Documente Academic
Documente Profesional
Documente Cultură
2013
Kubota Corp
6326 JP
Currency:
Sector: Industrials
Industry: Machinery
Year:
Telephone
81-6-6648-2111
Revenue (M)
Website
www.kubota.co.jp/english/index.html No of Employees
Address
1-2-47 Shikitsu-Higashi Naniwa-ku Osaka, 556-8601 Japan
Share Price Performance in JPY
Price
1314.00
1M Return
52 Week High
1324.00
6M Return
52 Week Low
623.69
52 Wk Return
52 Wk Beta
1.12
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
Benchmark:
TOPIX INDEX (TOKYO) (TPX)
1'008'019
29'185
26.3%
62.9%
64.2%
33.3%
NR
WR
-
Date
Date
Date
3/09
14.2x
8.2x
6.3x
0.6x
1.2x
2.6%
3/10
25.6x
20.4x
14.4x
1.2x
1.7x
1.4%
3/11
18.2x
15.0x
11.4x
1.1x
1.6x
1.8%
3/12
16.3x
12.4x
10.1x
1.0x
1.5x
1.9%
3/13E
24.1x
14.3x
1.5x
2.4x
1.3%
3/14E
19.3x
11.8x
1.4x
2.2x
1.4%
3/15E
17.4x
10.9x
1.3x
2.0x
1.5%
3/09
Gross Margin
26.8
EBITDA Margin
12.1
Operating Margin
9.3
Profit Margin
4.3
Return on Assets
3.4
Return on Equity
7.8
Leverage and Coverage Ratios
3/09
Current Ratio
1.7
Quick Ratio
1.1
EBIT/Interest
38.6
Tot Debt/Capital
0.2
Tot Debt/Equity
0.3
Eff Tax Rate %
34.4
3/10
26.8
10.6
7.5
4.5
3.0
7.0
3/11
26.9
12.1
9.2
5.9
4.0
8.7
3/12
27.0
12.9
10.5
6.1
4.3
9.6
3/13E
26.2
12.4
9.6
6.0
5.9
10.1
3/14E
27.3
14.1
11.1
6.9
7.2
12.0
3/15E
27.6
14.5
11.7
7.4
7.6
12.0
3/10
1.9
1.3
32.8
0.4
0.6
35.2
3/11
1.8
1.3
52.8
0.3
0.5
33.4
3/12
1.6
1.1
55.9
0.3
0.5
35.6
09.01.2007
-
Outlook
Outlook
Outlook
Sales (M)
713943
263286
30790
3%
9%
Sales (M)
498684
219929
169632
88715
31059
3%
26%
17%
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
49%
71%
22%
Machines
Water/Environment System
Japan
North America
Asia
Europe
1256.0
1689697.8
98865.0
405192.0
0.0
0.0
53926.0
2049950.8
57%
53%
39%
37%
1'000
32%
37%
42%
47%
800
50%
600
40%
20%
31%
29%
29%
mars.12
avr.12
mai.12
33%
38%
41%
juin.12
juil.12
aot.12
50%
53%
400
58%
53%
47%
42%
200
0%
0
Buy
Hold
sept.12
Sell
oct.12
nov.12
Price
dc.12
janv.13
fvr.13
Target Price
Date
Buy
Hold
Sell
Date
28-Feb-13
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
42%
47%
58%
53%
53%
50%
41%
38%
33%
29%
29%
31%
47%
42%
32%
37%
37%
39%
47%
50%
53%
50%
57%
56%
11%
11%
11%
11%
11%
11%
12%
13%
13%
21%
14%
13%
15-Mar-13
14-Mar-13
13-Mar-13
12-Mar-13
11-Mar-13
8-Mar-13
7-Mar-13
6-Mar-13
5-Mar-13
4-Mar-13
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
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
1178.46
1178.46
1178.46
1178.46
1178.46
1178.46
1166.92
1166.92
1160.00
1133.57
1133.57
1133.57
1134.67
1134.67
1092.67
1092.67
1072.67
1055.33
1055.33
1055.33
1055.33
1055.33
1055.33
1055.33
1044.00
1044.00
1044.00
1044.00
1013.85
1013.85
Broker
Analyst
TAKU OUCHI
KOSUKE SAHARA
SHINJI KURODA
