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Financial Analysis - Herbalife Ltd. is a network marketing company that sells weight management, nutritional supplement and personal care products
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04.03.2013
Ticker: Herbalife Ltd Benchmark:
Currency: New York: HLF, Currency: USD S&P 500 INDEX (SPX)
Sector: Consumer Staples Industry: Personal Products Year:
Telephone 1-213-745-0500 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.herbalife.com No of Employees Weight Management 1 Asia Pacific 1140
Address Ugland House, South Church St PO Box 309GT Grand Cayman, 90015 Cayman Islands Targeted Nutrition North America 841
Share Price Performance in USD Literature, promotional and other(2) South America and Southeast Asia(4) 689
Price 40.10 1M Return 13.7% Energy and Fitness EMEA 628
52 Week High 71.10 6M Return -18.2% Outer Nutrition Mexico & Central America 496
52 Week Low 24.07 52 Wk Return -38.7% Greater China 279
52 Wk Beta 1.13 YTD Return 22.6%
Credit Ratings
Bloomberg -
S&P NR Date 25.03.2011 Outlook -
Moody's WR Date 07.07.2005 Outlook -
Fitch - Date - Outlook -
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 12.4x 14.3x 15.6x 8.1x 8.6x 7.4x -
EV/EBIT 8.6x 10.4x 10.5x 5.6x - - -
EV/EBITDA 7.1x 8.8x 9.3x 5.0x 5.4x 4.8x -
P/S 1.1x 1.5x 1.8x 0.9x 0.9x 0.8x -
P/B 6.8x 8.3x 10.7x 8.4x 6.6x 3.9x -
Div Yield 2.0% 1.3% 1.4% 3.6% 3.3% 3.6% -
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 78.8 79.6 80.3 80.0 80.0 80.2 -
EBITDA Margin 15.4 16.7 18.4 18.1 17.2 17.5 -
Operating Margin 12.7 14.2 16.3 16.2 15.6 15.8 -
Profit Margin 8.7 10.6 11.9 11.7 10.8 11.0 -
Return on Assets 17.9 24.4 30.8 30.3 49.1 70.2 -
Return on Equity 67.7 68.6 78.8 97.3 -29.9 64.3 -
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.2 1.3 1.4 1.3 Current Capitalization in USD
Quick Ratio 0.5 0.6 0.6 0.6 Common Shares Outstanding (M) 106.9
EBIT/Interest 58.0 40.1 57.0 39.5 Market Capitalization (M) 4133.8
Tot Debt/Capital 0.4 0.3 0.3 0.5 Cash and ST Investments (M) 333.5
Tot Debt/Equity 0.7 0.4 0.4 1.2 Total Debt (M) 487.6
Eff Tax Rate % 30.1 23.6 26.3 26.7 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 4287.9
Herbalife Ltd. is a network marketing company that sells weight management,
nutritional supplement and personal care products. The Company sells its products
globally through a network of independent distributors. Herbalife also sells literature
and promotional materials.
HLF UN
4'072
6'200
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Herbalife Ltd
Target price in USD
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
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Company Analysis - Analysts Ratings
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
04.03.2013
Herbalife Ltd
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 106.9 United States 84.46%
Float 84.4% Britain 3.69%
Short Interest (M) 33.6 Luxembourg 3.15%
Short Interest as % of Float 37.23% France 1.96%
