Electricite de France SA (EDF) is a French electric utility company that generates, transmits, distributes, imports and exports electricity using nuclear, coal and gas power. EDF reported revenues of €59.6 billion in 2012, with generation supplying accounting for 54% of sales. The French government owns 84% of EDF, with institutional investors owning the remaining shares. EDF has a market capitalization of €32.9 billion and trades on the Paris stock exchange.

1. 03.05.2013
Ticker: Electricite de France SA Benchmark:
Currency: EN Paris: EDF, Currency: EUR CAC 40 INDEX (CAC)
Sector: Utilities Industry: Electric Utilities Year:
Telephone 33-1-40-42-22-22 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.edf.fr No of Employees Generation Supply 54594 France 39120
Address 22-30 Avenue de Wagram Paris Cedex 08, 75382 France Distribution 14625 Italy 10098
Share Price Performance in EUR Other 4073 United Kingdom 9739
Price 17.80 1M Return 16.4% Eliminations -563 Other International 7976
52 Week High 17.89 6M Return 12.6% Transmission Other Activities 5796
52 Week Low 12.86 52 Wk Return 18.1% Integrated Utilities Germany
52 Wk Beta 0.82 YTD Return 27.3%
Credit Ratings
Bloomberg IG8
S&P A+ Date 17.01.2012 Outlook STABLE
Moody's Aa3 Date 14.01.2009 Outlook NEG
Fitch A+ Date 07.01.2009 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 21.1x 89.1x 11.1x 7.8x 10.2x 9.3x 8.5x
EV/EBIT 13.3x 15.1x 9.2x 9.7x - - -
EV/EBITDA 7.7x 6.0x 5.1x 5.1x 5.0x 4.7x 4.5x
P/S 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.4x
P/B 2.6x 1.8x 1.2x 1.0x 1.0x 1.0x 1.0x
Div Yield 2.8% 3.7% 6.1% 8.2% 6.6% 6.6% 6.8%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin - - - - 20.7 21.7 -
EBITDA Margin 27.2 24.0 21.6 19.7 21.7 22.4 22.7
Operating Margin 15.7 9.6 12.0 10.3 11.8 12.5 12.6
Profit Margin 6.6 1.6 4.8 4.6 4.5 4.8 5.0
Return on Assets 1.8 0.4 1.3 1.4 2.7 2.8 1.9
Return on Equity 14.7 3.3 10.5 12.2 10.9 10.9 10.9
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.1 1.3 1.3 1.2 Current Capitalization in EUR
Quick Ratio 0.7 0.8 0.8 0.8 Common Shares Outstanding (M) 1846.7
EBIT/Interest 3.4 2.3 3.4 3.1 Market Capitalization (M) 32909.8
Tot Debt/Capital 0.6 0.6 0.6 0.7 Cash and ST Investments (M) #N/A N/A
Tot Debt/Equity 1.8 1.4 1.7 2.1 Total Debt (M) #N/A N/A
Eff Tax Rate % 27.5 55.4 28.3 30.8 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M)
EDF SA (Electricite de France) produces, transmits, distributes, imports and exports
electricity. The Company, using nuclear power, coal and gas, provides electricity for
French energy consumers.