YOSHINAO IBARA
HITOSHI OHNISHI
TAKESHI ISHIZUKA
JUNJI SAKURADA
RYO TAZAKI
KENJIN HOTTA
YUICHIRO ISAYAMA
CHRISTOPHER CINTAVEY
MASAKAZU ITOI
CRAIG STERLING
KUNIO SAKAIDA
YOSHIKAZU SHIMADA
HIROSUKE TAI
YOICHIRO WATANABE
Mito Securities
56%
47%
60%
50%
Tachibana Securities
1'200
80%
Barclays
11%
EVA Dimensions
11%
TIW
11%
11%
Goldman Sachs
11%
Macquarie
11%
Nomura
12%
Mizuho Securities
13%
13%
21%
Morgan Stanley
14%
Credit Suisse
13%
1'400
100%
Price
Broker Recommendation
Recommendation
Target
Date
outperform
outperform
neutral
Equalwt/Attractive
Neutral Plus
neutral
buy
buy
neutral
neutral/attractive
hold
Neutral Plus
underweight
overweight
Strong Outperform
neutral
Neutral Plus
1350.00
14-Mar-13
8-Mar-13
8-Mar-13
7-Mar-13
28-Feb-13
27-Feb-13
22-Feb-13
21-Feb-13
12-Feb-13
6-Feb-13
6-Feb-13
16-Jan-13
15-Jan-13
5-Dec-12
13-Nov-12
5-Nov-12
17-Nov-10
1100.00
1200.00
1300.00
950.00
1300.00
1250.00
1100.00
1150.00
1070.00
1070.00
800.00
15.03.2013
Kubota Corp
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
36%
64.01%
35.96%
0.02%
64%
Institutional Ownership
Retail Ownership
Insider Ownership
Japan
United States
Australia
Luxembourg
Britain
Switzerland
Ireland
Others
76.77%
15.68%
3.16%
1.32%
1.16%
0.50%
0.36%
1.05%
35.68%
33.95%
16.07%
7.42%
6.88%
MASUMOTO YASUO
KIMATA MASATOSHI
NARA HIROKAZU
TOMITA TETSUJI
SAKAMOTO SATORU
1% 0%
1% 1%
1%
3%
16%
77%
Japan
United States
Australia
Luxembourg
Britain
Switzerland
Ireland
Others
TOP 20 ALL
Position
119'924'000
106'709'439
81'633'000
66'382'000
59'929'000
45'006'000
42'043'000
30'503'000
29'565'000
28'101'000
26'125'000
25'263'786
23'203'000
22'742'000
20'595'816
17'987'177
14'893'000
12'453'000
6'899'902
4'919'000
Position Change
12'606'000
937'986
-4'464'265
6'733'000
0
0
-128'000
-1'255'000
12'000
948'000
-37'544'000
-583'609
-375'000
-22'642'000
-2'647'213
246'995
-1'257'000
938'000
0
-639'300
Market Value
157'580'136'000
140'216'202'846
107'265'762'000
87'225'948'000
78'746'706'000
59'137'884'000
55'244'502'000
40'080'942'000
38'848'410'000
36'924'714'000
34'328'250'000
33'196'614'804
30'488'742'000
29'882'988'000
27'062'902'224
23'635'150'578
19'569'402'000
16'363'242'000
9'066'471'228
6'463'566'000
% of Ownership
9.33%
8.30%
6.35%
5.16%
4.66%
3.50%
3.27%
2.37%
2.30%
2.19%
2.03%
1.96%
1.80%
1.77%
1.60%
1.40%
1.16%
0.97%
0.54%
0.38%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
58'000
45'000
34'000
34'000
29'000
9'000
76'212'000
59'130'000
44'676'000
44'676'000
38'106'000
30.09.2012
31.12.2011
30.09.2012
30.09.2012
30.09.2012
30.09.2012
29.10.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
13.03.2013
31.12.2012
30.09.2012
31.01.2013
31.12.2012
13.04.2012
28.02.2013
