financial analysis - e.on se operates in power generation and gas producti…

15.03.2013

Ticker: E.ON SE Benchmark:

Currency: Xetra: EOAN, Currency: EUR DAX INDEX (DAX)

Sector: Utilities Industry: Multi-Utilities Year:

Telephone 49-211-4579-424 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)

Website www.eon.com No of Employees Trading 100101 Other 67699

Address E On Platz 1 Duesseldorf, 40479 Germany Germany 40298 Germany 40298

Share Price Performance in EUR Other EU Countries 24096 Europe (other) 11573

Price 13.04 1M Return 0.5% Generation 13242 United Kingdom 9701

52 Week High 19.74 6M Return -33.0% Renewables 2478 Sweden 2822

52 Week Low 12.42 52 Wk Return -24.9% Russia 1879 United States

52 Wk Beta 0.89 YTD Return -7.5% Exploration & Production 1386 Europe (EU Excluding Germany)

Credit Ratings

Bloomberg IG9

S&P A- Date 27.07.2012 Outlook STABLE

Moody's A3 Date - Outlook STABLE

Fitch A Date 22.12.2008 Outlook -

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 6.5x 6.5x - 12.4x 10.0x 9.4x 9.6x

EV/EBIT 10.1x 9.6x 1'274.4x 10.2x - - -

EV/EBITDA 7.2x 5.6x 13.7x 6.0x 5.3x 5.2x 5.1x

P/S 0.7x 0.5x 0.3x 0.2x 0.2x 0.2x 0.2x

P/B 1.4x 1.0x 0.9x 0.8x 0.7x 0.6x 0.6x

Div Yield 5.1% 6.5% 6.0% 7.8% 5.6% 5.8% 5.6%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin - - - - 13.8 13.0 15.6

EBITDA Margin 15.5 14.0 3.8 6.4 8.6 8.6 8.2

Operating Margin 11.0 8.1 0.0 3.7 5.1 5.2 4.9

Profit Margin 10.3 6.3 -2.0 1.7 2.3 2.3 2.2

Return on Assets 5.4 3.8 -1.5 1.5 2.7 2.6 2.7

Return on Equity 22.4 14.3 -5.7 6.3 6.9 7.0 6.6

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio 1.0 1.2 1.1 1.2 Current Capitalization in EUR

Quick Ratio 0.5 0.6 0.5 0.6 Common Shares Outstanding (M) 1906.8

EBIT/Interest 2.8 2.3 0.0 1.7 Market Capitalization (M) 26083.0

Tot Debt/Capital 0.5 0.4 0.4 0.4 Cash and ST Investments (M) 6097.0

Tot Debt/Equity 0.9 0.7 0.8 0.7 Total Debt (M) 25944.0

Eff Tax Rate % 25.2 21.5 - 21.4 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 3862.0

Enterprise Value (M) 49792.0

E.ON SE operates in power generation and gas production businesses. The Company's

operations include electric generation at conventional, nuclear, and renewable-source

facilities, electric transmission via high-voltage wires network, regional distribution of

electricity, gas, and heat, power trading and electricity, gas, and heat sales.

EOAN GY

132'093

72'083

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.eon.com

E.ON SE

Target price in EUR

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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15.03.2013

E.ON SE

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 1906.8 United States 31.53%

Float 89.3% Germany 28.09%

Short Interest (M) Norway 16.86%

Short Interest as % of Float Switzerland 7.57%

Days to Cover Shorts Luxembourg 7.10%

Institutional Ownership 30.35% France 3.07%

Retail Ownership 69.65% Ireland 1.70%

Insider Ownership 0.00% Others 4.09%

Institutional Ownership Distribution

Investment Advisor 60.47%

Government 16.83%

Corporation 13.59%

Mutual Fund Manager 9.04%

Pricing data is in EUR Others 0.07%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

