Escolar Documentos
Profissional Documentos
Cultura Documentos
2013
Technip SA
TEC FP
Currency:
Sector: Energy
Benchmark:
CAC 40 INDEX (CAC)
Year:
Telephone
33-1-4778-2400
Revenue (M)
Website
www.technip.com
No of Employees
Address
89 Avenue de la Grande Armee Paris, 75116 France
Share Price Performance in EUR
Price
82.34
1M Return
52 Week High
92.36
6M Return
52 Week Low
69.21
52 Wk Return
52 Wk Beta
1.03
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
8'204
30'000
1.4%
-6.5%
4.3%
-5.2%
IG5
BBB+
-
Date
Date
Date
12/09
30.9x
5.2x
4.2x
0.8x
2.0x
2.7%
12/10
17.6x
9.8x
8.0x
1.2x
2.3x
2.1%
12/11
15.5x
10.1x
8.1x
1.2x
2.2x
2.2%
12/12
-
12/13E
14.5x
7.5x
1.0x
2.1x
2.3%
12/14E
11.7x
6.2x
0.9x
1.9x
2.7%
12/15E
10.9x
5.8x
0.8x
1.7x
2.8%
12/09
Gross Margin
17.7
EBITDA Margin
12.9
Operating Margin
10.5
Profit Margin
2.6
Return on Assets
2.0
Return on Equity
6.6
Leverage and Coverage Ratios
12/09
Current Ratio
1.0
Quick Ratio
0.8
EBIT/Interest
22.5
Tot Debt/Capital
0.2
Tot Debt/Equity
0.3
Eff Tax Rate %
52.2
12/10
19.5
12.6
10.2
6.9
4.4
14.2
12/11
18.9
13.0
10.4
7.4
4.7
14.9
12/12
6.6
-
12/13E
18.5
13.2
10.7
7.4
7.3
16.5
12/14E
19.4
14.1
11.5
8.2
8.7
18.0
12/15E
20.1
14.2
11.2
8.4
17.7
12/10
1.0
0.8
17.2
0.4
0.6
30.2
12/11
1.0
0.7
18.4
0.4
0.6
29.3
12/12
-
27.05.2010
-
Outlook
Outlook
Outlook
Sales (M)
3841
2972
Sales (M)
1749
1562
1510
1061
932
14%
STABLE
-
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
Technip SA designs and constructs industrial facilities. The Company designs and
builds factories which produce and process petroleum products, natural gas, and
chemicals, and generate electricity. Technip builds offshore facilities for the petroleum
industry. The Company operates worldwide.
25%
16%
44%
56%
23%
22%
Onshore/Offshore
Africa
Asia - Pacific
108.7
9299.0
2287.3
2103.8
0.0
0.0
13.0
9128.5
120
13%
100
80%
27%
31%
23%
38%
38%
35%
27%
22%
23%
25%
25%
100
23%
80
60%
60
40%
62%
62%
62%
54%
54%
54%
58%
63%
62%
61%
61%
63%
40
20
0%
0
mars.12
avr.12
mai.12
juin.12
Buy
juil.12
Hold
aot.12
Sell
sept.12
oct.12
Price
nov.12
dc.12
janv.13
Target Price
Date
Buy
Hold
Sell
Date
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12
29-Feb-12
63%
61%
61%
63%
62%
58%
54%
54%
54%
62%
62%
62%
23%
25%
25%
22%
23%
27%
35%
38%
38%
23%
31%
27%
13%
14%
14%
15%
15%
15%
12%
8%
8%
15%
8%
12%
21-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13
21-Jan-13
18-Jan-13
17-Jan-13
16-Jan-13
15-Jan-13
14-Jan-13
11-Jan-13
80
60
40
20
20%
fvr.12
120
99.74
99.95
99.95
99.95
99.95
99.95
99.95
99.45
98.74
97.80
97.37
97.50
97.50
97.50
97.50
97.72
97.72
97.72
99.21
98.25
97.62
97.78
97.78
97.78
97.78
98.40
98.40
98.40
98.40
98.68
Broker
Analyst
Societe Generale
Goldman Sachs
RBC Capital Markets
JPMorgan
HSBC
CM - CIC Securities(ESN)
Oddo & Cie
Canaccord Genuity Corp
Main First Bank AG
AlphaValue
ABN Amro Bank N.V.
