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  • Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into Cooking Oil, Margarine

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    Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into Cooking Oil, Margarine By Angus Whitley, Michelle Yun and Joyce Koh May 6 (Bloomberg) -- Golden Agri-Resources Ltd., the palm oil producer with enough plantations to almost cover the Grand Canyon, is ripe for a buyout by its largest shareholder as the stock languishes 36 percent below the value of its net assets. Tumbling palm oil prices left the world’s second-largest producer of the cooking ingredient trading at 0.64 times its book value. That’s near the lowest level since 2009 and cheaper than 97 percent of agriculture products companies, according to data compiled by Bloomberg yesterday. Indonesia’s Widjaja family, whose $8.6 billion estimated fortune includes ownership of almost half of Golden Agri, could pay a 50 percent premium for the rest of the stock and still land a bargain, said CMC Markets Singapore Pte. While palm oil fell 34 percent in the year through last week amid record stockpiles, prices are set to recover as the pace of output slows in Indonesia, the world’s largest producer, said RHB Investment Bank Bhd. Singapore-based Golden Agri, with a S$6.9 billion ($5.6 billion) market value, is projected to rebound to a new revenue high next year, analysts’ estimates compiled by Bloomberg show. “You could easily foresee an attempt to take the company private,” said Jason Hughes, Singapore-based head of sales trading at CMC Markets. “If we are currently coming out of a low point for global demand, then the true future earnings of these large conglomerates may not be priced in to the current valuations at all.” Golden Agri shares gained 1.9 percent to close at 53.5 Singapore cents, compared with the 0.4 percent gain in the benchmark Straits Times index. Founding Family Franky Oesman Widjaja, chairman and chief executive officer of Golden Agri, didn’t respond to a request for comment left at his office. A representative for Golden Agri declined in an e- mail to comment on any possible buyout. The company was founded in 1996 by the family of Indonesia’s richest man, Eka Tjipta Widjaja, now 89, who built his fortune after arriving in Indonesia from China at the age of 7 and selling biscuits as a teenager, according to the Bloomberg Billionaires Index. The family bought more Golden Agri shares last month and their stake in the company is the most valuable of all their assets, which also include interests in pulp and real estate, according to the index. Golden Agri’s 1.1 million acres (463,400 hectares) of Indonesian plantations could carpet almost all of Arizona’s Grand Canyon National Park. In addition to cooking oil and margarine, Golden Agri last year produced 2.4 million tons of crude palm oil, about 4.5 percent of global output, according to its 2012 annual report. Sime Darby Bhd., based in Kuala Lumpur, is the largest publicly traded palm oil producer. Bottoming Out? The price of the world’s most-used cooking oil declined in the past year as reserves in Malaysia reached a record. Stockpiles in the country, the second-largest producer behind Indonesia, have since shrunk, touching a seven-month low of 2.17 million metric tons in March, according to the Malaysian Palm Oil Board. Prices will gain about 25 percent to 2,810 ringgit ($943) a metric ton between now and 2015, according to analysts’ forecasts compiled by Bloomberg. “We are at the bottom of the cycle both for crude palm oil prices and for stock prices,” Muzhafar Mukhtar, an analyst at Nomura Holdings Inc. in Malaysia, said by phone. A privatization of Golden Agri “makes sense from a valuation standpoint.” Golden Agri’s revenue, set to fall this year for the first time since 2009, will climb 12 percent i

