Page 1
15.05.2012
Ticker: MMC Norilsk Nickel OJSC Benchmark:
Currency: London Intl: MNOD, Currency: USD FTSE 100 INDEX (UKX)
Sector: Materials Industry: Metals & Mining Year:
Telephone 7-495-787-76-67 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.nornik.ru No of Employees Mining and Metallurgy 12139 Europe 6801Address 22 Voznesensky pereulok Moscow, 115230 Russian Federation Other 636 Asia 2649Share Price Performance in USD Reconciliations North America 1663Price 16.09 1M Return -8.6% Other Russian Federation 100852 Week High 27.49 6M Return -4.2% Transport and Logistics of Metal Products Adjustments 64952 Week Low 14.70 52 Wk Return -36.5% Energy and Utilities Other 552 Wk Beta 0.91 YTD Return 5.1% Platinum South AmericaCredit Ratings
Bloomberg -S&P BBB- Date 26.09.2011 Outlook NEGMoody's - Date 05.08.2011 Outlook -Fitch BB+ Date 19.08.2011 Outlook STABLE
Valuation Ratios
12/07 12/08 12/09 12/10 12/11E 12/12E 12/13EP/E - - - - 5.9x 6.6x 6.8xEV/EBIT 7.0x 3.5x 8.4x 6.5x - - -EV/EBITDA 6.3x 2.7x 6.8x 5.8x - - -P/S - - - - 2.2x 2.4x 2.3xP/B - - - - 1.9x 1.5x 1.3xDiv Yield - - - - 3.8% 3.7% 3.6%Profitability Ratios %
12/07 12/08 12/09 12/10 12/11E 12/12E 12/13EGross Margin 65.6 45.5 51.1 61.8 57.0 50.9 47.5EBITDA Margin 48.5 41.4 50.9 57.7 50.8 48.1 47.4Operating Margin 43.0 32.1 41.4 51.4 45.4 42.7 39.7Profit Margin 31.1 -3.2 30.4 25.8 32.9 30.9 30.2Return on Assets 20.5 -1.6 11.9 14.1 19.6 18.4 13.7Return on Equity 33.0 -3.0 21.3 21.2 30.1 25.5 20.7Leverage and Coverage Ratios
12/07 12/08 12/09 12/10Current Ratio 1.9 3.3 2.0 4.8 Current Capitalization in USDQuick Ratio 1.4 1.7 1.0 2.4 Common Shares Outstanding (M) #N/A Field Not ApplicableEBIT/Interest 25.9 11.3 27.6 75.5 Market Capitalization (M) 30672.0Tot Debt/Capital 0.3 0.4 0.3 0.1 Cash and ST Investments (M) #N/A N/ATot Debt/Equity 0.4 0.5 0.4 0.2 Total Debt (M) #N/A N/AEff Tax Rate % 31.8 - 24.3 22.8 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0Investments (M) 0.0Enterprise Value (M)
Mining and Metallurgical Company Norilsk Nickel OJSC or GMK Norilsk Nickel is a producer of base and precious metals. The Company's main products are nickel and palladium. MMC Norilsk Nickel also produces copper, cobalt, platinum, gold, silver and other precious metals. MMC Norilsk Nickel is headquartered in Moscow with its main production facilities in Taimyr and Kola peninsula.
