• Parker Reports Fiscal 2024 Third Quarter Results

    Source: Nasdaq GlobeNewswire / 02 May 2024 06:30:30   America/Chicago

    • Sales were a record at $5.07 billion; organic sales increased 1%
    • Segment operating margin was 21.5%, or a record 24.7% adjusted, an increase of 150 basis points
    • EPS were $5.56, or a record $6.51 adjusted, an increase of 10%
    • Company increases outlook for segment operating margin and EPS
    • 2024 Investor Meeting scheduled for May 16 at 2 p.m. Eastern time

    CLEVELAND, May 02, 2024 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2024 third quarter ended March 31, 2024. Sales were $5.07 billion compared with $5.06 billion in the third quarter of fiscal 2023. Net income was $726.6 million compared with $590.9 million in the prior year quarter. Adjusted net income was $850.7 million, an increase of 10% compared with $771.9 million in the third quarter of fiscal 2023. Earnings per share were $5.56 compared with $4.54 in the prior year quarter. Adjusted earnings per share increased 10% to a record at $6.51 compared with $5.93 in the third quarter of fiscal 2023. Fiscal 2024 year-to-date cash flow from operations increased 20% to a record $2.1 billion, or 14.6% of sales, compared with $1.8 billion, or 12.8% of sales, in the prior year. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    “We produced record results this quarter across nearly all key metrics, a reflection of the strength of our transformed portfolio and our global team’s ability to drive operational improvements,” said Chairman and Chief Executive Officer, Jenny Parmentier. “We delivered significant adjusted segment operating margin improvement with our Aerospace Systems Segment delivering another standout quarter. Our strong performance also led to record year-to-date operating cash flow.”

    Segment Results
    Diversified Industrial Segment: North American third quarter sales decreased 5% to $2.2 billion and operating income was $490.5 million compared with $489.3 million in the same period a year ago. On an adjusted basis, North American operating income was $538.3 million, or 24.1% of sales, a 120 basis point increase compared with the third quarter of fiscal 2023. International third quarter sales decreased 6% to $1.4 billion and operating income was $309.8 million compared with $329.5 million in the same period a year ago. On an adjusted basis, International operating income was $336.6 million, or 23.5% of sales, a 10 basis point increase compared with the prior year quarter.

    Aerospace Systems Segment: Third quarter sales increased 18% to $1.4 billion and operating income was $289.3 million compared with $133.9 million in the same period a year ago. On an adjusted basis, operating income was $376.1 million, or 26.7% of sales, a 320 basis point increase compared with the prior year quarter.

    Orders
    The company reported the following orders for the quarter ending March 31, 2024, compared with the same quarter a year ago:

    • Orders were flat for total Parker
    • Orders decreased 4% in the Diversified Industrial North America businesses
    • Orders decreased 8% in the Diversified Industrial International businesses
    • Orders increased 15% in the Aerospace Systems Segment on a rolling 12-month average basis.

    Outlook
    Parker's outlook for the fiscal year ending June 30, 2024 has been updated. The company expects total sales growth in fiscal 2024 to be approximately 4%; total segment operating margin of approximately 21.2%, or 24.6% on an adjusted basis; and earnings per share in the range of $20.80 to $21.00, or $24.65 to $24.85 on an adjusted basis. Reconciliations of forecasted segment operating margin to adjusted forecasted segment operating margin and forecasted earnings per share to adjusted forecasted earnings per share are included in the financial tables of this press release.

    Parmentier added, “We are increasing our outlook for fiscal 2024 based on the strong third quarter performance delivered by our team members and double-digit organic growth in aerospace. Parker remains well positioned to continue producing record performance and creating shareholder value by executing The Win Strategy™. We look forward to presenting more about our promising future at our upcoming investor day on May 16, 2024.”

    NOTICE OF WEBCAST: Parker Hannifin's webcast to discuss its fiscal 2024 third quarter results is available to all interested parties via live webcast today at 11:00 a.m. ET, at www.phstock.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit www.phstock.com.

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 68 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

    Note on Orders
    Orders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. Beginning in the third quarter of fiscal 2023, all comparisons include acquisitions in both the numerator and denominator and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

    Note on Net Income
    Net income referenced in this press release is equal to net income attributable to common shareholders.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margins; (d) adjusted segment operating income; and (e) organic sales growth. The adjusted net income, earnings per share, segment operating margin, segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. Neither Parker nor any of its respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from past performance or current expectations. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance.

    Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; the impact of political, social and economic instability and disruptions; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of Meggitt PLC; our ability to effectively manage expanded operations from acquisitions; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully capital allocation initiatives, including timing, pricing and execution of share repurchases; availability, limitations or cost increases of raw materials, component products and/or commodities that cannot be recovered in product pricing; global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates, credit availability and changes in consumer habits and preferences; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and changes; additional liabilities relating to changes in tax rates or exposure to additional income tax liabilities; ability to enter into, own, renew, protect and maintain intellectual property and know-how; leverage and future debt service obligations; potential impairment of goodwill; compliance costs associated with environmental laws and regulations; potential labor disruptions or shortages and the ability to attract and retain key personnel; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; global competitive market conditions, including U.S. trade policies and resulting effects on sales and pricing; local and global political and economic conditions, including the Russia-Ukraine war and other armed conflicts and their residual effects; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; government actions and natural phenomena such as pandemics, floods, earthquakes, hurricanes or other natural phenomena that may be related to climate change; increased cyber security threats and sophisticated computer crime; and success of business and operating initiatives. Readers should consider these forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and other periodic filings made with the SEC.

    Contact:Media -  
     Aidan Gormley - Director, Global Communications and Branding216-896-3258
     aidan.gormley@parker.com 
       
     Financial Analysts - 
     Jeff Miller - Vice President, Investor Relations216-896-2708
     jeffrey.miller@parker.com 
       
    Stock Symbol:PH - NYSE 


    PARKER HANNIFIN CORPORATION - MARCH 31, 2024    
    CONSOLIDATED STATEMENT OF INCOME       
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands, except per share amounts) 2024   2023   2024   2023 
    Net sales $5,074,356  $5,061,665  $14,742,791  $13,969,251 
    Cost of sales  3,279,650   3,340,764   9,478,961   9,373,032 
    Selling, general and administrative expenses 816,337   868,393   2,496,830   2,519,163 
    Interest expense  123,732   151,993   387,229   416,718 
    Other income, net  (65,406)  (55,866)  (228,872)  (116,131)
    Income before income taxes  920,043   756,381   2,608,643   1,776,469 
    Income taxes  193,309   165,421   548,780   402,011 
    Net income  726,734   590,960   2,059,863   1,374,458 
    Less: Noncontrolling interests  160   71   611   478 
    Net income attributable to common shareholders$726,574  $590,889  $2,059,252  $1,373,980 
             
     
             
    Earnings per share attributable to common shareholders:       
    Basic earnings per share $5.65  $4.61  $16.03  $10.71 
    Diluted earnings per share $5.56  $4.54  $15.82  $10.58 
             
    Average shares outstanding during period - Basic 128,502,829   128,293,039   128,467,209   128,343,788 
    Average shares outstanding during period - Diluted 130,593,026   130,151,487   130,169,331   129,831,989 
             
             
    CASH DIVIDENDS PER COMMON SHARE       
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Amounts in dollars)  2024   2023   2024   2023 
    Cash dividends per common share$1.48  $1.33  $4.44  $3.99 
             


    RECONCILIATION OF ORGANIC GROWTH       
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
      2024 2023 2024 2023
    Sales growth - as reported 0.3% 23.9% 5.5% 19.7%
    Adjustments:       
    Acquisitions % 15.3% 3.6% 12.0%
    Divestitures (0.3)% (0.5)% (0.4)% (0.4)%
    Currency(0.6)% (2.4)% 0.2% (3.9)%
    Organic sales growth 1.2% 11.5% 2.1% 12.0%
                 


    PARKER HANNIFIN CORPORATION - MARCH 31, 2024      
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023   2024   2023 
    Net income attributable to common shareholders$726,574  $590,889  $2,059,252  $1,373,980 
    Adjustments:       
    Acquired intangible asset amortization expense 141,216   145,147   438,763   374,417 
    Business realignment charges 8,468   8,241   35,914   17,480 
    Integration costs to achieve  13,256   31,244   29,676   76,653 
    Acquisition-related expenses    1,299      163,540 
    Loss on deal-contingent forward contracts          389,992 
    Net loss (gain) on divestitures    10,927   (25,651)  (362,003)
    Amortization of inventory step-up to fair value    37,642      167,973 
    Tax effect of adjustments1  (38,779)  (53,520)  (108,403)  (195,766)
    Adjusted net income attributable to common shareholders$850,735  $771,869  $2,429,551  $2,006,266 
             


    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Amounts in dollars)  2024   2023   2024   2023 
    Earnings per diluted share$5.56  $4.54  $15.82  $10.58 
    Adjustments:       
    Acquired intangible asset amortization expense 1.08   1.12   3.36   2.88 
    Business realignment charges 0.06   0.06   0.27   0.13 
    Integration costs to achieve 0.10   0.24   0.23   0.59 
    Acquisition-related expenses    0.01      1.27 
    Loss on deal-contingent forward contracts          3.00 
    Net loss (gain) on divestitures    0.09   (0.20)  (2.78)
    Amortization of inventory step-up to fair value    0.29      1.29 
    Tax effect of adjustments1  (0.29)  (0.42)  (0.82)  (1.51)
    Adjusted earnings per diluted share$6.51  $5.93  $18.66  $15.45 
             
