Mobile
Phones
19%
Apparels
21%
Others
3%
E-Tail Market Segmentation CY12 (%)
Laptops/Tablets
25%
Source: MOSL, IAMAI
Effective rentals to grow 2x on stake acquisitions and renewals
n
n
n
n
With matured and strong performing assets in place, PHNX’s rental income
growth will be driven by (a) ability to renegotiate rentals and (b) continuous
increase in stakes in these assets.
We factor rental CAGR of ~14% for the 4.7msqft of occupied retail portfolio
(assuming 5% recurring vacancy) over FY15E-19E, on the back of 10-20%
revision assumptions in rentals during the upcoming renewal schedule.
PHNX’s stakes in key market city malls are slated to increase by 20-25% during
this period, translating into effective stake in 5msqft (ex-Phoenix Palladium
Chennai of ~0.2msqft) of rentals assets going up by ~14pp to ~82% (v/s FY15).
Adjusted for effective stakes, we expect PHNX to post ~17% rentals CAGR over
FY15E-19E to INR9.8b in FY19E (v/s 2x of INR4.9b in FY15E). Of the incremental
rentals of ~INR5b, ~25% is attributable to stake increase and rest for renewals.
3
17 April 2015

Phoenix Mills
n
Market City Mall has been continuously undergoing a re-strategizing process,
with efforts to improve the brand mix, which may offer further upside scope on
a revenue sharing basis.
Exhibit 5: We factor ~17% rentals CAGR across 5 operating malls (INR b)
Of the incremental rentals
of ~INR5b from FY15, ~25%
is attributable to stake
increase and rest for
renewals
Asset rentals
PHNX stake (as propsoed)
PHNX stake (current stakes)
11.3
9.3
8.6
8.1
7.3
6.9
6.0
5.5
5.9
7.0
8.0
9.8
5.9
4.5
1.2 1.2
1.2
FY10
1.8
1.8
2.8
2.4
3.6
4.5
4.5
FY14
6.7
4.9
5.2
1.8
FY11
2.3
FY12
3.4
FY13
FY15
FY16E
FY17E
FY18E
FY19E
Source: Company, MOSL
Exhibit 6: Steady rise in effective stake across assets (%)
HSP
Pune
Kurla (Mumbai)
Bangalore
Chennai
Effective stake
FY13
100.0
58.5
24.3
68.1
31.0
54
FY14
100.0
58.6
53.2
68.1
50.0
64
FY15
100.0
62.6
56.3
75.3
50.0
67
FY16E
100.0
74.6
65.6
75.0
50.0
72
FY17E
100.0
86.5
75.0
100.0
50.0
82
FY18E
100.0
86.5
75.0
100.0
50.0
82
FY19E
100.0
86.5
75.0
100.0
50.0
82
Exhibit 7: Stake increase in various subsidiaries
Approx. INR4.65b of
outflow towards stake
purchase is pending, which
would aid ~INR1.2b of
additional rental income
Date of
3QFY14
FY15-17
Vamona (Pune)
3QFY11
1QFY14
Island Star (Bangalore)
FY11
FY13
FY15-17E
Classic (Chennai)
FY13
1% in Mumbai, 4% in Pune, 7% in Bangalore from Edelweiss
Total Payment
SPV Name
Offbeat (Mumbai)
Seller
IL&FS
Horizon
Butala
IL&FS
IL&FS
Horizon
IL & FS
Kshitij
Stake
29.29%
21.26%
8%
24%
4.6%
26%
25%
16%
Value (INR m)
1,570
1,600
250
716
185
680
3,150
530
690
9,371
Source: Company, MOSL
Significant value unlocking from Dev Co portfolio yet to benefit
n
n
n
Almost 92% of consolidated debt of INR33.8b (effective stake of INR22.7b) is
Lease Rental Discounting (LRD) and LRD equivalent, which is served by existing
rentals. Against effective FY15 rentals of INR4.9b (post tax EBITDA of ~INR3b),
the interest outgo stood at ~INR2.8b.
This translates into operating malls as cash break-even. With added outflow of
stake increase and construction of Chennai (Palladium) mall, benefits of surplus
cash flow are yet to percolate.
In Dev Co, PHNX has till date monetized ~33% of its 7.5msqft of residential and
commercial assets in Bangalore, Mumbai, Chennai and Pune. While the recent
pre-sales run-rate (0.5-0.7msqft) has been weak, we expect scale-up with launch
cycle gaining traction and potential recovery in demand scenario.
4
17 April 2015