31.03.2012
31.01.2013
Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Top 5 Insiders:
Holder Name
Geographic Ownership
0%
1256.0
94.5%
4'000
7'000
6'000
0.01%
0.00%
0.00%
0.00%
0.00%
Source
22.06.2012
22.06.2012
22.06.2012
22.06.2012
22.06.2012
Co File
Co File
Co File
Co File
Co File
Institutional Ownership
Country
JAPAN
JAPAN
JAPAN
JAPAN
JAPAN
JAPAN
JAPAN
UNITED STATES
JAPAN
7%
7%
36%
16%
34%
JAPAN
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
JAPAN
Bank
Investment Advisor
Insurance Company
Corporation
Others
Fiscal Year
Equivalent Estimates
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
3/13E
3/14E
3/15E
Revenue
- Cost of Goods Sold
965'791
729'863
926'145
695'571
930'237
701'718
983'226
713'312
1'065'736
753'952
1'127'456
794'687
1'154'574
824'093
1'107'482
810'226
930'644
681'374
933'685
682'167
1'008'019
735'836
1'153'334
1'238'408
1'293'888
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
235'928
201'504
30'186
230'574
200'961
26'400
228'519
205'548
23'261
269'914
183'141
21'963
311'784
190'726
22'700
332'769
202'422
22'900
330'481
193'606
24'800
297'256
194'441
26'300
249'270
179'568
25'200
251'518
165'407
25'042
272'183
166'503
27'900
302'462
337'776
356'466
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
34'424
6'697
-561
-216
29'613
4'818
2'482
15'924
22'610
4'252
1'534
-11'848
86'773
4'699
-3'597
-72'688
121'058
1'156
1'952
-24'204
130'347
1'219
442
-4'232
136'875
986
9'043
4'175
102'815
2'664
11'525
5'145
69'702
2'127
-2'894
-3'416
86'111
1'632
1'640
-8'953
105'680
1'892
7'609
-6'388
110'573
137'639
152'027
Pretax Income
- Income Tax Expense
28'504
17'314
6'389
12'296
28'672
13'701
158'359
48'116
142'154
56'067
132'918
48'961
122'671
48'044
83'481
28'746
73'885
25'977
91'792
30'684
102'567
36'548
111'878
139'608
154'575
11'190
0
1'660
-5'907
0
2'097
14'971
795
2'476
110'243
-11'100
3'442
86'087
115
4'938
83'957
1'286
6'214
74'627
-189
6'790
54'735
0
6'671
47'908
0
5'582
61'108
0
6'286
66'019
0
4'467
78.67
61.76
60.00
52.65
37.68
33.28
43.11
48.75
68'839
54.56
16.72
0.31
85'956
68.25
18.72
0.27
95'190
75.32
19.83
0.26
143'334
174'407
188'036
Income Statement
9'530
6.78
6.00
88.2
0
(5.84)
6.00
11'700
8.72
6.00
64.4
117'901
89.11
6.00
9.8
81'034
62.14
10.00
16.0
76'457
59.01
12.00
19.9
68'026
52.80
14.00
26.4
48'064
37.68
14.00
37.1
42'326
33.28
12.00
36.1
54'822
43.11
14.00
32.5
61'552
48.75
15.00
30.6
1'390
1'494
1'345
1'370
1'340
1'411
1'300
1'360
1'299
1'315
1'291
1'296
1'281
1'288
1'272
1'276
1'272
1'272
1'272
1'272
1'256
1'263
74'959
68'417
50'365
112'581
146'879
157'444
167'440
134'057
98'873
113'104
129'588
EBITDA
*Net income excludes extraordinary gains and losses and one-time charges.