EDF FP
72'729
154'730
Company Analysis - Overview
73%
20%
6% 1%
Generation Supply Distribution
Other Eliminations
54%
14%
13%
11%
8%
France
Italy
United Kingdom
Other International
Other Activities
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2. Electricite de France SA
Target price in EUR
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
30-Apr-13 29% 38% 33% 3-May-13 17.80 15.78 Morgan Stanley EMMANUEL TURPIN Overwt/In-Line 19.00 3-May-13
29-Mar-13 29% 38% 33% 2-May-13 17.24 15.78 Societe Generale VINCENT AYRAL buy 20.00 2-May-13
28-Feb-13 25% 42% 33% 1-May-13 16.97 15.78 Raymond James EMMANUEL RETIF underperform 12.90 2-May-13
31-Jan-13 23% 36% 41% 30-Apr-13 16.97 15.73 Bryan Garnier & Cie JULIEN DESMARETZ sell 12.00 2-May-13
31-Dec-12 30% 45% 25% 29-Apr-13 16.83 15.72 AlphaValue MYRIAM COHEN reduce 16.50 2-May-13
30-Nov-12 20% 50% 30% 26-Apr-13 16.28 15.72 Deutsche Bank MARTIN BROUGH sell 12.50 1-May-13
31-Oct-12 38% 38% 24% 25-Apr-13 16.44 15.78 JPMorgan VINCENT DE BLIC overweight 20.00 1-May-13
28-Sep-12 43% 35% 22% 24-Apr-13 16.35 15.78 S&P Capital IQ CLIVE ROBERTS sell 15.00 1-May-13
31-Aug-12 42% 42% 17% 23-Apr-13 16.28 15.78 Exane BNP Paribas BENJAMIN LEYRE outperform 20.00 1-May-13
31-Jul-12 46% 46% 8% 22-Apr-13 15.90 15.78 Barclays JULIE ARAV underweight 13.00 1-May-13
29-Jun-12 48% 48% 4% 19-Apr-13 15.77 15.78 Goldman Sachs ANDREW MEAD neutral/neutral 18.40 26-Apr-13
31-May-12 46% 50% 4% 18-Apr-13 15.54 16.08 Credit Suisse MICHEL DEBS underperform 12.00 18-Apr-13
17-Apr-13 15.57 16.33 Day by Day VALERIE GASTALDY buy 18.25 10-Apr-13
16-Apr-13 15.76 16.32 HSBC ADAM DICKENS neutral 17.00 5-Apr-13
15-Apr-13 16.17 16.32 Macquarie SHAI HILL outperform 19.00 21-Mar-13
12-Apr-13 16.16 16.32 EVA Dimensions AUSTIN BURKETT hold 25-Feb-13
11-Apr-13 16.33 16.07 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 16.50 15-Feb-13
10-Apr-13 16.37 16.07 Kepler Capital Markets INGO BECKER reduce 13.00 15-Feb-13
9-Apr-13 15.78 16.07 Natixis PHILIPPE OURPATIAN neutral 16.20 15-Feb-13
8-Apr-13 15.54 16.07 Berenberg Bank TEAM COVERAGE hold 14.60 5-Feb-13
5-Apr-13 15.57 15.87 Main First Bank AG ANDREAS THIELEN underperform 15.50 29-Jan-13
4-Apr-13 15.59 15.81 DZ Bank AG HASIM SENGUEL buy 33.00 15-Nov-11
3-Apr-13 15.29 15.81
2-Apr-13 15.42 15.98
1-Apr-13 14.96 15.98
29-Mar-13 14.96 15.98
28-Mar-13 14.96 15.98
27-Mar-13 15.07 15.98
26-Mar-13 15.31 15.98
25-Mar-13 14.95 15.98
Company Analysis - Analysts Ratings
Buy and Sell Recommendations vs Price and Target Price
46% 48% 46% 42% 43%
38%
20%
30%
23% 25% 29% 29%
50% 48%
46%
42% 35%
38%
50%
45%
36%
42% 38% 38%
4% 4% 8%
17%
22% 24%
30%
25%
41%
33% 33% 33%
0%
20%
40%
60%
80%
100%
mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13 mars.13 avr.13
BrokerRecommendation
0
5
10
15
20
25
30
Price
Buy Hold Sell Price Target Price
Brokers' Target Price
0
5
10
15
20
25
30
35
MorganStanley
SocieteGenerale
RaymondJames
BryanGarnier&Cie
AlphaValue
DeutscheBank
JPMorgan
S&PCapitalIQ
ExaneBNPParibas