Phoenix Mills
n
n
n
Based on current selling prices, we estimate ~INR35b (75-80% is attributable to
PHNX based on final stakes) of net cash flow (pending collections plus unsold
inventories less pending construction cost) across assets over the next three to
five years.
Pre-sales momentum improved in 4QFY15 with the launch of Kessaku,
Bangalore (at INR12,500/sqft) in the luxury category. Impressive sales were
recorded with 25% of the 130-unit inventory being sold with (ticket size of
~INR100m).
Expected launch of Oberhaus (Bangalore) in 1QFY16 along with Fountainhead
Phase II, Pune and The Crest – D, Chennai in FY16 contribute to a robust pipeline
along with a positive outlook.
Based on current selling
prices, we estimate
~INR35b (75-80% is
attributable to PHNX based
on final stakes) of net
cash flow
Exhibit 8: Dev Co portfolio is only 33% monetized till date
Project
One Bangalore West
Kessku
Oberhaus*
Paragon Plaza
Art Guild House
Centirum (15 LBS)
The Crest
Fountainhead I
Fountainhead II*
East Court
Total
Location
Bangalore
Bangalore
Bangalore
Mumbai
Mumbai
Mumbai
Chennai
Pune
Pune
Pune
Area
(msf)
2.20
1.00
1.02
0.45
0.76
0.28
0.88
0.35
0.28
0.25
7.47
Current Sales
Balance
Selling Value
Collection
price (INR
(INR b)
(INR/sf)
b)
12,500
12,500
7,000
15,000
12,000
8.9
-
-
1.5
3.3
2.5
13,000 3.1
12,000 0.4
12,000
-
1.5
21.1
2.9
-
-
0.3
1.5
0.1
0.9
0.3
-
-
5.9
Unsold
Construction Balance
Inventory
Cost (INR b)spending
(INR b)
14.6
10.0
5.7
4.6
4.1
-
6.0
3.5
2.7
-
51.2
9.9
4.5
3.6
1.8
3.0
1.0
3.1
1.2
1.0
0.9
30.0
5.0
4.5
3.6
0.5
1.8
-
1.5
1.1
1.0
-
19.0
Source: Company, MOSL
Exhibit 9: Expect meaningful surplus cash from Dev Co operations as launch cycle kicks in
Dev Co cash flow (INR b)
Balance Collections from presales (INR b)
Unsold Inventory *(INR b)
Construction Cost Pending (INR b)
Pending Cash Flow over next 3 -5 Years
Cash Outflow Expected for Stake Acquisition (INR b)
Cash Available from Dev Co for capital growth
*Valued at 10% discount to current quoted price
5.9
51.2
19.0
38.1
4.65
33.4
Source: Company, MOSL
Next leg of growth capital hinges on success of Dev Co
n
n
n
PHNX is in a similar position presently as it was in mid-2000s -- looking for a
strategic path towards future growth and expansion.
With the foresight of consolidating its market leading position, PHNX may look
at widening the asset portfolio by acquiring other operational retail malls which
have the potential to be leaders in their respective markets.
We expect the success of Dev Co monetization would be the key to drive strong
growth and health balance sheet (by deleveraging) together. While raising debt
or equity capital (REIT) remains a secondary option, management is optimistic
that internal accruals would generate sufficient growth capital over the next
three to four years.
17 April 2015
5

