21.02.

2013

Company Analysis - Overview

Ticker:

Prysmian SpA

PRY IM

Sector: Industrials

Industry: Electrical Equipment

Telephone
39-02-64491
Website
www.prysmian.com
Address
Viale Sarca 222 Milano, 20126 Italy
Share Price Performance in EUR
Price
15.57
52 Week High
16.42
52 Week Low
10.55
52 Wk Beta
0.86
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Benchmark:
FTSE MIB INDEX (FTSEMIB)

BrsaItaliana: PRY, Currency: EUR

Currency:

Prysmian SpA develops, designs, produces, supplies and installs a wide range of cables
for applications in the energy and telecommunications industries.

Year:

Revenue (M)
No of Employees

7'583
21'764

1M Return
6M Return
52 Wk Return
YTD Return

-1.6%
13.7%
18.7%
3.7%

IG8
-

Date
Date
Date

12/08
8.4x
6.4x
5.5x
0.4x
4.4x
3.8%

12/09
8.7x
6.3x
5.4x
0.6x
3.2x
3.4%

12/10
15.5x
8.7x
6.9x
0.5x
3.0x
1.3%

12/11
8.6x
5.8x
0.3x
1.9x
2.2%

12/12E
12.8x
7.8x
0.4x
2.7x
1.6%

12/13E
10.6x
7.1x
0.4x
2.3x
2.1%

12/14E
9.3x
6.5x
0.4x
1.9x
2.5%

12/08
Gross Margin
39.2
EBITDA Margin
9.3
Operating Margin
8.0
Profit Margin
4.6
Return on Assets
7.8
Return on Equity
53.9
Leverage and Coverage Ratios
12/08
Current Ratio
1.5
Quick Ratio
0.9
EBIT/Interest
5.8
Tot Debt/Capital
0.7
Tot Debt/Equity
2.5
Eff Tax Rate %
18.1

12/09
44.8
13.3
11.4
6.6
8.1
44.1

12/10
35.2
9.4
7.4
3.2
4.3
20.7

12/11
35.2
7.2
4.8
-1.8
-2.8
-15.1

12/12E
7.8
5.5
3.1
19.4

12/13E
8.4
6.2
3.7
21.5

12/14E
8.7
6.7
4.2
21.3

12/09
1.7
1.0
10.6
0.6
1.5
25.2

12/10
1.7
0.9
8.6
0.6
1.6
29.6

12/11
1.0
0.6
4.7
0.6
1.7
-

Outlook
Outlook
Outlook

Business Segments in EUR

Electrical Wire Contractor
Communications Lines Contractor

Sales (M)
6268
1315

Geographic Segments in EUR

Europe & Africa
Asia & Oceania
North America
South America

Sales (M)
4851
1130
920
682

9%

17%
12%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

15%
64%
83%

Electrical Wire Contractor

Communications Lines Contractor

Current Capitalization in EUR

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Europe & Africa

Asia & Oceania

North America

South America

211.4
3339.9
456.0
1884.0
0.0
0.0
55.0
4822.9

Company Analysis - Analysts Ratings

Prysmian SpA

40%

86%

87%

87%

88%

87%

87%

91%

87%

86%

86%

86%

8
6
4

20%

5
0

2
0%

0
fvr.12

mars.12

avr.12

mai.12

juin.12

Buy

juil.12

Hold

aot.12

Sell

Date

Buy

Hold

Sell

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

86%
86%
86%
91%
87%
87%
87%
91%
88%
87%
87%
86%

14%
14%
14%
5%
9%
9%
9%
5%
8%
9%
9%
5%

0%
0%
0%
5%
4%
4%
4%
5%
4%
4%
4%
9%

sept.12

Price

oct.12

nov.12

dc.12

janv.13

Target Price

Date
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

Price Target Price

15.57
16.04
16.06
15.74
15.74
15.76
15.85
15.52
15.38
15.41
15.24
15.14
15.20
15.10
15.75
15.76
15.81
16.05
16.12
16.25
16.10
16.07
16.35
15.82
15.52
15.46
15.18
15.22
15.33
15.62