Exane BNP Paribas
CA Cheuvreux
DNB Markets
Natixis
Nomura
S&P Capital IQ
Macquarie
Barclays
Day by Day
Morgan Stanley
EVA Dimensions
RS Platou Markets
Raymond James
Liberum Capital Ltd
Kepler Capital Markets
Fox-Davies Capital
GUILLAUME DELABY
HENRY TARR
KATHERINE TONKS
ANDREW DOBBING
PHILLIP LINDSAY
JEAN-LUC ROMAIN
JEAN-FRANCOIS GRANJON
JAMES EVANS
BERND POMREHN
GAETAN DUPONT
MARK VAN DER GEEST
ALEXANDRE MARIE
GEOFFROY STERN
EIRIK RONOLD MATHISEN
ANNE PUMIR
CHRISTYAN MALEK
CHRISTINE TISCARENO
DAVID FARRELL
MICK PICKUP
VALERIE GASTALDY
ROBERT PULLEYN
CRAIG STERLING
GORAN ANDREASSEN
BERTRAND HODEE
ANDREW WHITTOCK
TEAM COVERAGE
PAUL SINGER
Recommendation
buy
neutral/neutral
outperform
overweight
overweight
buy
buy
buy
outperform
reduce
hold
neutral
outperform
buy
buy
neutral
buy
outperform
overweight
hold
Overwt/Attractive
sell
buy
underperform
hold
buy
hold
Morgan Stanley
EVA
Dimensions
RS Platou
Markets
Raymond
James
Liberum Capital
Ltd
Kepler Capital
Markets
Fox-Davies
Capital
14%
Barclays
14%
15%
15%
Day by Day
15%
Macquarie
12%
S&P Capital IQ
8%
Natixis
8%
Nomura
15%
DNB Markets
8%
HSBC
CM - CIC
Securities(ESN)
Oddo & Cie
Canaccord
Genuity Corp
Main First Bank
AG
AlphaValue
ABN Amro Bank
N.V.
Exane BNP
Paribas
CA Cheuvreux
12%
Societe
Generale
Goldman Sachs
RBC Capital
Markets
JPMorgan
100%
Price
Broker Recommendation
Target
Date
107.00
94.00
105.00
114.00
106.00
98.00
93.00
107.00
100.00
80.40
83.00
92.00
90.00
105.00
95.00
90.00
96.00
94.00
116.00
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
21-Feb-13
19-Feb-13
15-Feb-13
12-Feb-13
7-Feb-13
29-Jan-13
29-Jan-13
25-Jan-13
25-Jan-13
24-Jan-13
18-Jan-13
17-Jan-13
15-Jan-13
8-Nov-12
26-Oct-12
27-Apr-12
2-Aug-11
121.00
95.00
80.00
78.70
101.00
21.02.2013
Technip SA
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
39%
60.99%
38.96%
0.05%
61%
Institutional Ownership
Retail Ownership
Insider Ownership
United States
France
Luxembourg
Britain
Norway
Switzerland
Germany
Others
44.22%
33.72%
5.33%
5.23%
3.80%
2.55%
1.17%
3.99%
71.03%
11.91%
10.93%
5.44%
0.69%
PILENKO THIERRY
HAUSER GERARD
APPERT OLIVIER
O'LEARY JOHN C G
COLOMBANI PASCAL
4%
3% 1% 4%
5%
44%
5%
34%
United States
France
Luxembourg
Britain
Norway
Switzerland
Germany
Others
TOP 20 ALL
Position
10'888'250
8'753'684
5'929'398
4'146'278
3'942'407
3'361'789
3'219'635
2'830'917
2'750'873
2'152'163
1'816'844
1'673'439
1'596'029
1'326'090
1'309'685
1'259'670
1'190'548
1'132'066
950'406
757'901
Position Change
-1'555'250
379'586
0
601'110
-160'916
0
0
0
0
139'045
-203'806
0
0
0
-6'160
0
0
0
158'316
-53'277
Market Value