BLACKROCK 171'743'409 -26'922 2'238'675'336 8.58% 13.03.2013 ULT-AGG UNITED STATES

GOVERNMENT OF NORWAY 118'276'492 0 1'541'734'073 5.91% 31.12.2011 Co File NORWAY

E.ON AG 95'529'865 0 1'245'231'790 4.77% 31.12.2011 Co File GERMANY

CREDIT SUISSE AG 46'680'225 0 608'476'733 2.33% 09.05.2012 Research SWITZERLAND

VANGUARD GROUP INC 32'966'723 719'330 429'721'234 1.65% 31.12.2012 MF-AGG UNITED STATES

MORGAN STANLEY 25'888'854 0 337'461'212 1.29% 10.05.2012 Research UNITED STATES

UNION INVESTMENT GMB 13'832'519 -329'536 180'306'885 0.69% 28.09.2012 MF-AGG GERMANY

DEUTSCHE BANK AG 9'655'320 -1'452'038 125'857'096 0.48% 31.01.2013 MF-AGG GERMANY

DB PLATINUM ADVISORS 8'922'635 -105'000 116'306'547 0.45% 31.01.2013 MF-AGG LUXEMBOURG

CAPITAL GROUP COMPAN 7'475'000 0 97'436'625 0.37% 31.12.2012 ULT-AGG UNITED STATES

DEKA INVESTMENT GMBH 7'351'606 -544'741 95'828'184 0.37% 28.12.2012 MF-AGG GERMANY

MERCURY ASSET MANAGE 6'289'890 -16'780 81'988'716 0.31% 13.03.2013 MF-AGG IRELAND

BNP PARIBAS INV PART 5'756'410 187'361 75'034'804 0.29% 31.12.2012 ULT-AGG FRANCE

FRANKLIN TEMPLETON C 5'059'061 -402'620 65'944'860 0.25% 31.12.2012 MF-AGG UNITED STATES

ALLIANZ ASSET MANAGE 4'940'060 -1'022'494 64'393'682 0.25% 31.01.2013 ULT-AGG GERMANY

PICTET ASSET MANAGEM 4'553'664 -6'792'748 59'357'010 0.23% 30.11.2012 MF-AGG BRITAIN

FRANKLIN RESOURCES 4'471'621 -16'517'402 58'287'580 0.22% 31.12.2012 ULT-AGG UNITED STATES

ETFLAB INVESTMENT GM 4'249'650 0 55'394'188 0.21% 14.03.2013 MF-AGG GERMANY

GRANTHAM MAYO VAN OT 3'863'245 254'908 50'357'399 0.19% 31.05.2012 MF-AGG UNITED STATES

ADIG INVESTMENT 3'154'858 -1'125'000 41'123'574 0.16% 30.11.2012 MF-AGG GERMANY

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

Company Analysis - Ownership

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TOP 20 ALL


E.ON SE

Financial information is in EUR (M)

Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Income Statement

Revenue 35'691 42'541 42'384 51'854 64'091 68'731 86'753 81'817 92'863 112'954 132'093 110'568 112'480 118'151

- Cost of Goods Sold 26'506 32'738 31'285 40'624

Gross Income 9'185 9'803 11'099 11'230 15'258 14'622 18'432

- Selling, General & Admin Expenses 8'879 7'580 5'875 6'045 61'839 63'766 89'943 81'603 92'608 119'118 133'247

(Research & Dev Costs) 380 69 19 24 27 37 53 62 61 59 56

Operating Income 6'904 9'958 5'940 5'903 4'746 7'869 1'828 9'017 7'561 46 4'940 5'669 5'870 5'738

- Interest Expense 1'375 1'885 1'178 1'272 2'214 1'986 3'052 2'850 2'956 2'810 2'603

- Foreign Exchange Losses (Gains) 309 -138 8 -66 -692 246 -241 734 -251

- Net Non-Operating Losses (Gains) 6'288 2'535 -1'902 -2'439 -2'823 -3'734 -3'127 -5'872 -4'217 -587 -726

Pretax Income -759 5'538 6'355 7'208 5'347 9'683 2'595 11'793 9'063 -2'911 3'314 4'043 4'201 4'332

- Income Tax Expense -662 1'124 1'850 2'276 40 2'289 863 2'976 1'946 -1'036 710

Income Before XO Items -97 4'414 4'505 4'932 5'307 7'394 1'732 8'817 7'117 -1'875 2'604

- Extraordinary Loss Net of Tax -3'497 -697 -312 -3'028 -775 -330 128 172 836 -14 -37

- Minority Interests 623 464 478 553 496 520 338 249 428 358 424

Diluted EPS Before XO Items 1.42 2.37 2.04 2.21 2.44 3.52 0.75 4.50 3.51 (1.17) 1.14

