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  • Company Analysis - Lonmin PLC - GB0031192486 - LMI LN Equity

    Încărcat de

    Q.M.S Advisors LLC
    95 vizualizări8 pagini
    Lonmin plc Solid 3Q12 operations report, production guidance lowered, growth capex deferred Lonmin reported a strong production performance for its third fiscal quarter on the back of higher tons, grade and concentrator recoveries. Platinum produced at the concentrator in the quarter amounted to an annualised run rate of 808koz, while metal produced at the refinery amounted to an annualised rate of 744koz. In past years the group has tended to sell 40% of its refined platinum in 1H, which this year amounted to some 309koz Pt (or 773koz for the year on a 40/60 basis). For the 9m to 30 June 2012, refined production amounted to 491koz Pt, sales to 469koz, so 4Q refined production and sales must amount to 259koz and 281koz, respectively. This likely means that for the group's 750koz Pt sales guidance to be achieved a "trouble-free production run" will be required through year end. Meanwhile capex guidance has been slashed, with FY13 & 14 cut to $250m from $450m, each. This’ll mean the planned build-up to 900koz Pt sales in 2015 will be delayed (by at least two years in our view). FY13 guidance has been cut from 800koz sales to 750koz. Management has advised the market that it is examining possible external funding options that may be required to shore up the balance sheet.  Production summary. Sequential improvement in mining and production performance. The improvement is broadly based with increases in tons, grade and process recoveries. Balance sheet. At the end of March 2012, the group’s balance sheet showed net debt of $356m, including $528m of debt. The bulk of the debt (involving a facility of $700m) is subject to a covenant that requires the 12m trailing net debt/EBITDA ratio not to exceed 4x, measured at end-September and end-March each year. At spot metal prices our models show that the September test should be passed - however the March 2013 test could be problematical. In this context we note management’s comments that external funding options are currently being considered. Management mentions specifically debt market options, but has not ruled other options out. In our view the possibility of an equity capital financing cannot be ignored – though management appears to be signaling that it would prefer to access debt financing based on the text of the latest disclosure.  Production guidance. Platinum production guidance for FY12 remains at 750koz. FY13 has been lowered c50koz to flat at 750koz. Further out, no specific guidance has been provided though management states that the 2015 target of 900koz will be delayed owing to the planned reduction in capex. It is our view that the delay is likely to be at least two years since reduced investment in the new Hossy, Saffy and K4 shafts was where the bulk of the previously guided increase in production was to be sourced.  Conclusion. The current weak PGM market environment though it is unfortunate that the group is not operating at its optimum capacity of 900koz Pt pa. Lonmin’s cost base is largely configured for this level and for as long as it is not achieved, costs will not be optimised (some 70% of operating costs are fixed). What we have here is a kind of “Catch 22 scenario”: Without investment, the group can’t get to where it needs to be to reduce costs. And with depressed rand PGM prices, when it can’t afford to invest, it needs lower costs... PGM markets have always been linked to consumer confidence - particularly in Europe.

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    Lonmin plc Solid 3Q12 operations report, production guidance lowered, growth capex deferred Lonmin reported a strong production performance for its third fiscal quarter on the back of higher tons, grade and concentrator recoveries. Platinum produced at the concentrator in the quarter amounted to an annualised run rate of 808koz, while metal produced at the refinery amounted to an annualised rate of 744koz. In past years the group has tended to sell 40% of its refined platinum in 1H, which this year amounted to some 309koz Pt (or 773koz for the year on a 40/60 basis). For the 9m to 30 June 2012, refined production amounted to 491koz Pt, sales to 469koz, so 4Q refined production and sales must amount to 259koz and 281koz, respectively. This likely means that for the group's 750koz Pt sales guidance to be achieved a "trouble-free production run" will be required through year end. Meanwhile capex guidance has been slashed, with FY13 & 14 cut to $250m from $450m, each. This’ll mean the planned build-up to 900koz Pt sales in 2015 will be delayed (by at least two years in our view). FY13 guidance has been cut from 800koz sales to 750koz. Management has advised the market that it is examining possible external funding options that may be required to shore up the balance sheet.  Production summary. Sequential improvement in mining and production performance. The improvement is broadly based with increases in tons, grade and process recoveries. Balance sheet. At the end of March 2012, the group’s balance sheet showed net debt of $356m, including $528m of debt. The bulk of the debt (involving a facility of $700m) is subject to a covenant that requires the 12m trailing net debt/EBITDA ratio not to exceed 4x, measured at end-September and end-March each year. At spot metal prices our models show that the September test should be passed - however the March 2013 test could be problematical. In this context we note management’s comments that external funding options are currently being considered. Management mentions specifically debt market options, but has not ruled other options out. In our view the possibility of an equity capital financing cannot be ignored – though management appears to be signaling that it would prefer to access debt financing based on the text of the latest disclosure.  Production guidance. Platinum production guidance for FY12 remains at 750koz. FY13 has been lowered c50koz to flat at 750koz. Further out, no specific guidance has been provided though management states that the 2015 target of 900koz will be delayed owing to the planned reduction in capex. It is our view that the delay is likely to be at least two years since reduced investment in the new Hossy, Saffy and K4 shafts was where the bulk of the previously guided increase in production was to be sourced.  Conclusion. The current weak PGM market environment though it is unfortunate that the group is not operating at its optimum capacity of 900koz Pt pa. Lonmin’s cost base is largely configured for this level and for as long as it is not achieved, costs will not be optimised (some 70% of operating costs are fixed). What we have here is a kind of “Catch 22 scenario”: Without investment, the group can’t get to where it needs to be to reduce costs. And with depressed rand PGM prices, when it can’t afford to invest, it needs lower costs... PGM markets have always been linked to consumer confidence - particularly in Europe.