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
723764
60'983
1'394
460'537
155'354
45'496
692350
67'362
10
420'374
151'245
53'359
614427
81'221
3'001
325'323
142'973
61'909
675371
74'563
0
369'519
155'146
76'143
758224
91'858
0
387'837
175'660
102'869
817100
82'601
0
411'026
205'658
117'815
822638
88'784
0
387'485
206'220
140'149
816346
69'505
0
468'517
207'401
70'923
820828
111'428
0
459'110
172'323
77'967
777204
105'293
866012
100'559
452'642
174'217
45'052
498'920
202'070
64'463
476'353
115'694
742'327
466'116
276'211
84'448
446'661
92'078
727'456
474'901
252'555
102'028
509'798
161'464
649'091
426'345
222'746
125'588
517'685
227'704
647'362
427'612
219'750
70'231
647'178
361'138
660'349
433'977
226'372
59'668
685'432
385'161
669'893
432'247
237'646
62'625
641'632
362'469
682'428
444'355
238'073
41'090
569'478
291'666
667'673
442'052
225'621
52'191
588'205
331'697
667'653
446'760
220'893
35'615
579'648
326'882
668'868
451'510
217'358
35'408
621'657
336'511
685'639
460'572
225'067
60'079
514'554
225'584
165'053
108'171
479'364
205'784
171'398
102'182
414'680
193'706
121'857
99'117
504'045
217'042
186'679
100'324
516'438
220'461
182'229
113'748
576'683
258'190
199'794
118'699
519'461
212'274
179'063
128'124
494'375
179'627
185'978
128'770
440'238
157'949
159'765
122'524
435'128
164'803
162'198
108'127
535'983
215'977
170'833
149'173
290'593
167'850
122'743
330'955
155'966
174'989
302'817
144'845
157'972
186'417
117'488
68'929
253'582
152'024
101'558
230'143
150'105
80'038
253'482
183'945
69'537
275'206
6'500
268'706
297'176
243'333
53'843
240'363
191'760
48'603
244'472
184'402
60'070
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
805'147
0
165'419
229'551
810'319
0
13'249
165'419
150'024
717'497
0
15'646
165'419
225'663
690'462
0
21'575
165'419
315'600
770'020
0
28'898
177'220
429'264
806'826
0
36'069
177'220
482'417
772'943
0
43'230
177'220
470'877
769'581
0
37'959
177'220
401'064
737'414
0
45'222
173'311
453'086
675'491
0
46'476
173'210
461'675
780'455
0
53'931
172'904
480'379
394'970
328'692
406'728
502'594
635'382
695'706
691'327
616'243
671'619
681'361
707'214
1'200'117
1'139'011
1'124'225
1'193'056
1'405'402
1'502'532
1'464'270
1'385'824
1'409'033
1'356'852
1'487'669
284.07
234.45
291.81
369.90
466.85
510.91
506.09
454.60
492.51
499.24
520.14
498.72
3/13E
3/14E
3/15E
552.09
598.30
648.79
Balance Sheet
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
3/13E
3/14E
3/15E
9'530
40'535
6'517
21'244
-8'004
38'804
30'973
2'480
11'700
27'755
35'649
565
117'901
25'808
-56'165
-20'636
81'034
25'821
-7'983
-11'015
76'457
27'097
-6'958
234
68'026
30'565
24'109
-32'590
48'064
31'242
21'635
-123'518
42'326
29'171
1'392
46'183
54'822
26'993
16'404
-10'026
61'552
23'908
5'759
-6'856
68'839
85'956
95'190
77'826
2'002
-32'473
-2'333
9'018
-10'672
64'253
1'803
-33'838
-2'056
6'537
-39
75'669
3'129
-26'493
-2'991
17'439
2'445
66'908
2'769
-20'818
-120'373
64'765
-4'571
87'857
5'568
-25'680
0
8'941
-50'121
96'830
3'709
-34'286
-61'967
2'391
146
90'110
115
-35'735
0
3'827
741
-22'577
2'961
-32'959
-44'468
261
184
119'072
1'182
-26'621
-22'239
9'101
-4'822
88'193
870
-27'358
-27'655
6'300
4'262
84'363
13'028
-26'962
0
187
-56'182
-49'475
-43'125
-38'143
-34'458
-8'459
-3'077
28'202
-71'034
0
-6'926
276
-27'593
-8'289
-26'548
65'627
-45'447
0
-15'011
-613
-6'471
-8'061
-7'489
37'128
-74'171
0
-2'223
-523
-78'228
-7'989
34'453
39'582
-39'081
0
-21'451
-852
-61'292
-11'769
335
88'829
-71'719
0
-14'898
-48
-90'007
-14'274
-5'937
86'434
-73'654
0
-8'515
-134
-31'052
-16'777
-15'840
113'962
-84'895
0
-7'997
-36
-74'021
-19'193
54'619
129'967
-74'386
0
-5'338
-8'350
-43'399
-17'814
-43'729
121'966
-90'067
0
-191
-3'915
-43'581
-15'267
7'238
62'489
-93'895
0
-50
-4'976
-69'929
-17'700
9
104'816
-89'203
0
-10'016
-2'607
-61'018
-30'281
-55'339
4'662
-9'270
-16'080
-11'583
77'319
-33'750
-44'461
-14'701
-17'650
6'379
13'859
-6'658
17'295
-9'257
47'475
-19'279
41'923
151
-267
45'353
30'415
49'176
46'090
62'177
62'544
54'375
-55'536
92'451
60'835
57'401
35'024
73'655
89'469
47'982
1'446
32.27
25'960
25'850
22.19
51'396
7'773
36.63
49'361
83'813
34.84
62'877
85'190
47.68
63'314
73'096
48.27
54'975
67'717
42.21
-53'789
57'625
-43.54
93'830
81'803
72.69
61'921
37'537
47.84
58'619
86'051
45.46
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
3/13E
3/14E
3/15E
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
58.4x
23.9x
11.0x
0.6x
1.4x
1.5%
53.3x
38.2x
17.1x
0.7x
1.7x
1.2%
7.1x
11.5x
8.8x
0.8x
1.5x
1.0%
20.4x
15.9x
13.1x
1.6x
2.7x
0.8%
17.2x
12.6x
10.4x
1.2x
2.0x
1.2%
11.8x
8.1x
6.6x
0.7x
1.2x
2.3%
14.2x
8.2x
6.3x
0.6x
1.2x
2.6%
25.6x
20.4x
14.4x
1.2x
1.7x
1.4%
18.2x
15.0x
11.4x
1.1x
1.6x
1.8%
16.3x
12.4x
10.1x
1.0x
1.5x
1.9%
24.1x
19.3x
17.4x
22.8x
9.9x
0.4x
1.3x
2.0%
14.3x
1.5x
2.4x
1.3%
11.8x
1.4x
2.2x
1.4%
10.9x
1.3x
2.0x
1.5%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
24.4%
7.8%
3.6%
1.0%
0.8%
2.3%
24.9%
7.4%
3.2%
-0.9%
-0.7%
-2.3%
24.6%
5.4%
2.4%
1.3%
1.0%
3.3%
27.5%
11.5%
8.8%
12.0%
10.2%
27.0%
29.3%
13.8%
11.4%
7.6%
6.2%
14.9%
29.5%
14.0%
11.6%
6.8%
5.3%
12.1%
28.6%
14.5%
11.9%
5.9%
4.6%
10.4%
26.8%
12.1%
9.3%
4.3%
3.4%
7.8%
26.8%
10.6%
7.5%
4.5%
3.0%
7.0%
26.9%
12.1%
9.2%
5.9%
4.0%
8.7%
27.0%
12.9%
10.5%
6.1%
4.3%
9.6%
26.2%
12.4%
9.6%
6.0%
5.9%
10.1%
27.3%
14.1%
11.1%
6.9%
7.2%
12.0%
27.6%
14.5%
11.7%
7.4%
7.6%
12.0%
1.41
1.02
5.14
0.46
0.84
1.44
1.02
6.15
0.50
1.00
1.48
0.99
5.32
0.40
0.66
1.34
0.88
18.47
0.38
0.61
1.47
0.93
104.72
0.34
0.53
1.42
0.86
106.93
0.33
0.50
1.58
0.92
138.82
0.34
0.53
1.65
1.09
38.59
0.24
0.31
1.86
1.30
32.77
0.38
0.60
1.79
1.28
52.76
0.34
0.52
1.62
1.12
55.86
0.33
0.50
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
0.78
2.09
2.99
4.35
0.79
2.10
3.21
4.54
0.82
2.49
3.47
4.77
0.85
2.83
3.53
4.79
0.82
2.81
3.54
4.56
0.78
2.82
3.45
4.17
0.78
2.89
3.51
4.00
0.78
2.59
4.14
3.92
0.67
2.01
3.83
3.59
0.68
2.05
4.24
3.94
0.71
2.12
4.01
3.91
60.7%
192.5%
47.8%
30.4%
39.4%
36.8%
39.2%
34.4%
35.2%
33.4%
35.6%
Ratio Analysis
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
KOMATSU LTD
HITACHI CONST
MA
JAPAN STEEL
WORK
IHI CORP
DAIKIN INDS
03/2012
1'324.00
15.03.2013
630.00
04.06.2012
18'550'000
03/2012
2'512.00
19.03.2012
1'439.00
10.10.2012
7'879'300
03/2012
2'250.00
04.02.2013
1'203.00
10.10.2012
1'794'900
03/2012
613.00
15.03.2012
374.00
04.06.2012
3'209'000
03/2012
304.00
11.03.2013
150.00
04.06.2012
15'486'000
03/2012
4'140.00
15.03.2013
1'836.00
04.06.2012
3'689'500
1'314.00
2'213.00
2'002.00
518.00
295.00
-0.8%
108.6%
1'256.0
-11.9%
53.8%
952.3
-11.0%
66.4%
211.8
-15.5%
38.5%
370.8
-3.0%
96.7%
1'464.2
CATERPILLAR INC
DEERE & CO
NTN CORP
MITSUBISHI
HEAVY
KURITA WATER
IND
THK CO LTD
FANUC CORP
NSK LTD
MAKITA CORP
12/2012
114.25
16.03.2012
78.25
12.07.2012
7'329'016
10/2012
95.60
30.01.2013
69.51
04.06.2012
2'619'424
03/2012
379.00
19.03.2012
131.00
14.11.2012
6'404'000
03/2012
560.00
06.02.2013
263.00
24.08.2012
17'859'000
03/2012
2'129.00
11.03.2013
1'596.00
06.09.2012
933'000
03/2012
1'823.00
15.03.2013
1'137.00
04.10.2012
1'390'600
03/2012
17'130.00
04.01.2013
11'240.00
03.08.2012
1'263'300
03/2012
744.00
11.03.2013
414.00
14.11.2012
1'890'000
03/2012
4'550.00
12.03.2013
2'468.00
04.06.2012
616'000
4'100.00
88.70
92.20
262.00
534.00
2'076.00
1'814.00
14'410.00
740.00
4'455.00
-1.0%
123.3%
291.1
-22.4%
13.4%
655.0
-3.6%
32.6%
387.8
-30.9%
100.0%
531.9
-4.6%
103.0%
3'355.1
-2.5%
30.1%
126.7
-0.5%
59.5%
128.6
-15.9%
28.2%
195.7
-0.5%
78.7%
540.6
-2.1%
80.5%
135.8
1'689'698
2'175'667
430'660
192'418
432'782
1'201'767
58'103
35'917
139'505
1'801'528
275'693
242'816
3'451'315
407'938
623'739
355'235.0
53'931.0
100'559.0
647'800.0
47'761.0
83'986.0
401'502.0
45'441.0
72'803.0
63'607.0
940.0
48'179.0
345'243.0
7'874.0
66'506.0
389'888.0
12'110.0
135'339.0
10'486.0
50.0
3'306.0
5'869.7
19.9
5'009.4
273'107.0
15'222.0
49'360.0
1'167'541.0
49'409.0
262'288.0
8'423.0
1'110.0
69'402.0
60'804.0
1'652.0
110'788.0
3'999.0
637'076.0
298'151.0
18'212.0
138'793.0
2'391.0
2'525.0
83'441.0
1'749'996
65'333
Valuation
2'781'465
2'049'951
2'836'189
809'602
195'365
1'008'019.0
1'072'779.0
1'153'334.4
1'238'407.7
1.3x
1.2x
1.7x
1.6x
129'588.0
135'848.0
143'333.8
174'407.3
10.2x
9.7x
13.9x
11.4x
48.70
52.42
54.56
68.25
25.1x
25.1x
24.1x
19.3x
8.0%
0.3%
14.6%
(3.8%)
12.7%
12.4%
14.1%
1'981'763.0
1'926'745.0
1'909'756.0
2'006'823.6
1.0x
1.1x
1.4x
1.3x
346'449.0
323'627.0
323'962.8
382'483.8
5.9x
6.3x
8.4x
6.8x
173.32
144.96
146.91
183.37
15.3x
15.1x
12.1x
7.5%
1.5%
10.9%
1.8%
16.8%
17.0%
19.1%
817'143.0
829'108.0
765'201.7
792'789.3
0.8x
0.7x
1.0x
1.0x
94'408.0
93'446.0
88'173.3
104'780.1
6.5x
6.6x
8.8x
7.2x
109.94
158.97
141.73
149.93
12.6x
14.1x
13.4x
5.6%
1.0%
9.6%
(1.6%)
11.3%
11.5%
13.2%
221'368.0
217'316.0
224'760.0
219'216.7
0.7x
0.7x
0.9x
0.8x
43'163.0
35'662.0
33'100.0
30'075.0
3.8x
4.5x
6.1x
5.6x
35.19
20.50
25.37
25.43
25.3x
20.4x
20.4x
4.0%
(0.3%)
(11.0%)
7.7%
16.4%
14.7%
13.7%
1'221'869.0
1'260'958.0
1'254'233.3
1'202'846.2
0.4x
0.4x
0.6x
0.6x
89'546.0
86'546.0
83'309.4
99'342.9
5.7x
5.9x
8.9x
7.2x
10.42
20.93
16.68
17.48
14.1x
17.7x
16.9x
2.9%
1.0%
(15.7%)
26.8%
6.9%
6.6%
8.3%
756'458
1'218'700.0
1'246'941.0
1'262'742.1
1'505'854.7
0.7x
0.7x
1.3x
1.1x
131'717.0
134'825.0
129'069.2
170'603.2
6.3x
6.2x
13.2x
10.0x
140.13
75.89
98.21
218.39
54.0x
41.7x
18.8x
5.0%
0.9%
3.6%
2.7%
10.8%
10.2%
11.3%
54.4%
33.4%
2.832x
2.037x
68.493x
64.2%
38.0%
1.916x
1.668x
44.508x
124.2%
52.1%
3.759x
3.244x
8.148x
49.8%
33.1%
1.432x
-0.008x
65.005x
137.8%
57.2%
3.625x
2.800x
17.030x
77.4%
43.0%
3.030x
1.730x
21.466x
NR
09.01.2007
WR
30.09.2005
A
26.10.2007
A2
01.10.2004
NR
10.04.2009
WR
25.05.2007
NR
09.01.2007
A3
02.11.2012
65'875.0
65'875.0
63'441.6
69'086.6
1.0x
1.0x
