Company Analysis - Yamana Gold Inc - CA98462Y1007 - AUY US Equity
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Transcript of Company Analysis - Yamana Gold Inc - CA98462Y1007 - AUY US Equity
02.05.2012
Ticker: Yamana Gold Inc Benchmark:
Currency: New York: AUY, Currency: USD S&P 500 INDEX (SPX)
Sector: Materials Industry: Metals & Mining Year:
Telephone 1-416-815-0220 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)Website www.yamana.com No of Employees Gold, Copper, Silver Mining 2173 Unallocated Sales 1Address 150 York Street Suite 1102 Toronto, ON M5H 3S5 CanadaShare Price Performance in USDPrice 14.39 1M Return -9.7%52 Week High 18.16 6M Return -5.3%52 Week Low 11.10 52 Wk Return 17.8%52 Wk Beta 0.56 YTD Return -1.7%Credit Ratings
Bloomberg IG5S&P - Date - Outlook -Moody's - Date - Outlook -Fitch - Date - Outlook -
Valuation Ratios
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EP/E - - - - 12.8x 9.5x 10.0xEV/EBIT 23.0x 25.6x 16.7x 12.1x - - -EV/EBITDA 13.8x 15.2x 11.0x 8.7x 6.9x 5.4x 5.1xP/S - - - - 4.2x 3.3x 3.2xP/B - - - - 1.3x 1.2x 1.1xDiv Yield - - - - 1.5% 1.5% 1.5%Profitability Ratios %
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EGross Margin 37.9 39.7 44.7 50.6 69.0 72.0 -EBITDA Margin 46.2 48.6 52.4 58.1 60.4 61.6 62.0Operating Margin 27.7 28.9 34.5 41.7 48.1 51.3 49.4Profit Margin 45.8 16.3 27.7 25.2 32.7 36.2 33.6Return on Assets 4.5 2.0 4.7 5.2 8.9 11.5 11.1Return on Equity 7.0 2.9 6.8 7.6 9.5 11.7 10.9Leverage and Coverage Ratios
12/08 12/09 12/10 12/11Current Ratio 1.4 1.8 2.3 2.2 Current Capitalization in USDQuick Ratio 0.5 0.8 1.4 1.5 Common Shares Outstanding (M) #N/A Field Not ApplicableEBIT/Interest 5.9 9.9 8.8 18.7 Market Capitalization (M) 10734.6Tot Debt/Capital 0.1 0.1 0.1 0.1 Cash and ST Investments (M) 867.6Tot Debt/Equity 0.1 0.1 0.1 0.1 Total Debt (M) 766.0Eff Tax Rate % 5.1 39.2 22.0 33.0 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0Investments (M) 46.8Enterprise Value (M) 10679.8
Yamana Gold Inc. is an intermediate gold producer with production, development stage, and exploration properties throughout Brazil. The Company also holds gold exploration properties in Argentina.
AUY US
2'1738'753
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Yamana Gold IncTarget price in USD
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Company Analysis - Analysts Ratings
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Yamana Gold Inc
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) #N/A Field Not Applicable United States 56.43%
Float 99.6% Canada 24.44%
Short Interest (M) 5.0 Britain 7.33%
Short Interest as % of Float France 1.62%
Days to Cover Shorts 0.71 Luxembourg 1.58%
Institutional Ownership 72.79% Japan 1.34%
Retail Ownership 26.81% Germany 1.31%
Insider Ownership 0.41% Others 5.95%
Institutional Ownership DistributionInvestment Advisor 82.45%Hedge Fund Manager 6.10%Mutual Fund Manager 4.01%Government 2.12%