MNOD LI
12'775#N/A N/A
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 2
MMC Norilsk Nickel OJSCTarget price in USD
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Company Analysis - Analysts Ratings
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Page 3
MMC Norilsk Nickel OJSC
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) #N/A Field Not Applicable Others 100.00%
Float 0.00%
Short Interest (M) 0.00%
Short Interest as % of Float 0.00%
Days to Cover Shorts 0.00%
Institutional Ownership 0.00%
Retail Ownership 0.00%
Insider Ownership Others 0.00%
Institutional Ownership DistributionOthers 100.00%
0.00%0.00%0.00%
Pricing data is in USD Others 0.00%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
VANGUARD GROUP INC 15'239'126 178'758 245'197'537 0.80% 31.03.2012 MF-AGG UNITED STATESFRANKLIN RESOURCES I 8'303'540 -2'450'720 133'603'959 0.44% 31.03.2012 MF-AGG UNITED STATESVAN ECK ASSOCIATES C 6'789'051 -15'027 109'235'831 0.36% 11.05.2012 MF-AGG UNITED STATESLSV ASSET MANAGEMENT 3'111'552 -382'516 50'064'872 0.16% 31.12.2011 13F UNITED STATESSWEDBANK ROBUR FONDE 2'871'362 -1'622'863 46'200'215 0.15% 31.12.2011 MF-AGG SWEDENBNP PARIBAS ASSET MG 2'799'469 -387'290 45'043'456 0.15% 29.02.2012 MF-AGG BRITAINTEMPLETON INVESTMENT 2'749'375 -12'787 44'237'444 0.14% 31.12.2011 MF-AGG BRITAINDWS INVESTMENT SA 2'712'418 150'000 43'642'806 0.14% 29.02.2012 MF-AGG LUXEMBOURGBLACKROCK GROUP LIMI 2'161'027 -15'583 34'770'924 0.11% 11.05.2012 MF-AGG BRITAINCARNEGIE FONDER AB/S 1'476'943 0 23'764'013 0.08% 29.02.2012 MF-AGG SWEDENUBS STRATEGY FUND MG 1'262'718 202'355 20'317'133 0.07% 31.01.2012 MF-AGG LUXEMBOURGJPMORGAN ASSET MANAG 1'255'363 -2'998 20'198'791 0.07% 31.12.2011 MF-AGG BRITAINSCHRODER INVESTMENT 1'062'329 -1'708'269 17'092'874 0.06% 31.03.2012 MF-AGG BRITAINSOURCE INVESTMENT MA 1'017'892 31'406 16'377'882 0.05% 29.02.2012 MF-AGG IRELANDPICTET CONSEIL EN IN 898'853 58'313 14'462'545 0.05% 29.02.2012 MF-AGG LUXEMBOURGSEB FONDFORVALTNING 836'099 -249'971 13'452'833 0.04% 31.12.2011 MF-AGG SWEDENSTATE STREET CORP 817'418 11'188 13'152'256 0.04% 14.05.2012 MF-AGG UNITED STATESJP MORGAN CHASE & CO 767'455 11'100 12'348'351 0.04% 31.03.2012 MF-AGG UNITED STATESJP MORGAN ASSET MANA 753'527 -253'123 12'124'249 0.04% 31.12.2011 MF-AGG SOUTH KOREARCM CAPITAL MANAGEME 667'000 0 10'732'030 0.03% 29.02.2012 MF-AGG UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
Company Analysis - Ownership
Ownership Type
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 4
MMC Norilsk Nickel OJSCFinancial information is in USD (M)
Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E
Income Statement
Revenue 5'435 4'144 3'133 5'201 7'033 7'169 11'550 17'119 13'980 8'542 12'775 14'216 13'009 13'126
- Cost of Goods Sold 2'413 2'270 1'774 2'873 3'179 2'994 3'158 5'882 7'626 4'177 4'883
Gross Income 3'022 1'874 1'360 2'328 3'854 4'175 8'392 11'237 6'354 4'365 7'892 8'103 6'622 6'235
- Selling, General & Admin Expenses 594 632 568 751 866 841 1'090 3'878 1'869 830 1'325
(Research & Dev Costs) 26 2 40 14 20 18 19
Operating Income 2'428 1'243 792 1'577 2'988 3'334 7'302 7'359 4'485 3'535 6'567 6'453 5'551 5'205
- Interest Expense 77 94 109 40 68 83 67 284 397 128 87
- Foreign Exchange Losses (Gains) 29 24 -17 -15 12 25 -65 -146 397 141 22
- Net Non-Operating Losses (Gains) 333 -531 -174 213 355 110 523 -514 3'964 -40 -324
Pretax Income 1'989 1'655 874 1'339 2'553 3'116 6'777 7'735 -273 3'306 6'782 6'289 5'352 5'194
- Income Tax Expense 565 476 290 493 696 838 1'805 2'459 282 802 1'548
Income Before XO Items 1'424 1'179 584 846 1'857 2'278 4'972 5'276 -555 2'504 5'234
- Extraordinary Loss Net of Tax 0 0 0 0 0 -74 -993 0 0 -147 2'145
- Minority Interests -1 10 -8 -16 -21 -3 -24 -51 -106 51 -209
Diluted EPS Before XO Items
Net Income Adjusted* 1'261 592 862 1'878 2'281 4'996 5'327 4'279 2'651 5'442 4'680 4'022 3'958
EPS Adjusted 2.73 2.44 2.37
Dividends Per Share 0.62 0.60 0.57
Payout Ratio % 0.6 0.9 24.6 33.6 16.4 13.1 7.7 14.9 48.2 0.23 0.25 0.24
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA 2'550 1'636 1'215 2'029 3'528 3'912 7'888 8'296 5'788 4'352 7'370 7'221 6'255 6'221
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Page 5
Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E
Balance Sheet
Total Current Assets 3334.62996 4269.10343 3265.99906 3701.64305 3967 5553 5205 12510 7059 8408 12974
+ Cash & Near Cash Items 600 264 262 958 1'346 922 2'178 4'008 1'995 3'632 5'405
+ Short Term Investments 12 191 94 136 30 134 104 4'473 1'316
+ Accounts & Notes Receivable 498 236 212 361 290 278 534 661 278 683 995
+ Inventories 1'218 1'911 1'826 1'503 1'442 1'301 1'471 2'108 1'959 1'990 2'246
+ Other Current Assets 1'007 1'667 873 744 859 2'918 918 1'260 1'511 2'103 4'328
Total Long-Term Assets 3'559 5'558 6'424 7'633 9'665 9'177 11'074 23'186 13'764 14'352 10'935
+ Long Term Investments 348 80 104 163 1'407 690 2'615 2'982 523
Gross Fixed Assets 4'644 5'475 6'731 8'190 9'276 8'985 10'892 19'432 18'071 18'548 19'730
Accumulated Depreciation 1'756 0 415 920 1'424 1'840 2'758 4'451 7'334 7'531 10'577
+ Net Fixed Assets 2'888 5'475 6'315 7'270 7'852 7'145 8'134 14'981 10'737 11'017 9'153
+ Other Long Term Assets 323 3 4 199 406 1'342 325 5'223 2'504 3'335 1'782
Total Current Liabilities 2'080 3'011 1'468 1'638 1'383 1'594 1'251 6'434 2'126 4'112 2'697
+ Accounts Payable 493 330 211 156 151 170 191 352 281 243 374
+ Short Term Borrowings 863 1'696 453 267 552 357 158 3'973 872 2'986 1'256
+ Other Short Term Liabilities 724 985 804 1'215 680 1'067 902 2'109 973 883 1'067
Total Long Term Liabilities 370 609 956 1'088 1'606 1'739 1'892 7'441 6'912 3'893 3'238
+ Long Term Borrowings 174 13 146 182 657 635 632 4'103 5'568 2'378 1'575
+ Other Long Term Borrowings 196 596 810 906 949 1'104 1'260 3'338 1'344 1'515 1'663
Total Liabilities 2'450 3'620 2'425 2'726 2'989 3'333 3'143 13'875 9'038 8'005 5'935
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 2 64 101 346 366 334 319 2'318 1'054 1'080 598
+ Share Capital & APIC 293 626 688 751 792 9 619 1'398 1'398 1'398 1'519
+ Retained Earnings & Other Equity 4'149 5'517 6'476 7'511 9'485 11'054 12'198 18'105 9'333 12'277 15'857
Total Shareholders Equity 4'444 6'207 7'265 8'609 10'643 11'397 13'136 21'821 11'785 14'755 17'974
Total Liabilities & Equity 6'893 9'827 9'690 11'335 13'632 14'730 16'279 35'696 20'823 22'760 23'909
Book Value Per Share 8.32 10.42 12.34
Tangible Book Value Per Share
Company Analysis - Financials II/IV
Page 6
Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E
Cash Flows
Net Income 1'424 1'169 592 862 1'878 2'355 5'989 5'327 -449 2'600 3'298 4'659 4'168 4'014
+ Depreciation & Amortization 122 393 423 451 540 578 586 937 1'303 817 803
+ Other Non-Cash Adjustments -334 -886 -276 133 -3'412 -3'913 -655 1'026 -309 586 1'826
+ Changes in Non-Cash Capital -576 -563 -127 208 3'498 3'974 -273 75 370 -560 -410
Cash From Operating Activities 636 114 611 1'655 2'504 2'994 5'647 7'365 915 3'443 5'517
+ Disposal of Fixed Assets 11 99 4 21 57 38 46 88 88 38 33
+ Capital Expenditures -638 -456 -353 -440 -618 -773 -743 -1'140 -2'360 -1'061 -1'728 -2'573 -3'475 -3'375
+ Increase in Investments -284 -42 -40 -142 0 0
+ Decrease in Investments 21 63 191 5 0 0
+ Other Investing Activities 36 37 -271 -60 -1'467 -720 1'075 -11'732 2'730 513 249
Cash From Investing Activities -854 -298 -470 -617 -2'028 -1'455 378 -12'784 458 -510 -1'446
+ Dividends Paid -12 -9 -170 -147 -618 -201 -1'079 -849 -1'670 -1'208
+ Change in Short Term Borrowings 0 818 -660 -292 -36 85 -482
+ Increase in Long Term Borrowings 757 0 228 175 872 112 10'183 3'723 113 628
+ Decrease in Long Term Borrowings -240 0 -20 -213 -197 -417 -11 -3'915 -5'240 -1'193 -3'048
+ Increase in Capital Stocks 0 0 0 0 0 0 1'705
+ Decrease in Capital Stocks 0 0 0 0 0 -1'457 -999 -29
+ Other Financing Activities 0 -119 -109 16 47 -64 -2'198 1'838 -2'617 -78 -111
Cash From Financing Activities 505 689 -731 -461 68 -1'942 -4'769 7'257 -5'804 -1'187 -2'034
Net Changes in Cash 287 505 -590 577 544 -403 1'256 1'838 -4'431 1'746 2'037
Free Cash Flow (CFO-CAPEX) -2 -342 258 1'214 1'886 2'221 4'904 6'225 -1'445 2'382 3'789
Free Cash Flow To Firm 53 -275 331 1'239 1'935 2'282 4'953 6'419 2'479 3'856
Free Cash Flow To Equity 574 -190 905 2'582 2'039 4'457 12'581 -2'874 1'340 1'402
Free Cash Flow per Share
Company Analysis - Financials III/IV
Page 7
Periodicity: 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11E 12/12E 12/13E
Ratio Analysis
Valuation Ratios
Price Earnings 5.9x 6.6x 6.8x
EV to EBIT 7.0x 3.5x 8.4x 6.5x
EV to EBITDA 6.3x 2.7x 6.8x 5.8x
Price to Sales 2.2x 2.4x 2.3x
Price to Book 1.9x 1.5x 1.3x
Dividend Yield 3.8% 3.7% 3.6%
Profitability Ratios
Gross Margin 55.6% 45.2% 43.4% 44.8% 54.8% 58.2% 72.7% 65.6% 45.5% 51.1% 61.8% 57.0% 50.9% 47.5%
EBITDA Margin 46.9% 39.5% 38.8% 39.0% 50.2% 54.6% 68.3% 48.5% 41.4% 50.9% 57.7% 50.8% 48.1% 47.4%
Operating Margin 44.7% 30.0% 25.3% 30.3% 42.5% 46.5% 63.2% 43.0% 32.1% 41.4% 51.4% 45.4% 42.7% 39.7%
Profit Margin 26.2% 28.2% 18.9% 16.6% 26.7% 32.8% 51.9% 31.1% -3.2% 30.4% 25.8% 32.9% 30.9% 30.2%
Return on Assets 13.8% 6.1% 8.2% 15.0% 16.6% 38.6% 20.5% -1.6% 11.9% 14.1% 19.6% 18.4% 13.7%
Return on Equity 21.8% 8.9% 11.2% 20.3% 22.1% 50.2% 33.0% -3.0% 21.3% 21.2% 30.1% 25.5% 20.7%
Leverage & Coverage Ratios
Current Ratio 1.60 1.42 2.22 2.26 2.87 3.48 4.16 1.94 3.32 2.04 4.81
Quick Ratio 0.53 0.23 0.39 0.89 1.20 0.84 2.25 1.42 1.69 1.05 2.37
Interest Coverage Ratio (EBIT/I) 31.34 13.22 7.27 39.40 43.94 40.17 108.99 25.91 11.30 27.62 75.48
Tot Debt/Capital 0.19 0.22 0.08 0.05 0.10 0.08 0.06 0.27 0.35 0.27 0.14
Tot Debt/Equity 0.23 0.28 0.08 0.05 0.11 0.09 0.06 0.37 0.55 0.36 0.16
Others
Asset Turnover 0.49 0.32 0.50 0.56 0.51 0.74 0.66 0.49 0.39 0.55
Accounts Receivable Turnover 11.40 14.07 18.41 21.62 25.24 28.45 28.65 29.78 17.78 15.23
Accounts Payable Turnover 7.54 6.63 13.05 20.31 17.78 18.44 24.01 23.62 16.06 16.66
Inventory Turnover 1.43 0.95 1.72 2.16 2.18 2.28 3.29 3.75 2.12 2.31
Effective Tax Rate 28.4% 28.8% 33.1% 36.8% 27.3% 26.9% 26.6% 31.8% 24.3% 22.8%
Company Analysis - Financials IV/IV
Page 8
MMC NORILSK ADR
EVRAZ PLC BHP BILLITON LTD UNITED CO RUSAL XSTRATA PLC ANGLO AMER PLC LONMIN PLC SEVERSTAL MECHELPOLYUS GOLD
OJSCTECK RESOURCES-
BIMPALA
PLATINUMRIO TINTO LTD
SUMITOMO MET MIN
NLMK OAO
12/2010 12/2011 06/2011 12/2011 12/2011 12/2011 09/2011 12/2011 12/2011 12/2010 12/2011 06/2011 12/2011 03/2012 12/201127.49 465.40 45.09 11.82 1'443.50 3'218.50 1'622.00 544.00 774.00 2'022.80 51.87 19'105.00 84.53 1'414.00 114.00
21.07.2011 26.01.2012 19.05.2011 01.06.2011 31.05.2011 08.07.2011 01.06.2011 01.08.2011 31.05.2011 03.06.2011 31.05.2011 31.05.2011 08.07.2011 27.07.2011 01.07.201114.70 303.00 33.46 4.44 715.10 2'065.00 851.00 280.00 207.30 856.00 27.39 13'857.00 58.52 927.00 50.58
29.12.2011 25.11.2011 15.05.2012 09.01.2012 04.10.2011 04.10.2011 14.05.2012 04.10.2011 15.05.2012 06.12.2011 04.10.2011 09.05.2012 04.10.2011 15.05.2012 07.05.20122'336'065 3'222'800 14'163'568 1'519'080 10'671'838 2'647'623 1'842'596 168'100 233'095 4'276 3'126'523 1'293'200 4'898'951 3'652'000 867'290
16.09 323.60 33.86 4.90 1'013.00 2'119.00 854.00 360.30 210.80 1'015.20 31.70 14'146.00 60.31 949.00 51.74
-41.5% -30.5% -24.9% -58.5% -29.8% -34.2% -47.3% -33.8% -72.8% -49.8% -38.9% -26.0% -28.7% -32.9% -54.6%9.5% 6.8% 1.2% 10.4% 41.7% 2.6% 0.4% 28.7% 1.7% 18.6% 15.7% 2.1% 3.1% 2.4% 2.3%
- 156.2 5'295.1 15'193.0 2'964.7 1'323.4 202.7 1'007.7 416.3 190.6 586.6 601.0 1'874.1 562.0 5'993.230'672.0 4'336.0 170'293.3 74'445.8 30'417.3 28'406.9 1'730.7 363'074.8 87'749.9 193'525.3 18'589.6 85'787.0 95'374.4 551'965.0 310'089.6
2'831.0 7'245.0 15'907.0 12'096.0 10'370.0 12'873.0 310.0 5'976.1 9'869.0 6'212.3 7'035.0 1'842.0 21'804.0 265'951.0 4'379.8 - - - - - - - - 25.3 - - - - - -
598.0 236.0 993.0 - 2'037.0 4'097.0 411.0 387.8 374.6 1'737.0 172.0 2'047.0 6'669.0 66'319.0 (41.9) 5'405.0 801.0 10'348.0 613.0 1'948.0 11'732.0 76.0 1'874.0 643.4 15'396.9 4'405.0 4'542.0 10'014.0 185'745.0 1'024.4
- 13'662.7 193'024.5 21'070.5 59'443.0 50'984.5 3'545.1 16'478.1 12'522.9 186'077.7 21'861.6 87'409.0 113'900.2 698'490.0 13'552.2
LFY 12'775.0 16'400.0 71'739.0 12'291.0 33'877.0 30'580.0 1'992.0 15'812.4 12'546.3 53'108.9 11'514.0 33'132.0 60'537.0 847'897.0 11'728.6LTM 13'273.0 16'400.0 67'381.0 12'291.0 33'877.0 30'580.0 1'805.0 15'812.4 12'546.3 60'115.8 11'695.0 33'229.0 60'537.0 847'897.0 11'728.6
CY+1 14'215.5 15'793.8 72'199.4 11'735.4 34'184.9 34'967.7 1'811.0 16'566.1 12'946.5 65'880.1 11'193.5 29'472.1 59'555.4 845'962.3 13'355.7 CY+2 13'009.5 16'612.5 78'115.1 12'863.4 37'795.8 39'377.6 2'138.8 17'295.2 12'839.0 76'138.1 11'968.1 37'816.8 65'860.9 857'755.9 15'042.0
LFY 3.9x 0.5x 2.9x 1.7x 1.6x 1.8x 2.0x 1.0x 1.1x 6.7x 2.1x 3.1x 2.2x 0.9x 1.3xLTM 3.7x 0.5x 3.1x 1.7x 1.6x 1.8x 2.3x 1.0x 1.1x 6.7x 2.1x 3.1x 2.2x 0.9x 1.4x
CY+1 2.4x 0.9x 2.7x 1.7x 1.8x 1.6x 2.0x 1.0x 0.9x - 1.9x 3.0x 1.9x 0.9x 1.0xCY+2 2.6x 0.8x 2.5x 1.5x 1.6x 1.3x 1.8x 0.9x 0.9x - 1.6x 2.4x 1.7x 0.9x 0.8x
LFY 7'370.0 3'026.0 37'765.0 2'762.0 11'648.0 11'889.0 409.0 3'582.5 2'458.2 20'464.1 5'367.0 11'565.0 26'304.0 119'611.0 2'254.4LTM 7'738.0 3'026.0 39'302.0 2'762.0 11'648.0 11'889.0 276.0 3'586.4 2'685.3 20'464.1 5'297.0 - 26'304.0 119'611.0 2'388.0
CY+1 7'220.7 2'688.5 35'458.6 1'901.8 11'519.9 12'871.9 313.3 3'578.5 2'386.7 33'363.3 4'830.5 7'981.5 25'448.9 123'165.6 2'617.9 CY+2 6'255.0 2'998.7 39'410.6 2'288.6 13'738.9 15'160.0 433.2 3'636.3 2'262.0 - 5'432.7 10'544.8 29'201.7 125'860.0 3'094.4
LFY 6.7x 2.5x 5.6x 7.6x 4.8x 4.5x 10.0x 4.5x 5.6x 17.5x 4.5x 8.9x 5.1x 6.7x 6.8xLTM 6.4x 2.5x 5.4x 7.6x 4.8x 4.5x 14.7x 4.4x 5.1x 17.4x 4.6x - 5.1x 6.7x 6.4x
CY+1 4.8x 5.1x 5.5x 10.6x 5.3x 4.3x 11.7x 4.4x 4.9x - 4.4x 11.0x 4.5x 6.1x 5.0xCY+2 5.4x 4.4x 4.9x 8.6x 4.3x 3.5x 8.9x 4.2x 5.3x - 3.6x 8.5x 3.8x 5.9x 4.1x
LFY - 0.60 3.92 0.02 1.95 5.06 1.43 - - - 4.22 11.05 6.45 - -LTM - 0.36 4.27 0.01 1.95 5.10 0.79 1.83 1.75 64.94 4.46 13.33 3.21 116.05 0.22
CY+1 2.73 0.58 3.52 0.10 1.78 4.35 0.52 1.82 1.73 77.36 3.72 8.28 7.23 128.69 0.23 CY+2 2.44 0.79 3.85 0.13 2.21 5.30 0.95 1.94 1.74 56.56 4.26 10.41 8.31 136.71 0.27
LFY - 14.6x 7.9x 45.1x 8.4x 6.7x 17.5x 6.5x 4.0x 15.6x 7.1x 10.6x 18.8x 8.2x 7.8xLTM - 8.7x 8.7x 34.1x 8.4x 6.7x 15.5x - - - 7.1x 8.4x - - -
CY+1 5.9x 9.0x 9.6x 6.4x 9.2x 7.8x 26.7x 6.6x 4.0x 13.1x 8.5x 17.1x 8.3x 7.4x 7.6xCY+2 6.6x 6.6x 8.8x 5.0x 7.4x 6.4x 14.5x 6.1x 4.0x 17.9x 7.4x 13.6x 7.3x 6.9x 6.3x
1 Year 49.6% 22.4% 35.9% 12.0% 11.1% 9.4% 25.7% 23.4% 28.7% 42.7% 24.8% 30.2% 9.7% (1.9%) 40.4%5 Year 23.5% - 12.7% - 8.7% 13.2% 13.1% - 24.4% 28.0% 13.9% 3.2% 24.7% (0.3%) 14.3%1 Year 69.3% 37.4% 58.7% 123.6% 12.2% 15.4% 6.8% 19.8% 19.4% 26.2% 27.0% 42.5% 17.1% (8.5%) (2.9%)5 Year 13.5% - 25.5% (5.6%) 17.6% 4.2% (15.1%) 4.0% 21.6% 30.9% 8.1% 9.2% 21.3% (8.7%) (3.8%)
LTM 57.7% 18.5% 52.6% 22.5% 34.4% 38.9% 20.5% 22.7% 19.6% 38.5% 46.6% 34.9% 43.5% 14.1% 19.2%CY+1 50.8% 17.0% 49.1% 16.2% 33.7% 36.8% 17.3% 21.6% 18.4% 50.6% 43.2% 27.1% 42.7% 14.6% 19.6%CY+2 48.1% 18.1% 50.5% 17.8% 36.4% 38.5% 20.3% 21.0% 17.6% - 45.4% 27.9% 44.3% 14.7% 20.6%
Total Debt / Equity % 16.3% 130.7% 28.0% 114.8% 23.7% 32.9% 10.6% 89.5% 198.8% 6.4% 39.7% 3.9% 41.5% 40.3% 43.2%Total Debt / Capital % 13.6% 55.6% 21.6% 53.4% 18.5% 23.0% 8.5% 45.8% 64.8% 5.9% 28.2% 3.6% 26.9% 26.8% 30.2%Total Debt / EBITDA 0.384x 2.394x 0.421x 4.379x 0.890x 1.083x 0.758x 1.668x 4.015x 0.302x 1.311x 0.159x 0.829x 2.223x 1.943xNet Debt / EBITDA -0.349x 2.130x 0.147x 4.157x 0.723x 0.096x 0.572x 1.145x 3.753x -0.446x 0.490x -0.233x 0.448x 0.671x 1.488xEBITDA / Int. Expense 84.713x 4.274x 35.560x 2.067x 25.770x 11.443x 7.304x 8.214x 4.378x 20.857x 8.741x 21.780x 26.570x 35.077x -
S&P LT Credit Rating BBB- - A+ - BBB+ BBB+ - BB - - BBB - A- NR BBB-S&P LT Credit Rating Date 26.09.2011 - 15.11.2010 - 18.04.2011 18.04.2011 - 14.06.2011 - - 16.04.2010 - 18.04.2011 09.01.2007 23.07.2008Moody's LT Credit Rating - - (P)A1 - - Baa1 - Ba2 - - Baa2 - - WR -Moody's LT Credit Rating Date - - 15.11.2010 - - 23.02.2009 - 14.06.2011 - - 17.11.2010 - - 16.08.2006 -
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