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    95 vizualizări8 pagini

    Company Analysis - Lonmin PLC - GB0031192486 - LMI LN Equity

    Încărcat de

    Q.M.S Advisors LLC
    Lonmin plc Solid 3Q12 operations report, production guidance lowered, growth capex deferred Lonmin reported a strong production performance for its third fiscal quarter on the back of higher tons, grade and concentrator recoveries. Platinum produced at the concentrator in the quarter amounted to an annualised run rate of 808koz, while metal produced at the refinery amounted to an annualised rate of 744koz. In past years the group has tended to sell 40% of its refined platinum in 1H, which this year amounted to some 309koz Pt (or 773koz for the year on a 40/60 basis). For the 9m to 30 June 2012, refined production amounted to 491koz Pt, sales to 469koz, so 4Q refined production and sales must amount to 259koz and 281koz, respectively. This likely means that for the group's 750koz Pt sales guidance to be achieved a "trouble-free production run" will be required through year end. Meanwhile capex guidance has been slashed, with FY13 & 14 cut to $250m from $450m, each. This’ll mean the planned build-up to 900koz Pt sales in 2015 will be delayed (by at least two years in our view). FY13 guidance has been cut from 800koz sales to 750koz. Management has advised the market that it is examining possible external funding options that may be required to shore up the balance sheet.  Production summary. Sequential improvement in mining and production performance. The improvement is broadly based with increases in tons, grade and process recoveries. Balance sheet. At the end of March 2012, the group’s balance sheet showed net debt of $356m, including $528m of debt. The bulk of the debt (involving a facility of $700m) is subject to a covenant that requires the 12m trailing net debt/EBITDA ratio not to exceed 4x, measured at end-September and end-March each year. At spot metal prices our models show that the September test should be passed - however the March 2013 test could be problematical. In this context we note management’s comments that external funding options are currently being considered. Management mentions specifically debt market options, but has not ruled other options out. In our view the possibility of an equity capital financing cannot be ignored – though management appears to be signaling that it would prefer to access debt financing based on the text of the latest disclosure.  Production guidance. Platinum production guidance for FY12 remains at 750koz. FY13 has been lowered c50koz to flat at 750koz. Further out, no specific guidance has been provided though management states that the 2015 target of 900koz will be delayed owing to the planned reduction in capex. It is our view that the delay is likely to be at least two years since reduced investment in the new Hossy, Saffy and K4 shafts was where the bulk of the previously guided increase in production was to be sourced.  Conclusion. The current weak PGM market environment though it is unfortunate that the group is not operating at its optimum capacity of 900koz Pt pa. Lonmin’s cost base is largely configured for this level and for as long as it is not achieved, costs will not be optimised (some 70% of operating costs are fixed). What we have here is a kind of “Catch 22 scenario”: Without investment, the group can’t get to where it needs to be to reduce costs. And with depressed rand PGM prices, when it can’t afford to invest, it needs lower costs... PGM markets have always been linked to consumer confidence - particularly in Europe.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 8

    20.08.

    2012

    Company Analysis - Overview


    Ticker:

    MC FP

    Lonmin PLC

    LMI LN

    Currency:
    Sector: Materials

    Industry: Metals & Mining

    Year:

    Telephone
    44-20-7201-6000
    Revenue (M)
    Website
    www.lonmin.com
    No of Employees
    Address
    4 Grosvenor Place London, SW1X 7YL United Kingdom
    Share Price Performance in GBp
    Price
    618.50
    1M Return
    52 Week High
    1328.00
    6M Return
    52 Week Low
    592.50
    52 Wk Return
    52 Wk Beta
    1.75
    YTD Return
    Credit Ratings
    Bloomberg
    S&P
    Moody's
    Fitch

    Lonmin PLC is a mineral resources group. The Group produces Platinum and other
    Platinum group metals such as Palladium and Rhodium. The Company's operations are
    located in the district of Marikana, near Rustenberg, in the North West Province of
    South Africa.

    Benchmark:
    FTSE 100 INDEX (UKX)

    London: LMI, Currency: GBp

    124'097
    25'097
    -12.6%
    -40.7%
    -44.1%
    -36.2%

    IG2
    -

    Date
    Date
    Date

    9/08
    13.9x
    7.4x
    6.7x
    2.8x
    2.9x
    1.5%

    9/09
    2'841.6x
    4.4x
    2.2x
    0.0%

    9/10
    46.1x
    24.3x
    15.8x
    3.3x
    2.0x
    0.6%

    9/11
    12.2x
    14.0x
    9.7x
    1.7x
    1.1x
    0.9%

    9/12E
    39.5x
    13.3x
    1.2x
    0.7x
    1.4%

    9/13E
    20.2x
    9.6x
    1.0x
    0.6x
    1.5%

    9/14E
    10.3x
    6.7x
    0.9x
    0.6x
    2.1%

    9/08
    Gross Margin
    46.3
    EBITDA Margin
    46.9
    Operating Margin
    42.6
    Profit Margin
    20.4
    Return on Assets
    11.3
    Return on Equity
    22.1
    Leverage and Coverage Ratios
    9/08
    Current Ratio
    2.2
    Quick Ratio
    1.2
    EBIT/Interest
    158.3
    Tot Debt/Capital
    0.2
    Tot Debt/Equity
    0.2
    Eff Tax Rate %
    27.3

    9/09
    -2.4
    0.2
    -8.7
    -26.8
    -6.8
    -12.7

    9/10
    22.0
    24.2
    15.7
    7.1
    2.5
    4.4

    9/11
    20.5
    14.3
    13.7
    5.6
    9.7

    9/12E
    14.8
    12.0
    5.3
    2.1
    0.7
    1.6

    9/13E
    30.8
    15.1
    7.2
    4.2
    1.8
    3.3

    9/14E
    20.6
    19.0
    9.9
    6.9
    1.8
    5.3

    9/09
    2.1
    1.1
    -1.8
    0.1
    0.1
    -

    9/10
    2.1
    1.0
    4.8
    0.1
    0.2
    49.2

    9/11
    1.7
    0.4
    5.1
    0.1
    0.1
    -

    04.12.2000
    -

    Outlook
    Outlook
    Outlook

    Business Segments in GBp


    Platinum
    Palladium
    Rhodium
    Nickel
    Ruthenium
    Iridium
    Gold

    Sales (M)
    79430
    17443
    13706
    5482
    1994
    1994
    1807

    Geographic Segments in GBp


    Europe
    Asia
    The Americas
    South Africa
    Zimbabwe

    0%
    1%
    2%
    4% 2%

    Sales (M)
    38375
    34700
    25791
    25231

    20%
    31%

    11%

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

    14%
    66%

    21%

    28%

    Platinum

    Palladium

    Rhodium

    Nickel

    Ruthenium

    Iridium

    Gold

    Current Capitalization in GBp


    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

    Asia

    The Americas

    South Africa

    202.7
    125343.6
    9818.0
    32080.5
    0.0
    0.0
    25139.1
    172745.2

    Company Analysis - Analysts Ratings


    Lonmin PLC

    20%

    46%

    48%

    48%

    48%

    46%

    50%

    16%

    13%

    9%

    9%

    13%

    13%

    17%

    17%

    13%

    nov.11

    dc.11

    janv.12

    fvr.12

    mars.12

    avr.12

    mai.12

    juin.12

    juil.12

    0%
    sept.11

    oct.11

    1950

    1'000
    500
    500

    33%
    22%

    aot.11

    48%

    46%

    Buy

    Hold

    Sell

    0
    Price

    Target Price

    Date

    Buy

    Hold

    Sell

    Date

    31-Jul-12
    29-Jun-12
    31-May-12
    30-Apr-12
    30-Mar-12
    29-Feb-12
    31-Jan-12
    30-Dec-11
    30-Nov-11
    31-Oct-11
    30-Sep-11
    31-Aug-11