896'538'505
720'778'341
488'226'631
341'404'531
324'617'792
276'809'706
265'104'746
233'097'706
226'506'883
177'209'101
149'598'935
137'790'967
131'417'028
109'190'251
107'839'463
103'721'228
98'029'722
93'214'314
78'256'430
62'405'568
% of Ownership
9.64%
7.75%
5.25%
3.67%
3.49%
2.98%
2.85%
2.51%
2.44%
1.91%
1.61%
1.48%
1.41%
1.17%
1.16%
1.12%
1.05%
1.00%
0.84%
0.67%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
31.12.2012
20.02.2013
31.12.2011
15.05.2012
30.11.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2011
31.12.2011
31.12.2011
31.01.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
Source
ULT-AGG
ULT-AGG
Co File
Research
ULT-AGG
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
13F
ULT-AGG
Top 5 Insiders:
Holder Name
Geographic Ownership
0%
108.7
88.8%
44'900
1'700
904
800
400
3'697'066
139'978
74'435
65'872
32'936
0.04%
0.00%
0.00%
0.00%
0.00%
Source
29.02.2012
29.02.2012
29.02.2012
29.02.2012
29.02.2012
Co File
Co File
Co File
Co File
Co File
Country
UNITED STATES
UNITED STATES
FRANCE
FRANCE
FRANCE
FRANCE
UNITED STATES
FRANCE
NORWAY
UNITED STATES
FRANCE
BRITAIN
UNITED STATES
SWITZERLAND
GERMANY
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
Institutional Ownership
5%
1%
11%
12%
71%
Investment Advisor
Government
Corporation
Others
Fiscal Year
Equivalent Estimates
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
4'452
4'711
5'141
5'376
6'927
6'202
7'887
7'245
7'481
6'342
6'456
5'314
6'082
4'897
6'813
5'526
8'204
9'246
10'416
11'054
5'145
29
1'140
483
45
1'142
465
54
1'185
565
57
1'287
577
65
2'222
4'907
30
641
374
42
2'024
4'597
33
724
364
35
1'707
4'366
37
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
87
16
13
45
114
12
3
36
234
18
7
40
231
30
10
48
360
30
6
28
267
42
21
-1
657
38
-21
-8
677
30
35
238
620
36
-9
-1
710
39
-33
-8
990
1'199
1'234
Pretax Income
- Income Tax Expense
13
46
63
82
168
54
144
44
296
94
205
77
648
194
373
195
595
179
711
209
974
1'206
1'318
-33
0
-4
-19
0
1
114
0
2
100
5
2
202
0
2
128
0
2
454
0
6
179
0
8
415
0
-2
503
0
-5
686
5.70
1.91
0.33
851
7.02
2.22
0.32
929
7.56
2.33
0.31
1'224
1'468
1'566
Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
0.28
1.00
1.88
1.20
4.25
1.59
3.81
4.41
-29
(0.27)
1.24
-20
(0.21)
1.24
112
1.18
0.83
71.1
98
0.98
0.92
92.5
200
1.88
1.05
55.7
136
1.32
1.20
102.0
448
4.30
1.20
28.5
356
3.30
1.35
84.4
418
3.81
1.45
38.3
519
4.70
1.58
33.9
93
114
94
117
95
116
97
115
105
106
104
105
106
105
106
107
107
110
109
117
EBITDA
348
346
369
374
520
430
808
831
766
884
*Net income excludes extraordinary gains and losses and one-time charges.