Pricing data is in USD Others 5.32%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
VAN ECK ASSOCIATES C 32'950'816 -1'191'099 474'162'242 4.42% 31.12.2011 13F UNITED STATESBANK OF NEW YORK MEL 31'843'889 638'881 458'233'563 4.27% 31.03.2012 13F UNITED STATESBLACKROCK INC 19'948'671 1'001'072 287'061'376 2.67% 31.12.2011 13F UNITED STATESCIBC WORLD MARKETS I 18'654'055 9'966'509 268'431'851 2.50% 31.03.2012 13F CANADABLACKROCK GROUP LIMI 18'553'961 145'260 266'991'499 2.49% 31.12.2011 13F BRITAINFIDELITY MANAGEMENT 17'961'321 -2'681'400 258'463'409 2.41% 31.12.2011 13F UNITED STATESPYRAMIS GLOBAL ADVIS 14'271'460 3'134'760 205'366'309 1.91% 31.12.2011 13F UNITED STATESGREYSTONE MANAGED IN 13'583'047 13'583'047 195'460'046 1.82% 31.12.2011 13F CANADARBC GLOBAL ASSET MAN 12'946'421 4'821'585 186'298'998 1.74% 31.12.2011 13F CANADAVANGUARD GROUP INC 10'474'187 172'530 150'723'551 1.40% 31.12.2011 MF-AGG UNITED STATESBMO FINANCIAL CORP 9'640'300 1'726'512 138'723'917 1.29% 31.12.2011 13F UNITED STATESDONALD SMITH & CO IN 9'465'247 2'490 136'204'904 1.27% 31.12.2011 13F UNITED STATESBLACKROCK INSTITUTIO 8'840'740 949'387 127'218'249 1.19% 31.12.2011 13F UNITED STATESAGF INVESTMENTS INC 8'474'495 3'164'099 121'947'983 1.14% 31.12.2011 13F CANADATORONTO DOMINION BAN 8'282'492 425'497 119'185'060 1.11% 31.12.2011 13F CANADAUNITED SERVICES AUTO 7'460'405 -594'499 107'355'228 1.00% 31.12.2011 13F UNITED STATESCALAMOS ADVISORS LLC 6'410'219 6'410'219 92'243'051 0.86% 31.12.2011 13F UNITED STATESCONNOR CLARK & LUNN 6'325'985 2'377'560 91'030'924 0.85% 31.12.2011 13F CANADAALLIANZ GLOBAL INV O 6'323'743 -1'119'600 90'998'662 0.85% 31.12.2011 13F UNITED STATESALBERTA INVESTMENT M 6'100'800 -283'700 87'790'512 0.82% 31.12.2011 13F CANADA
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
MARRONE PETER 1'000'279 14'394'015 0.13% 19.03.2011 SEDI
MARUD DARCY E 416'156 5'988'485 0.06% 13.01.2012 SEDI
SILVA JR ANTENOR F 400'496 8'818 5'763'137 0.05% 30.12.2011 SEDI
MESQUITA JUVENAL 272'000 3'914'080 0.04% 22.03.2011 Proxy
MCKNIGHT GREG 148'308 2'551 2'134'152 0.02% 05.02.2012 SEDI
Company Analysis - Ownership
Ownership Type
73%
27%
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Geographic Ownership
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Institutional Ownership
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TOP 20 ALL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Yamana Gold IncFinancial information is in USD (M)
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Income Statement
Revenue 0 6 0 32 46 169 747 949 1'183 1'687 2'173 2'574 3'215 3'356
- Cost of Goods Sold 6 22 37 134 359 590 714 933 1'073
Gross Income -0 10 9 36 388 360 470 754 1'100 1'776 2'315
- Selling, General & Admin Expenses 1 10 2 8 13 66 72 97 128 172 194
(Research & Dev Costs) 0
Operating Income -1 -10 -2 2 -4 -30 315 263 342 582 906 1'237 1'650 1'659
- Interest Expense 0 2 0 0 0 29 22 44 35 66 48
- Foreign Exchange Losses (Gains) 0 -0 0 -2 -0 -0 40 -132 -75 0 0
- Net Non-Operating Losses (Gains) 2 -0 -0 -1 5 36 30 -155 33 -67 39
Pretax Income -4 -11 -2 5 -8 -95 223 505 348 583 818 1'188 1'640 1'546
- Income Tax Expense 0 -0 1 2 -4 -25 64 26 137 128 270
Income Before XO Items -4 -11 -3 3 -4 -70 159 479 212 455 548
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 45 19 -11 0
- Minority Interests 0 0 0 0 0 0 2 0 0 0 0
Diluted EPS Before XO Items
Net Income Adjusted* -1 -11 -3 3 -4 68 227 346 346 438 713 842 1'165 1'129
EPS Adjusted 1.12 1.52 1.44
Dividends Per Share 0.21 0.21 0.22
Payout Ratio % 0.0 10.9 14.7 13.8 13.8 21.1 0.19 0.14 0.15
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA -1 -8 -2 7 3 3 387 439 576 884 1'263 1'555 1'981 2'080
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Balance Sheet
Total Current Assets 2.33072404 0.76966223 0.97799999 40.833147 166 153 651 508 583 913 1103
+ Cash & Near Cash Items 1 0 1 35 152 70 285 168 170 330 550
+ Short Term Investments 0 0 0 0 0 0 0 0 0 0 0
+ Accounts & Notes Receivable 0 0 0 1 6 30 82 24 102 213 206
+ Inventories 1 0 0 6 7 51 98 84 102 116 163
+ Other Current Assets 0 0 0 2 1 2 186 232 209 253 183
Total Long-Term Assets 18 9 6 18 302 2'028 9'245 8'829 9'125 9'407 9'667
+ Long Term Investments 0 0 0 0 21 28 53 12 56 103 81
Gross Fixed Assets 10 6 20 253 1'880 9'064 9'539 10'338
Accumulated Depreciation 2 0 2 8 24 117 927 1'294
+ Net Fixed Assets 16 9 6 18 245 1'856 8'947 8'330 8'576 8'612 9'044
+ Other Long Term Assets 2 1 0 36 143 245 487 492 691 542
Total Current Liabilities 5 4 1 5 31 100 473 361 322 394 495
+ Accounts Payable 1 1 1 5 21 39 136 137 154 301 358
+ Short Term Borrowings 4 3 0 0 0 2 83 0 0 0 0
+ Other Short Term Liabilities 0 0 1 0 11 59 253 224 169 93 136
Total Long Term Liabilities 2 2 3 13 122 364 3'470 2'420 2'589 2'838 2'784
+ Long Term Borrowings 2 1 1 0 107 17 539 472 529 487 432
+ Other Long Term Borrowings 0 0 2 13 15 347 2'930 1'947 2'060 2'352 2'352
Total Liabilities 7 6 4 18 153 465 3'942 2'780 2'912 3'233 3'278
+ Long Preferred Equity 0 1 0 0 0 0 0 0 0 0 0
+ Minority Interest 0 0 0 0 0 0 47 47 47 47 47
+ Share Capital & APIC 54 55 6 84 319 1'754 5'851 6'127 6'134 6'231 6'204
+ Retained Earnings & Other Equity -42 -53 -3 -3 -4 -38 56 384 614 808 1'241
Total Shareholders Equity 13 4 2 81 315 1'717 5'954 6'557 6'796 7'086 7'492
Total Liabilities & Equity 20 10 7 99 468 2'181 9'896 9'337 9'707 10'319 10'770
Book Value Per Share 10.77 12.22 13.60
Tangible Book Value Per Share
Company Analysis - Financials II/IV
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Cash Flows
Net Income -4 -11 -3 3 -4 -70 157 435 193 466 548 838 1'092 1'192
+ Depreciation & Amortization 0 2 0 5 7 34 72 176 234 302 357