Net Income Adjusted* 1'695 3'950 4'348 4'379 4'930 6'874 5'598 5'523 4'882 2'501 4'187 2'497 2'642 2'561

EPS Adjusted (0.35) 2.01 2.21 2.21 2.49 3.52 3.01 2.90 2.56 1.31 2.20 1.30 1.39 1.36

Dividends Per Share 0.58 0.67 0.78 0.92 1.12 1.37 1.50 1.50 1.50 1.00 1.10 0.73 0.76 0.73

Payout Ratio % 33.2 38.5 105.4 45.9 37.7 204.9 33.4 42.7 96.2 0.56 0.55 0.54

Total Shares Outstanding 1'957 1'968 1'977 1'977 1'979 1'895 1'905 1'905 1'905 1'905 1'907

Diluted Shares Outstanding 1'971 1'977 1'977 1'953 1'862 1'905 1'905 1'905 1'906

EBITDA 11'252 13'188 8'826 8'808 8'416 11'063 5'403 12'703 13'006 4'269 8'443 9'478 9'661 9'675

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Balance Sheet

Total Current Assets 31587 31687 30647 37870 31087 31490 50609 39568 46224 50651 43863

+ Cash & Near Cash Items 8'385 10'795 4'113 4'315 1'154 2'887 3'671 4'210 6'143 3'852 2'816

+ Short Term Investments 7'840 10'706 4'448 3'888 2'125 1'722 1'697 3'079 3'281

+ Accounts & Notes Receivable 6'805 6'047 6'462 8'179 9'760 9'064 13'599 11'577 15'819 18'065 16'104

+ Inventories 3'840 2'477 2'647 2'457 4'199 3'811 4'774 4'518 4'064 4'828 4'734

+ Other Current Assets 12'557 12'368 9'585 12'213 11'526 11'840 26'440 17'541 18'501 20'827 16'928

Total Long-Term Assets 81'916 80'163 83'415 88'692 96'488 105'804 106'436 113'068 106'657 102'221 96'563

+ Long Term Investments 16'971 17'725 7'327 11'932 23'310 23'927 11'274 6'322 7'260 8'523 8'438

Gross Fixed Assets 94'176 93'550 96'948 93'842 97'514 104'265 114'956 121'449 123'498 117'999 113'259

Accumulated Depreciation 51'749 50'714 53'385 52'519 55'030 55'713 58'430 60'662 62'628 62'130 59'086

+ Net Fixed Assets 42'427 42'836 43'563 41'323 42'484 48'552 56'526 60'787 60'870 55'869 54'173

+ Other Long Term Assets 22'518 19'602 32'525 35'437 30'694 33'325 38'636 45'959 38'527 37'829 33'952

Total Current Liabilities 35'902 36'696 23'331 24'663 29'383 29'762 55'645 37'853 37'716 46'130 36'606

+ Accounts Payable 3'607 3'768 3'627 5'272 5'311 4'477 5'537 4'635 5'016 4'871 5'459

+ Short Term Borrowings 7'036 3'807 3'443 5'549 16'022 7'120 3'611 5'885 4'007

+ Other Short Term Liabilities 32'295 32'928 12'668 15'584 20'629 19'736 34'086 26'098 29'089 35'374 27'140

Total Long Term Liabilities 45'437 40'755 53'027 52'681 46'947 52'402 62'973 70'828 69'580 67'129 65'001

+ Long Term Borrowings 24'850 21'787 13'265 10'555 10'029 15'915 25'036 30'657 28'880 24'029 21'937

+ Other Long Term Borrowings 20'587 18'968 39'762 42'126 36'918 36'487 37'937 40'171 40'700 43'100 43'064

Total Liabilities 81'339 77'451 76'358 77'344 76'330 82'164 118'618 108'681 107'296 113'259 101'607

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0

+ Minority Interest 6'511 4'625 4'144 4'734 2'533 5'756 3'960 3'607 3'932 3'876 3'862

+ Share Capital & APIC 13'201 13'363 13'545 13'548 13'559 13'559 15'742 15'748 15'748 15'748 15'741

+ Retained Earnings & Other Equity 12'452 16'411 20'015 30'936 35'153 35'815 18'725 24'600 25'905 19'989 19'216

Total Shareholders Equity 32'164 34'399 37'704 49'218 51'245 55'130 38'427 43'955 45'585 39'613 38'819