    13%
    17%
    17%
    13%
    13%
    9%
    9%
    13%
    16%
    22%
    33%
    32%

    50%
    46%
    46%
    48%
    48%
    48%
    48%
    46%
    44%
    52%
    48%
    50%

    38%
    38%
    38%
    39%
    39%
    43%
    43%
    42%
    40%
    26%
    19%
    18%

    20-Aug-12
    17-Aug-12
    16-Aug-12
    15-Aug-12
    14-Aug-12
    13-Aug-12
    10-Aug-12
    9-Aug-12
    8-Aug-12
    7-Aug-12
    6-Aug-12
    3-Aug-12
    2-Aug-12
    1-Aug-12
    31-Jul-12
    30-Jul-12
    27-Jul-12
    26-Jul-12
    25-Jul-12
    24-Jul-12
    23-Jul-12
    20-Jul-12
    19-Jul-12
    18-Jul-12
    17-Jul-12
    16-Jul-12
    13-Jul-12

    Price Target Price


    618.50
    639.50
    648.00
    695.00
    708.50
    741.00
    753.00
    746.00
    759.00
    774.50
    735.00
    726.00
    703.50
    719.00
    698.00
    710.00
    699.50
    694.00
    668.00
    662.50
    663.00
    707.50
    728.50
    707.50
    697.00
    707.50
    713.00

    627.28
    651.03
    680.41
    702.28
    738.91
    738.91
    738.59
    738.59
    738.59
    762.25
    762.25
    781.32
    783.19
    783.19
    783.19
    783.19
    783.58
    820.33
    844.71
    844.71
    844.71
    845.77
    845.77
    845.77
    845.77
    845.77
    858.20

    615

    44%

    32%

    1063

    1500
    1000

    52%

    40%

    1325

    1'500

    48%

    2000
    1240

    2'000

    911

    38%

    945

    38%

    640

    38%

    620

    39%

    360

    39%

    971

    43%

    859

    43%

    500

    50%

    42%

    145

    60%

    40%

    740

    26%

    470

    19%

    0
    Deutsche
    Bank
    BMO Capital
    Markets
    Societe
    Generale
    Panmure
    Gordon &
    Barclays
    Goldman
    Sachs
    Credit
    Suisse
    AlphaValue
    SBG
    Securities
    Nomura
    CIBC World
    Markets
    Exane BNP
    Paribas
    Morgan
    Stanley
    Redburn
    Partners
    BNP Paribas
    Cadiz
    Day by Day
    RBC Capital
    Markets
    JPMorgan
    EVA
    Dimensions
    Renaissance
    Capital
    Canaccord
    Genuity
    Fairfax I.S.
    Limited
    Equita SIM
    SpA

    18%

    80%

    Brokers' Target Price


    2500

    300

    2'500

    100%

    1186

    Buy and Sell Recommendations vs Price and Target Price

    Price

    Broker Recommendation

    Target price in GBp

    Broker

    Analyst

    Deutsche Bank
    BMO Capital Markets
    Societe Generale
    Panmure Gordon & Co Limited
    Barclays
    Goldman Sachs
    Credit Suisse
    AlphaValue
    SBG Securities
    Nomura
    CIBC World Markets
    Exane BNP Paribas
    Morgan Stanley
    Redburn Partners
    BNP Paribas Cadiz Securities
    Day by Day
    RBC Capital Markets
    JPMorgan
    EVA Dimensions
    Renaissance Capital
    Canaccord Genuity Corp
    Fairfax I.S. Limited
    Equita SIM SpA

    GRANT SPORRE
    sell
    EDWARD STERCK
    underperform
    ABHISHEK SHUKLA
    sell
    ALISON TURNER
    buy
    ANDREW BYRNE
    equalweight
    EUGENE KING
    sell/attractive
    NIHAL SHAH
    underperform
    SACHIN KUMAR
    buy
    JUSTIN FRONEMAN
    hold
    PATRICK JONES
    reduce
    LEON ESTERHUIZEN
    sector perform
    ROMY KRUGER
    underperform
    CHRISTOPHER NICHOLSONEqualwt/In-Line
    SIMON TOYNE
    sell
    NIC DINHAM
    hold
    VALERIE GASTALDY
    hold
    TIMOTHY HUFF
    outperform
    STEVE SHEPHERD
    neutral
    TEAM COVERAGE
    sell
    EMMA TOWNSHEND
    hold
    DMITRY KALACHEV
    hold
    JOHN MEYER
    sell
    MASSIMO BONISOLI
    not rated

    Recommendation

    Target

    Date

    470.00
    500.00
    145.00
    1186.00
    615.00
    300.00
    740.00
    971.00
    859.30
    360.00
    640.00
    620.00
    945.00

    20-Aug-12
    17-Aug-12
    17-Aug-12
    17-Aug-12
    17-Aug-12
    16-Aug-12
    16-Aug-12
    16-Aug-12
    13-Aug-12
    8-Aug-12
    3-Aug-12
    27-Jul-12
    26-Jul-12
    24-Jul-12
    5-Jul-12
    31-May-12
    14-May-12
    9-May-12
    30-Nov-11
    10-Nov-11
    11-Oct-11
    8-Aug-11
    18-Nov-10

    911.23
    1325.00
    1240.00
    1950.00
    1063.00

    Lonmin PLC

    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

    50.65%
    49.22%
    0.13%

    49%

    Switzerland
    Britain
    South Africa
    United States
    Norway
    Netherlands
    Japan
    Others

    51%

    Institutional Ownership

    Retail Ownership

    Holder Name
    XSTRATA PLC
    OLD MUTUAL LIFE ASSU
    OLD MUTUAL INVESTMEN
    PRUDENTIAL PLC
    LEGAL & GENERAL INV
    NORGES BANK
    AMERIPRISE FINANCIAL
    OLD MUTUAL ASSET MAN
    BLACKROCK INV MANAGE
    UNITED SERVICES AUTO
    ROBECO FUND MANAGEME
    NEDCOR BANK MGMT CO
    CREDIT SUISSE PRIVAT
    FIDELITY INTERNATION
    VANGUARD GROUP INC
    FIDELITY INVESTMENTS
    BOSTON COMPANY ASSET
    VANGUARD GROUP INC
    DIMENSIONAL FUND ADV
    GUARDIAN INVESTOR SE

    34.44%
    24.10%
    15.30%
    13.67%
    4.13%
    1.58%
    1.24%
    5.56%

    Institutional Ownership Distribution


    Investment Advisor
    Corporation
    Government
    Bank
    Others

    Insider Ownership

    Pricing data is in GBp


    Top 20 Owners:

    FARMER IAN P
    SEEDAT MOHAMED
    PHILLIMORE J ROGER B
    MUNRO DAVID J C
    LESLIE JONATHAN

    2% 1% 6%
    4%
    34%
    14%

    24%

    15%
    50.09%
    32.74%
    6.63%
    3.61%
    6.93%

    Switzerland

    Britain

    South Africa

    United States

    Norway

    Netherlands

    Japan

    Others

    TOP 20 ALL

    Position
    49'826'225
    18'670'841
    18'670'841
    15'394'864
    7'297'784
    6'268'918
    6'158'652
    3'677'178
    2'585'179
    2'130'000
    2'005'362
    1'936'380
    1'920'800
    1'918'256
    1'913'253
    1'512'592
    1'496'918
    1'465'027
    1'279'553
    1'242'578

    Position Change
    0
    0
    0
    -1'927'768
    -149'370
    0
    0
    1'235'544
    -509'111
    130'000
    35'362
    46'772
    -1'185
    -6'672'913
    100'851
    -1'169'513
    -275'265
    60'473
    464'431
    -105'800

    Market Value
    30'817'520'163
    11'547'915'159
    11'547'915'159
    9'521'723'384
    4'513'679'404
    3'877'325'783
    3'809'126'262
    2'274'334'593
    1'598'933'212
    1'317'405'000
    1'240'316'397
    1'197'651'030
    1'188'014'800
    1'186'441'336
    1'183'346'981
    935'538'152
    925'843'783
    906'119'200
    791'403'531
    768'534'493

    % of Ownership
    24.59%
    9.21%
    9.21%
    7.60%
    3.60%
    3.09%
    3.04%
    1.81%
    1.28%
    1.05%
    0.99%
    0.96%
    0.95%
    0.95%
    0.94%
    0.75%
    0.74%
    0.72%
    0.63%
    0.61%

    Report Date

    Position

    Position Change

    Market Value

    % of Ownership

    Report Date

    01.03.2012
    01.03.2012
    02.12.2011
    15.05.2012
    01.03.2012
    01.08.2012
    11.11.2011
    31.03.2012
    01.03.2012
    31.05.2012
    01.03.2012
    30.06.2012
    01.03.2012
    29.02.2012
    30.06.2012
    01.03.2012
    01.03.2012
    01.03.2012
    01.03.2012
    31.03.2012

    Source
    REG
    REG
    RNS-MAJ
    RNS-MAJ
    REG
    RNS-MAJ
    Co File
    MF-AGG
    REG
    MF-AGG
    REG
    MF-AGG
    REG
    MF-AGG
    MF-AGG
    REG
    REG
    REG
    REG
    MF-AGG

    Top 5 Insiders:
    Holder Name

    Geographic Ownership

    Geographic Ownership Distribution

    0%

    202.7
    72.2%

    79'712
    30'621
    22'750
    7'700
    4'900

    49'301'872
    18'939'089
    14'070'875
    4'762'450
    3'030'650

    0.04%
    0.02%
    0.01%
    0.00%
    0.00%

    Source
    11.11.2011
    11.11.2011
    11.11.2011
    11.11.2011
    11.11.2011

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

    Co File
    Co File
    Co File
    Co File
    Co File

    Country
    SWITZERLAND
    SOUTH AFRICA
    SOUTH AFRICA
    BRITAIN
    BRITAIN
    NORWAY
    UNITED STATES
    BRITAIN
    BRITAIN
    UNITED STATES
    NETHERLANDS
    SOUTH AFRICA
    SWITZERLAND
    BERMUDA
    UNITED STATES
    BRITAIN
    UNITED STATES
    UNITED STATES
    UNITED STATES
    UNITED STATES

    Institutional Ownership
    7%
    4%
    7%
    49%

    33%

    Investment Advisor

    Corporation

    Government

    Bank

    Others

    Company Analysis - Financials I/IV


    Lonmin PLC
    Financial information is in GBp (M)
    Periodicity:

    Fiscal Year

    Equivalent Estimates
    9/01

    9/02

    9/03

    9/04

    9/05

    9/06

    9/07

    9/08

    9/09

    9/10

    9/11

    9/12E

    9/13E

    9/14E

    Revenue
    - Cost of Goods Sold

    60'107
    23'113

    47'449
    22'874

    48'677
    28'744

    57'520
    37'974

    61'053
    40'648

    103'109
    52'750

    98'615

    113'334
    60'807

    68'796
    70'480

    101'813
    79'395

    124'097

    108'537

    119'698

    135'251

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

    36'994
    1'596
    0

    24'575
    2'315
    0

    19'933
    1'625
    0

    19'546
    2'569

    20'405
    812

    50'360
    3'446

    52'527
    4'267

    -1'684
    4'275

    22'418
    6'424

    16'099

    36'867

    27'817

    58'377

    106'342

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

    35'398
    347
    1'388
    -2'637

    22'261
    340

    16'977
    1'173

    19'593
    1'948

    48'259
    305
    -660
    9'042

    -5'960
    1'814
    -194
    10'041

    15'995
    578
    1'863
    -1'863

    17'755
    623
    -1'744
    623

    13'425

    379

    40'239
    1'423
    -356
    3'353

    8'616

    -4'300

    46'913
    1'001
    111
    10'617

    5'751

    -681

    18'309
    750
    375
    -1'000

    Pretax Income
    - Income Tax Expense

    36'300
    10'411

    22'601
    5'106

    18'184
    11'435

    20'104
    6'310

    17'266
    6'387

    35'185
    11'228

    35'819
    15'089

    39'573
    10'820

    -17'620
    3'304

    15'416
    7'580

    18'253
    -1'744

    4'825

    8'767

    16'009

    Income Before XO Items


    - Extraordinary Loss Net of Tax
    - Minority Interests

    25'889
    0
    6'871

    17'496
    0
    4'901

    6'749
    0
    2'125

    13'794

    23'957
    0
    6'559

    20'729
    0
    4'776

    28'752
    0
    5'639

    -20'924
    0
    -2'462

    7'837

    2'904

    10'879
    0
    2'327

    642

    19'998
    0
    2'990

    19'018
    121.18
    50.46
    40.1

    12'594
    78.92
    46.77
    54.6

    3'812
    25.82
    42.93
    136.5

    7'204
    22.23
    38.37
    52.3

    8'822
    65.59
    37.19
    64.3

    23'846
    159.57
    53.04
    45.6

    23'016
    143.45
    55.75
    57.2

    27'941
    170.58
    28.60
    20.2

    -7'401
    (38.35)
    0.00

    8'864
    45.09
    9.64
    27.1

    14'080
    69.52
    9.34
    11.0

    2'243
    15.68
    8.67
    0.55

    4'990
    30.69
    9.16
    0.30

    9'335
    60.04
    13.19
    0.22

    156
    158

    148
    160

    148
    148

    148
    160

    149
    149

    150
    152

    164
    162

    164
    164

    193
    174

    202
    197

    203
    203

    38'938

    24'916

    21'183

    19'936

    23'219

    51'416

    44'659

    53'136

    -130

    24'602

    25'480

    13'036

    18'056

    25'744

    Income Statement

    Diluted EPS Before XO Items


    Net Income Adjusted*
    EPS Adjusted
    Dividends Per Share
    Payout Ratio %
    Total Shares Outstanding
    Diluted Shares Outstanding
    EBITDA

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

    Company Analysis - Financials II/IV


    Periodicity:

    9/01

    9/02

    9/03

    9/04

    9/05

    9/06

    9/07

    9/08

    9/09

    9/10

    9/11

    44743.6421 11593.8336 19734.0714 12694.5579


    35'904
    2'166
    3'971
    1'104
    68
    127
    180
    276
    5'984
    5'351
    7'460
    5'354
    2'040
    2'612
    6'016
    4'471
    748
    1'338
    2'106
    1'490

    16314
    623
    0
    6'684
    6'231
    2'776

    32108
    3'259
    0
    19'340
    7'212
    2'297

    37442
    10'880
    392
    14'065
    9'115
    2'989

    50671
    12'696
    1'124
    13'988
    17'920
    4'944

    52944
    17'606
    0
    10'801
    16'920
    7'617

    60910
    9'410
    0
    20'092
    25'178
    6'231

    39302
    4'857
    0
    5'240
    24'540
    4'665

    9/12E

    9/13E

    9/14E

    933.86

    968.80

    1'014.68

    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

    67'795
    14'824
    67'319
    14'688
    52'632
    340

    75'233
    18'219
    72'748
    16'244
    56'504
    510

    76'530
    17'147
    75'447
    16'305
    59'142
    241

    82'956
    2'373
    93'498
    17'883
    75'615
    4'967

    107'511
    2'096
    97'145
    21'298
    75'847
    29'568

    114'328
    6'251
    101'934
    23'774
    78'160
    29'918

    155'550
    12'154
    106'739
    24'749
    81'990
    61'407

    181'619
    6'460
    144'205
    37'863
    106'342
    68'816

    210'089
    5'806
    174'003
    46'888
    127'115
    77'168

    245'804
    25'687
    195'575
    55'760
    139'814
    80'303

    271'408
    25'498
    227'186
    63'139
    164'047
    81'863

    Total Current Liabilities


    + Accounts Payable
    + Short Term Borrowings
    + Other Short Term Liabilities

    17'272
    952
    136
    16'184

    11'976
    1'083
    3'631
    7'262

    14'981
    2'046
    2'768
    10'168

    11'977
    1'380
    1'269
    9'328

    14'048
    2'209
    4'928
    6'911

    17'203
    4'488
    962
    11'753

    27'640
    5'097
    11'615
    10'929

    22'527
    8'370
    0
    14'157

    25'286
    10'614
    3'621
    11'051

    28'866
    10'554
    4'196
    14'115

    23'709
    11'439
    639
    11'631

    Total Long Term Liabilities


    + Long Term Borrowings
    + Other Long Term Borrowings

    10'608
    204
    10'404

    18'792
    8'409
    10'383

    29'601
    12'755
    16'846

    34'275
    14'792
    19'483

    52'906
    28'662
    24'244

    59'141
    26'659
    32'482

    49'694
    17'594
    32'100

    64'041
    29'717
    34'324

    66'804
    21'789
    45'015

    81'892
    29'056
    52'836

    73'492
    19'172
    54'320

    Total Liabilities
    + Long Preferred Equity
    + Minority Interest
    + Share Capital & APIC
    + Retained Earnings & Other Equity

    27'880
    0
    11'424
    45'900
    27'336

    30'768
    0
    13'059
    14'652
    28'348

    44'582
    0
    12'875
    13'838
    24'968

    46'252
    8'334
    13'026
    28'038

    66'954
    0
    9'403
    8'723
    38'745

    76'344
    0
    11'914
    9'029
    49'151

    77'334
    0
    19'211
    22'298
    74'148

    86'568
    0
    25'111
    25'897
    94'714

    92'090
    0
    23'850
    60'498
    86'595

    110'758
    0
    23'716
    76'233
    96'007

    97'201
    0
    26'265
    76'687
    110'557

    Total Shareholders Equity

    84'659

    56'058

    51'682

    49'398

    56'871

    70'093

    115'658

    145'722

    170'943

    195'956

    213'510

    112'539

    86'826

    96'264

    95'651

    123'825

    146'437

    192'992

    232'290

    263'033

    306'714

    310'711

    468.96
    468.96

    291.06
    291.06

    262.57
    262.57

    276.69

    318.83
    159.41

    388.45
    231.14

    589.36
    253.35

    735.93
    371.91

    761.93
    413.63

    851.44
    508.54

    923.95
    575.18

    Total Liabilities & Equity


    Book Value Per Share
    Tangible Book Value Per Share

    Company Analysis - Financials III/IV


    Periodicity:

    9/01

    9/02

    9/03

    9/04

    9/05

    9/06

    9/07

    9/08

    9/09

    9/10

    9/11

    9/12E

    9/13E

    9/14E

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

    34'010
    3'540
    -4'928
    -2'568

    22'669
    2'655
    -12'118
    -885

    18'621
    2'874
    -3'937
    -3'374

    10'890
    2'960
    -223
    2'178

    8'552
    3'626
    5'467
    -2'544

    17'398
    4'502
    17'342
    -11'117

    15'953
    4'420
    10'873
    3'912

    23'114
    4'877
    12'141
    -4'267

    -18'462
    6'089
    5'182
    6'348

    7'194
    8'608
    3'661
    -14'324

    17'007
    7'725
    -748
    15'263

    1'972

    5'332

    9'378

    Cash From Operating Activities


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

    30'054
    0
    -7'982
    -833
    0
    -7'149

    12'322
    0
    -10'348
    -5'242
    0
    29'409

    14'184
    1'562
    -10'060
    0
    62
    562

    15'804

    15'101
    0
    -9'634
    -108
    0
    -11'962

    28'126
    0
    -8'949
    -2'001
    1'556
    -1'945

    35'158
    254
    -13'718
    -3'658
    2'591
    -20'272

    35'864
    0
    -17'983
    -864
    51
    -1'067

    -842
    0
    -14'316
    0
    0
    -1'166

    5'139
    0
    -16'637
    0
    0
    -18'628

    39'248
    0
    -25'418
    0
    0
    -2'118

    -27'554

    -19'753

    -19'935

    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

    -15'964
    -7'635
    -139
    0
    0
    278
    -1'319
    -6'108

    13'819
    -7'420
    -68
    8'850
    0
    204
    -33'221
    -2'451

    -7'873
    -6'311
    0
    13'497
    -8'186
    0
    0
    -1'437

    -12'565
    -5'696
    3'016

    -2'066

    -21'704
    -5'521
    4'601
    11'041
    -1'407
    325
    0
    -1'786

    -11'339
    -6'892
    -4'780
    16'008
    -16'453
    834
    0
    -3'446

    -34'802
    -8'688
    12'041
    3'607
    0
    3'455
    0
    -2'083

    -19'863
    -9'449
    -12'039
    8'636
    0
    305
    0
    -3'200

    -15'482
    0
    3'757
    14'575
    -26'236
    33'102
    0
    -5'247

    -35'265
    0
    835
    7'259
    0
    14'774
    0
    -1'349

    -27'536
    -1'869
    -3'800
    18'689
    -28'283
    62
    0
    -997

    Cash From Financing Activities

    -14'923

    -34'106

    -2'437

    -4'412

    7'253

    -14'730

    8'332

    -15'748

    19'952

    21'519

    -16'197

    -833

    -7'965

    3'874

    -1'173

    649

    2'057

    8'688

    254

    3'628

    -8'608

    -4'485

    Free Cash Flow (CFO-CAPEX)

    22'072

    1'974

    4'124

    5'361

    5'467

    19'177

    21'440

    17'881

    -15'158

    -11'498

    13'830

    -12'719

    -6'401

    -5'228

    Free Cash Flow To Firm


    Free Cash Flow To Equity
    Free Cash Flow per Share

    22'319
    21'933
    140.65

    2'238
    10'756
    12.37

    4'402
    10'998
    27.91

    6'166

    6'694

    19'858
    13'952
    128.33

    22'264
    37'343
    133.63

    18'103
    14'478
    109.16

    -23'061
    -87.06

    -11'204
    -3'404
    -58.46

    436
    68.31

    Cash Flows

    Net Changes in Cash

    -10'443
    -223
    21'779
    -23'678

    335

    36.18

    36.80

    Company Analysis - Financials IV/IV


    Periodicity:

    9/01

    9/02

    9/03

    9/04

    9/05

    9/06

    9/07

    9/08

    9/09

    9/10

    9/11

    9/12E

    9/13E

    9/14E

    8.0x
    3.6x
    3.3x
    2.5x
    2.0x
    5.2%

    11.0x
    6.8x
    6.1x
    2.9x
    2.8x
    5.4%

    29.5x
    8.8x
    7.6x
    2.8x
    3.4x
    4.6%

    22.4x
    10.6x
    9.0x
    2.7x
    3.8x
    3.6%

    20.5x
    11.0x
    9.3x
    2.9x
    3.9x
    3.1%

    21.8x
    8.9x
    8.1x
    3.7x
    6.3x
    2.1%

    36.3x
    15.6x
    14.1x
    5.9x
    5.9x
    1.5%

    13.9x
    7.4x
    6.7x
    2.8x
    2.9x
    1.5%

    12.2x
    14.0x
    9.7x
    1.7x
    1.1x
    0.9%

    39.5x

    20.2x

    10.3x

    2'841.6x
    4.4x
    2.2x
    0.0%

    46.1x
    24.3x
    15.8x
    3.3x
    2.0x
    0.6%

    13.3x
    1.2x
    0.7x
    1.4%

    9.6x
    1.0x
    0.6x
    1.5%

    6.7x
    0.9x
    0.6x
    2.1%

    Profitability Ratios
    Gross Margin
    EBITDA Margin
    Operating Margin
    Profit Margin
    Return on Assets
    Return on Equity

    61.5%
    64.8%
    58.9%
    31.6%
    17.4%
    27.4%

    51.8%
    52.5%
    46.9%
    26.5%
    12.3%
    21.1%

    40.9%
    43.5%
    37.6%
    9.5%
    5.0%
    11.2%

    34.0%
    34.7%
    29.5%
    18.9%
    11.7%
    28.1%

    33.4%
    38.0%
    32.1%
    14.0%
    8.1%
    20.0%

    48.8%
    49.9%
    45.5%
    16.9%
    12.7%
    32.5%

    45.3%
    40.8%
    16.2%
    9.4%
    20.5%

    46.3%
    46.9%
    42.6%
    20.4%
    11.3%
    22.1%

    -2.4%
    0.2%
    -8.7%
    -26.8%
    -6.8%
    -12.7%

    22.0%
    24.2%
    15.7%
    7.1%
    2.5%
    4.4%

    20.5%
    14.3%
    13.7%
    5.6%
    9.7%

    14.8%
    12.0%
    5.3%
    2.1%
    0.7%
    1.6%

    30.8%
    15.1%
    7.2%
    4.2%
    1.8%
    3.3%

    20.6%
    19.0%
    9.9%
    6.9%
    1.8%
    5.3%

    Leverage & Coverage Ratios


    Current Ratio
    Quick Ratio
    Interest Coverage Ratio (EBIT/I)
    Tot Debt/Capital
    Tot Debt/Equity

    2.59
    2.43
    102.00
    0.00
    0.00

    0.97
    0.64
    65.40
    0.18
    0.21

    1.32
    0.78
    22.54
    0.23
    0.30

    1.06
    0.56
    14.48
    0.25
    0.33

    1.16
    0.52
    9.78
    0.37
    0.59

    1.87
    1.31
    24.82
    0.28
    0.39

    1.35
    0.92
    15.53
    0.20
    0.25

    2.25
    1.23
    158.33
    0.17
    0.20

    2.09
    1.12
    -1.80
    0.13
    0.15

    2.11
    1.02
    4.79
    0.15
    0.17

    1.66
    0.43
    5.09
    0.08
    0.09

    Others
    Asset Turnover
    Accounts Receivable Turnover
    Accounts Payable Turnover
    Inventory Turnover

    0.55
    9.52
    16.29
    13.06

    0.46
    8.10
    22.39
    9.46

    0.53
    7.49
    20.35
    6.52

    0.62
    9.32
    22.41
    7.51

    0.58
    10.49
    24.38
    7.86

    0.75
    7.73
    15.84
    7.75

    0.58
    5.98

    0.55
    8.32
    10.51
    4.74

    0.25
    5.03
    6.52
    3.69

    0.35
    6.48
    8.10
    3.71

    0.41
    10.01

    28.7%

    22.6%

    62.9%

    31.4%

    37.0%

    31.9%

    42.1%

    27.3%

    Ratio Analysis
    Valuation Ratios
    Price Earnings
    EV to EBIT
    EV to EBITDA
    Price to Sales
    Price to Book
    Dividend Yield

    Effective Tax Rate

    49.2%

    Company Analysis - Peers Comparision


    AQUARIUS
    PLATINU

    LONMIN PLC
    Latest Fiscal Year:

    09/2011
    1'328.00
    31.08.2011
    592.50
    17.08.2012
    741'345

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

    Current Price (8/dd/yy)


    52-Week High % Change
    52-Week Low % Change
    Total Common Shares (M)

    Market Capitalization

    IMPALA
    PLATINUM

    ANGLO
    AMERICAN P

    AFRICAN
    RAINBOW

    XSTRATA PLC

    06/2012
    3.88
    30.08.2011
    0.48
    02.08.2012
    2'920'796

    06/2011
    18'950.00
    16.11.2011
    12'402.00
    12.07.2012
    148'783

    12/2011
    60'950.00
    22.09.2011
    40'006.00
    24.07.2012
    15'055

    06/2011
    19'821.00
    15.09.2011
    15'133.00
    06.08.2012
    45'048

    12/2011
    1'268.73
    06.02.2012
    705.22
    04.10.2011
    584'925

    618.50

    0.56

    13'252.00

    41'953.00

    15'867.00

    -53.4%
    4.4%
    202.7

    -85.6%
    17.9%
    467.3

    -30.1%
    6.9%
    601.0

    -31.2%
    4.9%
    269.7

    -19.9%
    4.9%
    213.1

    BARRICK GOLD
    CRP

    NORILSK NICKEL

    STILLWATER
    MININ

    12/2011
    55.36
    09.09.2011
    31.17
    26.07.2012
    3'999'492

    12/2011
    7'855.00
    15.09.2011
    4'047.00
    27.12.2011
    54'003

    12/2011
    15.95
    30.08.2011
    7.31
    04.10.2011
    3'165'432

    924.30

    35.60

    4'935.00

    10.05

    -27.1%
    31.1%
    2'964.7

    -35.7%
    14.2%
    1'000.4

    -37.2%
    21.9%
    190.6

    -37.0%
    37.5%
    115.4

    NORTH AMER
    PALLA

    RIO TINTO LTD

    12/2011
    3.94
    31.08.2011
    1.46
    10.08.2012
    1'039'311

    ANGLO AMER PLC

    ANTOFAGASTA
    PLC

    VEDANTA
    RESOURCE

    RIO TINTO PLC

    12/2011
    73.81
    01.09.2011
    50.22
    26.07.2012
    1'723'330

    12/2011
    2'927.00
    08.02.2012
    1'850.50
    02.08.2012
    225'341

    12/2011
    1'400.28
    26.01.2012
    851.40
    04.10.2011
    82'623

    03/2012
    1'564.00
    27.02.2012
    821.00
    26.07.2012
    51'455

    12/2011
    4'029.00
    02.02.2012
    2'636.50
    04.10.2011
    627'479

    1.81

    54.50

    1'921.50

    1'100.00

    948.00

    3'019.00

    -54.1%
    23.9%
    162.9

    -26.2%
    8.5%
    1'874.1

    -34.4%
    3.8%
    1'323.4

    -21.4%
    29.2%
    985.9

    -39.4%
    15.5%
    296.9

    -25.1%
    14.5%
    1'872.3

    1'253.4

    264.8

    83'714.7

    113'139.6

    34'090.6

    27'753.9

    35'621.1

    940'747.9

    1'165.7

    315.6

    87'716.4

    26'712.3

    10'844.4

    2'814.7

    58'414.3

    Minority Interest
    Cash and Equivalents

    310.0
    411.0
    76.0

    292.0
    328.1

    1'842.0
    2'047.0
    4'542.0

    5'958.0
    381.0
    2'296.0

    3'069.0
    958.0
    3'668.0

    10'370.0
    2'037.0
    1'948.0

    13'369.0
    2'191.0
    2'745.0

    5'155.0
    120.0
    1'627.0

    196.0
    158.6

    70.2
    50.9

    21'804.0
    6'669.0
    10'014.0

    12'873.0
    4'097.0
    11'732.0

    2'140.3
    1'611.2
    3'280.0

    17'361.4
    13'768.9
    6'885.3

    21'804.0
    6'669.0
    10'255.0

    Enterprise Value

    2'726.4

    343.9

    85'336.7

    123'053.6

    35'482.5

    57'421.7

    50'070.1
    Valuation

    33'006.5

    1'165.7

    390.0

    115'035.8

    44'469.0

    17'501.6

    28'665.2

    115'035.8

    Total Debt
    Preferred Stock

    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

    1'992.0
    1'805.0
    1'703.3
    1'878.4
    2.0x
    2.3x
    1.7x
    1.6x
    409.0
    276.0
    204.6
    283.4
    10.0x
    14.7x
    14.0x
    10.6x
    1.43
    0.79
    0.25
    0.48
    12.4x
    11.0x
    39.5x
    20.2x
    25.7%
    13.1%
    6.8%
    (15.1%)
    20.5%
    12.0%
    15.1%

    485.7
    506.8
    460.1
    511.7
    2.5x
    1.9x
    0.9x
    0.8x
    200.5
    84.5
    128.9
    6.0x
    5.1x
    3.2x
    0.19
    -0.34
    0.02
    0.08
    36.6x
    7.1x
    (27.2%)
    4.5%
    (1.4%)
    30.0%
    18.4%
    25.2%

    33'132.0
    33'229.0
    27'945.5
    33'713.9
    3.1x
    3.1x
    3.1x
    2.6x
    11'565.0
    6'870.8
    8'464.4
    8.9x
    12.4x
    10.4x
    11.05
    13.33
    6.72
    7.70
    9.9x
    7.9x
    19.7x
    17.2x
    30.2%
    3.2%
    42.5%
    9.2%
    34.9%
    24.6%
    25.1%

    51'117.0
    45'722.0
    47'979.2
    55'247.5
    2.7x
    3.0x
    2.5x
    2.2x
    12'753.0
    8'450.5
    10'333.5
    10.7x
    14.4x
    11.9x
    17.71
    4.02
    7.42
    14.15
    104.4x
    51.5x
    56.5x
    29.7x
    11.1%
    (0.3%)
    7.6%
    (7.7%)
    24.9%
    17.6%
    18.7%