+ Other Non-Cash Adjustments 2 9 2 2 4 77 51 -108 93 90 361
+ Changes in Non-Cash Capital -0 1 0 -1 -3 -43 1 -174 32 -175 -41
Cash From Operating Activities -1 0 -1 9 3 -3 281 329 552 683 1'226
+ Disposal of Fixed Assets 0 0 0 0 0 0 0 33 55 70 36
+ Capital Expenditures -0 -1 -0 -27 -161 -219 -273 -497 -499 -482 -822 -943 -478 -484
+ Increase in Investments 0 0 0 0 -21 0 0 0 0 0 0
+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0
+ Other Investing Activities -2 -0 -0 -1 -10 40 -417 -96 -53 -50 -60
Cash From Investing Activities -3 -1 -0 -27 -193 -179 -690 -560 -496 -462 -846
+ Dividends Paid 0 0 0 0 0 -3 -17 -70 -29 -48 -100
+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0
+ Increase in Long Term Borrowings 3 0 0 0 100 0 654 30 569 0 0
+ Decrease in Long Term Borrowings -0 -1 0 0 0 -115 -53 -96 -597 -45 -55
+ Increase in Capital Stocks 1 0 1 76 155 221 38 170 1 75 35
+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 0 0
+ Other Financing Activities -0 0 0 -5 -1 -3 2 81 0 -42 -40
Cash From Financing Activities 4 -1 1 71 254 100 624 116 -56 -60 -160
Net Changes in Cash 0 -2 1 52 65 -82 215 -115 -0 160 220
Free Cash Flow (CFO-CAPEX) -2 -0 -1 -18 -158 -223 8 -168 53 201 404
Free Cash Flow To Firm -18 24 -126 74 252 436
Free Cash Flow To Equity 2 -1 -2 -18 -58 -338 609 -201 80 226 385
Free Cash Flow per Share
Company Analysis - Financials III/IV
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Ratio Analysis
Valuation Ratios
Price Earnings 12.8x 9.5x 10.0x
EV to EBIT 100.2x 28.8x 23.0x 25.6x 16.7x 12.1x
EV to EBITDA 30.2x 471.0x 1'436.2x 23.4x 13.8x 15.2x 11.0x 8.7x 6.9x 5.4x 5.1x
Price to Sales 4.2x 3.3x 3.2x
Price to Book 1.3x 1.2x 1.1x
Dividend Yield 1.5% 1.5% 1.5%
Profitability Ratios
Gross Margin -0.3% 31.0% 19.4% 21.1% 51.9% 37.9% 39.7% 44.7% 50.6% 69.0% 72.0%
EBITDA Margin -128.7% 20.1% 5.6% 1.8% 51.8% 46.2% 48.6% 52.4% 58.1% 60.4% 61.6% 62.0%
Operating Margin -163.4% 6.1% -9.0% -18.0% 42.2% 27.7% 28.9% 34.5% 41.7% 48.1% 51.3% 49.4%
Profit Margin -188.9% 8.6% -8.9% -41.5% 21.0% 45.8% 16.3% 27.7% 25.2% 32.7% 36.2% 33.6%
Return on Assets -18.8% -73.3% -40.5% 5.5% -1.5% -5.3% 2.6% 4.5% 2.0% 4.7% 5.2% 8.9% 11.5% 11.1%
Return on Equity -26.6% -147.4% -128.8% 6.6% -2.1% -6.9% 4.1% 7.0% 2.9% 6.8% 7.6% 9.5% 11.7% 10.9%
Leverage & Coverage Ratios
Current Ratio 0.43 0.18 0.72 8.12 5.28 1.53 1.38 1.41 1.81 2.31 2.23
Quick Ratio 0.27 0.06 0.69 7.11 5.02 1.00 0.78 0.53 0.84 1.38 1.53
Interest Coverage Ratio (EBIT/I) -8.75 -5.33 -12.99 -44.09 -1.05 14.31 5.91 9.89 8.85 18.75
Tot Debt/Capital 0.31 0.53 0.35 0.00 0.25 0.01 0.09 0.07 0.07 0.06 0.05
Tot Debt/Equity 0.46 1.12 0.53 0.00 0.34 0.01 0.10 0.07 0.08 0.07 0.06
Others
Asset Turnover 0.00 0.39 0.00 0.64 0.16 0.13 0.12 0.10 0.12 0.17 0.21
Accounts Receivable Turnover 0.00 149.66 0.00 46.37 12.55 9.29 13.33 17.94 18.75 10.71 10.37
Accounts Payable Turnover 4.72 9.81 2.98 5.92 4.62 4.22 5.03 4.17 3.40