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    Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into Cooking Oil, Margarine By Angus Whitley, Michelle Yun and Joyce Koh May 6 (Bloomberg) -- Golden Agri-Resources Ltd., the palm oil producer with enough plantations to almost cover the Grand Canyon, is ripe for a buyout by its largest shareholder as the stock languishes 36 percent below the value of its net assets. Tumbling palm oil prices left the world’s second-largest producer of the cooking ingredient trading at 0.64 times its book value. That’s near the lowest level since 2009 and cheaper than 97 percent of agriculture products companies, according to data compiled by Bloomberg yesterday. Indonesia’s Widjaja family, whose $8.6 billion estimated fortune includes ownership of almost half of Golden Agri, could pay a 50 percent premium for the rest of the stock and still land a bargain, said CMC Markets Singapore Pte. While palm oil fell 34 percent in the year through last week amid record stockpiles, prices are set to recover as the pace of output slows in Indonesia, the world’s largest producer, said RHB Investment Bank Bhd. Singapore-based Golden Agri, with a S$6.9 billion ($5.6 billion) market value, is projected to rebound to a new revenue high next year, analysts’ estimates compiled by Bloomberg show. “You could easily foresee an attempt to take the company private,” said Jason Hughes, Singapore-based head of sales trading at CMC Markets. “If we are currently coming out of a low point for global demand, then the true future earnings of these large conglomerates may not be priced in to the current valuations at all.” Golden Agri shares gained 1.9 percent to close at 53.5 Singapore cents, compared with the 0.4 percent gain in the benchmark Straits Times index. Founding Family Franky Oesman Widjaja, chairman and chief executive officer of Golden Agri, didn’t respond to a request for comment left at his office. A representative for Golden Agri declined in an e- mail to comment on any possible buyout. The company was founded in 1996 by the family of Indonesia’s richest man, Eka Tjipta Widjaja, now 89, who built his fortune after arriving in Indonesia from China at the age of 7 and selling biscuits as a teenager, according to the Bloomberg Billionaires Index. The family bought more Golden Agri shares last month and their stake in the company is the most valuable of all their assets, which also include interests in pulp and real estate, according to the index. Golden Agri’s 1.1 million acres (463,400 hectares) of Indonesian plantations could carpet almost all of Arizona’s Grand Canyon National Park. In addition to cooking oil and margarine, Golden Agri last year produced 2.4 million tons of crude palm oil, about 4.5 percent of global output, according to its 2012 annual report. Sime Darby Bhd., based in Kuala Lumpur, is the largest publicly traded palm oil producer. Bottoming Out? The price of the world’s most-used cooking oil declined in the past year as reserves in Malaysia reached a record. Stockpiles in the country, the second-largest producer behind Indonesia, have since shrunk, touching a seven-month low of 2.17 million metric tons in March, according to the Malaysian Palm Oil Board. Prices will gain about 25 percent to 2,810 ringgit ($943) a metric ton between now and 2015, according to analysts’ forecasts compiled by Bloomberg. “We are at the bottom of the cycle both for crude palm oil prices and for stock prices,” Muzhafar Mukhtar, an analyst at Nomura Holdings Inc. in Malaysia, said by phone. A privatization of Golden Agri “makes sense from a valuation standpoint.” Golden Agri’s revenue, set to fall this year for the first time since 2009, will climb 12 percent i

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    Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into Cooking Oil, Margarine