547
4.47
122
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
7084.6001 8762.09961
642
782
96
110
726
756
81
74
5'540
7'041
3079.9
695
739
349
87
1'210
3919.6
1'566
622
440
101
1'191
4645.7
612
1'791
584
134
1'525
4635.5
586
1'816
783
174
1'277
4542.8
477
1'927
1'124
226
788
4660.2
516
2'141
1'061
215
727
5751.4
779
2'327
1'277
222
1'148
5808.5
919
1'890
1'280
255
1'465
12/12
12/13E
12/14E
12/15E
38.38
43.55
48.76
Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets
3'518
12
1'604
743
861
2'645
3'246
6
1'499
761
739
2'502
3'338
3
1'471
735
737
2'598
3'377
12
1'592
821
771
2'595
3'418
17
1'690
932
758
2'643
3'464
38
1'844
1'026
818
2'608
3'589
27
1'936
991
945
2'617
3'910
34
2'414
1'220
1'195
2'681
4'471
26
2'777
1'305
1'472
2'972
5'624
30
3'843
1'534
2'308
3'285
7'198
721
301
6'176
8'749
783
226
7'740
2'905
853
192
1'861
3'817
978
214
2'625
4'666
1'658
186
2'822
4'965
1'866
44
3'055
4'656
1'704
26
2'926
4'783
1'476
28
3'279
5'673
1'862
681
3'130
5'811
2'135
544
3'132
1'365
946
419
1'312
903
409
1'651
1'409
242
1'512
1'305
207
981
677
304
937
653
284
980
734
246
1'070
845
225
1'347
1'092
255
1'948
1'544
404
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
8'563
0
16
1'322
701
10'061
0
9
1'372
566
4'556
0
10
1'349
503
5'329
0
14
1'412
542
5'647
0
16
1'685
716
5'903
0
18
1'722
457
5'636
0
22
1'793
680
5'853
0
30
1'794
893
7'020
0
22
1'834
1'346
7'759
0
22
1'976
1'676
2'039
1'947
1'861
1'968
2'417
2'197
2'496
2'717
3'202
3'673
10'603
12'008
6'418
7'297
8'063
8'099
8'132
8'570
10'222
11'432
21.65
-6.58
20.53
-5.92
19.47
-6.53
20.08
-5.12
22.92
-0.21
20.89
-2.31
23.28
0.60
25.28
2.62
29.62
6.94
33.58
8.62
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
-29
261
9
193
-20
232
17
119
112
135
61
90
93
143
39
618
200
160
-8
594
126
163
-97
634
448
151
83
-227
170
154
48
262
418
146
-24
-501
507
174
101
-131
433
112
-124
-0
31
0
349
105
-122
-3
2
30
398
6
-119
894
19
-167
-1
3
2
947
40
-151
826
1
-250
-9
20
55
455
3
-389
-0
2
-27
634
1
-413
-0
2
-19
38
2
-361
-115
20
-54
652
3
-339
-13
1
-609
19
-80
-161
795
-952
12
0
-88
11
-77
-65
77
-97
0
0
-45
-128
-130
-120
-142
-174
-275
-411
-125
-429
-128
76
-82
30
-368
-126
22
-198
37
-86
-152
128
-49
72
110
-26
1
-69
92
-508
-144
0
969
-74
40
-2
131
-958
-156
673
-242
26
-23
-9
-145
-32
0
51
-141
64
-20
83
-474
-208
296
-612
-653
-43
50
920
-22
151