Inventory Turnover 13.34 7.61 5.78 4.59 4.83 6.48 7.66 8.55 7.67
Effective Tax Rate 39.5% 28.6% 5.1% 39.2% 22.0% 33.0%
Company Analysis - Financials IV/IV
YAMANA GOLD INC
GOLDCORP INC KINROSS GOLDBARRICK GOLD
CRPANGLOGOLD
ASHANTIAMGOLD CORP
AGNICO-EAGLE MIN
ELDORADO GOLDNEWMONT
MININGBUENAVENTURA-
COMEXTORRE GOLD SILVER WHEATON AURICO GOLD INC
ALAMOS GOLD INC
GOLDEN STAR RES
12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/201118.16 55.93 18.17 55.36 39'182.00 23.79 72.57 21.96 72.42 134.10 14.84 42.49 14.00 21.00 3.05
29.02.2012 09.09.2011 09.09.2011 09.09.2011 01.12.2011 08.11.2011 06.09.2011 06.09.2011 09.11.2011 21.09.2011 14.07.2011 21.09.2011 22.08.2011 31.01.2012 02.05.201111.10 37.57 8.60 38.36 25'310.00 11.73 31.50 12.48 45.22 98.72 3.90 27.50 7.45 13.26 1.47
16.06.2011 26.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 16.02.2012 10.04.2012 23.04.2012 13.12.2011 02.05.2012 04.10.2011 29.12.2011 17.05.2011 02.05.20124'101'328 2'018'083 4'906'817 1'870'157 299'357 1'600'426 1'414'715 983'553 1'883'799 3'502 219'059 845'142 848'173 306'328 271'508
14.39 38.09 8.85 39.00 26'700.00 12.35 39.10 13.74 46.70 111.60 4.00 29.59 8.97 19.10 1.48
-20.8% -31.9% -51.3% -29.6% -31.9% -48.1% -46.1% -37.4% -35.5% -16.8% -73.0% -30.4% -35.9% -9.0% -51.5%29.6% 1.4% 2.9% 1.7% 5.5% 5.3% 24.1% 10.1% 3.3% 13.0% 2.6% 7.6% 20.4% 44.0% 0.7%
- 809.9 1'137.7 1'000.4 383.0 375.9 170.8 551.7 494.7 254.4 92.6 353.5 281.6 118.4 258.710'734.6 31'055.7 10'069.2 39'021.3 102'792.4 4'644.4 6'687.4 9'774.3 23'220.7 30'747.7 387.7 10'463.6 2'527.4 2'279.6 383.1
431.8 737.0 1'633.1 13'369.0 20'006.0 6.6 931.2 81.0 4'313.0 106.1 - 78.6 242.4 - 139.2 - - - - - - - - - - - - - - -
46.8 213.0 80.3 2'191.0 1'106.0 54.4 12.2 56.5 2'875.0 258.8 - - - - (1.3) 550.4 1'502.0 1'767.3 2'745.0 8'944.0 1'051.6 331.4 396.4 1'854.0 534.6 26.2 840.2 187.0 222.6 103.6
10'679.8 30'979.5 10'154.8 52'270.9 114'960.4 3'707.1 7'274.2 9'624.3 29'569.7 11'475.0 361.5 9'818.6 2'610.9 2'049.0 421.7
LFY 2'173.3 5'362.0 3'943.3 14'312.0 47'849.0 1'673.2 1'821.8 1'098.9 10'358.0 1'493.9 0.0 730.0 401.9 227.4 471.0LTM 2'257.0 5'495.0 3'943.3 14'866.0 47'849.0 1'691.6 1'882.7 1'098.9 10'576.0 1'507.4 - 730.0 401.9 243.2 471.0
CY+1 2'574.0 6'096.5 4'693.9 15'918.3 59'589.1 1'763.3 1'803.7 1'436.4 10'929.2 1'669.0 0.1 896.6 699.2 365.1 611.4 CY+2 3'215.2 7'631.0 5'121.4 18'569.8 68'213.9 2'065.7 1'956.0 1'707.9 11'857.3 1'780.0 0.1 1'067.6 936.7 402.5 664.0
LFY 5.3x 6.7x 3.3x 4.1x 3.0x 3.0x 3.4x 6.7x 3.0x 6.3x #DIV/0! 13.0x 5.8x 8.5x 1.0xLTM 5.1x 6.6x 3.3x 4.1x 3.0x 3.0x 3.3x 6.7x 3.0x 6.2x - 13.0x 5.8x 7.9x 1.0x
CY+1 4.1x 5.1x 2.3x 3.2x 1.9x 2.2x 4.1x 6.6x 2.7x - 1968.4x 10.4x 3.5x 5.7x 0.7xCY+2 2.9x 3.9x 2.1x 2.5x 1.5x 1.9x 3.7x 5.5x 2.4x - 2737.9x 8.2x 2.4x 5.1x 0.3x
