WOOD Flash – Aquila Part Prod Com S.A.: 1Q24 affected by timing of Easter and higher CIT
Aquila has reported, at first glance, a soft set of 1Q24 numbers, but they were affected negatively yoy by several factors. The first is the timing of Easter, which fell into the 1Q numbers last year, but which will be seen mainly in 2Q24E this year. Aquila, we note, has a large portfolio of confectionaries, which make Easter an important holiday for the business. The second is that it has reassessed its Gradena portfolio, eliminating a number of SKUs, which will be replaced only in the coming quarters. Lastly, this quarter, we saw the impact of the 1% turnover tax that Aquila has been obliged to pay from this January. While expected, it did result in an effective tax rate of 27% yoy, vs. 15% in the base period. The latter is here to stay, for now, but is reflected in our numbers already.
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