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
     


    PARKER HANNIFIN CORPORATION - MARCH 31, 2024
    BUSINESS SEGMENT INFORMATION      
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023   2024   2023
    Net sales        
    Diversified Industrial:        
    North America $2,231,478  $2,342,590  $6,571,587  $6,615,035
    International  1,434,165   1,524,515   4,227,057   4,277,227
    Aerospace Systems  1,408,713   1,194,560   3,944,147   3,076,989
    Total net sales $5,074,356  $5,061,665  $14,742,791  $13,969,251
    Segment operating income        
    Diversified Industrial:        
    North America $490,452  $489,349  $1,458,355  $1,362,256
    International  309,759   329,498   900,944   908,958
    Aerospace Systems  289,339   133,905   778,711   234,849
    Total segment operating income 1,089,550   952,752   3,138,010   2,506,063
    Corporate general and administrative expenses 56,782   45,780   162,340   146,341
    Income before interest expense and other (income) expense, net 1,032,768   906,972   2,975,670   2,359,722
    Interest expense  123,732   151,993   387,229   416,718
    Other (income) expense, net  (11,007)  (1,402)  (20,202)  166,535
    Income before income taxes $920,043  $756,381  $2,608,643  $1,776,469
             


    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023   2024   2023 
    Diversified Industrial North America sales $2,231,478  $2,342,590  $6,571,587  $6,615,035 
             
    Diversified Industrial North America operating income $490,452  $489,349  $1,458,355  $1,362,256 
    Adjustments:        
    Acquired intangible asset amortization  43,945   44,184   133,327   134,816 
    Business realignment charges  3,058   761   8,892   2,232 
    Integration costs to achieve  841   2,442   2,348   3,759 
    Adjusted Diversified Industrial North America operating income $538,296  $536,736  $1,602,922  $1,503,063 
             
    Diversified Industrial North America operating margin  22.0%  20.9%  22.2%  20.6%
    Adjusted Diversified Industrial North America operating margin  24.1%  22.9%  24.4%  22.7%
                     
                     
    PARKER HANNIFIN CORPORATION - MARCH 31, 2024      
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023   2024   2023 
    Diversified Industrial International sales $1,434,165  $1,524,515  $4,227,057  $4,277,227 
             
    Diversified Industrial International operating income $309,759  $329,498  $900,944  $908,958 
    Adjustments:        
    Acquired intangible asset amortization  22,464   17,266   68,342   50,890 
    Business realignment charges  3,895   7,314   23,985   12,232 
    Integration costs to achieve  451   2,953   954   3,517 
    Adjusted Diversified Industrial International operating income $336,569  $357,031  $994,225  $975,597 
             
    Diversified Industrial International operating margin  21.6%  21.6%  21.3%  21.3%
    Adjusted Diversified Industrial International operating margin  23.5%  23.4%  23.5%  22.8%
             
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023   2024   2023 
    Aerospace Systems sales $1,408,713  $1,194,560  $3,944,147  $3,076,989 
             
    Aerospace Systems operating income $289,339  $133,905  $778,711  $234,849 
    Adjustments:        
    Acquired intangible asset amortization  74,807   83,697   237,094   188,711 
    Business realignment charges  (12)  166   318   3,016 
    Integration costs to achieve  11,964   25,849   26,374   69,377 
    Amortization of inventory step-up to fair value     37,642      167,973 
    Adjusted Aerospace Systems operating income $376,098  $281,259  $1,042,497  $663,926 
             
    Aerospace Systems operating margin  20.5%  11.2%  19.7%  7.6%
    Adjusted Aerospace Systems operating margin  26.7%  23.5%  26.4%  21.6%
             
    (Unaudited) Three Months Ended March 31, Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023   2024   2023 
    Total net sales $5,074,356  $5,061,665  $14,742,791  $13,969,251 
             
    Total segment operating income $1,089,550  $952,752  $3,138,010  $2,506,063 
    Adjustments:        
    Acquired intangible asset amortization  141,216   145,147   438,763   374,417 
    Business realignment charges  6,941   8,241   33,195   17,480 
    Integration costs to achieve  13,256   31,244   29,676   76,653 
    Amortization of inventory step-up to fair value     37,642      167,973 
    Adjusted total segment operating income $1,250,963  $1,175,026  $3,639,644  $3,142,586 
             
    Total segment operating margin  21.5%  18.8%  21.3%  17.9%
    Adjusted total segment operating margin  24.7%  23.2%  24.7%  22.5%
                     