Total Liabilities & Equity 113'503 111'850 114'062 126'562 127'575 137'294 157'045 152'636 152'881 152'872 140'426

Book Value Per Share 13.11 15.13 16.97 22.50 24.62 26.06 18.10 21.17 21.86 18.75 18.33 19.92 20.40 21.03

Tangible Book Value Per Share 3.38 5.95 7.75 12.64 14.91 14.95 5.54 7.98 9.97 7.50 7.68

Company Analysis - Financials II/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Cash Flows

Net Income 2'777 4'647 4'339 7'407 5'586 7'204 1'266 8'396 5'853 -2'219 2'217 2'573 2'705 2'710

+ Depreciation & Amortization 4'348 3'230 2'886 2'905 3'670 3'194 3'575 3'686 5'445 4'223 3'503

+ Other Non-Cash Adjustments -4'381 -156 -622 -2'684 -279 -1'592 2'182 -2'880 1'081 3'007 2'310

+ Changes in Non-Cash Capital 292 -1'191 -763 -1'027 -1'747 -68 -285 -148 -1'294 1'599 778

Cash From Operating Activities 3'036 6'530 5'840 6'601 7'230 8'738 6'738 9'054 11'085 6'610 8'808

+ Disposal of Fixed Assets 767 753 268 201 303 293 190 311 242 260 464

+ Capital Expenditures -3'210 -2'660 -2'612 -2'990 -4'096 -6'916 -8'996 -8'376 -7'904 -6'216 -6'379 -5'601 -5'320 -4'628

+ Increase in Investments -614 -2'497 -1'347 -941 -4'390 -9'410

+ Decrease in Investments -6'536 2'338 6'398 3'574 1'138 242

+ Other Investing Activities -9'165 7'490 2'121 -1'863 -3'406 1'074 896 4'666 8'418 2'905 2'897

Cash From Investing Activities -12'222 -953 -382 399 -4'566 -8'801 -17'078 -3'399 756 -3'051 -3'018

+ Dividends Paid -1'100 -1'142 -1'312 -1'549 -4'614 -2'210 -2'560 -2'857 -2'858 -2'858 -1'905

+ Change in Short Term Borrowings

+ Increase in Long Term Borrowings 12'432 2'564 3'522 3'022 10'845 12'533 22'976 10'399 2'429 3'978 573

+ Decrease in Long Term Borrowings -6'447 -4'495 -6'693 -7'634 -11'874 -4'897 -5'784 -12'437 -8'929 -6'736 -5'170

+ Increase in Capital Stocks 15 0 28 55 62 25

+ Decrease in Capital Stocks 7 0 -33 -3'500 -2'951 -1 -333 -11 -149

+ Other Financing Activities -633 -522 -343 -194 -243 -185 -619 -245 -217 -220 -171

Cash From Financing Activities 4'267 -3'588 -4'826 -6'388 -5'858 1'796 11'124 -5'116 -9'908 -5'847 -6'822

Net Changes in Cash -4'919 1'989 632 612 -3'194 1'733 784 539 1'933 -2'288 -1'032

Free Cash Flow (CFO-CAPEX) -174 3'870 3'228 3'611 3'134 1'822 -2'258 678 3'181 394 2'429 750 1'035 1'978

Free Cash Flow To Firm 5'372 4'063 4'481 5'331 3'339 -221 2'809 5'502 4'474

Free Cash Flow To Equity -800 2'408 9'751 15'124 -1'049 -3'077 -2'104 -1'704

Free Cash Flow per Share -0.09 1.98 1.64 1.83 1.59 0.93 -1.21 0.36 1.67 0.21 1.27

Company Analysis - Financials III/IV


Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Ratio Analysis

Valuation Ratios

Price Earnings 8.6x 10.9x 13.2x 14.2x 13.8x 37.9x 6.5x 6.5x 12.4x 10.0x 9.4x 9.6x

EV to EBIT 7.0x 5.0x 9.5x 10.5x 16.6x 14.3x 51.1x 10.1x 9.6x 1'274.4x 10.2x

EV to EBITDA 4.3x 3.8x 6.4x 7.0x 9.3x 10.2x 17.3x 7.2x 5.6x 13.7x 6.0x 5.3x 5.2x 5.1x

Price to Sales 0.7x 0.8x 1.0x 1.1x 1.1x 1.4x 0.6x 0.7x 0.5x 0.3x 0.2x 0.2x 0.2x 0.2x