Days to Cover Shorts 3.69 Canada 1.47%
Institutional Ownership 155.57% Unknown Country 1.25%
Retail Ownership -57.54% Japan 0.80%
Insider Ownership 1.98% Others 3.21%
Institutional Ownership Distribution
Investment Advisor 69.63%
Hedge Fund Manager 25.24%
Pension Fund (Erisa) 1.81%
Individual 1.25%
Pricing data is in USD Others 2.06%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FMR LLC 14'968'673 -2'114'101 600'243'787 14.52% 31.12.2012 ULT-AGG UNITED STATES
ICAHN ASSOCIATES COR 14'015'151 11'542'344 562'007'555 13.60% 01.03.2013 13D UNITED STATES
THIRD POINT LLC 8'900'000 5'800'000 356'890'000 8.63% 03.01.2013 13G UNITED STATES
MORGAN STANLEY 6'729'188 0 269'840'439 6.53% 31.12.2012 ULT-AGG UNITED STATES
VANGUARD GROUP INC 5'735'691 -403'576 230'001'209 5.56% 31.12.2012 13F UNITED STATES
BLACKROCK 4'403'432 -1'155'288 176'577'623 4.27% 31.01.2013 ULT-AGG UNITED STATES
WELLINGTON MANAGEMEN 4'313'399 2'704'201 172'967'300 4.18% 31.12.2012 13F UNITED STATES
BNP PARIBAS INV PART 3'840'783 1'148'356 154'015'398 3.73% 31.12.2012 ULT-AGG FRANCE
CAPITAL GROWTH MANAG 3'346'500 980'000 134'194'650 3.25% 31.12.2012 13F UNITED STATES
THIRD POINT LLC 3'100'000 3'100'000 124'310'000 3.01% 31.12.2012 13F UNITED STATES
RR PARTNERS LP 3'019'100 199'900 121'065'910 2.93% 31.12.2012 13F UNITED STATES
JENNISON ASSOCIATES 2'935'548 918'335 117'715'475 2.85% 31.12.2012 13F UNITED STATES
GOLDMAN SACHS GROUP 2'854'717 1'743'756 114'474'152 2.77% 31.12.2012 13F UNITED STATES
MUNDER CAPITAL MANAG 2'617'700 423'402 104'969'770 2.54% 31.12.2012 13F UNITED STATES
HERNDON CAPITAL MANA 2'549'737 149'920 102'244'454 2.47% 31.12.2012 13F UNITED STATES
STATE STREET 2'450'067 3'119 98'247'687 2.38% 31.12.2012 ULT-AGG UNITED STATES
TIGER CONSUMER MANAG 2'315'619 874'244 92'856'322 2.25% 31.12.2012 13F UNITED STATES
VISIUM ASSET MANAGEM 2'165'000 2'065'000 86'816'500 2.10% 31.12.2012 13F UNITED STATES
INVESTEC ASSET MANAG 2'073'207 137'317 83'135'601 2.01% 31.12.2012 13F BRITAIN
RENAISSANCE TECHNOLO 1'943'900 -249'300 77'950'390 1.89% 31.12.2012 13F UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
JOHNSON MICHAEL O 1'117'814 -17'004 44'824'341 1.08% 27.02.2013 Form 4
TARTOL JOHN 232'943 -7'000 9'341'014 0.23% 03.12.2012 Form 4
GOUDIS RICHARD 171'912 -8'502 6'893'671 0.17% 27.02.2013 Form 4
LEVY ROBERT 167'167 521 6'703'397 0.16% 29.11.2012 Form 4
WALSH DESMOND 111'868 -10'203 4'485'907 0.11% 27.02.2013 Form 4
Company Analysis - Ownership
Ownership Type
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Herbalife Ltd
Financial information is in USD (M)
Periodicity: 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
Income Statement
Revenue 1'094 1'159 1'310 1'567 1'886 2'146 2'359 2'325 2'734 3'455 4'072 4'614 5'050
- Cost of Goods Sold 236 236 270 316 380 438 458 493 559 680 813
Gross Income 858 924 1'040 1'251 1'505 1'707 1'901 1'831 2'175 2'774 3'260 3'692 4'050
- Selling, General & Admin Expenses 730 817 901 1'032 1'248 1'394 1'569 1'535 1'788 2'212 2'598