566
754
215
-1
255
451
-297
308
226
279
727
796
575
66
221
-323
312
268
102
2.88
223
245
2.41
292
716
2.96
747
656
7.59
816
830
7.54
601
400
5.54
92
147
0.62
235
306
2.08
-298
574
-3.03
340
448
2.89
12/12
12/13E
12/14E
12/15E
692
867
975
-453
-449
-414
392
606
788
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
17
-33
888
-755
35
-3
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
24.4x
6.1x
0.4x
0.8x
7.3%
19.9x
6.6x
0.4x
1.0x
5.8%
115.3x
14.6x
9.2x
0.6x
1.7x
2.4%
49.2x
18.6x
11.5x
0.9x
2.5x
1.8%
27.4x
10.9x
7.5x
0.8x
2.3x
2.0%
44.7x
15.0x
9.3x
0.7x
2.6x
2.2%
5.1x
1.1x
0.9x
0.3x
0.9x
5.5%
30.9x
5.2x
4.2x
0.8x
2.0x
2.7%
17.6x
9.8x
8.0x
1.2x
2.3x
2.1%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
7.8%
1.9%
-0.7%
-0.3%
-1.4%
7.3%
2.4%
-0.4%
-0.2%
-1.0%
7.2%
4.5%
2.2%
1.2%
5.9%
7.0%
4.3%
1.7%
1.4%
4.9%
10.5%
7.5%
5.2%
2.9%
2.6%
9.2%
8.1%
5.5%
3.4%
1.6%
1.6%
5.5%
15.2%
10.8%
8.8%
6.0%
5.5%
19.3%
17.7%
12.9%
10.5%
2.6%
2.0%
6.6%
0.98
0.20
5.46
0.38
0.61
1.00
0.19
9.82
0.37
0.58
1.06
0.61
12.70
0.46
0.86
1.03
0.69
7.67
0.44
0.77
1.00
0.64
11.96
0.26
0.36
0.93
0.64
6.44
0.24
0.32
0.98
0.76
17.42
0.23
0.30
0.39
6.69
0.42
6.36
0.56
9.31
0.78
13.63
0.90
13.53
4.73
52.69
0.98
11.54
4.13
47.03
356.2%
130.0%
32.2%
30.3%
31.8%
37.6%
12/12
12/13E
12/14E
12/15E
15.5x
10.1x
8.1x
1.2x
2.2x
2.2%
14.5x
11.7x
10.9x
7.5x
1.0x
2.1x
2.3%
6.2x
0.9x
1.9x
2.7%
5.8x
0.8x
1.7x
2.8%
19.5%
12.6%
10.2%
6.9%
4.4%
14.2%
18.9%
13.0%
10.4%
7.4%
4.7%
14.9%
18.5%
13.2%
10.7%
7.4%
7.3%
16.5%
19.4%
14.1%
11.5%
8.2%
8.7%
18.0%
20.1%
14.2%
11.2%
8.4%
0.97
0.78
22.48
0.24
0.32
1.01
0.77
17.18
0.36
0.55
1.00
0.70
18.38
0.36
0.57
0.92
7.85
3.58
31.72
0.77
5.91
3.34
24.07
0.65
5.20
2.94
22.42
0.63
5.33
2.78
23.22
29.9%
52.2%
30.2%
29.3%
Ratio Analysis
6.6%
17.7%
12/2012
92.36
22.10.2012
69.21
04.06.2012
1'210'954
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
CIE GENERALE DE
SUBSEA 7 SA
HALLIBURTON CO
AKER SOLUTIONS
A
12/2012
40.12
17.09.2012
18.61
30.01.2013
2'231'494
12/2012
43.96
14.02.2013
26.28
26.06.2012
8'851'289
12/2012
124.60
25.01.2013
72.20
26.06.2012
757'884
SAIPEM SPA
12/2011
25.76
09.10.2012
15.58
04.06.2012
1'059'002
12/2011
148.39
02.04.2012
106.91
25.06.2012
1'447'616
SBM OFFSHORE
NV
SCHLUMBERGER
LTD
WOOD GROUP
(JOHN
PETROFAC LTD
AMEC PLC
PETROLEUM GEO
SEADRILL LTD
12/2012
16.41
08.03.2012
7.73
20.11.2012