17.79
17.79
17.79
17.79
17.79
17.79
17.79
17.72
17.59
17.33
17.25
17.25
17.25
17.25
17.30
17.30
17.30
17.30
17.30
17.30
17.30
17.20
17.20
17.20
17.10
17.10
16.83
16.83
16.83
16.90

Broker

Analyst

AlphaValue
LIONEL PELLICER
Mediobanca SpA
ALESSANDRO TORTORA
Banca IMI
MONICA BOSIO
Credit Suisse
MAX YATES
Exane BNP Paribas
ARNAUD BROSSARD
Natixis
ARNAUD SCHMIT
Goldman Sachs
DANIELA COSTA
EVA Dimensions
CRAIG STERLING
JPMorgan
ANDREAS WILLI
Berenberg Bank
MAGGIE PAXTON
Espirito Santo Investment Bank Research ROB VIRDEE
Barclays
DAVID VOS
CA Cheuvreux
GIORGIO IANNELLA
Banca Akros(ESN)
FRANCESCO PREVITERA
Equita SIM SpA
LUIGI DE BELLIS
HSBC
CHRISTOPHE QUARANTE
Kepler Capital Markets
ENRICO COCO
Hammer Partners SA
ALBERTO ROLLA
Centrobanca
MARCO CRISTOFORI

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
buy
neutral
add
outperform
outperform
neutral
Buy/Neutral
hold
overweight
buy
buy
overweight
outperform
accumulate
buy
overweight
buy
buy
buy

Centrobanca

10
91%

10

Hammer Partners SA

12

60%

15

Kepler Capital Markets

14

20

HSBC

16

80%

Equita SIM SpA

18

Banca Akros(ESN)

14%

CA Cheuvreux

14%

Brokers' Target Price

25

Barclays

14%

20

Espirito Santo Investment Bank

Research

0%

Berenberg Bank

0%

JPMorgan

5%
5%

0%

EVA Dimensions

4%
9%

Goldman Sachs

4%
9%

Natixis

5%
5%

4%
9%

Exane BNP Paribas

4%
8%

Credit Suisse

4%
9%

Banca IMI

9%
5%

4%
9%

Mediobanca SpA

100%

AlphaValue

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in EUR

Target

Date

20.20
16.20
17.77
19.00
19.00
16.00
21.60

21-Feb-13
20-Feb-13
20-Feb-13
12-Feb-13
4-Feb-13
24-Jan-13
17-Jan-13
15-Jan-13
14-Jan-13
8-Jan-13
8-Jan-13
21-Dec-12
11-Dec-12
3-Dec-12
12-Nov-12
9-Nov-12
9-Nov-12
11-May-12
14-Feb-12

18.00
16.30
19.00
16.00
16.00
16.00
17.00
18.00
16.00
14.90

21.02.2013

Prysmian SpA

Company Analysis - Ownership

Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

49.89%
50.11%
0.00%

50%

United States
Italy
Luxembourg
Britain
Norway
Ireland
Germany
Others

50%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in EUR

Top 20 Owners:
Holder Name
CLUBTRE SRL
FRANKLIN RESOURCES
FMR LLC
NORGES BANK
VANGUARD GROUP INC
JP MORGAN SECURITIES
STATE STREET
SCHRODER INVESTMENT
OPPENHEIMERFUNDS INC
T ROWE PRICE ASSOCIA
BLACKROCK
MANNING & NAPIER ADV
GENERALI ASSET MANAG
UBI PRAMERICA SGR SP
CAPITAL GROUP COMPAN
HARRIS ASSOCIATES LP
DEKA INVESTMENT GMBH
ACTIVEST MUNICH
ALLIANZ ASSET MANAGE
ODIN FORVALTNING AS

34.67%
18.67%
11.07%
10.00%
7.70%
5.34%
3.39%
9.17%

Institutional Ownership Distribution

Investment Advisor
Mutual Fund Manager
Other
Government
Others

63.47%
17.26%
12.43%
6.52%
0.33%

3%

9%

5%

35%

8%

10%

19%
11%

United States

Italy

Luxembourg

Britain

Norway

Ireland

Germany

Others

TOP 20 ALL

Position
13'297'401
8'115'891
7'990'218
6'977'971
4'680'544
4'620'520
4'597'300
4'309'482
4'292'321
4'292'321
2'838'636
2'656'220
2'328'432
1'984'776
1'961'622
1'546'300
1'500'234
1'219'934
1'193'976
926'038