(Research & Dev Costs) 0
Operating Income 128 107 139 219 257 313 332 296 388 562 661 718 796 871
- Interest Expense 123 29 20 5 10 10 17
- Foreign Exchange Losses (Gains) 0 0 0 0 0 0 0 0 0 0 0
- Net Non-Operating Losses (Gains) 83 41 123 44 -84 -18 -7 0 -2 -7 -6
Pretax Income 45 66 15 175 217 303 319 291 380 560 651 701 776
- Income Tax Expense 21 29 30 82 74 111 98 88 90 147 174
Income Before XO Items 23 37 -14 93 143 191 221 203 291 413 477
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 0 0
- Minority Interests 0 0 0 0 0 0 0 0 0 0 0
Diluted EPS Before XO Items (0.14) 0.64 0.96 1.32 1.68 1.61 2.34 3.30 4.05
Net Income Adjusted* 84 37 -14 96 154 197 232 205 297 414 477 500 554
EPS Adjusted 0.00 0.00 (0.14) 0.67 1.03 1.36 1.77 1.62 2.39 3.31 4.05 4.67 5.39
Dividends Per Share 0.00 0.00 0.40 0.40 0.40 0.45 0.73 1.20 1.32 1.44
Payout Ratio % 0.0 0.0 0.0 0.0 29.0 22.9 23.9 18.5 20.7 28.3 0.28 0.27
Total Shares Outstanding 137 140 143 129 123 120 118 116 107
Diluted Shares Outstanding 106 145 149 145 132 126 125 125 118
EBITDA 151 163 183 256 287 348 381 358 456 634 736 794 886
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 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
Balance Sheet
Total Current Assets 204.703995 277.743011 369.913 299.551 455.707 487.096 484.768 513.502 595.586 768.819 963.848
+ Cash & Near Cash Items 64 151 202 88 154 187 151 151 191 259 334
+ Short Term Investments 1 0 0 0 0 0 0 0 0 0
+ Accounts & Notes Receivable 29 32 30 37 52 59 70 77 86 90 116
+ Inventories 57 59 71 110 146 129 134 146 182 248 339
+ Other Current Assets 53 36 68 64 104 112 130 140 137 173 175
Total Long-Term Assets 651 626 579 538 561 580 637 633 637 677 740
+ Long Term Investments 0 0 0 0 0 0 0 0 0 0 0
Gross Fixed Assets 54 63 76 96 138 187 265 325 344 387 499
Accumulated Depreciation 8 18 20 31 33 66 89 147 167 194 256
+ Net Fixed Assets 46 45 55 65 105 121 175 178 177 194 243
+ Other Long Term Assets 605 581 523 473 456 459 461 455 459 484 497
Total Current Liabilities 198 276 371 285 323 376 402 430 471 549 717
+ Accounts Payable 22 23 24 39 40 35 41 37 44 57 75
+ Short Term Borrowings 19 72 120 10 6 5 15 12 3 2 56
+ Other Short Term Liabilities 157 181 227 236 278 336 346 380 424 490 585
Total Long Term Liabilities 467 390 513 383 340 509 478 357 274 337 566
+ Long Term Borrowings 322 253 366 253 180 360 337 238 175 202 431
+ Other Long Term Borrowings 145 137 147 130 160 149 141 119 99 135 135
Total Liabilities 664 666 884 669 663 885 880 787 745 886 1'283
+ Long Preferred Equity 291 446 0 0 0 0 0 0 0 0 0
+ Minority Interest 0 0 0 0 0 0 0 0 0 0 0
+ Share Capital & APIC 177 183 75 90 133 161 198 223 257 292 304
+ Retained Earnings & Other Equity -277 -392 -10 79 221 21 44 136 230 268 117
Total Shareholders Equity 191 238 64 169 354 182 242 359 487 560 421
Total Liabilities & Equity 856 904 949 838 1'017 1'067 1'121 1'146 1'232 1'446 1'704