2'558'627
12/2012
82.00
14.02.2013
59.12
26.06.2012
6'397'047
12/2011
883.50
19.10.2012
649.00
26.06.2012
573'571
12/2012
25.49
14.02.2013
14.90
26.06.2012
1'476'885
12/2011
1'784.00
20.04.2012
1'324.00
27.06.2012
1'356'007
12/2012
1'189.00
14.03.2012
914.00
01.06.2012
1'428'656
12/2012
104.50
02.11.2012
64.30
26.06.2012
2'068'517
12/2011
246.90
21.08.2012
188.50
04.06.2012
1'408'521
82.34
20.29
132.90
20.40
40.47
108.30
10.35
78.53
793.50
23.00
1'572.00
1'032.00
94.20
207.10
-10.8%
19.0%
108.7
-21.2%
30.3%
159.2
-10.4%
24.3%
338.7
-49.2%
9.6%
441.4
-7.9%
54.0%
929.0
-13.1%
50.0%
270.5
-36.9%
33.9%
189.1
-4.2%
32.8%
1'328.0
-10.2%
22.3%
371.3
-9.8%
54.4%
105.3
-11.9%
18.7%
340.1
-13.2%
12.9%
300.7
-9.9%
46.5%
217.8
-16.1%
9.9%
467.8
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth
EBITDA Growth
EBITDA Margin
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2
9'299.0
3'579.0
46'753.4
9'005.6
37'555.6
29'674.2
1'957.6
104'307.9
2'961.1
2'422.8
5'437.4
3'065.7
20'516.8
97'181.9
2'087.9
21.7
2'808.7
1'501.0
67.5
410.7
893.4
51.5
803.4
4'278.0
148.0
1'029.0
4'820.0
25.0
2'484.0
7'691.0
157.0
1'214.0
2'531.0
71.3
748.3
11'630.0
107.0
6'274.0
230.5
10.0
226.6
1'019.2
437.1
77.2
3.1
1'602.0
176.0
4.0
275.0
916.8
0.0
393.3
10'428.0
325.0
507.0
9'128.5
4'941.2
8'621.6
13'532.6
39'916.6
36'308.2
4'438.5
Valuation
109'770.9
4'633.1
3'004.9
7'520.7
2'970.7
4'149.6
28'129.4
8'203.9
8'203.9
9'246.1
10'416.4
1.2x
1.2x
0.9x
0.8x
883.5
1'012.6
1'224.1
1'467.8
10.9x
9.5x
7.1x
5.5x
0.00
4.59
5.70
7.02
17.9x
25.1x
14.5x
11.7x
20.4%
3.4%
11.2%
12.8%
13.2%
14.1%
2'267.7
2'594.7
2'720.7
3'559.7
2.2x
1.9x
1.8x
1.4x
596.1
753.5
844.1
1'200.4
8.5x
6.7x
5.8x
4.0x
-0.21
0.40
0.74
1.73
51.8x
51.8x
27.1x
11.6x
3.7%
3.1%
2.5%
5.1%
29.0%
31.0%
33.7%
5'476.5
6'103.3
6'243.0
6'756.9
1.5x
1.4x
1.4x
1.2x
870.8
1'050.1
1'137.7
1'274.6
9.7x
8.1x
7.5x
6.6x
1.26
2.14
1.65
1.62
11.0x
11.0x
14.3x
14.5x
131.2%
35.4%
81.8%
23.6%
17.2%
18.2%
18.9%
13'369.0
13'369.0
13'566.9
14'063.2
1.6x
1.6x
1.0x
0.9x
2'207.0
2'186.0
1'540.5
1'973.7
9.5x
9.4x
8.6x
6.3x
2.04
2.05
1.00
1.65
9.9x
20.3x
12.3x
6.2%
8.3%
5.0%
14.0%
16.4%
11.4%
14.0%
28'503.0
28'503.0
29'769.0
32'970.3
1.2x
1.2x
1.3x
1.2x
5'787.0
5'787.0
6'184.6
7'544.0
6.0x
6.0x
6.4x
5.1x
3.02
3.08
3.02
3.96
13.1x
13.1x
13.4x
10.2x
14.8%
14.5%
(5.1%)
7.5%
20.3%
20.8%
22.9%
44'922.0
44'922.0