Barclays
GoldmanSachs
CreditSuisse
DaybyDay
HSBC
Macquarie
EVADimensions
LandesbankBaden-
Wuerttemberg
KeplerCapitalMarkets
Natixis
BerenbergBank
MainFirstBankAG
DZBankAG
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3. 03.05.2013
Electricite de France SA
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 1846.7 France 98.25%
Float 15.5% United States 1.03%
Short Interest (M) Luxembourg 0.26%
Short Interest as % of Float Britain 0.09%
Days to Cover Shorts Ireland 0.08%
Institutional Ownership 86.59% Spain 0.06%
Retail Ownership 13.41% Germany 0.05%
Insider Ownership 0.00% Others 0.18%
Institutional Ownership Distribution
Government 97.60%
Investment Advisor 2.39%
Insurance Company 0.01%
Unclassified 0.00%
Pricing data is in EUR Others 0.00%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FRENCH STATE 1'561'222'705 0 27'789'764'149 84.44% 31.12.2011 Co File FRANCE
THORNBURG INVESTMENT 3'709'100 -650'900 66'021'980 0.20% 28.02.2013 MF-AGG UNITED STATES
NATIXIS ASSET MANAGE 3'302'225 -33'501 58'779'605 0.18% 28.03.2013 MF-AGG FRANCE
ALLIANCE BERNSTEIN 2'491'094 939'663 44'341'473 0.13% 31.03.2013 ULT-AGG UNITED STATES
VANGUARD GROUP INC 2'448'957 61'552 43'591'435 0.13% 31.03.2013 MF-AGG UNITED STATES
ING INTERNATIONAL AD 2'303'862 353'730 41'008'744 0.12% 31.01.2013 MF-AGG LUXEMBOURG
BLACKROCK 2'283'398 6'376 40'644'484 0.12% 01.05.2013 ULT-AGG UNITED STATES
NUVEEN ASSET MANAGEM 1'830'103 -118'251 32'575'833 0.10% 31.03.2013 MF-AGG UNITED STATES
AVIVA PLC 1'574'700 0 28'029'660 0.09% 28.03.2013 MF-AGG BRITAIN
ELECTRICITE DE FRANC 1'175'594 0 20'925'573 0.06% 31.12.2011 Co File FRANCE
JP MORGAN 1'035'558 63'472 18'432'932 0.06% 31.03.2013 ULT-AGG
AMUNDI 910'947 5'886 16'214'857 0.05% 31.12.2012 MF-AGG FRANCE
AMUNDI 828'591 0 14'748'920 0.04% 31.12.2012 MF-AGG FRANCE
STATE STREET 816'508 -13'911 14'533'842 0.04% 02.05.2013 ULT-AGG UNITED STATES
FMR LLC 674'534 13'561 12'006'705 0.04% 31.03.2013 ULT-AGG UNITED STATES
BANK OF NEW YORK MEL 669'306 0 11'913'647 0.04% 01.05.2013 MF-AGG UNITED STATES
SANFORD C BERNSTEIN 656'530 0 11'686'234 0.04% 30.11.2012 MF-AGG UNITED STATES
AGICAM 644'691 0 11'475'500 0.03% 28.02.2013 MF-AGG FRANCE
ROTHSCHILD & COMPAGN 640'000 0 11'392'000 0.03% 31.01.2013 MF-AGG FRANCE
TAUBE HODSON STONEX 610'970 0 10'875'266 0.03% 31.01.2013 MF-AGG BRITAIN
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
GRILLAT ALEXANDRE 328 5'838 0.00% 31.12.2011 Co File
CROUZET PHILIPPE 200 3'560 0.00% 31.12.2011 Co File
JAY MICHAEL 200 3'560 0.00% 31.12.2011 Co File
LAFONT BRUNO 150 2'670 0.00% 31.12.2011 Co File
FAUGERE MIREILLE 106 1'887 0.00% 31.12.2011 Co File
Company Analysis - Ownership
Ownership Type
87%
13%
0%
Institutional Ownership Retail Ownership Insider Ownership
Geographic Ownership
99%
0%
0% 0%0% 0%0%
1%
France United States Luxembourg Britain
Ireland Spain Germany Others
Institutional Ownership
98%
0% 0%
0%
2%
Government Investment Advisor Insurance Company
Unclassified Others
TOP 20 ALL
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4. Electricite de France SA
Financial information is in EUR (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 48'359 44'919 46'788 51'047 58'932 59'637 63'847 59'140 65'320 65'307 72'729 73'750 75'979 78'743
- Cost of Goods Sold
Gross Income 15'266 16'487
- Selling, General & Admin Expenses 43'893 38'930 38'403 43'054 49'576 49'646 55'937 49'834 59'080 57'495 65'236
(Research & Dev Costs) 402 389 375 421 438 486 518 527
Operating Income 4'466 5'989 8'385 7'993 9'356 9'991 7'910 9'306 6'240 7'812 7'493 8'672 9'492 9'914
- Interest Expense 1'986 1'508 1'568 1'556 1'655 1'660 1'684 2'529 2'528 2'017 2'018
- Foreign Exchange Losses (Gains) 96 -24 59 -175 -36 72 66 9 -63 15 -2
- Net Non-Operating Losses (Gains) 983 2'003 5'075 1'844 819 634 933 1'562 1'827 1'057 334
Pretax Income 1'401 2'502 1'683 4'768 6'918 7'625 5'227 5'206 1'948 4'723 5'143 4'940 5'562 5'876
- Income Tax Expense 986 1'567 1'072 1'445 1'146 1'841 1'599 1'432 1'079 1'336 1'586
Income Before XO Items 415 935 611 3'323 5'772 5'784 3'628 3'774 869 3'387 3'557
- Extraordinary Loss Net of Tax 0 0 0 -5 -9 0 -311 -380 0 0
- Minority Interests -66 78 -13 93 172 175 144 183 229 239 241
Diluted EPS Before XO Items 0.53 0.38 1.96 3.07 3.08 1.91 1.97 0.34 1.70 1.80
Net Income Adjusted* 481 857 1'341 3'242 4'227 4'718 4'308 3'905 3'925 3'520 4'216 3'305 3'656 3'961
EPS Adjusted 0.00 0.00 0.38 1.97 2.33 2.59 2.37 2.14 2.12 1.91 2.29 1.74 1.92 2.08
Dividends Per Share 0.00 0.79 1.16 1.28 1.28 1.15 1.15 1.15 1.15 1.17 1.18 1.20
Payout Ratio % 0.0 0.0 44.6 37.7 41.6 66.8 59.2 331.6 67.5 64.1 0.67 0.61 0.58
Total Shares Outstanding 1'626 1'626 1'822 1'822 1'822 1'819 1'849 1'848 1'848 1'847
Diluted Shares Outstanding 1'626 1'626 1'648 1'822 1'822 1'823 1'824 1'848 1'847 1'847
EBITDA 9'881 12'523 13'227 13'010 14'719 15'619 13'624 16'102 15'688 14'097 14'342 15'982 17'031 17'848
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
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5. 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 30765 31909 35784 47612 48262 51577 59154 60214 63670 67980 68085
+ Cash & Near Cash Items 1'172 2'523 3'820 7'220 3'308 6'035 5'869 6'982 4'829 5'743 5'874
+ Short Term Investments 2'511 11'966 17'010 14'876 12'450 16'788 16'980 16'433
+ Accounts & Notes Receivable 12'368 14'394 13'733 16'107 15'716 16'100 19'144 19'633 19'524 20'908 22'497
+ Inventories 8'102 6'924 6'678 6'695 7'431 8'678 9'290 12'662 12'685 13'581 14'213
+ Other Current Assets 6'612 8'068 11'553 5'624 4'797 5'888 24'851 8'487 9'844 10'768 9'068
Total Long-Term Assets 114'074 114'991 115'675 123'524 130'824 134'572 141'338 179'821 176'889 163'982 182'033
+ Long Term Investments 8'569 7'315 8'118 9'012 13'094 15'805 18'103 24'498 24'921 24'260 30'471
Gross Fixed Assets 180'818 179'049 181'351 188'655 193'422 198'301 204'620 231'582 199'645 208'464 222'167
Accumulated Depreciation 85'396 80'037 83'706 86'988 89'541 93'360 97'045 103'540 92'445 96'496 99'925