Price to Book 1.0x 1.1x 1.3x 1.3x 1.4x 1.9x 1.6x 1.4x 1.0x 0.9x 0.8x 0.7x 0.6x 0.6x

Dividend Yield 4.6% 3.9% 3.5% 3.1% 3.2% 2.8% 5.3% 5.1% 6.5% 6.0% 7.8% 5.6% 5.8% 5.6%

Profitability Ratios

Gross Margin 25.7% 23.0% 26.2% 21.7% 13.8% 13.0% 15.6%

EBITDA Margin 31.5% 31.0% 20.8% 17.0% 13.1% 16.1% 6.2% 15.5% 14.0% 3.8% 6.4% 8.6% 8.6% 8.2%

Operating Margin 19.3% 23.4% 14.0% 11.4% 7.4% 11.4% 2.1% 11.0% 8.1% 0.0% 3.7% 5.1% 5.2% 4.9%

Profit Margin 7.8% 10.9% 10.2% 14.3% 8.7% 10.5% 1.5% 10.3% 6.3% -2.0% 1.7% 2.3% 2.3% 2.2%

Return on Assets 2.6% 4.1% 3.8% 6.2% 4.4% 5.4% 0.9% 5.4% 3.8% -1.5% 1.5% 2.7% 2.6% 2.7%

Return on Equity 11.1% 16.8% 13.7% 19.0% 12.0% 14.7% 3.0% 22.4% 14.3% -5.7% 6.3% 6.9% 7.0% 6.6%

Leverage & Coverage Ratios

Current Ratio 0.88 0.86 1.31 1.54 1.06 1.06 0.91 1.05 1.23 1.10 1.20

Quick Ratio 0.42 0.46 0.79 0.94 0.52 0.53 0.35 0.46 0.63 0.54 0.61

Interest Coverage Ratio (EBIT/I) 4.90 5.22 4.96 4.55 2.12 3.84 0.57 2.83 2.31 0.01 1.70

Tot Debt/Capital 0.44 0.39 0.35 0.23 0.21 0.28 0.52 0.46 0.42 0.43 0.40

Tot Debt/Equity 0.77 0.63 0.54 0.29 0.26 0.39 1.07 0.86 0.71 0.76 0.67

Others

Asset Turnover 0.33 0.38 0.38 0.43 0.50 0.52 0.59 0.53 0.61 0.74 0.90

Accounts Receivable Turnover 4.45 6.62 6.78 7.08 7.15 7.30 7.66 6.50 6.78 6.67 7.73

Accounts Payable Turnover 6.36 8.51 8.51 9.09

Inventory Turnover 6.00 10.37 12.21 15.92

Effective Tax Rate 20.3% 29.1% 31.6% 0.7% 23.6% 33.3% 25.2% 21.5% 21.4%

Company Analysis - Financials IV/IV


E.ON SE RWE AG GDF SUEZ EDF ENEL SPA ENDESA EVN AG FORTUM OYJ CENTRICA PLC IBERDROLA SA VERBUND AG SSE PLCENBW ENERGIE

BADDRAX GROUP PLC

VEOLIA

ENVIRONNE

12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 09/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 12/2012 12/2012

19.74 37.12 20.35 18.99 3.30 19.53 12.80 18.90 365.80 4.42 23.20 1'478.00 39.70 660.50 13.06

14.09.2012 20.03.2012 21.08.2012 19.03.2012 14.01.2013 13.03.2013 21.01.2013 15.03.2012 04.03.2013 20.03.2012 21.03.2012 05.03.2013 07.05.2012 20.02.2013 16.03.2012

12.42 26.36 14.05 13.39 2.02 11.30 9.11 12.81 301.20 2.63 14.50 1'286.00 28.49 390.00 7.38

08.02.2013 08.02.2013 01.03.2013 29.11.2012 24.07.2012 25.07.2012 16.05.2012 23.07.2012 22.06.2012 26.07.2012 25.07.2012 25.07.2012 22.06.2012 25.07.2012 16.11.2012

3'788'785 1'273'320 1'640'157 467'359 42'041'223 161'195 108'424 597'070 6'695'903 27'937'208 202'773 1'077'368 0 486'687 1'205'461

13.04 28.64 14.52 14.65 2.60 17.92 10.94 15.15 352.70 4.05 15.97 1'463.00 30.50 591.50 10.10

-34.0% -22.9% -28.7% -22.9% -21.3% -8.2% -14.6% -19.8% -3.6% -8.3% -31.2% -1.0% -23.2% -10.4% -22.7%

5.0% 8.7% 3.3% 9.4% 28.6% 58.6% 20.0% 18.3% 17.1% 54.0% 10.1% 13.8% 7.1% 51.7% 36.8%

1'906.8 614.7 2'357.3 1'846.7 9'403.4 1'058.8 179.0 888.4 5'198.7 6'053.2 347.4 944.7 270.9 401.6 519.7

26'083.0 17'559.8 35'022.1 27'076.7 24'429.9 18'972.8 1'967.0 13'458.8 18'309.2 25'432.5 5'548.2 14'021.4 8'436.4 2'375.4 5'270.5

25'944.0 19'946.0 57'552.0 64'501.0 66'539.0 10'860.0 1'982.7 8'777.0 5'328.0 32'884.1 4'321.1 6'245.6 6'761.2 90.7 17'001.6

- - - - - - - - - - - - - - -

3'862.0 1'613.0 11'462.0 4'854.0 16'387.0 5'716.0 245.4 616.0 - 324.8 641.0 - 1'255.0 - 1'973.6

6'097.0 5'276.0 11'383.0 22'307.0 9'891.0 7'423.0 165.5 963.0 938.0 6'575.5 121.7 189.2 3'368.9 401.7 5'547.8

49'792.0 33'842.8 92'653.1 74'124.7 97'464.9 28'125.8 4'080.3 21'888.8 22'699.2 52'065.9 10'388.6 19'267.7 13'083.7 2'064.4 18'697.9

LFY 132'093.0 50'771.0 97'038.0 72'729.0 82'699.0 33'642.0 2'846.5 6'159.0 23'942.0 34'201.2 3'174.3 31'723.9 19'245.9 1'779.8 29'438.5

LTM 132'093.0 50'771.0 97'038.0 72'729.0 82'699.0 33'490.0 2'810.8 6'159.0 23'942.0 34'848.9 3'174.3 31'337.3 19'245.9 1'779.8 29'438.5

CY+1 110'567.7 53'031.9 80'580.1 72'654.4 79'507.9 32'771.8 3'069.4 6'262.5 24'414.1 33'245.6 3'460.9 31'653.8 18'380.0 1'837.7 27'066.4

CY+2 112'480.4 53'783.0 80'720.6 75'121.5 80'500.8 33'805.3 3'227.6 6'483.4 25'458.1 34'369.3 3'411.4 33'025.4 18'390.0 2'091.5 27'746.7

LFY 0.4x 0.7x 1.0x 1.0x 1.2x 0.8x 1.5x 3.4x 0.9x 1.5x 3.6x 0.6x 0.7x 1.1x 0.8x

LTM 0.4x 0.7x 1.0x 1.0x 1.2x 0.8x 1.5x 3.4x 0.9x 1.5x 3.6x 0.6x 0.7x 1.1x 0.8x

CY+1 0.4x 0.6x 1.0x 1.0x 1.0x 0.9x 1.3x 3.5x 0.9x 1.6x 2.9x 0.7x 0.9x 1.3x 0.7x


LFY 8'443.0 9'055.0 18'401.0 14'342.0 16'150.0 7'310.0 456.1 2'360.0 3'698.0 7'177.7 1'228.2 1'946.8 2'175.8 298.4 3'014.4

LTM 8'443.0 9'201.0 18'401.0 14'342.0 16'150.0 7'336.0 461.9 2'403.0 3'698.0 7'685.6 1'228.2 2'073.9 2'175.8 298.4 3'604.0

CY+1 9'478.0 8'775.6 14'006.2 15'963.9 16'076.7 6'664.7 472.8 2'433.7 3'940.6 7'566.1 1'138.9 2'167.9 2'209.0 206.1 2'441.3

CY+2 9'661.2 8'605.6 14'153.5 16'809.5 16'301.5 6'916.5 507.6 2'434.3 4'146.5 7'876.0 1'071.3 2'301.3 2'211.0 234.0 2'600.1


