Financial analysis france telecom sa - france telecom sa provides telecommunications services to...

20.02.2013

Ticker: France Telecom SA Benchmark:

Currency: EN Paris: FTE, Currency: EUR CAC 40 INDEX (CAC)

Sector: Telecommunication Services Industry: Diversified Telecommunication Year:

Telephone 33-1-44-44-22-22 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)

Website www.francetelecom.fr No of Employees Personal Communication Services 24197 France 22534

Address 6 Place D'Alleray Paris Cedex 15 France Home Communication Services 16514 Rest of the World 9053

Share Price Performance in EUR Entreprise Communication Services 7101 Wordwide Enterprise Service 7101

Price 7.56 1M Return -16.0% International Carrier & Shared Services 1610 Spain 3993

52 Week High 10.98 6M Return -30.6% Elimination and Other Adjustments -2381 Poland 3625

52 Week Low 7.43 52 Wk Return -24.8% International Carrier and Shared Services 1610

52 Wk Beta 0.93 YTD Return -9.3% Adjustments/ Eliminations -2381

Credit Ratings

Bloomberg IG10

S&P A- Date 10.02.2005 Outlook NEG

Moody's A3 Date 23.06.2005 Outlook NEG

Fitch BBB+ Date 30.10.2012 Outlook STABLE

Valuation Ratios

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

P/E 16.4x 10.8x 8.3x 26.9x 6.8x 6.9x 6.9x

EV/EBIT 9.9x 8.5x 7.8x 9.1x - - -

EV/EBITDA 5.6x 4.9x 4.3x - 4.1x 4.2x 4.3x

P/S 1.0x 0.9x 0.7x 0.5x 0.5x 0.5x 0.5x

P/B 1.7x 1.4x 1.2x 0.9x 0.7x 0.7x 0.6x

Div Yield 8.0% 9.0% 11.5% 9.4% 10.4% 10.3% 10.2%

Profitability Ratios %

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

Gross Margin - - - - 53.4 53.4 -

EBITDA Margin 32.3 33.6 33.2 - 30.7 30.4 30.1

Operating Margin 18.4 19.4 18.3 13.9 15.7 15.4 15.0

Profit Margin 6.7 10.7 8.6 1.9 7.1 7.0 7.3

Return on Assets 3.3 5.3 4.1 0.9 5.3 5.1 -

Return on Equity 11.2 17.4 13.7 3.2 10.8 10.1 9.3

Leverage and Coverage Ratios

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

Current Ratio 0.9 0.6 0.8 0.6 Current Capitalization in EUR

Quick Ratio 0.4 0.5 0.5 0.5 Common Shares Outstanding (M) 2633.4

EBIT/Interest 3.7 4.2 4.0 3.4 Market Capitalization (M) 20025.6

Tot Debt/Capital 0.6 0.5 0.6 0.6 Cash and ST Investments (M) #N/A N/A

Tot Debt/Equity 1.2 1.1 1.3 1.5 Total Debt (M) #N/A N/A

Eff Tax Rate % 41.2 31.6 35.3 52.7 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 0.0

Enterprise Value (M)

France Telecom SA provides telecommunications services to residential, professional,

and large business customers. The Company offers public fixed-line telephone, leased

lines and data transmission, mobile telecommunications, cable television, Internet and

wireless applications, and broadcasting services, and telecommunications equipment

sales and rentals.

FTE FP

43'515

170'338

Company Analysis - Overview

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

www.francetelecom.fr

France Telecom SA

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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20.02.2013

France Telecom SA

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 2633.4 France 74.73%

Float 86.0% United States 14.10%

Short Interest (M) Luxembourg 2.44%

Short Interest as % of Float Germany 2.08%

Days to Cover Shorts Ireland 1.61%

Institutional Ownership 36.87% Britain 1.48%

Retail Ownership 63.13% Canada 0.86%

Insider Ownership 0.00% Others 2.69%

Institutional Ownership Distribution

Investment Advisor 37.91%

Government 35.90%

Bank 13.32%

Mutual Fund Manager 11.20%

Pricing data is in EUR Others 1.68%

Top 20 Owners:

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

FRENCH STATE 356'194'433 0 2'692'829'913 13.45% 31.12.2011 Co File FRANCE

SOCIETE GENERALE 132'135'951 -27'339'807 998'947'790 4.99% 16.05.2012 Research FRANCE