49'190.0
54'738.2
0.8x
0.8x
0.7x
0.6x
4'739.0
4'701.0
5'332.1
6'490.9
7.8x
7.9x
6.6x
5.3x
8.30
8.25
9.69
12.77
13.1x
13.2x
11.2x
8.5x
25.9%
3.1%
36.8%
3.9%
10.5%
10.8%
11.9%
57.2%
36.2%
2.078x
-0.181x
22.889x
51.1%
33.3%
2.044x
1.699x
4.716x
15.5%
13.3%
0.861x
0.303x
21.554x
79.1%
43.5%
1.957x
1.957x
18.112x
30.6%
23.4%
0.833x
0.404x
19.419x
65.1%
39.1%
1.636x
1.378x
10.132x
BBB+
27.05.2010
-
BB29.11.2012
Ba3 *25.09.2012
A
20.08.2007
A2
01.05.2007
3'695.2
3'695.2
4'005.2
4'028.9
1.2x
1.2x
1.2x
1.2x
873.1
929.0
5.3x
5.0x
-0.46
2.17
2.46
6.3x
5.6x
17.1%
6.7%
21.8%
23.1%
42'149.0
42'841.0
46'176.7
51'872.0
2.3x
2.3x
2.3x
2.0x
11'020.0
11'055.0
12'404.7
14'531.9
8.8x
8.8x
8.7x
7.1x
4.16
4.19
4.74
5.83
18.7x
18.7x
16.6x
13.5x
14.0%
14.7%
12.5%
5.5%
25.8%
26.9%
28.0%
5'666.8
6'547.2
6'838.8
7'292.4
0.7x
0.6x
0.7x
0.6x
396.0
460.5
511.3
596.0
10.4x
8.9x
9.0x
7.4x
0.40
0.33
0.84
1.00
36.3x
24.3x
14.4x
12.1x
38.7%
11.5%
39.0%
7.3%
7.0%
7.5%
8.2%
846.1
1'293.3
1'074.3
1'223.5
3.3x
2.1x
52.7
361.5
391.5
468.5
52.3x
7.6x
0.49
1.57
1.46
1.86
14.6x
14.6x
15.7x
12.4x
(39.5%)
(1.8%)
(92.2%)
(40.3%)
28.0%
36.4%
38.3%
5'800.7
6'331.4
6'437.8
6'765.6
1.2x
1.1x
1.2x
1.2x
764.0
888.8
924.7
1'088.9
8.8x
7.6x
8.4x
7.2x
1.57
1.82
1.85
2.08
13.2x
13.3x
12.9x
11.5x
33.2%
26.2%
19.8%
30.8%
14.0%
14.4%
16.1%
4'158.0
4'158.0
4'256.4
4'538.8
0.7x
0.7x
0.7x
0.6x
363.0
363.0
368.8
410.8
8.0x
8.0x
7.8x
6.9x
0.82
0.67
0.88
0.98
15.4x
12.6x
11.8x
10.5x
27.5%
12.5%
29.2%
22.7%
8.7%
8.7%
9.1%
1'518.3
1'518.3
1'754.0
1'992.6
2.8x
2.8x
2.4x
2.1x
777.3
777.3
1'000.8
1'149.4
5.5x
5.5x
4.2x
3.6x
0.15
0.86
1.56
2.00
19.4x
10.7x
8.3x
21.1%
11.0%
44.2%
(0.8%)
51.2%
57.1%
57.7%
4'191.0
4'208.0
4'385.8
5'040.5
7.0x
7.0x
6.4x
5.9x
2'315.0
2'382.0
2'441.5
2'903.3
12.6x
12.3x
11.5x
10.3x
2.18
2.67
3.22
16.8x
13.7x
11.4x
4.4%
29.1%
11.4%
42.5%
56.6%
55.7%
57.6%
33.5%
25.0%
1.052x
0.484x
32.412x
11.7%
10.5%
0.624x
0.233x
28.905x
71.8%
41.8%
2.819x
1.610x
0.800x
6.9%
6.5%
0.075x
-0.872x
115.768x
16.3%
14.0%
0.485x
-0.273x
45.375x
47.7%
32.3%
1.180x
0.674x
20.569x
174.5%
62.3%
4.730x
4.410x
7.847x
FALSE
FALSE
FALSE
FALSE
FALSE
A+
11.12.2002
A1
03.06.2003
B+
19.09.2011
B3
05.08.2009
BB
02.12.2010
Ba2
16.11.2011
FALSE
FALSE
FALSE
FALSE
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
172.3%
62.2%
-
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date