LTM 6.0x 3.9x 5.1x 5.1x 6.3x 3.7x 9.1x 8.7x 5.9x 6.8x 9.2x 9.0x 5.9x 6.3x 6.4x



LFY 1.81 1.95 1.33 2.06 0.09 2.22 0.98 - 0.26 0.46 1.10 1.29 1.82 0.44 0.02

LTM 1.14 2.13 0.71 1.80 0.09 1.92 0.99 1.59 0.25 0.47 1.12 0.25 1.94 0.44 0.78

CY+1 1.30 3.88 1.36 1.76 0.34 1.76 1.12 1.28 0.28 0.40 1.30 1.14 2.33 0.25 0.55

CY+2 1.39 3.55 1.41 1.91 0.36 1.96 1.25 1.26 0.31 0.42 1.04 1.17 2.38 0.28 0.74


LTM 7.2x 13.4x 10.9x 8.1x - 8.0x 12.4x - 13.5x 8.6x 14.5x 13.3x 15.7x 13.5x 12.9x



1 Year 16.9% 3.3% 7.0% 11.4% 6.6% 2.9% 4.3% (0.0%) 4.9% 8.1% 4.8% 12.0% 2.6% (3.1%) (0.7%)

5 Year 16.4% 4.1% 7.2% 6.1% 9.1% 42.6% 3.6% 7.7% 10.5% 7.9% 3.9% 18.0% 3.9% 11.2% (2.9%)

1 Year 97.8% 9.3% 14.5% 1.7% (6.1%) 0.6% (4.0%) (1.5%) 11.7% 2.5% 26.6% 4.9% 23.0% (10.6%) (20.8%)

5 Year (5.3%) 3.1% 20.7% (1.7%) 10.7% 2.0% 5.4% 3.4% 8.1% 8.0% 2.3% 5.7% (5.1%) (10.0%) (4.1%)

LTM 6.4% 18.1% 19.0% 19.7% 19.5% 21.9% 16.4% 39.0% 15.4% 22.1% 38.7% 6.6% 11.3% 16.8% 12.0%

CY+1 8.6% 16.5% 17.4% 22.0% 20.2% 20.3% 15.4% 38.9% 16.1% 22.8% 32.9% 6.8% 12.0% 11.2% 9.0%

CY+2 8.6% 16.0% 17.5% 22.4% 20.3% 20.5% 15.7% 37.5% 16.3% 22.9% 31.4% 7.0% 12.0% 11.2% 9.4%

Total Debt / Equity % 74.2% 134.6% 96.3% 249.4% 181.0% 52.6% 71.6% 86.0% 89.9% 97.4% 96.9% 136.2% 114.0% 6.1% 237.7%

Total Debt / Capital % 40.1% 54.8% 44.7% 67.7% 55.6% 29.2% 39.7% 44.8% 47.3% 49.1% 45.9% 57.7% 48.5% 5.8% 65.1%

Total Debt / EBITDA 3.073x 2.168x 3.128x 4.497x 4.120x 1.480x 4.488x 3.653x 1.441x 4.279x 3.518x 2.961x 3.107x 0.304x 5.500x

Net Debt / EBITDA 2.351x 1.594x 2.509x 2.942x 3.508x 0.469x 4.021x 3.252x 1.187x 3.423x 3.419x 2.530x 1.559x -1.042x 4.238x

EBITDA / Int. Expense 2.900x 7.250x 7.468x 5.871x 6.247x 9.290x 2.496x 7.867x 7.441x - 6.094x 3.881x 5.784x 19.503x 3.593x

S&P LT Credit Rating A- BBB+ A *- A+ BBB+ BBB+ BBB+ A- A- BBB A- A- A- - BBB+

S&P LT Credit Rating Date 27.07.2012 27.07.2012 29.01.2013 17.01.2012 08.03.2012 08.03.2012 02.08.2012 27.11.2012 29.05.2009 28.11.2012 21.09.2009 21.08.2009 18.12.2009 - 24.11.2000

Moody's LT Credit Rating A3 A3 A1 Aa3 Baa2 WR A3 A2 A3 (P)Baa1 A2 A3 (P)A3 - Baa1

Moody's LT Credit Rating Date 05.10.2011 19.07.2011 03.07.2012 14.01.2009 05.11.2012 25.02.2009 08.09.2010 15.07.2005 21.06.2006 05.11.2012 16.10.2009 22.09.2009 20.12.2011 - 07.02.2012

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (3/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Company Analysis - Peers Comparision


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