    PARKER HANNIFIN CORPORATION - MARCH 31, 2024    
    CONSOLIDATED BALANCE SHEET     
    (Unaudited) March 31, June 30, March 31,
    (Dollars in thousands)  2024  2023  2023
    Assets      
    Current assets:      
    Cash and cash equivalents $405,484 $475,182 $534,831
    Marketable securities and other investments  9,968  8,390  23,466
    Trade accounts receivable, net  2,913,357  2,827,297  2,881,534
    Non-trade and notes receivable  310,355  309,167  349,903
    Inventories  2,966,336  2,907,879  3,067,614
    Prepaid expenses and other  337,055  306,314  376,066
    Total current assets  6,942,555  6,834,229  7,233,414
    Property, plant and equipment, net  2,870,919  2,865,030  2,843,795
    Deferred income taxes  72,808  81,429  131,782
    Investments and other assets  1,150,784  1,104,576  1,188,671
    Intangible assets, net  7,961,957  8,450,614  8,287,517
    Goodwill  10,579,307  10,628,594  10,830,548
    Total assets $29,578,330 $29,964,472 $30,515,727
           
    Liabilities and equity      
    Current liabilities:      
    Notes payable and long-term debt payable within one year $4,080,759 $3,763,175 $1,992,919
    Accounts payable, trade  1,964,211  2,050,934  2,080,147
    Accrued payrolls and other compensation  514,021  651,319  543,527
    Accrued domestic and foreign taxes  358,061  374,571  270,807
    Other accrued liabilities  1,077,318  895,371  900,769
    Total current liabilities  7,994,370  7,735,370  5,788,169
    Long-term debt  7,290,208  8,796,284  11,412,304
    Pensions and other postretirement benefits  455,254  551,510  781,139
    Deferred income taxes  1,528,529  1,649,674  1,780,533
    Other liabilities  709,548  893,355  960,417
    Shareholders' equity  11,590,852  10,326,888  9,781,297
    Noncontrolling interests  9,569  11,391  11,868
    Total liabilities and equity $29,578,330 $29,964,472 $30,515,727
           


    PARKER HANNIFIN CORPORATION - MARCH 31, 2024  
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    (Unaudited) Nine Months Ended March 31,
    (Dollars in thousands)  2024   2023 
    Cash flows from operating activities:    
    Net income $2,059,863  $1,374,458 
    Depreciation and amortization  696,463   609,066 
    Stock incentive plan compensation  128,682   117,536 
    Gain on sale of businesses  (23,667)  (366,345)
    Loss (gain) on property, plant and equipment and intangible assets  5,847   (1,270)
    Gain on marketable securities  (55)  (1,391)
    Gain on investments  (2,555)  (4,341)
    Net change in receivables, inventories and trade payables  (244,268)  (19,052)
    Net change in other assets and liabilities  (427,509)  (77,389)
    Other, net  (45,724)  163,622 
    Net cash provided by operating activities  2,147,077   1,794,894 
    Cash flows from investing activities:    
    Acquisitions (net of cash of $89,704 in 2023)     (7,146,110)
    Capital expenditures  (283,328)  (272,603)
    Proceeds from sale of property, plant and equipment  8,905   11,821 
    Proceeds from sale of businesses  75,561   471,720 
    Purchases of marketable securities and other investments  (10,091)  (31,275)
    Maturities and sales of marketable securities and other investments  8,664   35,075 
    Payments of deal-contingent forward contracts     (1,405,418)
    Other  5,988   251,875 
    Net cash used in investing activities  (194,301)  (8,084,915)
    Cash flows from financing activities:    
    Net payments for common stock activity  (237,689)  (199,911)
    Acquisition of noncontrolling interests  (2,883)   
    Net (payments for) proceeds from debt  (1,193,373)  906,811 
    Financing fees paid     (8,911)
    Dividends paid  (571,583)  (513,232)
    Net cash (used in) provided by financing activities  (2,005,528)  184,757 
    Effect of exchange rate changes on cash  (16,946)  (7,781)
    Net decrease in cash, cash equivalents and restricted cash  (69,698)  (6,113,045)
    Cash, cash equivalents and restricted cash at beginning of year  475,182   6,647,876 
    Cash and cash equivalents at end of period $405,484  $534,831 
         


    PARKER HANNIFIN CORPORATION - MARCH 31, 2024 
    RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
       
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2024
    Forecasted segment operating margin~21.2%
    Adjustments: 
    Business realignment charges0.3%
    Costs to achieve 0.2%
    Acquisition-related intangible asset amortization expense 2.9%
    Adjusted forecasted segment operating margin~24.6%
     


    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
       
    (Unaudited)  
    (Amounts in dollars) Fiscal Year 2024
    Forecasted earnings per diluted share$20.80 to $21.00
    Adjustments: 
    Business realignment charges0.46
    Costs to achieve 0.27
    Acquisition-related intangible asset amortization expense 4.44
    Net gain on divestitures (0.20)
    Tax effect of adjustments1 (1.12)
    Adjusted forecasted earnings per diluted share$24.65 to $24.85
       
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

     

     


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