Position Change
0
154'461
-481'287
0
-178'183
0
0
0
0
0
10'249
-1'221'890
-5'280
30'760
0
-49'500
-63'166
0
-6'800
1'038

Market Value
207'040'534
126'364'423
124'407'694
108'647'008
72'876'070
71'941'496
71'579'961
67'098'635
66'831'438
66'831'438
44'197'563
41'357'345
36'253'686
30'902'962
30'542'455
24'075'891
23'358'643
18'994'372
18'590'206
14'418'412

% of Ownership
6.20%
3.78%
3.72%
3.25%
2.18%
2.15%
2.14%
2.01%
2.00%
2.00%
1.32%
1.24%
1.09%
0.93%
0.91%
0.72%
0.70%
0.57%
0.56%
0.43%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

30.11.2012
31.12.2012
30.11.2012
30.11.2012
31.12.2012
30.11.2012
20.02.2013
30.11.2012
30.11.2012
20.11.2012
19.02.2013
31.12.2012
31.01.2013
30.11.2012
31.12.2012
31.12.2012
30.11.2012
30.11.2012
31.12.2012
31.01.2013

Source
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

211.4
93.8%

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Source

Country
ITALY
UNITED STATES
UNITED STATES
NORWAY
UNITED STATES
BRITAIN
UNITED STATES
BRITAIN
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
ITALY
ITALY
UNITED STATES
UNITED STATES
GERMANY
LUXEMBOURG
GERMANY
NORWAY

Institutional Ownership
7%

0%

12%

64%

17%

Investment Advisor

Mutual Fund Manager

Government

Others

Other

Company Analysis - Financials I/IV

Prysmian SpA
Financial information is in EUR (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

1'642
993

5'007
3'393

5'118
3'198

5'144
3'127

3'731
2'060

4'571
2'963

7'583
4'917

8'005

8'171

8'454

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

649
643

1'614
1'335
42

1'920
1'506
46

2'017
1'644
45

1'671
1'278
43

1'608
1'301
46

2'666
2'346
68

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

34
33
4
8

330
97
-12
98

464
80
-2
-0

409
70
29
29

425
40
1
47

337
39
-7
92

364
77
22
366

437

510

570

Pretax Income
- Income Tax Expense

-12
17

147
56

387
85

281
51

337
85

213
63

-101
44

311

415

485

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

-28
0
1

91
0
2

302
0
2

230
0
-2

252
0
4

150
0
2

-145
0
-9

250
1.22
0.25
0.20

305
1.47
0.32
0.22

356
1.68
0.39
0.23

622

684

738

Income Statement
Revenue
- Cost of Goods Sold

Diluted EPS Before XO Items

0.49

1.65

1.31

1.39

0.82

(0.65)