+ Net Fixed Assets 95'422 99'012 97'645 101'667 103'881 104'941 107'575 128'042 107'200 111'968 122'242
+ Other Long Term Assets 10'083 8'664 9'912 12'845 13'849 13'826 15'660 27'281 44'768 27'754 29'320
Total Current Liabilities 33'583 35'356 37'278 39'932 44'922 48'692 58'217 57'177 49'651 51'409 58'368
+ Accounts Payable 6'353 8'164 6'663 8'872 9'457 9'867 13'957 13'348 12'805 13'681 14'643
+ Short Term Borrowings 8'146 9'890 9'759 11'933 15'110 16'918 18'958 16'560 12'766 12'789 17'521
+ Other Short Term Liabilities 19'084 17'302 20'856 19'127 20'355 21'907 25'302 27'269 24'080 24'939 26'204
Total Long Term Liabilities 96'387 91'705 104'212 110'930 109'365 108'661 117'277 148'191 154'005 147'881 161'038
+ Long Term Borrowings 21'366 19'714 20'636 23'511 19'983 17'607 25'584 44'755 40'646 42'688 46'980
+ Other Long Term Borrowings 75'021 71'991 83'576 87'419 89'382 91'054 91'693 103'436 113'359 105'193 114'058
Total Liabilities 129'970 127'061 141'490 150'862 154'287 157'353 175'494 205'368 203'656 199'290 219'406
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 986 915 897 961 1'490 1'586 1'801 4'776 5'586 4'189 4'854
+ Share Capital & APIC 8'154 8'129 8'129 911 911 911 911 924 924 924 924
+ Retained Earnings & Other Equity 5'729 10'795 943 18'402 22'398 26'299 22'286 28'967 30'393 27'559 24'934
Total Shareholders Equity 14'869 19'839 9'969 20'274 24'799 28'796 24'998 34'667 36'903 32'672 30'712
Total Liabilities & Equity 144'839 146'900 151'459 171'136 179'086 186'149 200'492 240'035 240'559 231'962 250'118
Book Value Per Share 11.64 5.58 10.60 12.79 14.93 12.75 16.17 16.94 15.42 14.00 17.09 17.86 18.66
Tangible Book Value Per Share 7.63 1.48 5.62 7.73 9.62 7.31 5.83 7.94 6.57 4.24
Company Analysis - Financials II/IV
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6. 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 481 857 624 3'230 5'605 5'618 3'484 3'902 1'020 3'148 3'316 3'327 3'717 3'975
+ Depreciation & Amortization 5'415 6'534 4'842 5'017 5'363 5'628 5'714 6'796 9'448 6'285 6'849
+ Other Non-Cash Adjustments 2'753 -712 2'056 -1'179 173 -755 -1'415 1'983 977 849 2'149
+ Changes in Non-Cash Capital 470 17 473 1'371 654 -269 -211 -1'468 -335 -1'785 -2'390
Cash From Operating Activities 9'119 6'696 7'995 8'439 11'795 10'222 7'572 11'213 11'110 8'497 9'924
+ Disposal of Fixed Assets 1'683 1'778 383 392 272 229 214 201 188 497 748
+ Capital Expenditures -7'486 -4'963 -4'940 -5'168 -5'935 -7'490 -9'703 -11'777 -12'241 -11'134 -13'386 -12'750 -12'803 -13'035
+ Increase in Investments 0 -1'413 -2'894 -8'797 -6'895 -6'272 -1'792
+ Decrease in Investments 0 0 761 1'580 462 222
+ Other Investing Activities -4'080 -557 -97 -2'951 691 253 -281 -14'120 3'398 3'624 20
Cash From Investing Activities -9'883 -5'155 -3'893 -10'621 -13'769 -5'428 -16'665 -25'234 -14'927 -6'791 -14'410
+ Dividends Paid -378 -208 -321 -374 -1'439 -3'170 -2'438 -1'228 -2'163 -2'122 -2'125
+ Change in Short Term Borrowings 0 0
+ Increase in Long Term Borrowings 6'250 8'236 3'865 2'810 3'686 7'059 15'717 29'272 8'642 5'846 12'431
+ Decrease in Long Term Borrowings -3'893 -9'287 -7'230 -3'247 -4'254 -6'357 -4'882 -15'244 -4'652 -4'071 -4'869
+ Increase in Capital Stocks 0 33 43 6'377 24 178 249 12
+ Decrease in Capital Stocks 0 0 -6 -180 -10 -14 -15
+ Other Financing Activities 178 122 162 686 45 229 461 2'549 488 -1'176 -809
Cash From Financing Activities 2'157 -1'104 -3'481 6'252 -1'938 -2'067 8'927 15'361 2'305 -1'537 4'613
Net Changes in Cash 1'393 437 621 4'070 -3'912 2'727 -166 1'340 -1'512 169 127
Free Cash Flow (CFO-CAPEX) 1'633 1'733 3'055 3'271 5'860 2'732 -2'131 -564 -1'131 -2'637 -3'462 -1'535 -561 -381
Free Cash Flow To Firm 2'221 2'297 3'624 4'355 7'241 3'991 -962 1'269 -3 -1'191 -2'066
Free Cash Flow To Equity 5'673 2'460 73 3'226 5'564 3'663 8'918 13'665 3'047 -365 4'848
Free Cash Flow per Share 1.07 1.88 1.98 3.22 1.50 -1.17 -0.31 -0.61 -1.43 -1.87
Company Analysis - Financials III/IV
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7. 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 16.3x 17.9x 26.5x 21.7x 21.1x 89.1x 11.1x 7.8x 10.2x 9.3x 8.5x
EV to EBIT 9.4x 12.5x 16.4x 14.7x 13.3x 15.1x 9.2x 9.7x
EV to EBITDA 5.8x 7.9x 10.5x 8.5x 7.7x 6.0x 5.1x 5.1x 5.0x 4.7x 4.5x
Price to Sales 1.0x 1.7x 2.5x 1.2x 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.4x
Price to Book 3.0x 4.3x 5.5x 3.3x 2.6x 1.8x 1.2x 1.0x 1.0x 1.0x 1.0x
Dividend Yield 2.5% 2.1% 1.6% 3.1% 2.8% 3.7% 6.1% 8.2% 6.6% 6.6% 6.8%
Profitability Ratios
Gross Margin 20.7% 21.7%
EBITDA Margin 20.4% 27.9% 28.3% 25.5% 25.0% 26.2% 21.3% 27.2% 24.0% 21.6% 19.7% 21.7% 22.4% 22.7%
Operating Margin 9.2% 13.3% 17.9% 15.7% 15.9% 16.8% 12.4% 15.7% 9.6% 12.0% 10.3% 11.8% 12.5% 12.6%
Profit Margin 1.0% 1.9% 1.3% 6.3% 9.5% 9.4% 5.5% 6.6% 1.6% 4.8% 4.6% 4.5% 4.8% 5.0%
Return on Assets 0.3% 0.6% 0.4% 2.0% 3.2% 3.1% 1.8% 1.8% 0.4% 1.3% 1.4% 2.7% 2.8% 1.9%
Return on Equity 3.5% 5.2% 4.5% 22.8% 26.3% 22.2% 13.8% 14.7% 3.3% 10.5% 12.2% 10.9% 10.9% 10.9%
Leverage & Coverage Ratios
Current Ratio 0.92 0.90 0.96 1.19 1.07 1.06 1.02 1.05 1.28 1.32 1.17
Quick Ratio 0.48 0.48 0.47 0.88 0.80 0.76 0.43 0.68 0.83 0.85 0.77
Interest Coverage Ratio (EBIT/I) 2.25 3.97 5.35 5.14 5.65 6.02 4.70 3.43 2.27 3.44 3.07
Tot Debt/Capital 0.66 0.60 0.75 0.64 0.59 0.55 0.64 0.64 0.59 0.63 0.68
Tot Debt/Equity 1.98 1.49 3.05 1.75 1.42 1.20 1.78 1.77 1.45 1.70 2.10
Others
Asset Turnover 0.34 0.31 0.31 0.32 0.34 0.33 0.33 0.27 0.27 0.28 0.30
Accounts Receivable Turnover 4.08 3.36 3.33 3.42 3.70 3.75 3.62 3.05 3.34 3.23 3.35
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 70.4% 62.6% 63.7% 30.3% 16.6% 24.1% 30.6% 27.5% 55.4% 28.3% 30.8%
Company Analysis - Financials IV/IV
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8. EDF GDF SUEZ E.ON SE RWE AG CENTRICA PLC IBERDROLA SA
VEOLIA
ENVIRONNE
SSE PLC ENEL SPA ENDESA EDP ELETROBRAS-PR B FORTUM OYJ NATIONAL GRID PL
SUEZ
ENVIRONNEME
