Académique Documents
Professionnel Documents
Culture Documents
2013
Saipem SpA
SPM IM
Currency:
Sector: Energy
Benchmark:
FTSE MIB INDEX (FTSEMIB)
Year:
Telephone
390-2-5203-4347
Revenue (M)
Website
www.saipem.it
No of Employees
Address
Via Martiri do Cefalonia 67 20097 San Donato Milanese Milan Italy
Share Price Performance in EUR
Price
20.39
1M Return
52 Week High
40.12
6M Return
52 Week Low
18.61
52 Wk Return
52 Wk Beta
0.91
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
13'369
41'415
-35.5%
-47.2%
-45.7%
-30.4%
HY1
-
Date
Date
Date
12/09
14.3x
11.6x
8.4x
1.0x
3.1x
2.3%
12/10
19.1x
14.8x
10.6x
1.4x
4.0x
1.7%
12/11
15.6x
11.9x
8.5x
1.1x
3.1x
2.1%
12/12
14.3x
1.0x
2.4x
2.3%
12/13E
20.3x
8.8x
0.7x
1.7x
1.6%
12/14E
12.3x
6.9x
0.6x
1.5x
2.7%
12/15E
8.7x
5.7x
0.6x
1.3x
3.8%
12/09
Gross Margin
EBITDA Margin
15.6
Operating Margin
11.3
Profit Margin
7.1
Return on Assets
5.2
Return on Equity
23.6
Leverage and Coverage Ratios
12/09
Current Ratio
0.8
Quick Ratio
0.5
EBIT/Interest
13.7
Tot Debt/Capital
0.5
Tot Debt/Equity
1.1
Eff Tax Rate %
27.1
12/10
16.4
11.8
7.6
5.8
22.5
12/11
16.7
11.9
7.3
6.0
21.0
12/12
16.5
11.1
6.7
7.0
17.8
12/13E
18.9
11.4
5.8
3.3
3.4
8.5
12/14E
21.0
14.0
8.8
5.5
5.1
12.7
12/15E
63.7
16.0
10.4
7.0
6.3
15.7
12/10
0.9
0.6
20.6
0.5
1.0
27.8
12/11
0.8
0.5
12.9
0.5
0.9
28.4
12/12
0.4
0.8
29.1
Outlook
Outlook
Outlook
Saipem S.p.A. offers construction and offshore and onshore drilling services. The
Company installs sub-sea pipelines, installs fixed platforms, manages complete
onshore construction projects, and drills for oil mainly in Italy, Algeria, Nigeria, and the
Arabian peninsula.
Sales (M)
6175
5356
1088
750
Sales (M)
1
6%
8%
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
46%
40%
100%
Onshore Engineering & Construction
Offshore Engineering & Construction
West Africa
Offshore Drilling
Onshore Drilling
441.4
9001.4
0.0
4278.0
0.0
0.0
148.0
13427.4
62%
15
10
20%
14%
0%
5
0
fvr.12
mars.12
avr.12
mai.12
juin.12
Buy
juil.12
Hold
aot.12
Sell
sept.12
Price
oct.12
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
14%
62%
66%
66%
72%
79%
75%
74%
63%
70%
70%
65%
62%
34%
31%
34%
24%
18%
21%
22%
33%
26%
26%
31%
24%
3%
3%
0%
3%
4%
4%
4%
4%
4%
4%
4%
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
22.75
22.75
22.66
22.66
22.66
22.66
22.75
22.60
22.74
22.74
23.08
23.16
24.07
24.07
24.31
25.12
25.08
36.26
37.06
37.34
37.60
37.60
37.60
37.60
37.60
37.81
37.81
37.81
37.81
37.81
Broker
Analyst
AlphaValue
Canaccord Genuity Corp
Mediobanca SpA
ICBPI
Equita SIM SpA
Societe Generale
Banca IMI
HSBC
Macquarie
Banca Akros(ESN)
S&P Capital IQ
Liberum Capital Ltd
Barclays
ABN Amro Bank N.V.
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Exane BNP Paribas
JPMorgan
Natixis
Nomura
Day by Day
EVA Dimensions
Deutsche Bank
CA Cheuvreux
Kepler Capital Markets
Ricerca Finanza
ALEXANDRE ANDLAUER
JAMES EVANS
ANDREA SCAURI
LUCA ARENA
LUIGI DE BELLIS
GUILLAUME DELABY
ROBERTO RANIERI
PHILLIP LINDSAY
DAVID FARRELL
DARIO MICHI
CHRISTINE TISCARENO
ANDREW WHITTOCK
MICK PICKUP
MARK VAN DER GEEST
ROBERT PULLEYN
HENRY TARR
KATHERINE TONKS
ALEXANDRE MARIE
ANDREW DOBBING
ANNE PUMIR
CHRISTYAN MALEK
VALERIE GASTALDY
CRAIG STERLING
SEBASTIAN YOSHIDA
GEOFFROY STERN
ENRICO COCO
FRANCESCO MANZI
Recommendation
reduce
hold
underperform
sell
hold
buy
reduce
overweight
underperform
hold
buy
hold
equalweight
hold
Equalwt/Attractive
neutral/neutral
sector perform
neutral
neutral
neutral
neutral
hold
hold
hold
outperform
hold
outperform
Ricerca Finanza
66%
CA Cheuvreux
66%
72%
Deutsche Bank
75%
Day by Day
74%
63%
EVA Dimensions
70%
Natixis
70%
10
20
Nomura
65%
79%
15
25
JPMorgan
62%
40%
20
30
60%
25
35
34%
30
40
Morgan Stanley
31%
45
Goldman Sachs
24%
Barclays
34%
33%
24%
50
3%
S&P Capital IQ
18%
3%
21%
0%
Banca Akros(ESN)
22%
3%
HSBC
4%
Macquarie
4%
Banca IMI
26%
4%
Societe Generale
26%
4%
ICBPI
4%
31%
4%
Mediobanca SpA
80%
4%
AlphaValue
100%
Price
Broker Recommendation
Target
Date
19.40
23.00
19.00
21.00
23.00
25.00
16.31
26.00
17.60
20.00
30.00
20.00
22.00
21.00
25.00
23.00
22.00
21.00
26.20
22.00
22.00
21-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
14-Feb-13
13-Feb-13
13-Feb-13
13-Feb-13
13-Feb-13
12-Feb-13
7-Feb-13
6-Feb-13
31-Jan-13
31-Jan-13
30-Jan-13
30-Jan-13
30-Jan-13
1-Jun-10
21.00
30.00
25.00
21.02.2013
Saipem SpA
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
19%
18.87%
81.08%
0.05%
81%
Institutional Ownership
Retail Ownership
Insider Ownership
Geographic Ownership
0%
441.4
56.8%
Italy
United States
Luxembourg
Britain
France
Germany
Unknown Country
Others
69.38%
11.02%
6.78%
4.68%
1.94%
1.58%
0.91%
3.71%
68.83%
26.30%
3.85%
0.84%
0.18%
2%
2% 1% 4%
5%
7%
11%
68%
Italy
United States
Luxembourg
Britain
France
Germany
Unknown Country
Others
TOP 20 ALL
Position
189'447'556
21'088'746
7'885'773
5'177'433
5'054'648
2'662'857
2'590'416
2'255'030
2'187'281
1'513'680
1'414'646
1'222'030
1'204'742
1'061'416
992'919
990'749
952'030
948'419
908'676
856'117
Position Change
0
-1'638'416
-173'664
-114'027
124'129
4'881
0
0
97'214
1'311'599
535'767
-55'854
0
120'134
0
16'834
-107'051
412'019
-131'277
0
Market Value
3'862'835'667
429'999'531
160'790'911
105'567'859
103'064'273
54'295'654
52'818'582
45'980'062
44'598'660
30'863'935
28'844'632
24'917'192
24'564'689
21'642'272
20'245'618
20'201'372
19'411'892
19'338'263
18'527'904
17'456'226
% of Ownership
42.93%
4.78%
1.79%
1.17%
1.15%
0.60%
0.59%
0.51%
0.50%
0.34%
0.32%
0.28%
0.27%
0.24%
0.23%
0.22%
0.22%
0.21%
0.21%
0.19%
Report Date
Holder Name
Position
Position Change
Market Value
% of Ownership
Report Date
205'000
1'500
1'420
06.02.2013
31.01.2013
19.02.2013
31.12.2012
31.12.2012
30.12.2012
06.02.2013
06.02.2013
31.12.2012
28.09.2012
31.12.2012
28.12.2012
06.02.2013
31.12.2012
06.02.2013
31.12.2012
29.06.2012
28.09.2012
31.12.2012
06.02.2013
Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
31.12.2011
31.12.2011
31.12.2011
Research
Research
Research
Top 5 Insiders:
4'179'950
30'585
28'954
0.05%
0.00%
0.00%
0.05%
Source
Institutional Ownership
Country
ITALY
UNITED STATES
UNITED STATES
GERMANY
UNITED STATES
UNITED STATES
UNITED STATES
AUSTRALIA
UNITED STATES
BRITAIN
UNITED STATES
ITALY
GERMANY
n/a
UNITED STATES
NETHERLANDS
GERMANY
UNITED STATES
LUXEMBOURG
1%
4%
0%
26%
69%
Corporation
Investment Advisor
Other
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
3'167
4'105
4'306
4'528
7'517
9'530
10'094
10'292
11'160
12'593
13'369
13'567
14'063
14'810
2'557
2'953
9'434
2'923
6
3'821
9
3'988
6
4'174
6
6'968
23
8'729
21
9'054
17
9'156
17
9'858
12
11'138
12
11'898
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
302
121
0
-75
303
95
0
-55
328
1
0
22
365
10
41
-21
599
42
-6
19
867
17
9
-282
1'084
208
56
-397
1'163
85
-41
56
1'319
64
89
-73
1'493
116
-36
34
1'481
781
1'231
1'543
Pretax Income
- Income Tax Expense
256
62
263
67
305
67
335
76
544
157
1'123
245
1'217
285
1'063
288
1'239
345
1'379
392
1'349
393
633
1'087
1'481
194
196
387
0
3
878
0
3
775
894
987
259
0
4
932
238
0
3
18
43
50
66
956
0
54
444
1.00
0.33
0.33
768
1.65
0.54
0.33
1'042
2.33
0.78
0.33
1'541
1'974
2'372
Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
132
0.87
1.98
2.07
1.66
1.92
2.09
2.04
191
0.43
0.14
33.2
196
0.45
0.15
33.1
197
0.45
0.15
27.7
255
0.59
0.19
32.2
384
0.87
0.29
33.2
580
1.31
0.44
21.9
724
1.57
0.55
732
1.66
0.55
844
1.91
0.63
31.2
921
2.09
0.70
33.3
902
2.04
0.68
33.3
441
439
438
441
429
442
436
442
435
442
436
440
438
440
438
440
441
441
EBITDA
558
561
527
561
829
1'148
1'437
1'601
1'833
2'101
2'207
*Net income excludes extraordinary gains and losses and one-time charges.
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
1839
250
0
859
177
553
2394
549
0
1'020
307
518
2492
595
3101
877
7912
1'398
36
3'384
1'397
1'697
6787
986
36
3'242
1'071
1'452
6718
1'029
922
1'265
490
469
7247
2'170
0
2'897
998
1'182
6616
930
1'067
388
442
6084
1'322
0
2'929
1'053
780
3'550
791
1'345
2'822
1'353
1'514
2'676
35
3'347
1'639
1'708
933
2'571
2
3'431
1'737
1'694
875
2'623
0
3'617
1'905
1'712
911
2'851
4
3'959
2'056
1'903
944
3'447
9
4'718
2'373
2'345
1'093
4'439
13
5'954
2'392
3'562
864
6'081
2
7'790
2'619
5'171
908
7'326
2
9'190
2'895
6'295
1'029
8'412
2
10'709
3'306
7'403
1'007
9'134
1
11'923
3'899
8'024
1'109
2'646
718
1'105
823
2'845
877
933
1'035
2'941
1'046
979
916
3'694
1'129
1'483
1'082
6'621
2'292
1'940
2'432
8'091
2'626
3'038
2'427
9'677
3'276
2'620
3'781
8'348
2'602
2'147
3'599
7'565
2'698
1'329
3'538
7'963
2'954
1'722
3'287
570
406
164
729
578
151
651
487
164
615
423
192
1'325
894
431
1'296
891
405
1'538
1'106
432
2'270
1'796
474
3'309
2'887
422
3'066
2'576
490
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
3'216
0
24
503
772
3'574
0
23
503
865
3'592
4'309
9
503
1'011
13
490
1'140
7'946
0
4
496
1'085
9'387
0
4
496
1'799
11'215
0
21
496
2'261
10'618
0
61
496
2'938
10'874
0
94
496
3'564
11'029
0
114
496
4'213
5'405
1'299
1'391
1'523
1'643
1'585
2'299
2'778
3'495
4'154
4'823
5'553
4'515
4'965
5'115
5'952
9'531
11'686
13'993
14'113
15'028
15'852
2.89
0.84
3.12
1.18
3.46
1.55
3.69
1.80
3.69
1.71
5.26
3.54
6.34
4.60
7.88
6.15
9.28
7.54
10.74
9.03
12/13E
12/14E
12/15E
12.32
13.69
15.50
Balance Sheet
922
9'126
756
8'370
4'495
4'278
217
0
148
12.24
-6.45
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
191
256
23
203
196
258
-13
163
235
199
59
-123
255
196
53
-178
384
230
22
-33
875
281
-383
292
914
353
-363
658
732
438
218
-421
844
514
-61
27
921
608
-528
548
902
726
34
-1'438
457
753
1'076
673
9
-197
-2
0
-1'214
604
12
-247
370
7
-186
-12
4
-7
326
3
-350
-12
0
-12
603
9
-600
-9
4
-40
1'065
8
-1'407
-237
406
-7
1'562
46
-2'031
-3
310
-19
967
8
-1'601
1'324
1'549
-1'533
-1'100
224
8
-1'016
-897
-699
-777
12
-14
5
73
3
-87
-1'404
-56
325
352
0
22
0
172
-252
-63
-151
220
-26
-371
-65
419
0
-11
0
-30
14
-636
-82
361
432
-2
0
-36
-195
-1'237
-126
1'130
-1'595
-239
-631
1'099
-65
7
-1'455
-263
-778
2'437
-1'400
35
-1'184
-297
-49
186
-117
11
-1'008
-54
-1'697
-192
-333
26
-6
-33
-194
-65
-29
2
-6
16
-24
1
-13
83
-50
-82
45
44
-331
815
-53
-105
327
478
1'020
-637
216
75
-266
-302
84
299
71
282
445
848
-772
-412
-56
99
-1'086
476
357
184
-24
-342
-469
-634
-209
449
-792
387
880
1'026
568
1'162
1.08
428
412
0.81
185
-16
33
0.42
-0.05
0.01
-329
742
-0.78
-310
-736
-1.08
-572
-223
-1.46
-163
50
-0.48
532
469
1.02
-1.79
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
5
-22
29
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
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
14.6x
13.5x
7.3x
0.9x
2.2x
2.3%
14.4x
12.5x
6.8x
0.7x
2.1x
2.3%
19.7x
14.5x
9.0x
0.9x
2.6x
1.7%
23.5x
19.6x
12.8x
1.3x
3.8x
1.4%
22.4x
16.7x
12.1x
1.1x
5.4x
1.5%
13.7x
15.8x
12.0x
1.3x
5.2x
1.6%
5.6x
6.9x
5.2x
0.5x
1.9x
4.7%
14.3x
11.6x
8.4x
1.0x
3.1x
2.3%
19.1x
14.8x
10.6x
1.4x
4.0x
1.7%
15.6x
11.9x
8.5x
1.1x
3.1x
2.1%
14.3x
20.3x
12.3x
8.7x
1.0x
2.4x
2.3%
8.8x
0.7x
1.7x
1.6%
6.9x
0.6x
1.5x
2.7%
5.7x
0.6x
1.3x
3.8%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
17.6%
9.5%
6.0%
5.1%
15.7%
13.7%
7.4%
4.8%
4.1%
14.8%
12.2%
7.6%
5.5%
4.7%
16.3%
12.4%
8.1%
5.6%
4.6%
16.2%
11.0%
8.0%
5.1%
5.0%
23.9%
12.0%
9.1%
9.2%
8.2%
45.1%
14.2%
10.7%
9.1%
7.1%
36.2%
15.6%
11.3%
7.1%
5.2%
23.6%
16.4%
11.8%
7.6%
5.8%
22.5%
16.7%
11.9%
7.3%
6.0%
21.0%
16.5%
11.1%
6.7%
7.0%
17.8%
18.9%
11.4%
5.8%
3.3%
3.4%
8.5%
21.0%
14.0%
8.8%
5.5%
5.1%
12.7%
63.7%
16.0%
10.4%
7.0%
6.3%
15.7%
0.70
0.42
2.50
0.54
1.16
0.84
0.55
3.19
0.52
1.09
0.85
0.57
328.00
0.49
0.96
0.84
0.58
36.50
0.54
1.16
0.92
0.64
14.26
0.64
1.79
0.90
0.63
51.00
0.63
1.71
0.82
0.50
5.21
0.57
1.34
0.81
0.51
13.68
0.53
1.13
0.87
0.59
20.61
0.50
1.01
0.84
0.48
12.87
0.47
0.89
0.44
0.77
0.85
4.69
0.87
4.37
0.85
4.13
0.82
3.88
0.97
3.58
0.90
3.27
0.79
3.21
0.73
3.11
0.77
3.29
0.82
3.95
1.03
24.2%
25.5%
22.0%
22.7%
28.9%
21.8%
23.4%
27.1%
27.8%
28.4%
29.1%
Ratio Analysis
SUBSEA 7 SA
TECHNIP SA
12/2012
40.12
17.09.2012
18.61
30.01.2013
1'158'356
12/2011
148.39
02.04.2012
106.91
25.06.2012
793'053
20.42
-49.1%
9.7%
441.4
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
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
SCHLUMBERGER
LTD
HALLIBURTON CO
12/2012
92.36
22.10.2012
69.21
04.06.2012
489'259
12/2012
82.00
14.02.2013
59.12
26.06.2012
6'397'047
12/2012
43.96
14.02.2013
26.28
26.06.2012
15'695'675
131.30
80.27
78.53
41.62
-11.5%
22.8%
338.7
-13.1%
16.0%
108.7
-4.2%
32.8%
1'328.0
-5.3%
58.4%
929.0
ENI SPA
12/2012
19.59
18.01.2013
14.94
25.07.2012
7'163'920
NOBLE CORP
DIAMOND
OFFSHORE
WOOD GROUP
(JOHN
PETROFAC LTD
MCDERMOTT INTL
12/2011
25.76
09.10.2012
15.58
04.06.2012
366'754
12/2011
59.50
14.02.2013
39.32
04.06.2012
3'819'082
12/2012
41.56
16.03.2012
28.73
25.06.2012
5'740'118
12/2012
76.08
15.02.2013
54.07
26.06.2012
1'638'594
12/2011
883.50
19.10.2012
649.00
26.06.2012
195'771
12/2011
1'784.00
20.04.2012
1'324.00
27.06.2012
384'860
17.38
20.09
54.32
37.84
73.05
794.50
-11.3%
16.3%
3'634.2
-22.0%
28.9%
159.2
-8.7%
38.1%
349.8
-8.9%
31.7%
252.7
-4.0%
35.1%
139.0
-10.1%
22.4%
371.3
OCEANEERING
INTL
TIDEWATER INC
12/2011
15.35
01.03.2012
9.04
04.06.2012
3'826'510
12/2012
65.37
14.02.2013
43.22
25.06.2012
706'989
03/2012
63.27
24.02.2012
42.33
16.11.2012
618'966
1'572.00
12.79
61.97
48.92
-11.9%
18.7%
340.1
-16.7%
41.5%
235.1
-5.2%
43.4%
107.9
-22.7%
15.6%
51.3
9'014.6
46'190.5
9'065.2
104'307.9
38'622.8
63'162.1
3'542.8
20'306.5
9'562.9
10'156.2
2'964.9
5'437.4
3'016.4
6'687.0
2'416.5
4'278.0
148.0
1'029.0
893.4
51.5
803.4
2'087.9
21.7
2'808.7
11'630.0
107.0
6'274.0
4'820.0
25.0
2'484.0
24'463.0
3'514.0
8'066.0
1'501.0
67.5
410.7
13'536.0
106.0
4'017.0
4'634.4
765.1
282.1
1'496.1
1'485.6
230.5
10.0
226.6
77.2
3.1
1'602.0
93.7
74.1
680.4
94.0
106.1
1'010.0
320.7
13'541.6
8'504.7
8'894.7
109'770.9
40'983.8
83'073.1
4'905.1
Valuation
28'415.5
14'680.3
10'166.6
4'641.0
7'524.8
2'523.2
6'703.4
3'292.3
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
10.0x
20.3x
12.3x
6.2%
8.3%
5.0%
14.0%
16.4%
11.4%
14.0%
5'476.5
6'103.3
6'243.0
6'756.9
1.5x
1.4x
1.3x
1.2x
870.8
1'050.1
1'137.7
1'274.6
9.7x
8.1x
7.4x
6.5x
1.26
2.14
1.65
1.62
10.8x
10.8x
14.1x
14.3x
131.2%
35.4%
81.8%
23.6%
17.2%
18.2%
18.9%
8'203.9
8'203.9
9'203.3
10'364.3
1.2x
1.2x
0.9x
0.8x
883.5
1'012.6
1'233.7
1'473.9
10.9x
9.5x
6.8x
5.3x
0.00
4.59
5.72
7.02
17.5x
24.5x
14.0x
11.4x
20.4%
3.4%
11.2%
12.8%
13.4%
14.2%
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%
28'503.0
28'503.0
29'769.0
32'970.3
1.2x
1.2x
1.4x
1.2x
5'787.0
5'787.0
6'184.6
7'544.0
6.0x
6.0x
6.6x
5.2x
3.02
3.08
3.02
3.96
13.5x
13.5x
13.8x
10.5x
14.8%
14.5%
(5.1%)
7.5%
20.3%
20.8%
22.9%
127'271.0
127'271.0
121'289.6
123'474.0
0.7x
0.7x
0.7x
0.6x
24'564.0
24'564.0
28'813.8
30'201.0
3.5x
3.5x
2.8x
2.6x
1.93
2.39
2.00
2.15
7.3x
8.2x
8.7x
8.1x
16.1%
5.9%
(4.5%)
(1.1%)
19.3%
23.8%
24.5%
79.1%
43.5%
1.957x
1.957x
18.112x
15.5%
13.3%
0.861x
0.303x
21.554x
57.2%
36.2%
2.078x
-0.181x
22.889x
33.5%
25.0%
1.052x
0.484x
32.412x
30.6%
23.4%
0.833x
0.404x
19.419x
41.3%
28.1%
0.996x
0.668x
27.909x
BBB+
27.05.2010
-
A+
11.12.2002
A1
03.06.2003
A
20.08.2007
A2
01.05.2007
A
17.01.2012
A3
16.07.2012
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
5.7x
4.0x
-0.21
0.40
0.74
1.73
51.3x
51.3x
26.8x
11.5x
3.7%
3.1%
2.5%
5.1%
29.0%
31.0%
33.7%
9'142.0
9'768.0
9'667.9
10'171.3
2.7x
2.5x
2.9x
2.8x
1'853.0
1'748.0
3'406.5
4'051.5
13.1x
13.9x
8.3x
6.9x
-5.78
-3.92
3.50
4.74
15.5x
11.5x
(3.4%)
17.3%
(54.2%)
2.5%
17.9%
35.2%
39.8%
3'547.0
3'547.0
4'438.4
5'405.3
3.9x
3.9x
3.5x
2.9x
1'529.6
1'529.6
2'128.7
2'779.6
9.1x
9.1x
7.4x
5.6x
2.04
2.02
3.28
4.88
18.7x
18.7x
11.5x
7.8x
31.6%
5.3%
35.6%
(3.0%)
43.1%
48.0%
51.4%
2'986.5
2'986.5
3'057.8
3'973.8
3.2x
3.2x
3.8x
3.0x
1'336.9
1'335.9
1'289.8
1'960.7
7.1x
7.1x
9.1x
6.2x
5.09
5.08
4.58
7.50
14.4x
14.4x
16.0x
9.7x
(10.1%)
3.6%
(18.9%)
(1.6%)
44.7%
42.2%
49.3%
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
12.2x
38.7%
11.5%
39.0%
7.3%
7.0%
7.5%
8.2%
5'800.7
6'331.4
6'437.8
6'771.1
1.2x
1.1x
1.2x
1.2x
764.0
888.8
929.6
1'098.6
8.8x
7.6x
8.4x
7.2x
1.57
1.82
1.85
2.08
13.2x
13.3x
13.0x
11.5x
33.2%
26.2%
19.8%
30.8%
14.0%
14.4%
16.2%
3'445.1
3'461.8
3'615.1
3'126.9
0.7x
0.7x
0.7x
0.8x
335.1
404.4
416.5
400.9
7.1x
5.9x
6.0x
6.2x
0.63
0.73
0.91
0.88
17.5x
17.5x
14.1x
14.6x
43.3%
(0.8%)
(20.4%)
(4.9%)
11.7%
11.5%
12.8%
2'782.6
2'782.6
3'181.6
3'576.2
2.1x
2.3x
2.0x
1.8x
605.1
605.1
708.6
831.5
9.9x
10.7x
9.2x
7.6x
2.66
2.66
3.21
3.87
23.3x
23.3x
19.3x
16.0x
26.9%
11.3%
24.5%
9.6%
21.7%
22.3%
23.2%
1'067.0
1'205.2
1'230.8
1'393.2
2.9x
2.6x
2.7x
2.4x
265.2
331.9
337.9
439.8
11.6x
9.3x
9.9x
7.6x
1.88
2.66
2.68
4.07
18.4x
18.4x
18.3x
12.0x
1.1%
0.6%
(0.6%)
(12.1%)
27.5%
27.5%
31.6%
86.2%
46.1%
8.081x
4.648x
2.808x
60.0%
35.3%
3.030x
2.845x
17.835x
32.7%
24.6%
1.120x
0.008x
28.927x
11.7%
10.5%
0.624x
0.233x
28.905x
6.9%
6.5%
0.075x
-0.872x
115.768x
5.6%
5.1%
0.268x
-1.383x
35.921x
5.2%
4.9%
0.155x
0.155x
143.452x
40.0%
28.6%
2.802x
2.639x
7.157x
BBB+
08.12.2011
Baa1
23.05.2006
A27.07.2004
A3
28.06.2012
BB
30.03.2010
-
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
51.1%
33.3%
2.044x
1.699x
4.716x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date
BB29.11.2012
Ba3 *25.09.2012