AMUNDI 129'217'007 -3'894'321 976'880'573 4.88% 11.06.2012 Research FRANCE

FRANKLIN RESOURCES 39'956'515 618'498 302'071'253 1.51% 31.12.2012 ULT-AGG UNITED STATES

VANGUARD GROUP INC 38'053'493 4'937'505 287'684'407 1.44% 31.12.2012 MF-AGG UNITED STATES

NATIXIS ASSET MANAGE 30'658'099 1'937'969 231'775'228 1.16% 31.12.2012 MF-AGG FRANCE

BLACKROCK 27'549'306 47'132 208'272'753 1.04% 15.02.2013 ULT-AGG UNITED STATES

AMUNDI 21'101'112 -23'738'395 159'524'407 0.80% 30.11.2012 MF-AGG FRANCE

FRANCE TELECOM SA 15'456'045 0 116'847'700 0.58% 31.12.2011 Co File FRANCE

DNCA FINANCE 13'910'873 -368'000 105'166'200 0.53% 28.09.2012 MF-AGG FRANCE

LBPAM 7'761'976 -527'072 58'680'539 0.29% 31.12.2012 MF-AGG FRANCE

AVIVA PLC 7'460'542 -2'123 56'401'698 0.28% 31.01.2013 MF-AGG BRITAIN

MERCURY ASSET MANAGE 5'987'536 0 45'265'772 0.23% 15.02.2013 MF-AGG IRELAND

BNP ASSET MANAGEMENT 5'931'576 34'665 44'842'715 0.22% 30.09.2012 MF-AGG FRANCE

TEMPLETON INVESTMENT 5'174'475 -26'670 39'119'031 0.20% 30.11.2012 MF-AGG BRITAIN

DIMENSIONAL FUND ADV 4'642'622 0 35'098'222 0.18% 31.07.2012 MF-AGG UNITED STATES

CAPITAL GROUP COMPAN 4'580'800 -9'177'060 34'630'848 0.17% 31.12.2012 ULT-AGG UNITED STATES

AMUNDI 3'776'349 264'343 28'549'198 0.14% 28.09.2012 MF-AGG FRANCE

STATE STREET 3'631'219 0 27'452'016 0.14% 19.02.2013 ULT-AGG UNITED STATES

MORGAN STANLEY 3'542'207 1'153'077 26'779'085 0.13% 31.12.2012 ULT-AGG UNITED STATES

Top 5 Insiders:

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

RICHARD STEPHANE 57'959 438'170 0.00% 31.12.2011 Co File

PELLISSIER GERVAIS GILLES 20'584 155'615 0.00% 31.12.2011 Co File

FILIPPI CHARLES-HENRI 10'001 75'608 0.00% 31.12.2011 Co File

DUFAU BERNARD 6'692 50'592 0.00% 31.12.2011 Co File

MAOUCHE MARC 2'377 17'970 0.00% 31.12.2011 Co File

Company Analysis - Ownership

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TOP 20 ALL


France Telecom SA

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 46'630 46'121 46'158 49'038 51'702 52'959 46'712 44'845 45'503 45'277 43'515 42'096 41'467 40'800

- Cost of Goods Sold 18'558 17'223

Gross Income 28'072 28'898 22'479 22'143

- Selling, General & Admin Expenses 23'764 22'285 36'904 38'216 41'266 41'823 36'116 36'599 36'673 36'993 37'470

(Research & Dev Costs) 576 478

Operating Income 4'308 6'613 9'254 10'822 10'436 11'136 10'596 8'246 8'830 8'284 6'045 6'618 6'403 6'132

- Interest Expense 4'041 3'965 3'746 2'882 2'625 2'425 3'018 2'232 2'117 2'066 1'769

- Foreign Exchange Losses (Gains) -136 25 -144 147 -26 4 51 42 -56 21 28

- Net Non-Operating Losses (Gains) 18'810 1'486 -35 -135 4'100 558 657 528 1'207 282 1'913

Pretax Income -18'407 1'137 5'687 7'928 3'737 8'149 6'870 5'444 5'562 5'915 2'335 4'812 4'653 4'643

- Income Tax Expense 2'499 -2'591 2'477 1'568 2'180 1'330 2'856 2'242 1'755 2'087 1'231

Income Before XO Items -20'906 3'728 3'210 6'360 1'557 6'819 4'014 3'202 3'807 3'828 1'104

- Extraordinary Loss Net of Tax 0 0 -3'211 0 -404 -200 -1'070 0 0

- Minority Interests -170 522 193 651 629 519 345 384 -3 -67 284

Diluted EPS Before XO Items 1.22 2.20 0.36 2.36 1.39 1.06 1.43 1.46 0.31

Net Income Adjusted* -20'736 3'206 2'784 5'709 4'706 5'557 4'808 4'544 4'499 4'074 3'387 2'991 2'899 2'992

EPS Adjusted (16.49) 1.63 1.14 2.28 1.81 2.14 1.85 1.71 1.70 1.54 1.28 1.11 1.10 1.09

Dividends Per Share 0.00 0.00 0.48 1.00 1.20 1.30 1.40 1.40 1.40 1.40 0.78 0.79 0.78 0.77

Payout Ratio % 0.0 39.3 45.6 280.4 53.9 99.8 131.6 97.3 95.2 252.2 0.71 0.71 0.71

Total Shares Outstanding 1'265 2'411 2'477 2'603 2'607 2'614 2'605 2'647 2'649 2'633 2'633

Diluted Shares Outstanding 1'343 2'195 2'483 2'686 2'652 2'764 2'659 2'649 2'710 2'712 2'645

EBITDA 14'570 16'965 17'244 17'856 18'260 19'247 17'300 14'480 15'291 15'019 12'943 12'588 12'293

*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 13847 14458 14231 15079 14784 16974 15456 21716 15130 20552 16127

+ Cash & Near Cash Items 2'819 3'350 3'153 4'097 3'970 4'025 4'694 3'805 4'428 8'044 8'321

+ Short Term Investments 45 1'874 240 39 505 534 720 91 758 948 141

+ Accounts & Notes Receivable 5'474 3'819 6'589 7'121 6'756 6'556 6'117 5'451 5'596 4'905 4'635

+ Inventories 696 516 644 854 844 1'068 958 617 708 631 586

+ Other Current Assets 4'813 4'899 3'605 2'968 2'709 4'791 2'967 11'752 3'640 6'024 2'444

Total Long-Term Assets 92'740 85'375 84'462 94'271 88'387 84'209 78'196 69'194 79'146 75'531 73'853

+ Long Term Investments 1'418 1'045 4'900 1'769 987 240 1'861 2'973 1'106 1'197 1'301

Gross Fixed Assets 86'389 82'582 81'309 83'261 86'222 85'596 85'468

Accumulated Depreciation 50'121 51'947 52'739 55'039 58'373 60'840 61'834

+ Net Fixed Assets 36'268 30'635 26'502 28'570 28'222 27'849 25'826 23'547 24'756 23'634 23'662

+ Other Long Term Assets 55'054 53'695 53'060 63'932 59'178 56'120 50'509 42'674 53'284 50'700 48'890

Total Current Liabilities 44'882 31'812 31'023 30'001 27'487 28'280 26'338 25'273 23'591 27'212 24'917

+ Accounts Payable 8'503 7'368 7'757 9'518 9'015 9'580 9'279 7'531 8'274 8'151 7'697

+ Short Term Borrowings 23'985 10'627 12'652 10'589 8'057 8'694 8'152 6'230 4'525 5'440 7'331

+ Other Short Term Liabilities 12'394 13'817 10'614 9'894 10'415 10'006 8'907 11'512 10'792 13'621 9'889

Total Long Term Liabilities 61'876 50'029 49'987 50'911 44'046 38'578 36'771 36'060 39'136 39'279 38'679

+ Long Term Borrowings 46'898 38'764 42'793 42'636 30'829 32'686 31'326 30'502 31'617 33'933 31'883

+ Other Long Term Borrowings 14'978 11'265 7'194 8'275 13'217 5'892 5'445 5'558 7'519 5'346 6'796

Total Liabilities 106'758 81'841 81'010 80'912 71'533 66'858 63'109 61'333 62'727 66'491 63'596

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

+ Minority Interest 9'780 5'966 3'232 3'578 4'844 4'470 3'511 2'713 2'448 2'019 2'078

+ Share Capital & APIC 29'511 24'942 22'544 25'543 25'606 25'774 25'785 26'328 26'330 26'327 27'386

+ Retained Earnings & Other Equity -39'462 -12'916 -8'093 -683 1'188 4'081 1'247 536 2'771 1'246 -3'080

Total Shareholders Equity -171 17'992 17'683 28'438 31'638 34'325 30'543 29'577 31'549 29'592 26'384

Total Liabilities & Equity 106'587 99'833 98'693 109'350 103'171 101'183 93'652 90'910 94'276 96'083 89'980

Book Value Per Share -7.86 4.99 5.84 9.55 10.28 11.42 10.38 10.15 10.99 10.47 9.23 10.70 11.00 11.93

Tangible Book Value Per Share -44.28 -12.59 -11.62 -10.65 -8.99 -6.96 -6.48 -4.11 -4.24 -4.22 -5.04

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 -20'736 3'206 3'017 5'709 4'139 6'300 4'073 3'018 4'880 3'895 820 2'965 2'898 2'973

+ Depreciation & Amortization 10'262 10'352 7'990 7'034 7'824 8'111 6'704 6'234 6'461 6'735

+ Other Non-Cash Adjustments 19'052 -3'478 937 -650 1'721 -376 3'797 3'980 1'893 1'880 284

+ Changes in Non-Cash Capital 3'261 1'242 753 1'281 179 609 169 771 -646 369 8'912

Cash From Operating Activities 11'839 11'322 12'697 13'374 13'863 14'644 14'743 14'003 12'588 12'879 10'016

+ Disposal of Fixed Assets 366 178 199 215 105 113 232 92 64 74

+ Capital Expenditures -7'943 -5'102 -5'141 -6'142 -7'039 -7'064 -6'885 -5'877 -6'102 -6'711 -6'844 -5'794 -5'595 -5'530

+ Increase in Investments -673 -2'041 -539 -757 -171 -88 -668 -67

+ Decrease in Investments 146 352 112 67 56 619 1'670 963 842

+ Other Investing Activities -3'410 2'876 -649 -5'750 2'670 760 -399 -143 -912 -567 1'292

Cash From Investing Activities -11'514 -3'737 -5'591 -11'677 -4'691 -6'881 -7'167 -5'397 -5'948 -6'308 -4'710

+ Dividends Paid -395 0 -105 -1'184 -2'602 -3'117 -4'949 -3'141 -3'706 -3'703 -3'632

+ Change in Short Term Borrowings -1'077 -9'079 388 359 -1'117 -906 966 -1'253 238 -570 1'001

+ Increase in Long Term Borrowings 4'394 7'398 7'983 4'132 1'513 3'946 5'358 5'059 4'353 4'331 2'771

+ Decrease in Long Term Borrowings -3'380 -18'100 -15'009 -6'815 -5'934 -6'447 -7'036 -7'211 -6'988 -1'717 -3'139

+ Increase in Capital Stocks 0 14'894 2'997 54 140 11 2 12 1

+ Decrease in Capital Stocks 0 0 -33 -8 0 -275 -94

+ Other Financing Activities 9 -2'167 -580 -242 -1'213 -1'324 -1'023 -3'002 -29 -1'005 -1'979

Cash From Financing Activities -449 -7'054 -7'323 -753 -9'299 -7'708 -6'706 -9'554 -6'120 -2'938 -5'072

Net Changes in Cash -124 531 -217 944 -127 55 870 -948 520 3'633 234

Free Cash Flow (CFO-CAPEX) 3'896 6'220 7'556 7'232 6'824 7'580 7'858 8'126 6'486 6'168 3'172 3'612 3'499 2'016

Free Cash Flow To Firm 9'670 9'544 7'918 9'609 9'621 9'439 7'935 7'505 4'008

Free Cash Flow To Equity 4'199 -13'383 1'117 5'123 1'391 4'286 7'378 4'813 4'153 8'286 3'805

Free Cash Flow per Share 3.10 3.17 3.08 2.89 2.62 2.91 3.01 3.07 2.45 2.33 1.20

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 13.8x 19.8x 9.2x 58.7x 10.2x 14.2x 16.4x 10.8x 8.3x 26.9x 6.8x 6.9x 6.9x

EV to EBIT 22.3x 15.8x 12.5x 9.9x 9.0x 9.5x 8.5x 9.9x 8.5x 7.8x 9.1x

EV to EBITDA 6.6x 6.2x 6.7x 6.0x 5.1x 5.5x 5.2x 5.6x 4.9x 4.3x 4.1x 4.2x 4.3x

Price to Sales 0.4x 1.0x 1.3x 1.1x 1.1x 1.2x 1.1x 1.0x 0.9x 0.7x 0.5x 0.5x 0.5x 0.5x

Price to Book 4.5x 4.2x 2.2x 2.0x 2.2x 1.9x 1.7x 1.4x 1.2x 0.9x 0.7x 0.7x 0.6x

Dividend Yield 0.0% 0.0% 2.0% 4.8% 5.7% 5.3% 7.0% 8.0% 9.0% 11.5% 9.4% 10.4% 10.3% 10.2%

Profitability Ratios

Gross Margin 60.2% 62.7% 53.4% 53.4%

EBITDA Margin 31.2% 36.8% 37.4% 36.4% 35.3% 36.3% 37.0% 32.3% 33.6% 33.2% 30.7% 30.4% 30.1%

Operating Margin 9.2% 14.3% 20.0% 22.1% 20.2% 21.0% 22.7% 18.4% 19.4% 18.3% 13.9% 15.7% 15.4% 15.0%

Profit Margin -44.5% 7.0% 6.5% 11.6% 8.0% 11.9% 8.7% 6.7% 10.7% 8.6% 1.9% 7.1% 7.0% 7.3%

Return on Assets -17.7% 3.1% 3.0% 5.5% 3.9% 6.2% 4.2% 3.3% 5.3% 4.1% 0.9% 5.3% 5.1%

Return on Equity 22.8% 29.0% 16.0% 22.2% 14.3% 11.2% 17.4% 13.7% 3.2% 10.8% 10.1% 9.3%

Leverage & Coverage Ratios

Current Ratio 0.31 0.45 0.46 0.50 0.54 0.60 0.59 0.86 0.64 0.76 0.65

Quick Ratio 0.19 0.28 0.32 0.38 0.41 0.39 0.44 0.37 0.46 0.51 0.53

Interest Coverage Ratio (EBIT/I) 1.07 1.67 2.47 3.76 3.98 4.59 3.51 3.69 4.17 4.01 3.42

Tot Debt/Capital 1.00 0.73 0.76 0.65 0.55 0.55 0.56 0.55 0.53 0.57 0.60

Tot Debt/Equity 2.75 3.14 1.87 1.23 1.21 1.29 1.24 1.15 1.33 1.49

Others

Asset Turnover 0.40 0.45 0.47 0.47 0.49 0.52 0.48 0.49 0.49 0.48 0.47

Accounts Receivable Turnover 7.14 9.93 8.87 7.15 7.45 7.96 7.37 7.75 8.24 8.62 9.12

Accounts Payable Turnover 2.14 2.15

Inventory Turnover 23.26 28.42

Effective Tax Rate 43.6% 19.8% 58.3% 16.3% 41.6% 41.2% 31.6% 35.3% 52.7%

Company Analysis - Financials IV/IV


FRANCE TELECOMVODAFONE

GROUP

DEUTSCHE

TELEKOMTELEFONICA KPN (KONIN) NV BT GROUP PLC TELECOM ITALIA S BELGACOM SA CABLE & WIRELESS VIVENDI TELE2 AB-B SHS AT&T INC MAROC TELECOM BRITISH SKY BROA COLT GROUP SA

12/2012 03/2012 12/2011 12/2011 12/2012 03/2012 12/2012 12/2011 03/2012 12/2011 12/2012 12/2012 12/2011 06/2012 12/2011

11.79 191.75 10.06 12.98 8.59 282.80 0.93 23.99 43.14 17.44 130.39 38.58 142.00 841.00 129.00

23.02.2012 14.08.2012 20.09.2012 21.02.2012 27.03.2012 20.02.2013 27.03.2012 28.03.2012 18.02.2013 28.12.2012 03.04.2012 21.09.2012 07.03.2012 11.02.2013 20.08.2012

7.43 154.20 7.69 7.90 2.87 197.40 0.60 20.36 27.07 12.01 101.60 29.95 92.50 629.00 92.00

18.02.2013 31.12.2012 05.06.2012 26.07.2012 20.02.2013 15.06.2012 26.07.2012 05.06.2012 01.06.2012 19.04.2012 05.02.2013 10.04.2012 18.10.2012 05.04.2012 11.12.2012

18'145'987 81'854'030 15'921'323 17'031'541 52'522'059 8'585'055 84'408'309 543'094 3'429'230 3'671'553 1'557'952 6'352'344 363'436 2'367'838 265'740

7.56 162.15 8.11 9.68 2.92 281.40 0.61 20.88 42.08 15.47 103.00 35.88 106.40 827.00 123.00

-35.9% -15.4% -19.4% -25.4% -66.1% -0.5% -34.8% -13.0% -2.5% -11.3% -21.0% -7.0% -25.1% -1.7% -4.7%

1.7% 5.2% 5.5% 22.5% 1.5% 42.6% 0.7% 2.6% 55.4% 28.7% 1.4% 19.8% 15.0% 31.5% 33.7%

2'633.4 49'645.9 4'321.3 4'479.8 1'431.5 8'151.2 19'280.7 317.6 2'665.6 1'287.5 440.5 5'581.0 879.1 1'674.5 891.6

20'025.6 79'354.3 35'058.9 44'053.9 4'172.9 22'164.6 11'353.6 7'058.0 1'063.8 20'475.1 46'174.9 203'798.4 93'535.7 13'381.8 1'098.8

39'214.0 34'620.0 48'318.0 66'311.0 13'896.0 10'486.0 41'951.0 1'972.0 1'707.0 15'710.0 17'512.0 69'844.0 7'601.0 2'414.0 -

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

2'078.0 1'267.0 4'647.0 5'747.0 51.0 11.0 3'904.0 225.0 493.0 2'623.0 3.0 333.0 4'304.0 - (1.4)

8'462.0 8'461.0 6'122.0 6'760.0 1'286.0 844.0 8'183.0 356.0 312.0 3'782.0 1'732.0 4'868.0 617.0 1'174.0 343.7

52'855.6 108'299.3 80'496.9 108'792.9 16'833.9 30'689.6 48'143.6 8'895.0 3'738.9 38'090.1 61'957.9 269'107.4 108'805.7 14'813.8 968.2

LFY 43'515.0 46'417.0 58'653.0 62'837.0 12'409.0 19'307.0 29'957.0 6'361.0 2'875.0 28'813.0 43'726.0 127'434.0 30'837.0 6'791.0 1'554.3

LTM 43'515.0 44'677.0 58'373.0 62'684.0 12'409.0 18'107.0 29'959.0 6'392.0 2'864.0 28'534.0 43'726.0 127'434.0 30'686.0 6'960.0 1'586.0

CY+1 42'095.6 44'362.3 58'119.4 62'381.6 12'061.6 18'130.0 28'782.2 6'426.9 2'758.6 28'528.1 45'048.4 128'995.4 29'965.7 7'148.3 1'576.2

CY+2 41'466.7 45'114.3 57'589.8 60'556.9 11'980.5 17'795.2 28'747.0 6'372.9 2'521.9 28'744.4 46'741.6 131'400.7 29'938.9 7'475.4 1'613.3

LFY 1.3x 2.5x 1.5x 1.8x 1.4x 1.4x 1.7x 1.6x 1.3x 1.3x 1.5x 2.0x 3.7x 2.0x 0.7x

LTM 1.3x 2.6x 1.5x 1.8x 1.4x 1.5x 1.7x 1.5x 1.3x 1.3x 1.5x 2.0x 3.7x 2.0x 0.7x

CY+1 1.2x 2.4x 1.3x 1.6x 1.3x 1.7x 1.5x 1.4x 1.3x 1.3x 1.4x 2.2x 3.5x 2.1x 0.6x


LFY 15'019.0 18'214.0 20'202.0 19'392.0 4'528.0 6'190.0 12'246.0 1'912.0 889.0 8'847.0 10'395.0 31'140.0 17'055.0 1'587.0 328.8

LTM 14'234.0 13'907.0 19'326.0 20'903.0 4'528.0 5'881.0 11'941.0 1'806.0 893.0 9'389.0 10'393.0 31'140.0 16'897.0 1'629.0 333.4

CY+1 12'942.8 13'202.2 18'002.6 21'180.0 4'166.1 6'096.3 11'436.7 1'794.2 852.4 7'946.3 11'439.3 42'567.9 16'374.9 1'662.5 325.7

CY+2 12'588.0 13'295.0 17'490.5 20'637.6 4'094.4 6'064.9 11'338.0 1'754.8 779.4 7'834.0 12'187.0 44'151.8 16'257.6 1'707.7 341.5

LFY 3.6x 6.3x 4.3x 5.8x 4.0x 4.3x 4.2x 5.2x 4.1x 4.3x 6.5x 8.1x 6.6x 8.7x 3.3x

LTM 4.3x 8.3x 4.5x 5.4x 4.0x 4.5x 4.3x 5.5x 4.1x 4.0x 6.5x 8.1x 6.7x 8.5x 3.3x



LFY 0.74 0.22 0.50 1.32 0.49 0.24 0.02 2.38 0.09 2.41 7.30 2.31 9.20 0.53 0.07

LTM 0.31 -0.03 -1.72 1.37 0.49 0.27 -0.07 2.24 -0.03 1.17 7.34 2.33 8.30 0.57 0.09

CY+1 1.11 0.15 0.64 1.19 0.52 0.25 0.12 2.24 0.06 2.01 9.99 2.52 8.21 0.57 0.07

CY+2 1.10 0.16 0.66 1.20 0.46 0.25 0.12 2.09 0.05 1.93 11.15 2.70 8.34 0.59 0.08

LFY 24.4x - - 7.1x 5.9x 10.3x - 9.3x - 13.3x 14.0x 15.4x 12.8x 14.5x 16.1x

LTM 7.9x - - - 4.1x 11.6x 7.3x 9.2x 8.4x 10.0x 14.1x 15.4x 12.8x 14.5x 16.1x



1 Year (3.9%) 1.2% (6.0%) 3.5% (4.7%) (3.8%) 8.7% (2.9%) 17.8% (0.2%) 7.3% 0.6% (2.5%) 3.4% (1.9%)

5 Year (3.6%) 5.4% (1.3%) 2.0% (3.1%) (3.2%) (1.0%) 1.6% (3.8%) 4.6% 6.1% 1.4% 3.2% 7.7% -

1 Year - 24.2% 14.0% (24.8%) (11.9%) 5.2% 7.3% (21.0%) 8.4% 10.3% (3.1%) 2.1% (9.0%) 12.9% (0.4%)

5 Year (3.8%) 7.9% 4.3% 0.3% (1.6%) 1.9% (1.0%) (2.3%) (0.8%) 9.1% 9.3% (5.8%) 5.9% 9.6% 4.0%

LTM 31.9% 31.1% 33.1% 33.3% 36.5% 32.5% 39.9% 28.3% 31.2% 32.9% 23.8% 24.4% 55.1% 23.4% 21.0%

CY+1 30.7% 29.8% 31.0% 34.0% 34.5% 33.6% 39.7% 27.9% 30.9% 27.9% 25.4% 33.0% 54.6% 23.3% 20.7%

CY+2 30.4% 29.5% 30.4% 34.1% 34.2% 34.1% 39.4% 27.5% 30.9% 27.3% 26.1% 33.6% 54.3% 22.8% 21.2%

Total Debt / Equity % 161.3% 45.0% 136.9% 306.5% 576.6% 808.5% 184.1% 64.1% - 80.8% 85.7% 75.6% 42.7% 255.7%

Total Debt / Capital % 59.8% 30.7% 54.7% 70.8% 85.0% 88.9% 61.1% 37.4% 80.4% 41.6% 46.2% 43.0% 25.6% 71.9%

Total Debt / EBITDA 2.751x 2.554x 2.360x 3.317x 3.069x 1.825x 3.427x 1.101x 2.076x 1.967x 1.685x 2.243x 0.703x 1.737x

Net Debt / EBITDA 2.231x 2.007x 2.113x 2.843x 2.785x 1.448x 2.762x 0.885x 1.778x 1.594x 1.518x 2.087x 0.662x 0.879x

EBITDA / Int. Expense 7.270x 9.428x 7.791x 7.260x 6.186x 8.945x 6.157x 16.920x 5.169x 16.724x 10.862x 9.042x 51.526x 14.297x

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

S&P LT Credit Rating Date 10.02.2005 30.05.2006 19.05.2008 20.12.2012 08.02.2013 19.07.2011 14.02.2013 02.12.2011 26.03.2010 26.10.2012 - 06.12.2010 - 30.11.2009

Moody's LT Credit Rating A3 A3 Baa1 Baa2 Baa2 - Baa3 A1 B1 Baa2 - A3 - Baa1

Moody's LT Credit Rating Date 23.06.2005 03.08.2011 22.12.2011 18.10.2012 06.02.2013 - 11.02.2013 21.01.2010 10.08.2006 13.09.2005 - 29.01.2013 - 09.04.2009

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 (2/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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