Phoenix Mills
Exhibit 10: Cash flows from Dev Co to start de-leveraging FY17 onwards (INR b)
30.6
19.2
14.9
3.4
3.0
3.5
5.9
7.6
31.4
30.7
28.4
1.0
Source: MOSL
Hotel re-branding around the corner, albeit has been elusive so far
n
n
Entry of St. Regis to take over the management of the 335-room Palladium Hotel
(Lower Parel) would be a boost to operations. Though the event timeline has
been elusive so far, it is expected to be around the corner.
However, current operations have improved with better brand mix, occupancy
near 70-80% (~46% in FY14) and EBITDA reporting positive trends consistently.
Exhibit 11: Operating parameters gradually improve at Palladium Hotel
EBITDA (INR m)
RevPAR (INR m)
6,619
4,586
3,389
-7
3,157
-11
63
75
4,087
4,294
3,738
39
21
175
Source: MOSL
Valuation and view
n
n
n
n
PHNX has underperformed the BSE realty index by almost 13% over 4QFY15,
largely led by concern on its retail specific risk (~80% of SOTP) in the advent of E-
tailing segment.
As mentioned in the previous segments, we continue to believe that our rental
growth expectation (~14% CAGR) has no major downside risk in the backdrop of
healthy consumption trend recorded in these malls.
PHNX has come out of a major capex cycle almost 15 months back, albeit stake
increases in various assets curbed the deleveraging ability. Going forward, we
expect the trigger in Dev Co operations and consolidation of economic interest,
as the economic cycle picks up, to benefit significantly.
The stock trades at 15.9x FY17E EPS, 2.3x FY17E BV and 18% discount to SOTP of
INR455.
Buy
with an upside of 21%.
17 April 2015
6

Phoenix Mills
Exhibit 12: PHNX has underperformed the Realty index in CY15
Source: MOSL
Exhibit 13: PHNX SOTP
Residential
Commercial
Retail
- Parel, Mumbai
- Kurla, Mumbai
- Bangalore, West
- Bangalore, East
- Pune
- Chennai
Hotels
- Shangri-La, Parel
- Other Market City Hotels
Gross Asset Value (GAV)
Less: Tax
Less: Net Debt
Less: Operating Exp
Net Asset Value (NAV)
(INR m)
8,576
7,807
93,460
51,965
9,965
0
10,621
10,178
9,978
4,464
4,338
127
117,761
23,242
22,700
5,888
65,930
NAV/Share
59
54
645
359
69
0
73
70
69
31
30
1
813
160
157
41
455
% of NAV
13%
12%
142%
79%
15%
0%
16%
15%
15%
7%
7%
0%
179%
-35%
-34%
-9%
100%
% of GAV
7%
7%
79%
44%
8%
0%
9%
9%
8%
4%
4%
0%
100%
-20%
-19%
-5%
56%
Source: MOSL
Exhibit 14: PHNX PB Chart
4.0
3.0
2.0
1.0
0.0
P/B (x)
5 Yrs Avg(x)
Source: MOSL
17 April 2015
7

Phoenix Mills
Financials and valuations
Income Statement
Y/E March
Net Sales
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
Adjusted PAT
Change (%)
2010
1,230
775
63.0
172
86
243
759
147
19.4
617
617
157.6
2011
2,102
1,406
66.9
314
228
287
1,151
321
27.9
830
842
36.5
2012
3,945
2,114
53.6
563
944
446
1,053
189
18.0
864
1,056
25.5
2013
4,699
2,632
56.0
474
1,430
521
1,248
428
34.3
842
842
-20.3
2014
14,485
6,784
46.8
1,055
3,451
391
2,669
909
34.1
1,285
1,285
52.7
2015E
17,313
8,214
47.4
1,686
4,076
360
2,811
843
30.0
1,270
1,270
-1.1
2016E
22,909
11,008
48.0
1,856
3,951
400
5,601
1,680
30.0
2,957
2,957
132.7
(INR Million)
2017E
25,856
12,146
47.0
2,017
3,888
600
6,841
2,052
30.0
3,426
3,426
15.9
Balance Sheet
Y/E March
Equity Capital
Reserves
Net Worth
Loans
Deffered Tax Liability
Minority Interest
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Inventory
Loans and Advances
Current Liab. & Prov.
Creditors
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
290
15,759
16,048
6,608
-24
2,190
24,823
7,955
633
7,321
9,137
5,601
4,736
3
431
671
3
3,628
1,969
1,724
244
2,764
24,823
2011
290
16,410
16,700
9,628
-9
1,965
28,284
8,880
948
7,932
10,997
4,787
8,833
1,182
961
816
1,182
4,388
3,083
2,723
360
4,568
28,284
2012
290
16,816
17,105
16,748
-247
3,566
37,173
13,383
1,503
11,880
13,591
4,869
13,058
2,516
618
1,000
2,516
6,045
3,710
3,297
413
6,832
37,173
2013
290
17,397
17,687
21,966
-447
4,252
43,458
29,916
2,079
27,837
1,670
5,554
22,370
7,770
876
683
7,770
5,061
6,202
5,546
656
8,398
43,458
2014
290
16,948
17,237
32,684
-858
7,200
56,263
44,831
3,134
41,697
2,351
3,528
30,568
11,417
1,968
851
11,417
4,590
10,464
9,941
523
8,688
56,263
2015E
290
17,879
18,169
33,684
-858
6,549
57,544
46,331
4,820
41,510
2,351
3,528
37,565
13,850
2,770
1,035
13,850
6,059
13,560
12,985
576
10,155
57,544
2016E
290
20,497
20,787
33,184
-858
5,631
58,744
51,331
6,676
44,655
851
3,528
44,708
16,037
3,436
1,180
16,037
8,018
18,961
18,327
633
9,710
58,744
(INR Million)
2017E
290
23,415
23,705
32,184
-858
4,315
59,345
54,831
8,693
46,138
851
3,528
51,670
18,099
3,878
2,545
18,099
9,049
24,742
24,046
697
8,829
59,345
17 April 2015
8

Phoenix Mills
Financials and valuations
Ratios
Y/E March
Basic (INR)
Adjusted EPS
Growth (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Profitability Ratios (%)
RoE
RoCE
Leverage Ratio
Debt/Equity (x)
2010
4.3
157.6
5.4
110.8
1.2
32.1
2011
5.8
36.5
7.9
115.3
1.8
36.2
2012
7.3
25.5
9.9
118.1
2.0
32.1
51.4
38.1
33.1
17.8
3.2
3.8
3.6
0.4
5.0
5.2
0.5
6.2
6.1
0.9
2013
5.8
-20.3
8.9
122.1
2.0
40.3
64.5
42.0
28.7
16.1
3.1
4.8
6.6
1.2
2014
8.9
52.7
19.4
119.0
2.2
29.0
42.3
19.3
12.7
5.9
3.2
7.5
12.3
1.9
2015E
8.8
-1.1
25.2
125.4
2.0
26.7
42.8
14.9
10.6
5.0
3.0
7.0
12.1
1.9
2016E
20.4
132.7
39.9
143.5
2.0
11.5
18.4
9.4
7.8
3.8
2.6
14.2
16.4
1.6
2017E
23.7
15.9
47.0
163.7
3.0
14.8
15.9
8.0
6.9
3.2
2.3
14.5
18.2
1.4
Cash Flow Statement
Y/E March
PBT before Extraordinary Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
CF from Operations
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
(Inc)/Dec in Net Worth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2010
759
172
86
147
1,702
-3,207
-1,505
-1,076
-4,283
469
1,156
86
198
1,342
-1,239
1,910
670
2011
1,151
314
228
321
-500
-2,785
-3,286
814
-1,971
130
3,020
228
305
2,617
145
671
816
2012
1,053
563
944
189
2,085
-7,105
-5,020
-83
-7,188
-550
7,120
944
339
5,287
184
816
1,000
2013
1,248
474
1,430
428
1,550
-4,510
-2,960
-684
-5,194
-122
5,219
1,430
339
3,328
-316
1,000
684
2014
2,669
1,055
3,451
909
8,615
-15,595
-6,980
2,025
-13,570
-1,772
10,718
3,451
373
5,122
167
683
851
2015E
2,811
1,686
4,076
843
5,099
-1,500
3,599
0
-1,500
0
1,000
4,076
339
-3,415
184
851
1,035
2016E
5,601
1,856
3,951
1,680
8,434
-3,500
4,934
0
-3,500
0
-500
3,951
339
-4,790
145
1,035
1,180
(INR Million)
2017E
6,841
2,017
3,888
2,052
10,262
-3,500
6,762
0
-3,500
0
-1,000
3,888
508
-5,397
1,365
1,180
2,545
17 April 2015
9

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