1.4x
1.1x
11'966.0
11'966.0
10'709.7
12'312.7
5.5x
5.5x
8.2x
6.4x
8.62
8.63
8.04
9.42
10.3x
10.3x
11.0x
9.4x
9.5%
11.5%
23.6%
12.2%
18.2%
16.9%
17.8%
38'333
415'955
2'765'940
215'824
196'658
599'845
521'239
35'656.6
36'352.5
36'025.9
37'121.4
1.1x
1.1x
1.4x
1.3x
5'424.5
5'787.0
5'794.8
6'017.7
7.2x
6.7x
8.6x
8.2x
7.63
7.99
8.57
9.01
11.5x
11.5x
10.8x
10.2x
13.0%
8.3%
12.8%
11.2%
15.9%
16.1%
16.2%
543'468.0
544'001.0
528'000.0
554'420.0
0.6x
0.6x
0.8x
0.7x
54'898.0
46'117.0
42'087.5
53'812.5
6.1x
7.3x
9.6x
7.3x
10.99
1.01
(12.29)
16.05
259.4x
16.3x
2.5%
3.1%
(9.3%)
(7.1%)
8.5%
8.0%
9.7%
2'820'932.0
2'852'710.0
2'994'423.5
3'245'264.7
0.7x
0.7x
0.9x
0.8x
235'925.0
206'597.0
275'671.4
302'877.8
8.4x
9.6x
9.6x
8.6x
9.66
1.14
21.40
25.27
469.7x
25.0x
21.1x
(2.9%)
(1.3%)
1.1%
1.8%
7.2%
9.2%
9.3%
193'792.0
194'513.0
190'800.0
194'275.0
1.1x
1.1x
45'416.0
42'997.0
39'100.0
39'083.3
5.3x
5.2x
131.14
106.84
103.84
122.85
19.4x
20.0x
16.9x
6.9%
(0.6%)
5.1%
8.1%
22.1%
20.5%
20.1%
196'866.0
181'090.0
167'971.6
184'280.3
0.5x
0.6x
1.1x
1.0x
30'296.0
24'883.0
21'229.5
28'539.0
3.3x
4.1x
8.9x
6.5x
98.85
79.94
57.88
91.13
22.7x
31.3x
19.9x
3.3%
8.3%
(1.5%)
(4.9%)
13.7%
12.6%
15.5%
538'492.0
535'685.0
484'752.2
472'779.7
3.3x
3.4x
5.7x
5.7x
237'300.0
224'687.0
199'430.5
197'668.8
7.6x
8.0x
13.9x
13.6x
707.21
672.15
606.30
595.57
21.4x
23.8x
24.2x
20.7%
20.4%
16.9%
6.5%
41.9%
41.1%
41.8%
733'192.0
750'716.0
722'422.7
761'918.2
0.6x
0.6x
0.8x
0.7x
80'989.0
75'687.0
64'869.3
78'130.0
5.2x
5.6x
8.8x
7.2x
52.75
48.07
31.13
46.77
15.4x
23.8x
15.8x
3.2%
2.5%
2.2%
(3.8%)
10.1%
9.0%
10.3%
295'711.0
293'907.0
303'342.2
324'648.6
1.1x
1.1x
1.7x
1.6x
55'753.0
52'905.0
54'173.2
62'334.6
5.9x
6.2x
9.7x
8.3x
240.12
229.48
233.05
271.97
19.4x
19.3x
19.1x
16.4x
8.5%
(0.6%)
12.7%
(0.4%)
18.0%
17.9%
19.2%
473.8%
82.5%
1.139x
0.417x
28.048x
138.7%
56.3%
6.857x
5.176x
16.295x
92.9%
47.2%
5.841x
3.880x
11.496x
4.0%
3.9%
516.091x
35.0%
25.7%
2.415x
-2.084x
46.538x
0.0%
0.0%
0.000x
-2.977x
-
106.2%
49.9%
3.919x
2.100x
16.508x
0.7%
0.7%
0.034x
-1.613x
230.384x
A
14.12.2006
A2
08.02.2007
NR
09.01.2007
WR
03.04.2009
BBB+
12.10.2010
WR
09.09.2008
NR
09.01.2007
-
NR
09.01.2007
-
NR
09.01.2007
-
NR
10.04.2009
WR
03.04.2009
NR
31.03.2008
WR
31.03.2005
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
229.0%
69.5%
0.876x
0.600x
25.623x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date
A
24.06.2003
A2
15.06.1995