Book Value Per Share 0.47 1.21 2.47 1.41 1.97 2.98 4.14 4.84 3.94 6.06 10.33
Tangible Book Value Per Share -3.15 -2.00 -0.50 -1.86 -1.46 -0.46 0.62 1.23 0.04
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 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
Cash Flows
Net Income 23 37 -14 93 143 191 221 203 291 413 477 505 561
+ Depreciation & Amortization 23 56 44 37 30 35 49 62 69 72 74
+ Other Non-Cash Adjustments -8 -6 37 -7 -26 -18 19 14 2 -13 -6
+ Changes in Non-Cash Capital 28 8 14 20 37 62 -16 5 28 38 22
Cash From Operating Activities 66 95 80 143 184 271 273 285 389 509 568
+ Disposal of Fixed Assets 0 0 0 0 0 0 0 0 0 0 0
+ Capital Expenditures -7 -14 -23 -32 -62 -42 -89 -60 -68 -90 -122 -175 -150
+ Increase in Investments 0 0 0 0 0 0 0 0 0 0 0
+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0
+ Other Investing Activities -430 16 14 -1 -4 -2 4 -12 -1 -2 -4
Cash From Investing Activities -437 3 -9 -33 -67 -43 -85 -71 -69 -92 -125
+ Dividends Paid -10 0 -185 0 0 -42 -51 -49 -54 -85 -135
+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 0 0
+ Increase in Long Term Borrowings 383 7 209 5 215 294 118 212 427 914 1'431
+ Decrease in Long Term Borrowings -55 -24 -327 -233 -300 -122 -167 -313 -499 -889 -1'147
+ Increase in Capital Stocks 186 4 203 2 32 33 34 11 23 50 41
+ Decrease in Capital Stocks 0 0 -183 0 0 -366 -139 -75 -160 -322 -557
+ Other Financing Activities -47 2 262 1 1 8 -20 -0 -17 -17 -1
Cash From Financing Activities 458 -11 -20 -224 -52 -194 -225 -214 -280 -349 -368
Net Changes in Cash 87 86 51 -113 66 33 -37 -0 40 68 75
Free Cash Flow (CFO-CAPEX) 59 81 57 112 122 229 184 225 321 419 446 410 540
Free Cash Flow To Firm 203 247 198 229 328 426 459
Free Cash Flow To Equity 219 -507 -116 37 401 135 124 249 445 731
Free Cash Flow per Share 0.54 0.81 0.86 1.65 1.45 1.84 2.70 3.56 3.97
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 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
Ratio Analysis
Valuation Ratios
Price Earnings 25.2x 19.4x 14.9x 6.1x 12.4x 14.3x 15.6x 8.1x 8.6x 7.4x
EV to EBIT 10.1x 11.2x 11.3x 8.9x 4.6x 8.6x 10.4x 10.5x 5.6x
EV to EBITDA 7.7x 9.6x 10.1x 8.0x 4.0x 7.1x 8.8x 9.3x 5.0x 5.4x 4.8x
Price to Sales 0.7x 1.4x 1.5x 1.3x 0.6x 1.1x 1.5x 1.8x 0.9x 0.9x 0.8x
Price to Book 17.3x 13.5x 8.1x 14.2x 5.5x 6.8x 8.3x 10.7x 8.4x 6.6x 3.9x
Dividend Yield 0.0% 0.0% 2.0% 3.7% 2.0% 1.3% 1.4% 3.6% 3.3% 3.6%
Profitability Ratios
Gross Margin 78.5% 79.7% 79.4% 79.8% 79.8% 79.6% 80.6% 78.8% 79.6% 80.3% 80.0% 80.0% 80.2%
EBITDA Margin 13.8% 14.0% 13.9% 16.3% 15.2% 16.2% 16.1% 15.4% 16.7% 18.4% 18.1% 17.2% 17.5% -
Operating Margin 11.7% 9.2% 10.6% 14.0% 13.6% 14.6% 14.1% 12.7% 14.2% 16.3% 16.2% 15.6% 15.8%
Profit Margin 2.1% 3.2% -1.1% 5.9% 7.6% 8.9% 9.4% 8.7% 10.6% 11.9% 11.7% 10.8% 11.0%
Return on Assets 4.2% -1.5% 10.4% 15.4% 18.4% 20.2% 17.9% 24.4% 30.8% 30.3% 49.1% 70.2%
Return on Equity 79.9% 54.8% 71.4% 104.3% 67.7% 68.6% 78.8% 97.3% -29.9% 64.3%
Leverage & Coverage Ratios
Current Ratio 1.04 1.01 1.00 1.05 1.41 1.30 1.21 1.19 1.27 1.40 1.34
Quick Ratio 0.48 0.66 0.62 0.44 0.64 0.66 0.55 0.53 0.59 0.64 0.63
Interest Coverage Ratio (EBIT/I) 2.08 10.84 16.53 58.01 40.10 57.00 39.52
Tot Debt/Capital 0.64 0.58 0.88 0.61 0.34 0.67 0.59 0.41 0.27 0.27 0.54
Tot Debt/Equity 1.78 1.37 7.56 1.56 0.52 2.00 1.45 0.70 0.37 0.36 1.16
Others
Asset Turnover 1.32 1.41 1.75 2.03 2.06 2.16 2.05 2.30 2.58 2.59
Accounts Receivable Turnover 38.01 42.57 46.90 42.36 38.84 36.65 31.64 33.64 39.42 39.58
Accounts Payable Turnover 10.81 11.99 11.14 10.53 11.17 12.14 12.87 14.68 14.78 13.67
Inventory Turnover 4.06 4.14 3.49 2.97 3.19 3.49 3.52 3.40 3.16 2.77
Effective Tax Rate 47.6% 43.8% 192.8% 46.8% 34.2% 36.7% 30.7% 30.1% 23.6% 26.3% 26.7%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
HERBALIFE LTDUSANA HEALTH
SCINU SKIN ENTERP-A AVON PRODUCTS
TUPPERWARE
BRAND
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WATCHERSMEDIFAST INC
NATURE'S
SUNSHNERELIV INTL INC MANNATECH INC
FOREVERGREEN
WORLIFEQUEST WORLD
ATRIUM
INNOVATIOCLOROX CO
ENERGIZER
HOLDGS
12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2011 12/2011 12/2011 12/2011 12/2011 - 12/2012 06/2012 09/2012
73.00 50.23 62.02 23.58 79.94 82.91 33.29 18.39 1.88 7.90 0.25 0.02 12.94 84.95 92.64
23.04.2012 24.10.2012 26.03.2012 13.04.2012 19.02.2013 23.03.2012 19.12.2012 02.10.2012 15.06.2012 11.07.2012 06.03.2012 06.06.2012 29.01.2013 28.02.2013 19.02.2013
24.25 30.51 32.36 13.70 50.90 40.60 14.86 12.66 1.16 3.14 0.04 0.00 9.85 66.72 64.36
24.12.2012 27.12.2012 24.12.2012 16.11.2012 02.08.2012 02.08.2012 06.03.2012 14.05.2012 18.05.2012 23.03.2012 16.08.2012 20.09.2012 06.03.2012 03.05.2012 13.08.2012
755'874 163'778 1'126'450 3'310'287 656'900 509'988 275'503 17'108 7'109 500 20'000 667 26'335 953'908 507'608
40.10 43.74 41.71 19.73 77.72 42.53 23.92 14.43 1.20 5.67 0.07 0.00 12.15 83.98 91.24
-45.1% -12.9% -32.7% -16.3% -2.8% -48.7% -28.1% -21.5% -36.2% -28.2% -71.8% -97.6% -6.1% -1.1% -1.5%
65.4% 43.4% 28.9% 44.0% 52.7% 4.8% 61.0% 14.0% 3.4% 80.6% 76.0% 300.0% 23.4% 25.9% 41.8%
106.9 14.4 58.7 432.2 55.9 55.7 15.5 15.6 12.5 2.6 14.9 - 32.3 129.6 61.5
4'133.8 631.0 2'448.4 8'528.9 4'198.1 2'371.2 371.4 227.5 15.0 15.0 1.0 0.0 381.3 10'998.2 5'661.1
487.6 - 194.0 3'195.9 617.8 2'291.7 5.7 9.2 3.6 2.2 2.5 - 283.3 2'721.0 2'532.5
- - - - - - - - - - - - - - -
- - - 16.2 - - - - - - - - 0.0 - -
333.5 70.8 333.4 1'209.6 119.8 - 33.8 64.6 7.2 18.1 0.2 - 22.8 267.0 718.5
4'287.9 560.1 2'308.9 10'531.4 4'696.1 4'662.9 312.9 159.5 13.3 3.9 3.3 - 641.7 13'227.2 7'426.9
LFY 4'072.3 648.7 2'169.7 10'717.1 2'583.8 1'826.7 298.2 367.8 73.9 200.7 13.7 - 437.5 5'468.0 4'567.2
LTM 4'072.3 648.7 2'169.7 10'717.1 2'548.9 1'826.8 343.0 369.1 68.7 179.1 13.5 - 437.5 5'605.0 4'561.6
CY+1 4'613.6 712.0 2'343.6 10'786.8 2'721.9 1'763.3 356.3 370.0 - - - - 461.1 5'697.8 4'622.7
CY+2 5'050.0 766.3 2'543.6 11'149.9 2'898.1 1'820.2 397.3 381.0 - - - - 486.4 5'881.0 4'679.4
LFY 0.9x 0.6x 0.9x 0.8x 1.4x 2.8x 1.2x 0.5x 0.2x 0.0x 0.3x - 1.4x 2.2x 1.5x
LTM 0.9x 0.6x 0.9x 0.8x 1.4x 2.8x 1.0x 0.5x 0.2x 0.0x 0.3x - 1.4x 2.1x 1.5x
CY+1 0.9x 0.7x 1.0x 1.0x - 2.5x 0.9x - - - - - 1.2x 2.3x 1.5x
CY+2 0.7x 0.5x 0.8x 0.9x - 2.3x 0.7x - - - - - 1.1x 2.2x 1.4x
LFY 735.8 85.7 266.6 797.4 432.3 582.1 35.7 39.3 2.9 (6.2) (1.0) - 90.6 1'081.0 843.0
LTM 735.8 98.9 361.6 797.4 437.5 546.4 32.1 42.0 2.6 (1.8) (0.7) - 86.7 1'132.0 -
CY+1 794.0 119.0 411.4 1'034.2 490.2 465.5 39.8 45.7 - - - - 90.8 1'166.5 904.3
CY+2 885.6 126.5 456.0 1'205.8 531.3 500.3 50.4 51.7 - - - - 96.4 1'242.6 953.6
LFY 5.0x 4.5x 7.6x 10.3x 8.1x 8.8x 9.7x 4.8x 5.2x -0.4x -3.4x - 6.8x 10.9x 8.0x
LTM 5.0x 6.0x 6.0x 10.3x 8.0x 9.6x 10.8x 4.5x 5.8x - - - 7.1x 10.4x -
CY+1 4.9x 4.1x 5.6x 10.0x - 9.6x 8.0x - - - - - 6.3x 11.2x 7.8x
CY+2 3.8x 3.2x 4.7x 8.1x - 8.4x 5.9x - - - - - 5.4x 10.4x 6.9x
LFY 4.05 4.45 3.52 0.82 4.57 4.24 1.31 1.73 0.08 -7.80 -0.10 - 1.54 4.24 6.20
LTM 4.07 4.46 3.52 0.77 4.73 4.34 1.39 1.80 0.10 -3.26 -0.09 - 1.46 4.35 6.34
CY+1 4.67 5.19 3.98 1.03 5.71 3.62 1.45 1.75 - - - - 1.64 4.34 6.81
CY+2 5.39 5.70 4.50 1.27 6.44 3.99 1.76 1.81 - - - - 1.78 4.70 7.58
LFY 9.9x 9.8x 11.8x 25.6x 16.4x 9.8x 17.2x 8.0x 12.0x - - - 8.1x 19.3x 14.4x
LTM 9.9x 9.8x 11.8x 25.6x 16.4x 9.8x 17.2x 8.0x 12.0x - - - 8.1x 19.3x 14.4x
CY+1 8.6x 8.4x 10.5x 19.2x 13.6x 11.8x 16.5x 8.2x - - - - 7.2x 19.4x 13.4x
CY+2 7.4x 7.7x 9.3x 15.5x 12.1x 10.7x 13.6x 8.0x - - - - 6.6x 17.9x 12.0x
1 Year 17.9% 11.5% 24.4% (5.1%) (0.0%) 0.4% 15.8% 5.1% (6.2%) (12.0%) 29.0% - 5.5% 4.5% (1.7%)
5 Year 13.7% 9.3% 14.2% (0.3%) 5.7% 3.9% 34.5% 0.5% (9.4%) (14.8%) (5.5%) - 14.4% 2.3% 0.4%
1 Year 16.0% - - (41.2%) - - (4.7%) 153.1% (31.3%) - (615.6%) - - (1.2%) 0.5%
5 Year 16.1% 4.4% 18.2% (5.3%) 13.8% 8.1% 29.9% 20.4% (26.5%) - - - 26.8% 0.4% 6.1%
LTM 18.1% 15.8% 17.4% 7.4% 17.2% 30.0% 9.4% 11.4% 3.7% (1.0%) (5.5%) - 20.1% 20.2% -
CY+1 17.2% 16.7% 17.6% 9.6% 18.0% 26.4% 11.2% 12.4% - - - - 19.7% 20.5% 19.6%
CY+2 17.5% 16.5% 17.9% 10.8% 18.3% 27.5% 12.7% 13.6% - - - - 19.8% 21.1% 20.4%
Total Debt / Equity % 115.9% 0.0% 32.8% 262.6% 129.4% - 7.7% 10.5% 24.6% 10.2% - - 68.5% - 122.4%
Total Debt / Capital % 53.7% 0.0% 24.7% 72.2% 56.4% 366.0% 7.2% 9.5% 19.8% 9.3% - - 40.7% 105.2% 55.0%
Total Debt / EBITDA 0.663x 0.000x 0.585x 4.008x 1.499x 4.419x 0.140x 0.160x 1.281x - - - 3.289x 2.362x -
Net Debt / EBITDA 0.209x -0.774x -0.349x 2.491x 1.239x 4.272x -1.820x -1.620x -0.636x - - - 3.130x 1.969x -
EBITDA / Int. Expense 43.967x 9525.556x 55.540x 7.645x 8.822x 9.727x 350.255x 441.315x 20.539x - -4.406x - 7.260x 8.648x 6.622x
S&P LT Credit Rating NR - - BBB- BBB- BB - - - - - - - BBB+ BBB-
S&P LT Credit Rating Date 25.03.2011 - - 15.05.2012 30.06.2010 05.01.2007 - - - - - - - 26.09.2011 16.05.2011
Moody's LT Credit Rating WR - - Baa2 Baa3 - - - - - - - - Baa1 Baa3
Moody's LT Credit Rating Date 23.08.2006 - - 28.02.2013 25.05.2011 - - - - - - - - 05.10.2010 16.05.2011
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