LFY 1'262.7 3'030.0 1'972.5 8'327.0 20'443.0 785.0 752.9 639.1 5'162.0 804.4 (55.4) 618.8 203.6 129.7 91.8LTM 1'302.7 3'034.0 1'972.5 8'327.0 20'443.0 785.4 801.6 639.1 5'185.0 - (55.4) 618.8 203.6 143.5 91.8
CY+1 1'554.9 3'527.1 2'309.9 9'176.4 26'111.7 916.8 801.0 862.1 5'221.7 790.0 (32.3) 737.4 375.9 252.2 162.0 CY+2 1'981.1 4'812.7 2'735.2 11'214.2 31'399.7 1'125.4 943.7 1'085.2 5'938.9 851.0 (28.0) 855.9 502.9 279.8 218.8
LFY 9.2x 11.9x 6.6x 7.0x 7.0x 6.4x 8.2x 11.5x 6.1x 11.7x -12.1x 15.3x 11.4x 14.9x 5.0xLTM 8.9x 11.9x 6.6x 7.0x 7.0x 6.4x 7.7x 11.5x 6.1x - - 15.3x 11.4x 13.5x 5.0x
CY+1 6.7x 8.8x 4.7x 5.6x 4.3x 4.3x 9.2x 11.0x 5.6x - - 12.7x 6.6x 8.2x 2.6xCY+2 4.8x 6.2x 3.9x 4.2x 3.3x 3.5x 7.6x 8.6x 4.8x - - 10.2x 4.6x 7.4x 1.0x
LFY - 2.00 0.76 4.65 23.70 0.97 0.13 0.58 4.31 3.39 -0.62 1.55 0.51 0.51 -0.03LTM - 1.90 0.76 4.68 27.73 1.06 1.46 0.58 4.35 3.34 -0.61 1.55 0.72 0.60 -0.03
CY+1 1.12 2.32 0.95 4.93 32.79 1.24 1.81 0.70 4.87 4.00 (0.26) 1.93 0.76 1.18 0.17 CY+2 1.52 3.24 1.19 6.04 41.75 1.60 2.22 0.87 5.64 4.40 (0.20) 2.35 1.10 1.38 0.32
LFY - 20.3x 11.8x 8.4x 9.6x 11.8x 27.1x 24.0x 10.7x 12.6x - 19.3x 12.6x 32.2x -LTM - 20.3x 11.8x 8.4x 11.3x 11.8x 27.1x 24.0x 10.7x 12.6x - 19.3x 12.6x 32.2x -
CY+1 12.8x 16.6x 9.5x 8.0x 8.1x 10.1x 21.8x 19.8x 9.6x 10.6x - 15.5x 11.9x 16.4x 8.9xCY+2 9.5x 11.9x 7.5x 6.5x 6.4x 7.8x 17.8x 16.0x 8.3x 9.6x - 12.7x 8.2x 14.0x 4.7x
1 Year 28.8% 43.4% 31.0% 30.1% 23.2% 52.5% 28.1% 38.9% 8.6% 35.3% - 72.4% 68.7% 20.1% 8.9%5 Year 44.5% 25.4% 34.6% 30.7% 24.9% 34.5% 44.0% 71.8% 20.5% 25.2% - 56.2% 29.7% 34.9% 36.2%1 Year 42.8% 49.6% 64.3% 34.1% 110.3% 66.9% 25.1% 51.0% 0.9% 77.8% (66.4%) 95.7% 90.9% 29.0% (14.6%)5 Year 232.3% 26.8% 48.5% 30.0% 29.8% 46.4% 25.1% - 22.3% 18.6% - 44.0% - 53.2% 34.6%
LTM 58.1% 56.5% 50.0% 58.2% 42.7% 46.9% 41.3% 58.2% 49.8% 53.8% - 84.8% 50.7% 57.0% 19.5%CY+1 60.4% 57.9% 49.2% 57.6% 43.8% 52.0% 44.4% 60.0% 47.8% 47.3% (23095.0%) 82.2% 53.8% 69.1% 26.5%CY+2 61.6% 63.1% 53.4% 60.4% 46.0% 54.5% 48.2% 63.5% 50.1% 47.8% (19976.4%) 80.2% 53.7% 69.5% 33.0%
Total Debt / Equity % 5.8% 3.5% 13.2% 57.2% 49.5% 0.2% 29.1% 2.5% 33.4% 3.4% 0.0% 3.0% 10.8% 0.0%Total Debt / Capital % 5.4% 3.3% 11.6% 34.3% 32.5% 0.2% 22.5% 2.4% 21.5% 3.0% 0.0% 2.9% 9.8% 0.0%Total Debt / EBITDA 0.342x 0.243x 0.828x 1.606x 0.979x 0.008x 1.237x 0.127x 0.836x 0.132x 0.000x 0.127x 1.191x 0.000xNet Debt / EBITDA -0.094x -0.252x -0.068x 1.276x 0.541x -1.331x 0.797x -0.493x 0.476x -0.533x - -1.231x 0.272x -1.716xEBITDA / Int. Expense 26.129x 131.739x 21.301x 13.718x 14.427x 110.077x 13.679x 119.880x 17.439x 68.034x - - 62.030x 216.824x
S&P LT Credit Rating - BBB+ BBB- A- BBB- - NR - BBB+ - - - - -S&P LT Credit Rating Date - 01.06.2009 15.08.2011 19.05.2011 09.04.2010 - 12.03.2003 - 11.08.2008 - - - - -Moody's LT Credit Rating - - Baa3 Baa1 - - WR - Baa1 - - - - -Moody's LT Credit Rating Date - - 15.08.2011 17.05.2011 - - 05.03.2002 - 26.07.2010 - - - - -
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