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Research Database 		 
 
Sector Views : Engineering
Estimates updated
Price updated
Page generated 		  between 18.Jul.2003 21:16 (EEST)
  between 28.Oct.2003 22:55 (EET)
 7.Nov.2003 04:02 (EET) 		and  5.Nov.2003 09:30 (EET)
and  6.Nov.2003 22:59 (EET)
 
   









Income statement 2000 2001 2002 2003e 2004e 2005e
Turnover 10977.5 11415.1 13322.4 13794.2 14421.7 15128.3
EBITDA 1256.0 1498.9 1215.6 1090.2 1308.5 1502.9
EBIT 887.9 1087.3 716.2 563.7 785.9 966.2
Pre-tax profit 810.5 1034.4 589.0 436.7 654.8 837.9
Reported earnings 538.5 662.3 391.4 271.0 396.1 518.4
Free cash flow 1023.4 -450.3 -1078.0 492.8 413.3 672.9


Balance sheet 2000 2001 2002 2003e 2004e 2005e
Fixed assets 2591.7 2562.8 3169.5 2990.3 3065.8 3110.5
Current assets 5906.9 6810.4 7025.9 6625.4 6903.1 7177.9
Interest-bearing assets 1058.6 1067.2 1027.9 678.9 706.6 734.4
Shareholders' equity 3518.6 3982.6 4071.1 3604.0 3785.4 4065.9
Interest bearing debt 1805.5 2516.9 3957.3 3582.3 3498.7 3182.1
Total assets 9263.0 10981.6 12578.0 11672.8 11855.8 12004.2

Net debt 746.8 1449.7 2929.4 2903.4 2798.1 2453.8


Key figures 2000 2001 2002 2003e 2004e 2005e
Turnover growth % 9.1% 4.0% 16.7% 3.5% 4.5% 4.9%
EBITDA % 11.4% 13.1% 9.1% 7.9% 9.1% 9.9%
EBIT % 8.1% 9.5% 5.4% 4.1% 5.4% 6.4%
ROE % 16.3% 17.7% 9.7% 7.1% 10.7% 13.2%
ROI % 18.6% 20.5% 11.3% 8.7% 11.8% 14.2%
Equity ratio 38.0% 36.3% 32.4% 30.9% 31.9% 33.9%
Gearing 21.2% 36.4% 72.0% 80.6% 73.9% 60.4%


Return vs. cost of capital 2000 2001 2002 2003e 2004e 2005e
ROC % 13.4% 14.7% 13.6% 5.3% 8.5% 10.2%
WACC % 7.7% 7.7% 7.7% 7.7% 7.7% 7.7%
Excess return 6.1% 7.0% 5.9% -2.4% 0.7% 2.5%
Capital employed 4265.4 5432.3 7000.5 6507.4 6583.5 6519.7
EVA - Economic value added 502.8 389.0 74.6 -532.3 -12.9 101.2
MVA - Market value added 1766.1 1654.6 973.5 2730.7 2549.3 2269.4
EVA / MVA 28.5% 23.5% 7.7% -19.5% -0.5% 4.5%


Pricing and key ratios 2000 2001 2002 2003e 2004e 2005e
Market Cap 5284.7 5637.2 5044.6 6340.4 6340.4 6340.4
EV 6031.5 7086.8 7974.0 9238.1 9132.8 8789.1
 
P/E 9.8 8.5 12.9 23.4 16.0 12.2
P/FCF 5.2 -12.5 -4.7 12.9 15.3 9.4
P/BV 1.6 1.4 1.3 1.8 1.7 1.6
P/S 0.5 0.5 0.4 0.5 0.4 0.4
EV/EBIT 6.8 6.5 11.1 16.4 11.6 9.1
EV/EBITDA 4.8 4.7 6.6 8.5 7.0 5.8
Div. yield % 5.8% 7.5% 6.6% 3.4% 3.7% 4.2%