    14'893.0
    16'900.0
    16'708.3
    18'525.3
    2.5x
    2.2x
    2.1x
    1.8x
    6'556.0
    7'088.0
    6'712.4
    7'805.1
    5.8x
    5.4x
    5.3x
    4.3x
    15.53
    17.37
    16.47
    19.72
    9.1x
    6.4x
    9.6x
    8.0x
    35.1%
    33.8%
    75.1%
    35.1%
    44.0%
    40.2%
    42.1%

    33'877.0
    32'650.0
    31'558.9
    35'884.4
    1.5x
    1.6x
    1.8x
    1.6x
    11'648.0
    9'835.0
    8'630.9
    10'979.8
    4.4x
    5.2x
    6.7x
    5.3x
    1.99
    1.63
    1.31
    1.63
    8.9x
    8.2x
    11.1x
    8.9x
    11.1%
    6.2%
    12.2%
    17.6%
    34.4%
    27.3%
    30.6%

    10.6%
    8.5%
    0.758x
    0.572x
    7.304x

    34.3%
    25.5%
    1.456x
    -0.180x
    9.885x

    3.9%
    3.6%
    0.159x
    -0.233x
    21.780x

    10.6%
    9.5%
    0.467x
    0.287x
    59.042x

    14.5%
    12.2%
    0.468x
    -0.091x
    28.754x

    23.7%
    18.5%
    0.890x
    0.723x
    25.770x

    BBB+
    18.04.2011
    -

    14'312.0
    14'718.0
    14'635.3
    16'858.3
    3.6x
    3.5x
    3.4x
    2.8x
    8'327.0
    8'109.0
    7'975.2
    9'416.4
    6.2x
    6.4x
    6.2x
    5.1x
    4.65
    4.29
    4.17
    4.93
    8.4x
    8.4x
    8.6x
    7.3x
    30.1%
    15.9%
    34.1%
    30.0%
    58.2%
    54.5%
    55.9%

    14'122.0
    14'122.0
    12'469.5
    12'985.0
    2.3x
    2.3x
    2.5x
    2.4x
    6'507.0
    7'738.0
    5'740.9
    5'919.6
    5.0x
    6.4x
    5.4x
    5.2x
    23.63
    19.41
    20.36
    6.5x
    7.9x
    7.6x
    10.5%
    2.6%
    (11.7%)
    (3.8%)
    46.1%
    46.0%
    45.6%

    906.0
    929.1
    823.5
    983.5
    1.1x
    1.1x
    1.4x
    1.2x
    218.1
    141.3
    115.3
    176.5
    4.5x
    7.0x
    10.3x
    6.8x
    1.30
    0.75
    0.29
    0.54
    13.4x
    13.4x
    35.1x
    18.7x
    63.0%
    16.4%
    72.0%
    18.9%
    24.1%
    14.0%
    17.9%

    170.5
    167.5
    163.4
    229.8
    2.6x
    2.6x
    2.2x
    1.8x
    3.8
    3.4
    17.7
    70.7
    114.0x
    127.5x
    20.0x
    5.8x
    -0.19
    -0.20
    (0.04)
    0.12
    15.0x
    59.2%
    2.2%
    10.8%
    30.8%

    60'537.0
    56'817.0
    55'464.2
    62'167.3
    2.2x
    2.3x
    2.1x
    1.8x
    26'304.0
    21'790.0
    21'627.2
    25'764.3
    5.0x
    6.0x
    5.3x
    4.4x
    6.45
    2.50
    6.14
    7.18
    22.8x
    9.3x
    7.9x
    9.7%
    26.1%
    17.1%
    21.3%
    43.5%
    39.0%
    41.4%

    30'580.0
    29'021.0
    32'275.6
    36'780.8
    1.6x
    1.7x
    1.7x
    1.5x
    11'889.0
    10'104.0
    10'106.5
    12'550.2
    4.1x
    4.8x
    5.4x
    4.3x
    5.06
    2.78
    2.97
    3.84
    10.8x
    7.5x
    10.2x
    7.9x
    9.4%
    4.6%
    15.4%
    4.2%
    38.9%
    31.3%
    34.1%

    6'076.0
    6'076.0
    6'660.0
    6'880.4
    3.1x
    3.1x
    2.5x
    2.4x
    3'519.3
    3'519.3
    3'831.0
    3'999.0
    5.4x
    5.4x
    4.4x
    4.1x
    1.37
    1.25
    1.41
    1.55
    13.8x
    13.8x
    12.2x
    11.1x
    32.7%
    18.9%
    22.2%
    3.5%
    57.9%
    57.5%
    58.1%

    14'005.3
    14'005.3
    16'633.9
    20'424.6
    2.1x
    2.1x
    1.7x
    1.3x
    4'465.0
    4'465.0
    5'728.2
    6'900.8
    6.7x
    6.7x
    5.0x
    3.9x
    0.80
    0.22
    2.73
    3.76
    67.9x
    18.6x
    5.5x
    4.0x
    22.6%
    24.2%
    27.9%
    10.6%
    31.9%
    34.4%
    33.8%

    60'537.0
    56'817.0
    55'464.2
    62'167.3
    1.8x
    2.0x
    2.1x
    1.8x
    26'657.0
    22'143.0
    21'627.2
    25'764.3
    4.2x
    5.0x
    5.3x
    4.4x
    6.42
    2.31
    6.14
    7.18
    20.6x
    8.5x
    7.7x
    6.6x
    9.7%
    26.1%
    17.2%
    21.6%
    44.0%
    39.0%
    41.4%

    46.4%
    31.5%
    0.792x
    0.542x
    43.093x

    23.2%
    18.9%
    0.899x
    0.172x
    33.301x

    26.1%
    20.7%
    18.322x
    5.034x
    1.489x

    41.5%
    26.9%
    0.829x
    0.448x
    26.570x

    32.9%
    23.0%
    1.083x
    0.096x
    11.443x

    34.5%
    21.5%
    0.608x
    -0.324x
    79.085x

    373.3%
    48.5%
    3.888x
    2.346x
    3.815x

    41.5%
    26.9%
    0.818x
    0.433x
    19.849x

    BBB26.09.2011
    -

    B
    07.12.2009
    WR
    05.10.2011

    A18.04.2011
    -

    BBB+
    18.04.2011
    Baa1
    23.02.2009

    Ba3
    12.01.2012

    A18.04.2011
    -

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

    57.2%
    34.3%
    1.606x
    1.276x
    13.718x

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

    BBB+
    30.07.2012
    Baa1
    17.05.2011

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