12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 03/2012 12/2012 12/2012 12/2012 12/2011 12/2012 03/2012 12/2012
17.91 20.35 19.80 36.47 394.30 4.29 11.10 1'575.00 3.30 19.53 2.63 23.28 16.69 828.00 11.16
03.07.2012 21.08.2012 14.09.2012 12.09.2012 23.04.2013 02.01.2013 04.05.2012 03.05.2013 14.01.2013 13.03.2013 25.04.2013 03.05.2012 08.05.2012 02.05.2013 03.05.2013
13.39 14.05 12.42 25.83 301.20 2.63 7.38 1'286.00 2.02 11.30 1.63 7.05 12.81 636.00 7.81
29.11.2012 01.03.2013 08.02.2013 19.04.2013 22.06.2012 26.07.2012 16.11.2012 25.07.2012 24.07.2012 25.07.2012 31.05.2012 22.11.2012 23.07.2012 25.07.2012 19.11.2012
2'051'126 3'242'924 13'513'151 2'180'582 3'939'733 21'942'857 5'018'018 627'189 19'556'433 92'969 1'884'322 193'000 2'829'947 2'129'512 1'085'914
17.80 16.63 13.98 27.78 377.80 4.21 10.58 1'573.00 2.96 17.52 2.60 8.70 14.55 826.50 11.13
-0.6% -18.3% -29.4% -23.8% -4.2% -2.0% -4.7% -0.1% -10.2% -10.3% -1.0% -62.6% -12.8% -0.2% -0.3%
32.9% 18.3% 12.5% 7.6% 25.4% 59.9% 43.4% 22.3% 46.6% 55.0% 59.9% 23.4% 13.6% 30.0% 42.4%
1'846.7 2'357.3 1'906.8 614.7 5'199.0 6'053.2 507.8 944.7 9'403.4 1'058.8 3'624.6 1'352.6 888.4 3'701.0 509.1
32'910 40'113 27'964 17'022 19'599 26'419 5'524 15'169 27'853 18'549 9'518 7'933 12'926 30'310 5'676
64'501.0 57'552.0 25'944.0 19'946.0 5'328.0 32'884.1 17'001.6 6'245.6 66'539.0 10'860.0 20'524.0 52'563.3 8'777.0 23'025.0 9'918.4
- - - - - - - - - - - - - - -
4'854.0 11'462.0 3'862.0 1'613.0 - 324.8 1'973.6 - 16'387.0 5'716.0 3'239.0 196.6 616.0 7.0 1'995.3
22'307.0 11'383.0 6'097.0 5'276.0 938.0 6'575.5 5'547.8 189.2 9'891.0 7'423.0 2'123.0 11'456.3 963.0 2'723.0 2'270.8
79'958 97'744 51'673 33'305 23'989 54'076 18'951 20'415 100'888 27'702 31'158 49'237 21'026 51'245 15'319
LFY 72'729.0 97'038.0 132'093.0 50'771.0 23'942.0 34'201.2 29'438.5 31'723.9 82'699.0 33'933.0 16'339.9 39'538.9 6'159.0 13'832.0 15'101.6
LTM 72'729.0 97'038.0 132'093.0 50'771.0 23'942.0 34'597.8 29'438.5 31'337.3 82'699.0 33'781.0 16'048.9 39'232.5 6'249.0 13'605.0 15'101.6
CY+1 73'749.5 81'162.0 111'418.7 53'546.9 24'542.4 33'746.5 25'737.4 31'332.2 81'744.2 33'336.3 15'466.6 25'594.0 6'344.3 14'417.8 15'346.4
CY+2 75'979.2 81'900.2 112'638.7 53'803.9 25'538.9 34'867.6 25'914.5 31'732.5 82'556.8 34'224.8 16'116.3 28'261.5 6'470.1 15'066.6 15'915.1
LFY 1.0x 1.0x 0.4x 0.7x 0.9x 1.5x 0.6x 0.6x 1.2x 0.8x 1.8x 1.3x 3.6x 3.3x 0.9x
LTM 1.0x 1.0x 0.4x 0.7x 0.9x 1.5x 0.6x 0.6x 1.2x 0.8x 1.8x 1.3x 3.5x 3.4x 0.9x
CY+1 1.1x 1.1x 0.5x 0.6x 1.0x 1.6x 0.7x 0.7x 1.1x 0.9x 2.0x - 3.4x 3.6x 1.0x
CY+2 1.1x 1.0x 0.4x 0.6x 0.9x 1.5x 0.6x 0.7x 1.0x 0.8x 1.9x - 3.3x 3.5x 1.0x
LFY 14'342.0 18'401.0 8'443.0 9'055.0 3'698.0 7'177.7 2'684.9 1'946.8 16'150.0 7'005.0 3'612.0 3'443.4 2'360.0 4'777.0 2'246.9
LTM 14'342.0 18'401.0 8'443.0 9'201.0 3'698.0 7'639.5 2'684.9 2'073.9 16'150.0 7'031.0 3'720.6 3'443.4 2'413.0 4'991.0 2'246.9
CY+1 15'982.1 13'786.8 9'554.8 8'828.3 3'965.5 7'580.0 2'213.2 2'208.6 16'053.9 6'625.3 3'645.3 2'351.0 2'446.0 5'042.9 2'508.3
CY+2 17'030.6 13'928.0 9'754.7 8'597.0 4'200.6 7'816.1 2'294.5 2'356.2 16'053.2 6'760.7 3'860.7 3'500.0 2'428.7 5'419.3 2'673.9
LFY 5.1x 5.1x 6.0x 3.9x 5.9x 7.0x 6.7x 9.5x 6.3x 3.9x 8.3x 14.5x 9.3x 9.6x 6.4x
LTM 5.1x 5.1x 6.0x 3.9x 5.9x 6.6x 6.7x 9.0x 6.3x 3.8x 7.9x 14.5x 9.1x 9.2x 6.4x
CY+1 5.0x 6.2x 5.3x 3.9x 6.1x 7.2x 7.6x 10.0x 5.4x 4.4x 8.4x - 8.8x 10.2x 6.2x
CY+2 4.8x 6.0x 5.2x 4.0x 5.7x 6.8x 7.3x 9.6x 5.2x 3.9x 7.8x - 8.9x 9.8x 5.8x
LFY 2.06 1.33 1.81 1.95 0.26 0.46 0.01 1.29 0.09 1.93 0.28 2.36 - 0.51 0.72
LTM 1.80 0.71 1.14 2.13 0.25 0.44 0.02 0.25 0.09 1.92 0.30 -5.09 1.48 0.64 0.67
CY+1 1.74 1.36 1.32 3.89 0.28 0.40 0.46 1.14 0.33 1.72 0.26 0.37 1.29 0.54 0.65
CY+2 1.92 1.42 1.39 3.48 0.30 0.41 0.64 1.18 0.34 1.84 0.28 1.06 1.25 0.56 0.75
LFY 9.9x 23.3x 12.3x 13.0x 15.4x 9.6x 587.4x 63.9x 32.2x 9.1x 8.7x - 9.8x 13.0x 16.7x
LTM 9.9x 12.5x 7.7x 13.0x 14.5x 9.5x - 14.3x - 8.9x 8.8x 3.7x - 15.2x 12.2x
CY+1 10.2x 12.3x 10.6x 7.1x 13.6x 10.5x 22.9x 13.8x 9.1x 10.2x 10.1x 23.7x 11.3x 15.3x 17.1x
CY+2 9.3x 11.7x 10.1x 8.0x 12.7x 10.3x 16.5x 13.4x 8.8x 9.5x 9.4x 8.2x 11.7x 14.9x 14.8x
1 Year 11.4% 7.0% 16.9% 3.3% 4.9% 8.1% 3.0% 12.0% 6.6% 3.8% 8.1% 16.5% (0.0%) (3.6%) 1.8%
5 Year 6.1% 7.2% 16.4% 4.1% 10.5% 8.2% (2.9%) 18.0% 9.1% 43.3% 9.5% 21.7% 7.1% 8.6% -
1 Year 1.7% 14.5% 97.8% 9.3% 11.7% 2.5% 5.9% 4.9% (5.6%) (3.6%) (3.8%) (37.9%) (1.5%) (1.4%) 8.1%
5 Year (1.7%) 20.7% (5.3%) 3.1% 8.1% 8.0% (6.3%) 5.7% 10.7% 1.1% 6.1% (4.7%) 3.4% 7.5% 4.3%
LTM 19.7% 19.0% 6.4% 18.1% 15.4% 22.1% 9.1% 6.6% 19.5% 20.8% 23.2% 8.8% 38.6% 36.7% 14.9%
CY+1 21.7% 17.0% 8.6% 16.5% 16.2% 22.5% 8.6% 7.0% 19.6% 19.9% 23.6% 9.2% 38.6% 35.0% 16.3%
CY+2 22.4% 17.0% 8.7% 16.0% 16.4% 22.4% 8.9% 7.4% 19.4% 19.8% 24.0% 12.4% 37.5% 36.0% 16.8%
Total Debt / Equity % 249.4% 96.3% 74.2% 134.6% 89.9% 97.4% 237.7% 136.2% 181.0% 52.6% 250.5% 78.4% 86.0% 249.2% 203.9%
Total Debt / Capital % 67.7% 44.7% 40.1% 54.8% 47.3% 49.1% 65.1% 57.7% 55.6% 29.2% 64.2% 43.9% 44.8% 71.3% 59.1%
Total Debt / EBITDA 4.497x 3.128x 3.073x 2.168x 1.441x 4.335x 6.332x 2.961x 4.120x 1.545x 5.549x 15.265x 3.793x 4.830x 4.414x
Net Debt / EBITDA 2.942x 2.509x 2.351x 1.594x 1.187x 3.586x 4.266x 2.530x 3.508x 0.489x 4.953x 11.938x 3.080x 4.193x 3.404x
EBITDA / Int. Expense 5.871x 7.199x 2.900x 7.250x 7.441x 4.822x 3.201x 3.881x 5.508x 10.317x 3.460x 1.476x 7.867x 2.040x 4.979x
S&P LT Credit Rating A+ A *- A- BBB+ A- BBB BBB+ A- BBB+ BBB+ BB+ A- A- A- -
S&P LT Credit Rating Date 17.01.2012 29.01.2013 27.07.2012 27.07.2012 29.05.2009 28.11.2012 24.11.2000 21.08.2009 08.03.2012 08.03.2012 01.02.2012 17.11.2011 27.11.2012 24.08.2007 -
Moody's LT Credit Rating Aa3 A1 A3 A3 A3 (P)Baa1 Baa1 A3 Baa2 WR Ba1 Baa3 A2 Baa1 A3
Moody's LT Credit Rating Date 14.01.2009 03.07.2012 05.10.2011 19.07.2011 21.06.2006 05.11.2012 07.02.2012 22.09.2009 05.11.2012 25.02.2009 16.02.2012 19.12.2012 15.07.2005 12.01.2007 20.05.2009
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Company Analysis - Peers Comparision
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