Net Income Adjusted*

EPS Adjusted
Dividends Per Share
Payout Ratio %

-27

89

257
1.43
0.42
25.0

256
1.43
0.42
31.9

248
1.40
0.42
29.8

168
0.93
0.17
23.6

123
0.59
0.21

Total Shares Outstanding

Diluted Shares Outstanding

180

180
180

180
182

178
181

178
179

179
179

211
210

80

443

529

479

496

428

544

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

1731.444
235
23
842
466
166

1992.66
393
24
848
535
192

2007.725
252
40
831
583
302

2149
492
38
732
514
373

2030
492
42
622
443
431

2660
630
66
764
600
600

3482
727
80
1'197
929
549

971
10
860
27
833
128

976
11
916
89
827
138

978
14
987
148
838
125

949
12
1'020
214
806
131

1'014
6
1'152
280
872
136

1'105
3
1'271
351
949
153

2'401
6
2'040
501
1'539
856

2'149
604
1'119
425

1'441
736
255
450

1'295
738
61
496

1'414
650
189
575

1'192
561
152
479

1'554
862
201
491

3'390
1'421
982
987

349
118
231

1'357
1'138
219

1'237
1'033
204

1'221
969
252

1'154
884
270

1'412
1'111
301

1'389
880
509

2'497
0
22
0
184

2'798
0
19
18
133

2'532
0
21
18
415

2'635
0
16
18
429

2'346
0
21
18
659

2'966
0
43
18
738

4'779
0
62
21
1'021

205

170

454

463

698

799

1'104

2'703

2'968

2'986

3'098

3'044

3'765

5'883

1.02
0.62

0.84
0.69

2.40
2.29

2.52
2.34

3.80
3.56

4.22
3.89

4.93
2.01

12/12E

12/13E

12/14E

5.79

6.86

8.11

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
Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities
Total Long Term Liabilities
+ Long Term Borrowings
+ Other Long Term Borrowings
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Shareholders Equity
Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12E

12/13E

12/14E

Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

-29
47
131
86

89
113
98
47

300
65
30
-26

237
70
44
66

248
71
-69
36

148
91
0
-6

-136
180
196
197

207

284

337

Cash From Operating Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

234
9
-29

347
16
-79
0
0
-6

370
5
-87
0
0
26

417
1
-103
0
3
-4

286
1
-91
0
6
-14

233
7
-83
-152

437
36
-135

-150

-145

-146

-46

-338

104

0
0
-208

-56
0
0
0
-337
0
0
-117

-103
-76
0
41
0
0
-30
-9

-98
-75
0
0
-124
0
0
11

-274
-75
0
233
0
0
0
21

-437
-37

1'137

-69
0
0
88

1'241

-120

-455

-74

-188

179

97

Net Changes in Cash

235

158

-141

240

138

97

Free Cash Flow (CFO-CAPEX)

206

268

283

314

195

150

302

177

266

318

1.14

328
372
1.49

345
-50
1.57

371
356
1.75

225
72
1.10

177
390
0.84

466
1.45

Cash Flows

Cash From Investing Activities

+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

-1'221
-1'240

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

128
0
0
0
6

Company Analysis - Financials IV/IV

Periodicity:

12/01

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

10.1x
8.3x
7.3x
0.6x
7.0x
2.5%

8.4x
6.4x
5.5x
0.4x
4.4x
3.8%

8.7x
6.3x
5.4x
0.6x
3.2x
3.4%

15.5x
8.7x
6.9x
0.5x
3.0x
1.3%

8.6x
5.8x
0.3x
1.9x
2.2%

32.2%
8.8%
6.6%
1.8%
3.1%
53.2%

37.5%
10.3%
9.1%
5.9%
10.1%
102.8%

39.2%
9.3%
8.0%
4.6%
7.8%
53.9%

44.8%
13.3%
11.4%
6.6%
8.1%
44.1%

35.2%
9.4%
7.4%
3.2%
4.3%
20.7%

35.2%
7.2%
4.8%
-1.8%
-2.8%
-15.1%

1.38
0.88
3.40
0.89
8.17

1.55
0.87
5.82
0.71
2.41

1.52
0.89
5.84
0.71
2.50

1.70
0.97
10.63
0.60
1.48

1.71
0.94
8.64
0.62
1.64

1.03
0.59
4.73
0.63
1.69

1.77
5.93
5.17
6.78

1.72
6.10
4.40
5.72

1.69
6.58
4.41
5.70

1.21
5.51
3.28
4.31

1.34
6.60
4.39
5.68

1.57
7.73
4.60
6.43

38.2%

21.9%

18.1%

25.2%

29.6%

12/12E

12/13E

12/14E

12.8x

10.6x

9.3x

7.8x
0.4x
2.7x
1.6%

7.1x
0.4x
2.3x
2.1%

6.5x
0.4x
1.9x
2.5%

7.8%
5.5%
3.1%

8.4%
6.2%
3.7%

8.7%
6.7%
4.2%

19.4%

21.5%

21.3%

Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

39.5%
4.9%
2.0%
-1.8%

0.81
0.51
1.01
0.86
6.03

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision

PRYSMIAN SPA
Latest Fiscal Year:

12/2011
16.42
22.01.2013
10.55
14.06.2012
749'172

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

SUMITOMO ELEC
IN

GEN CABLE CORP

12/2012
54.99
14.03.2012
27.11
18.05.2012
110'010

03/2012
1'166.00
16.03.2012
775.00
11.10.2012
3'278'100

12/2011
35.23
20.02.2013
23.73
26.06.2012
268'403

NEXANS SA

FINMECCANICA
SPA
12/2011
5.17
22.01.2013
2.61
14.06.2012
5'629'439

ANSALDO STS SPA

12/2012
7.79
29.01.2013
4.69
01.06.2012
644'754

Current Price (2/dd/yy)

15.57

39.50

1'044.00

34.03

4.02

7.48

52-Week High % Change

-5.2%
47.6%
211.4

-28.2%
45.7%
29.4

-10.5%
34.7%
793.2

-3.4%
43.4%
49.7

-22.3%
54.1%
578.1

-4.0%
59.4%
160.0

52-Week Low % Change

Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value

3'339.9

1'160.9

828'873.9

1'693.7

2'323.0

1'196.0

1'862.0
62.0
807.0

1'685.0
50.0
847.0

363'995.0
150'923.0
144'945.0

1'048.9
3.8
113.3
434.1

5'885.0
303.0
1'371.0

15.4
1.1
160.9

4'822.9

2'048.9

1'275'991.0

2'520.7

8'290.0

1'086.7
Valuation

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

7'583.0
7'909.0
8'004.7
8'171.4
0.6x
0.6x
0.6x
0.5x
544.0
734.0
621.8
683.8
8.2x
6.1x
7.2x
6.3x
0.48
0.79
1.22
1.47
19.7x
11.2x
12.8x
10.6x
65.9%
14.0%
27.1%
4.2%
9.3%
7.8%
8.4%

7'178.0
7'178.0
5'371.6
5'601.9
0.3x
0.3x
0.3x
0.3x
358.0
358.0
365.5
445.2
5.2x
5.2x
5.1x
4.1x
1.83
0.96
1.93
4.04
41.3x
17.1x
20.5x
9.8x
3.7%
1.3%
1.7%
(7.5%)
5.0%
6.8%
7.9%

2'059'344.0
2'145'315.0
2'110'347.9
2'239'323.1
0.5x
0.5x
0.6x
0.5x
165'400.0
181'149.0
174'380.0
214'616.7
6.3x
5.7x
6.9x
5.7x
76.39
70.10
58.46
92.37
14.9x
17.9x
11.3x
1.3%
(1.0%)
(18.2%)
(6.4%)
8.4%
8.3%
9.6%

5'866.7
5'783.0
6'029.5
6'932.0
0.4x
0.4x
359.4
330.4
356.0
442.4
5.9x
6.4x
1.78
2.12
1.96
2.75
16.1x
16.1x
17.4x
12.4x
20.6%
9.2%
11.0%
4.6%
5.7%
5.9%
6.4%

17'318.0
17'217.0
17'193.7
17'334.7
0.5x
0.5x
0.4x
0.3x
304.0
1'487.0
1'668.6
1'767.4
26.7x
5.4x
3.7x
3.3x
-2.98
-3.24
0.49
0.67
8.2x
6.0x
(7.4%)
6.9%
(83.7%)
(26.1%)
8.6%
9.7%
10.2%

1'248.0
1'248.0
1'323.7
1'414.0
0.7x
0.7x
0.7x
0.6x
129.5
135.7
143.5
155.9
7.0x
6.7x
6.1x
5.4x
0.51
0.47
0.53
0.58
15.8x
15.8x
14.1x
12.9x
3.0%
4.4%
7.8%
10.9%
10.8%
11.0%

178.7%
62.8%
2.567x
1.946x
7.065x

94.0%
47.8%
4.707x
2.341x
3.729x

36.8%
24.2%
2.134x
1.265x
30.755x

75.2%
41.0%
3.471x
2.143x
3.623x

136.8%
56.1%
4.536x
3.801x
0.935x

3.6%
3.5%
0.147x
-0.808x
33.341x

BB
27.09.2012
-

A
14.02.2008
A1
13.01.2005

BB09.11.2006
B1
23.07.2012

BB+
18.01.2013
Baa3
25.10.2012

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

FALSE
FALSE
FALSE
FALSE

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

FALSE
FALSE
FALSE
FALSE

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |