Financial Analysis - Subsea 7 SA Offers Oilfield Services. the Company Designs, Fabricates, Builds...

21.02.2013

Ticker: Subsea 7 SA Benchmark:

Currency: Oslo: SUBC, Currency: NOK OBX STOCK INDEX (OBX)

Sector: Energy Industry: Energy Equipment & Services Year:

Telephone 44-20-8210-5568 Revenue (M) Business Segments in NOK Sales (M) Geographic Segments in NOK Sales (M)

Website www.subsea7.com No of Employees Oil Services 14278 Africa & Mediterranean 8205

Address 200 Hammersmith Road London, W6 7DL United Kingdom Northern Europe & Canada 3424

Share Price Performance in NOK South America 1292

Price 131.10 1M Return -4.2% Asia & Middle East 1084

52 Week High 148.39 6M Return -5.1% North America & Mexico 209

52 Week Low 106.91 52 Wk Return 3.3% Corporate 65

52 Wk Beta 1.46 YTD Return -0.8%

Credit Ratings

Bloomberg IG2

S&P - Date - Outlook -

Moody's - Date - Outlook -

Fitch - Date - Outlook -

Valuation Ratios

11/08 11/09 11/10 12/11 12/12E 12/13E 12/14E

P/E 3.3x 10.9x 17.1x 14.7x 14.1x 14.3x 10.8x

EV/EBIT 2.3x 7.6x 10.2x 12.0x - - -

EV/EBITDA 1.8x 5.3x 7.7x 7.4x 7.5x 6.7x 5.4x

P/S 0.4x 1.2x 1.5x 1.1x 1.3x 1.2x 1.1x

P/B 1.3x 2.5x 3.1x 1.1x 1.3x 1.2x 1.1x

Div Yield 3.7% 1.6% 1.2% 0.0% 1.8% 1.8% 2.2%

Profitability Ratios %

11/08 11/09 11/10 12/11 12/12E 12/13E 12/14E

Gross Margin 25.7 23.8 26.2 17.3 19.8 19.8 22.2

EBITDA Margin 20.4 19.0 20.2 15.9 18.2 18.9 21.2

Operating Margin 15.8 13.3 15.3 9.8 13.0 13.5 15.9

Profit Margin 11.9 11.1 11.2 7.7 10.2 8.6 10.3

Return on Assets 12.3 9.2 9.1 6.9 8.0 5.0 6.7

Return on Equity 37.9 26.4 23.4 12.1 11.8 9.1 11.1

Leverage and Coverage Ratios

11/08 11/09 11/10 12/11

Current Ratio 1.2 1.4 1.2 1.3 Current Capitalization in NOK

Quick Ratio 0.8 1.0 0.7 0.7 Common Shares Outstanding (M) 338.7

EBIT/Interest 13.0 9.4 12.6 13.3 Market Capitalization (M) 46120.2

Tot Debt/Capital 0.3 0.3 0.3 0.1 Cash and ST Investments (M) 3360.9

Tot Debt/Equity 0.5 0.4 0.3 0.2 Total Debt (M) 5182.9

Eff Tax Rate % 33.0 28.5 32.8 28.1 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 233.2

Enterprise Value (M) 48175.3

#N/A N/A

Subsea 7 SA offers oilfield services. The Company designs, fabricates, builds and

installs equipment for the offshore oil industry. Subsea 7 builds flexible flowlines,

risers, umbilicals and other equipment. The Company operates in the Gulf of Mexico,

the Asia Pacific region, the North Sea and the Mediterranean, and offshore Africa, the

Middle East, and South America.

SUBC NO

30'704

Company Analysis - Overview

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

www.subsea7.com

Subsea 7 SA

Target price in NOK

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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21.02.2013

Subsea 7 SA

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 338.7 United States 37.63%

Float 74.5% Bermuda 29.84%

Short Interest (M) Norway 19.02%

Short Interest as % of Float Sweden 3.78%

Days to Cover Shorts Luxembourg 2.16%

Institutional Ownership 46.47% Britain 1.82%

Retail Ownership 53.44% Germany 1.38%

Insider Ownership 0.09% Others 4.38%

Institutional Ownership Distribution

Investment Advisor 37.36%

Corporation 29.84%

Bank 13.58%

Mutual Fund Manager 10.33%

Pricing data is in NOK Others 8.90%

Top 20 Owners:

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

SIEM INDUSTRIES INC 69'681'932 0 9'135'301'285 19.81% 12.01.2011 13D BERMUDA

STATE STREET 31'704'893 0 4'156'511'472 9.01% 20.02.2013 ULT-AGG UNITED STATES

GOVERNMENT PENSION F 19'570'200 7'232'000 2'565'653'220 5.56% 29.01.2010 20F NORWAY

JP MORGAN CHASE BANK 17'360'683 0 2'275'985'541 4.93% 29.01.2010 20F UNITED STATES

CAPITAL GROUP COMPAN 13'430'000 0 1'760'673'000 3.82% 31.12.2010 ULT-AGG UNITED STATES

DNB NOR ASSET MANAGE 7'643'033 -20'017 1'002'001'626 2.17% 31.12.2012 MF-AGG NORWAY

T ROWE PRICE ASSOCIA 7'047'394 617'802 923'913'353 2.00% 31.12.2012 MF-AGG UNITED STATES

VANGUARD GROUP INC 5'231'706 -186'066 685'876'657 1.49% 31.12.2012 MF-AGG UNITED STATES

SWEDBANK ROBUR FONDE 5'147'493 -40'120 674'836'332 1.46% 30.09.2012 MF-AGG SWEDEN

BLACKROCK 4'246'746 911'716 556'748'401 1.21% 19.02.2013 ULT-AGG UNITED STATES

ODIN FORVALTNING AS 3'601'607 607 472'170'678 1.02% 31.01.2013 MF-AGG NORWAY

STOREBRAND FUND MANA 2'997'547 -153'168 392'978'412 0.85% 31.01.2013 MF-AGG NORWAY

DANSKE CAPITAL NORGE 2'716'830 -21'700 356'176'413 0.77% 28.09.2012 MF-AGG NORWAY

FMR LLC 2'615'058 28'980 342'834'104 0.74% 31.12.2012 ULT-AGG UNITED STATES

DEUTSCHE BANK AG 2'527'098 -4'370 331'302'548 0.72% 31.12.2012 MF-AGG GERMANY

NORDEA FONDENE AS 2'257'274 -69'034 295'928'621 0.64% 28.09.2012 MF-AGG NORWAY

NORDEA FONDER AB/SWE 2'037'525 49'755 267'119'528 0.58% 31.01.2013 MF-AGG SWEDEN

THREADNEEDLE ASSET M 1'639'324 47'455 214'915'376 0.47% 31.10.2012 MF-AGG BRITAIN

ING INVESTMENT MANAG 1'498'986 -1'422 196'517'065 0.43% 31.12.2012 MF-AGG NETHERLANDS

NORDEA INV MANAGEMEN 1'429'990 -257'401 187'471'689 0.41% 31.12.2012 MF-AGG DENMARK

Top 5 Insiders:

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

EHRET THOMAS MICHEL 112'694 90'001 14'774'183 0.03% 17.02.2010 20F

CAHUZAC JEAN P 62'061 37'661 8'136'197 0.02% 17.02.2010 20F

SKOUVEROE J FRITHJOF 26'500 3'474'150 0.01% 17.02.2010 20F

LALOE JEAN-LUC 23'753 5'396 3'114'018 0.01% 17.02.2010 20F

CHABAS BRUNO 19'398 2'543'078 0.01% 17.02.2010 20F

Company Analysis - Ownership

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Subsea 7 SA

Financial information is in NOK (M)

Periodicity: 11/01 11/02 11/03 11/04 11/05 11/06 11/07 11/08 11/09 11/10 12/11 12/12E 12/13E 12/14E

Income Statement

Revenue 11'300 11'688 10'548 8'432 9'486 13'715 14'233 13'918 14'139 14'278 30'704 34'236 37'055 40'655

- Cost of Goods Sold 10'451 11'175 11'148 7'666 7'960 10'945 10'996 10'341 10'778 10'532 25'398

Gross Income 849 513 -600 767 1'525 2'770 3'237 3'576 3'361 3'747 5'306 6'762 7'337 9'005

- Selling, General & Admin Expenses 576 729 729 804 740 1'197 1'344 1'382 1'481 1'569 2'296

(Research & Dev Costs) 0 0

Operating Income 273 -216 -1'329 -37 785 1'573 1'893 2'195 1'880 2'178 3'010 4'462 4'987 6'480

- Interest Expense 263 153 198 135 26 27 231 168 201 173 227

- Foreign Exchange Losses (Gains) 3 -2 63 -42 142 -3 0 0 0 0 0

- Net Non-Operating Losses (Gains) -76 784 1'347 -259 -212 -400 -372 -690 -634 -401 -732

Pretax Income 83 -1'152 -2'938 129 829 1'949 2'034 2'716 2'313 2'406 3'515 5'535 4'824 6'369

- Income Tax Expense 186 66 5 62 82 475 1'272 897 658 788 988

Income Before XO Items -103 -1'218 -2'943 67 747 1'473 762 1'819 1'655 1'618 2'527

- Extraordinary Loss Net of Tax 0 0 0 0 -212 -102 -34 124 -46 -269 0

- Minority Interests 25 17 32 32 67 47 43 32 133 287 151

Diluted EPS Before XO Items (1.40) (14.18) (31.28) 0.20 3.45 7.10 3.73 9.38 8.26 6.99 6.78

Net Income Adjusted* -56 -633 -1'601 -28 702 1'528 828 1'819 1'583 1'354 3'496 3'182 4'197

EPS Adjusted (0.61) (6.82) (16.85) (0.18) 3.71 7.10 4.14 9.38 8.58 6.99 9.02 8.89 11.69

Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.16 1.47 1.39 0.00 2.28 2.23 2.76

Payout Ratio % 0.0 0.0 0.0 0.0 11.9 17.7 19.1 0.0 0.25 0.25 0.24

Total Shares Outstanding 107 113 113 191 192 193 188 183 183 184 339

Diluted Shares Outstanding 89 87 95 160 196 201 193 207 184 207 366

EBITDA 1'098 566 -564 488 1'160 1'951 2'433 2'835 2'690 2'888 4'882 6'239 6'990 8'636

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

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


Periodicity: 11/01 11/02 11/03 11/04 11/05 11/06 11/07 11/08 11/09 11/10 12/11 12/12E 12/13E 12/14E

Balance Sheet

Total Current Assets 5111.72491 4328.03913 4323.74663 3086.23661 5575.3859 8765.57853 7744.53267 9286.50822 9947.8239 8679.97182 17414.0788

+ Cash & Near Cash Items 104 86 559 829 2'130 4'418 3'219 3'995 5'180 2'996 4'801

+ Short Term Investments 0 0 0 0 0 0 0 0 0 0

+ Accounts & Notes Receivable 4'369 3'138 2'633 1'592 2'552 3'362 2'680 2'472 1'700 2'363 4'619

+ Inventories 227 128 151 151 157 145 161 268 128 149 343

+ Other Current Assets 412 976 982 514 736 841 1'683 2'551 2'940 3'172 7'651

Total Long-Term Assets 8'808 6'365 4'154 3'721 3'758 4'836 5'664 7'944 6'222 9'811 37'848

+ Long Term Investments 323 283 228 293 0 0 0 0 0 0

Gross Fixed Assets 9'781 8'714 6'367 5'869 5'865 6'752 7'514 10'018 8'174 12'194 25'028

Accumulated Depreciation 2'827 2'975 2'857 2'801 2'780 2'777 3'015 3'689 3'484 4'284 4'996

+ Net Fixed Assets 6'954 5'739 3'511 3'068 3'086 3'975 4'499 6'329 4'690 7'910 20'032

+ Other Long Term Assets 1'531 343 415 360 673 861 1'165 1'616 1'531 1'901 17'816

Total Current Liabilities 4'414 4'074 5'414 3'952 5'689 5'661 6'079 7'769 6'970 7'364 13'577

+ Accounts Payable 1'056 1'241 2'939 2'087 1'087 3'237 3'875 4'544 969 4'165 7'284

+ Short Term Borrowings 258 122 982 0 5 15 18 70 0 0 77

+ Other Short Term Liabilities 3'100 2'712 1'493 1'865 4'596 2'409 2'186 3'155 6'001 3'199 6'216

Total Long Term Liabilities 3'552 2'774 2'263 708 395 3'517 2'805 3'873 2'926 3'338 6'831

+ Long Term Borrowings 2'989 2'456 2'002 428 59 3'122 2'136 2'853 2'373 2'693 5'262

+ Other Long Term Borrowings 563 318 260 280 336 395 669 1'020 553 646 1'569

Total Liabilities 7'966 6'849 7'676 4'659 6'084 9'179 8'883 11'643 9'896 10'702 20'408

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

+ Minority Interest 65 54 69 217 178 115 100 96 178 351 308

+ Share Capital & APIC 5'996 4'671 4'262 5'108 5'710 5'320 4'878 6'196 5'101 5'559 29'216

+ Retained Earnings & Other Equity -108 -881 -3'530 -3'176 -2'638 -1'012 -453 -704 994 1'879 5'330

Total Shareholders Equity 5'954 3'844 801 2'148 3'250 4'423 4'525 5'588 6'273 7'789 34'854

Total Liabilities & Equity 13'920 10'693 8'478 6'807 9'334 13'602 13'408 17'231 16'169 18'491 55'262

Book Value Per Share 55.06 33.50 6.49 10.14 16.01 22.36 23.54 30.04 33.27 40.44 101.98 98.18 106.18 115.64

Tangible Book Value Per Share 44.86 32.81 6.12 9.82 15.86 22.22 23.43 29.90 32.98 40.23 56.09

Company Analysis - Financials II/IV


Periodicity: 11/01 11/02 11/03 11/04 11/05 11/06 11/07 11/08 11/09 11/10 12/11 12/12E 12/13E 12/14E

Cash Flows

Net Income -128 -1'235 -2'975 35 892 1'528 753 1'663 1'568 1'600 2'375 4'397 3'213 4'223

+ Depreciation & Amortization 825 781 765 525 375 378 540 640 810 710 1'873

+ Other Non-Cash Adjustments 17 958 1'388 -168 17 -268 -24 -39 969 630 873

+ Changes in Non-Cash Capital -674 183 627 642 451 -1'418 217 456 148 -2'046 -1'873

Cash From Operating Activities 40 689 -196 1'033 1'735 221 1'486 2'721 3'496 894 3'248

+ Disposal of Fixed Assets 50 191 28 261 0 0 209 67 471 2 57

+ Capital Expenditures -566 -444 -156 -232 0 -1'247 -1'544 -1'624 -1'100 -3'037 -3'770 -3'916 -3'776 -3'773

+ Increase in Investments 0 0 0 0 0 0 0 0 0 0 0

+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0

+ Other Investing Activities -125 -369 37 425 -74 490 141 -23 -14 121 3'013

Cash From Investing Activities -641 -622 -90 454 -74 -757 -1'194 -1'580 -643 -2'914 -700

+ Dividends Paid 0 0 0 0 -106 0 -222 -211 -257 -254 -77

+ Change in Short Term Borrowings 30 83 -383 -2'263 0 0 0 0 0 0 0

+ Increase in Long Term Borrowings 630 520 1'637 0 0 3'169 0 0 18 37 1'107

+ Decrease in Long Term Borrowings -35 -192 -569 0 -385 0 0 0 0 -43 -1'013

+ Increase in Capital Stocks 0 1 0 1'126 35 70 85 23 10 28 46

+ Decrease in Capital Stocks 0 -459 -7 0 0 -107 -868 -763 0 0 0

+ Other Financing Activities 23 -19 109 11 -48 -29 28 -276 181 -638 -612

Cash From Financing Activities 648 -67 786 -1'126 -504 3'103 -978 -1'227 -48 -872 -549

Net Changes in Cash 48 0 500 361 1'157 2'566 -686 -86 2'805 -2'892 1'999

Free Cash Flow (CFO-CAPEX) -525 244 -352 801 1'735 -1'027 -57 1'097 2'396 -2'143 -522 649 1'148 2'032

Free Cash Flow To Firm -851 870 1'758 -1'006 29 1'210 2'540 -2'027 -359

Free Cash Flow To Equity 150 846 361 -1'202 1'350 1'164 2'885 -2'148 -371

Free Cash Flow per Share -5.87 2.80 -3.70 5.08 9.08 -5.33 -0.30 5.96 13.10 -11.68 -1.61

Company Analysis - Financials III/IV


Periodicity: 11/01 11/02 11/03 11/04 11/05 11/06 11/07 11/08 11/09 11/10 12/11 12/12E 12/13E 12/14E

Ratio Analysis

Valuation Ratios

Price Earnings 18.6x 18.0x 34.0x 3.3x 10.9x 17.1x 14.7x 14.1x 14.3x 10.8x

EV to EBIT 33.8x 14.0x 14.7x 12.1x 2.3x 7.6x 10.2x 12.0x

EV to EBITDA 8.4x 8.1x 15.1x 9.5x 11.9x 9.4x 1.8x 5.3x 7.7x 7.4x 7.5x 6.7x 5.4x

Price to Sales 0.4x 0.1x 0.1x 0.7x 1.3x 1.8x 1.7x 0.4x 1.2x 1.5x 1.1x 1.3x 1.2x 1.1x

Price to Book 1.0x 0.4x 2.2x 3.5x 4.4x 5.4x 5.0x 1.3x 2.5x 3.1x 1.1x 1.3x 1.2x 1.1x

Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.7% 1.6% 1.2% 0.0% 1.8% 1.8% 2.2%

Profitability Ratios

Gross Margin 7.5% 4.4% -5.7% 9.1% 16.1% 20.2% 22.7% 25.7% 23.8% 26.2% 17.3% 19.8% 19.8% 22.2%

EBITDA Margin 9.7% 4.8% -5.3% 5.8% 12.2% 14.2% 17.1% 20.4% 19.0% 20.2% 15.9% 18.2% 18.9% 21.2%

Operating Margin 2.4% -1.8% -12.6% -0.4% 8.3% 11.5% 13.3% 15.8% 13.3% 15.3% 9.8% 13.0% 13.5% 15.9%

Profit Margin -1.1% -10.6% -28.2% 0.4% 9.4% 11.1% 5.3% 11.9% 11.1% 11.2% 7.7% 10.2% 8.6% 10.3%

Return on Assets -1.0% -10.1% -31.0% 0.4% 11.2% 13.2% 5.5% 12.3% 9.2% 9.1% 6.9% 8.0% 5.0% 6.7%

Return on Equity -2.1% -25.8% -133.9% 2.4% 36.2% 41.0% 17.0% 37.9% 26.4% 23.4% 12.1% 11.8% 9.1% 11.1%

Leverage & Coverage Ratios

Current Ratio 1.16 1.06 0.80 0.78 0.98 1.55 1.27 1.20 1.43 1.18 1.28

Quick Ratio 1.01 0.79 0.59 0.61 0.82 1.37 0.97 0.83 0.99 0.73 0.69

Interest Coverage Ratio (EBIT/I) 1.04 -1.41 -6.70 -0.28 30.70 58.00 8.21 13.04 9.35 12.59 13.29

Tot Debt/Capital 0.35 0.40 0.79 0.17 0.02 0.41 0.32 0.34 0.27 0.26 0.13

Tot Debt/Equity 0.55 0.67 3.72 0.20 0.02 0.71 0.48 0.52 0.38 0.35 0.15

Others

Asset Turnover 0.85 0.95 1.10 1.06 1.19 1.18 1.04 1.03 0.83 0.81 0.90

Accounts Receivable Turnover 3.19 3.13 3.64 3.85 4.65 4.59 4.67 6.01 6.77 6.97 9.48

Accounts Payable Turnover 6.03 9.50 5.24 2.94 4.96 4.94 3.04 2.78 4.06 4.15 4.82

Inventory Turnover 39.29 64.00 79.07 48.35 51.97 72.44 70.55 55.37 55.30 75.16 111.17

Effective Tax Rate 223.6% 48.4% 9.9% 24.4% 62.5% 33.0% 28.5% 32.8% 28.1%

Company Analysis - Financials IV/IV


SUBSEA 7 SA TECHNIP SA SAIPEM SPA CIE GENERALE DEAKER SOLUTIONS

AHALLIBURTON CO

OCEANEERING

INTLSUPERIOR ENERGY

GULFMARK

OFFSHORHELIX ENERGY SOL PETROFAC LTD MCDERMOTT INTL WILLBROS GROUP PETROLEUM GEO

WOOD GROUP

(JOHN

12/2011 12/2012 12/2012 12/2011 12/2012 12/2012 12/2012 12/2011 12/2011 12/2012 12/2011 12/2011 12/2011 12/2012 12/2011

148.39 92.36 40.12 25.76 124.60 43.96 65.37 30.85 56.41 25.49 1'784.00 15.35 7.45 104.50 883.50

02.04.2012 22.10.2012 17.09.2012 09.10.2012 25.01.2013 14.02.2013 14.02.2013 01.03.2012 24.02.2012 14.02.2013 20.04.2012 01.03.2012 15.02.2013 02.11.2012 19.10.2012

106.91 69.21 18.61 15.58 72.20 26.28 43.22 17.54 27.17 14.90 1'324.00 9.04 3.22 64.30 649.00

25.06.2012 04.06.2012 30.01.2013 04.06.2012 26.06.2012 26.06.2012 25.06.2012 26.06.2012 16.11.2012 26.06.2012 27.06.2012 04.06.2012 30.03.2012 26.06.2012 26.06.2012

793'053 489'259 1'178'193 366'754 748'325 15'695'675 706'989 2'740'431 309'849 1'445'320 384'860 3'826'510 284'569 1'235'862 195'771

131.30 80.27 20.40 20.09 108.30 41.62 61.97 26.26 39.65 23.75 1'572.00 12.79 6.83 93.75 794.50

-11.5% -13.1% -49.2% -22.0% -13.1% -5.3% -5.2% -14.9% -29.7% -6.8% -11.9% -16.7% -8.3% -10.3% -10.1%

22.8% 16.0% 9.6% 28.9% 50.0% 58.4% 43.4% 49.7% 45.9% 59.4% 18.7% 41.5% 112.1% 45.8% 22.4%

338.7 108.7 441.4 159.2 270.5 929.0 107.9 80.4 26.6 105.3 340.1 235.1 48.6 217.8 371.3

46'190.5 9'065.2 9'005.8 3'542.8 29'674.2 38'622.8 6'687.0 4'141.1 1'068.1 2'501.8 5'437.4 3'016.4 335.3 20'418.8 2'964.9

893.4 2'087.9 4'278.0 1'501.0 7'691.0 4'820.0 94.0 1'685.9 307.5 1'019.2 77.2 93.7 268.8 916.8 230.5

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

51.5 21.7 148.0 67.5 157.0 25.0 - - - - 3.1 74.1 0.9 0.0 10.0

803.4 2'808.7 1'029.0 410.7 1'214.0 2'484.0 106.1 80.3 128.8 437.1 1'602.0 680.4 58.7 393.3 226.6

8'504.7 8'894.7 13'532.8 4'905.1 36'308.2 40'983.8 6'703.4 6'010.3 1'309.1 3'083.9 7'524.8 2'523.2 577.6 4'127.3 4'641.0

LFY 5'476.5 8'203.9 13'369.0 2'267.7 44'922.0 28'503.0 2'782.6 2'070.2 381.9 846.1 5'800.7 3'445.1 1'615.0 1'518.3 5'666.8

LTM 6'103.3 8'203.9 13'369.0 2'594.7 44'922.0 28'503.0 2'782.6 3'969.9 394.1 1'293.3 6'331.4 3'461.8 1'911.7 1'518.3 6'547.2

CY+1 6'243.0 9'203.3 13'566.9 2'720.7 49'190.0 29'769.0 3'181.6 4'536.3 393.4 1'074.3 6'437.8 3'615.1 1'996.8 1'754.0 6'838.8

CY+2 6'756.9 10'364.3 14'063.2 3'559.7 54'738.2 32'970.3 3'576.2 4'765.6 458.9 1'223.5 6'771.1 3'126.9 2'106.6 1'992.6 7'292.4

LFY 1.5x 1.2x 1.6x 2.2x 0.8x 1.2x 2.1x 2.5x 2.9x 3.3x 1.2x 0.7x 0.3x 2.8x 0.7x

LTM 1.4x 1.2x 1.6x 1.9x 0.8x 1.2x 2.3x 1.3x 2.8x 2.1x 1.1x 0.7x 0.3x 2.8x 0.6x

CY+1 1.3x 0.9x 1.0x 1.8x 0.7x 1.4x 2.0x 1.3x 3.4x - 1.2x 0.7x 0.3x 2.4x 0.7x


LFY 870.8 883.5 2'207.0 596.1 4'739.0 5'787.0 605.1 568.6 144.0 52.7 764.0 335.1 52.1 777.3 396.0

LTM 1'050.1 1'012.6 2'186.0 753.5 4'701.0 5'787.0 605.1 1'090.3 137.4 361.5 888.8 404.4 4.0 777.3 460.5

CY+1 1'137.7 1'233.7 1'540.5 844.1 5'332.1 6'184.6 708.6 1'241.7 116.5 391.5 929.6 416.5 65.4 1'000.8 511.3

CY+2 1'274.6 1'473.9 1'973.7 1'200.4 6'490.9 7'544.0 831.5 1'243.4 178.6 468.5 1'098.6 400.9 112.4 1'149.4 596.0

LFY 9.7x 10.9x 9.5x 8.5x 7.8x 6.0x 9.9x 9.0x 7.8x 52.3x 8.8x 7.1x 9.7x 5.5x 10.4x

LTM 8.1x 9.5x 9.4x 6.7x 7.9x 6.0x 10.7x 4.7x 8.2x 7.6x 7.6x 5.9x 126.2x 5.5x 8.9x



LFY 1.26 0.00 2.04 -0.21 8.30 3.02 2.66 2.06 1.90 0.49 1.57 0.63 -1.96 0.15 0.40

LTM 2.14 4.59 2.05 0.40 8.25 3.08 2.66 2.80 1.94 1.57 1.82 0.73 -1.16 0.86 0.33

CY+1 1.65 5.72 1.00 0.74 9.69 3.02 3.21 2.60 1.28 1.46 1.85 0.91 (0.48) 1.56 0.84

CY+2 1.62 7.02 1.65 1.73 12.77 3.96 3.87 2.16 3.18 1.86 2.08 0.88 0.43 2.00 1.00

LFY 10.8x 17.5x 9.9x 51.3x 13.1x 13.5x 23.3x 9.4x 20.4x 15.1x 13.2x 17.5x - 19.3x 36.3x

LTM 10.8x 24.5x - 51.3x 13.2x 13.5x 23.3x 9.4x 20.4x 15.1x 13.3x 17.5x - - 24.3x

CY+1 14.1x 14.0x 20.3x 26.8x 11.2x 13.8x 19.3x 10.1x 31.0x 16.2x 13.0x 14.1x - 10.6x 14.4x

CY+2 14.3x 11.4x 12.3x 11.5x 8.5x 10.5x 16.0x 12.2x 12.5x 12.8x 11.5x 14.6x 16.0x 8.3x 12.2x

1 Year 131.2% 20.4% 6.2% 3.7% 25.9% 14.8% 26.9% 23.1% 6.1% (39.5%) 33.2% 43.3% 43.5% 21.1% 38.7%

5 Year 35.4% 3.4% 8.3% 3.1% 3.1% 14.5% 11.3% 31.5% 10.3% (1.8%) 26.2% (0.8%) 31.0% 11.0% 11.5%

1 Year 81.8% - 5.0% 2.5% 36.8% (5.1%) 24.5% 35.4% 12.0% (92.2%) 19.8% (20.4%) (1.3%) 44.2% 39.0%

5 Year 23.6% 11.2% 14.0% 5.1% 3.9% 7.5% 9.6% 5.9% 2.5% (40.3%) 30.8% (4.9%) 166.6% (0.8%) 7.3%

LTM 17.2% 12.8% 16.4% 29.0% 10.5% 20.3% 21.7% 27.5% 34.9% 28.0% 14.0% 11.7% 0.2% 51.2% 7.0%

CY+1 18.2% 13.4% 11.4% 31.0% 10.8% 20.8% 22.3% 27.4% 29.6% 36.4% 14.4% 11.5% 3.3% 57.1% 7.5%

CY+2 18.9% 14.2% 14.0% 33.7% 11.9% 22.9% 23.2% 26.1% 38.9% 38.3% 16.2% 12.8% 5.3% 57.7% 8.2%

Total Debt / Equity % 15.5% 57.2% 79.1% 51.1% 65.1% 30.6% 5.2% 116.0% 30.8% 71.8% 6.9% 5.6% 116.5% 47.7% 11.7%

Total Debt / Capital % 13.3% 36.2% 43.5% 33.3% 39.1% 23.4% 4.9% 53.7% 23.6% 41.8% 6.5% 5.1% 53.7% 32.3% 10.5%

Total Debt / EBITDA 0.861x 2.078x 1.957x 2.044x 1.636x 0.833x 0.155x 1.805x 2.839x 2.819x 0.075x 0.268x 64.189x 1.180x 0.624x

Net Debt / EBITDA 0.303x -0.181x 1.957x 1.699x 1.378x 0.404x 0.155x 1.714x 1.754x 1.610x -0.872x -1.383x 60.219x 0.674x 0.233x

EBITDA / Int. Expense 21.554x 22.889x 18.112x 4.716x 10.132x 19.419x 143.452x 7.700x 6.340x 0.800x 115.768x 35.921x 1.154x 20.569x 28.905x

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

S&P LT Credit Rating Date - 27.05.2010 - 29.11.2012 - 20.08.2007 - 23.05.2012 29.11.2007 19.09.2011 - 30.03.2010 10.05.2012 02.12.2010 -

Moody's LT Credit Rating - - - Ba3 *- - A2 - - B1 B3 - - - Ba2 -

Moody's LT Credit Rating Date - - - 25.09.2012 - 01.05.2007 - - 22.09.2006 05.08.2009 - - - 16.11.2011 -

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (2/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

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