    Uploaded by

    Q.M.S Advisors LLC
    Financial Analysis - Golden Agri-Resources Limited Cultivates, Harvests, Processes, Distributes, And Sells Crude Palm Oil and Palm Kernel. the Company Also Refines Crude Palm Oil Into Cooking Oil, Margarine By Angus Whitley, Michelle Yun and Joyce Koh May 6 (Bloomberg) -- Golden Agri-Resources Ltd., the palm oil producer with enough plantations to almost cover the Grand Canyon, is ripe for a buyout by its largest shareholder as the stock languishes 36 percent below the value of its net assets. Tumbling palm oil prices left the world’s second-largest producer of the cooking ingredient trading at 0.64 times its book value. That’s near the lowest level since 2009 and cheaper than 97 percent of agriculture products companies, according to data compiled by Bloomberg yesterday. Indonesia’s Widjaja family, whose $8.6 billion estimated fortune includes ownership of almost half of Golden Agri, could pay a 50 percent premium for the rest of the stock and still land a bargain, said CMC Markets Singapore Pte. While palm oil fell 34 percent in the year through last week amid record stockpiles, prices are set to recover as the pace of output slows in Indonesia, the world’s largest producer, said RHB Investment Bank Bhd. Singapore-based Golden Agri, with a S$6.9 billion ($5.6 billion) market value, is projected to rebound to a new revenue high next year, analysts’ estimates compiled by Bloomberg show. “You could easily foresee an attempt to take the company private,” said Jason Hughes, Singapore-based head of sales trading at CMC Markets. “If we are currently coming out of a low point for global demand, then the true future earnings of these large conglomerates may not be priced in to the current valuations at all.” Golden Agri shares gained 1.9 percent to close at 53.5 Singapore cents, compared with the 0.4 percent gain in the benchmark Straits Times index. Founding Family Franky Oesman Widjaja, chairman and chief executive officer of Golden Agri, didn’t respond to a request for comment left at his office. A representative for Golden Agri declined in an e- mail to comment on any possible buyout. The company was founded in 1996 by the family of Indonesia’s richest man, Eka Tjipta Widjaja, now 89, who built his fortune after arriving in Indonesia from China at the age of 7 and selling biscuits as a teenager, according to the Bloomberg Billionaires Index. The family bought more Golden Agri shares last month and their stake in the company is the most valuable of all their assets, which also include interests in pulp and real estate, according to the index. Golden Agri’s 1.1 million acres (463,400 hectares) of Indonesian plantations could carpet almost all of Arizona’s Grand Canyon National Park. In addition to cooking oil and margarine, Golden Agri last year produced 2.4 million tons of crude palm oil, about 4.5 percent of global output, according to its 2012 annual report. Sime Darby Bhd., based in Kuala Lumpur, is the largest publicly traded palm oil producer. Bottoming Out? The price of the world’s most-used cooking oil declined in the past year as reserves in Malaysia reached a record. Stockpiles in the country, the second-largest producer behind Indonesia, have since shrunk, touching a seven-month low of 2.17 million metric tons in March, according to the Malaysian Palm Oil Board. Prices will gain about 25 percent to 2,810 ringgit ($943) a metric ton between now and 2015, according to analysts’ forecasts compiled by Bloomberg. “We are at the bottom of the cycle both for crude palm oil prices and for stock prices,” Muzhafar Mukhtar, an analyst at Nomura Holdings Inc. in Malaysia, said by phone. A privatization of Golden Agri “makes sense from a valuation standpoint.” Golden Agri’s revenue, set to fall this year for the first time since 2009, will climb 12 percent i

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    of 8

    06.05.

    2013

    Company Analysis - Overview


    Ticker:

    Golden Agri-Resources Ltd

    GGR SP

    Benchmark:
    Straits Times Index STI (FSSTI)

    Singapore: GGR, Currency: SGD

    Currency:
    Sector: Consumer Staples

    Industry: Food Products

    Year:

    Telephone
    65-6590-0800
    Revenue (M)
    Website
    www.goldenagri.com.sg
    No of Employees
    Address
    108 Pasir Panjang Road #06-00 Golden Agri Plaza Singapore Singapore
    Share Price Performance in SGD
    Price
    0.54
    1M Return
    52 Week High
    0.76
    6M Return
    52 Week Low
    0.51
    52 Wk Return
    52 Wk Beta
    1.52
    YTD Return
    Credit Ratings
    Bloomberg
    S&P
    Moody's
    Fitch

    Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells


    crude palm oil and palm kernel. The Company also refines crude palm oil into cooking
    oil, margarine, and shortening for sale and distribution.

    7'561
    47'000

    Date
    Date
    Date

    12/09
    6.9x
    15.2x
    12.5x
    1.8x
    0.8x
    1.0%

    12/10
    5.3x
    15.1x
    13.2x
    2.2x
    1.1x
    1.0%

    12/11
    5.3x
    9.2x
    8.3x
    1.1x
    0.8x
    2.7%

    12/12
    16.1x
    13.6x
    11.4x
    1.1x
    0.8x
    1.8%

    12/13E
    11.1x
    8.3x
    1.0x
    0.6x
    2.3%

    12/14E
    10.3x
    7.4x
    0.9x
    0.6x
    2.5%

    12/15E
    9.2x
    6.7x
    0.8x
    0.6x
    3.5%

    12/09
    Gross Margin
    22.2
    EBITDA Margin
    16.9
    Operating Margin
    13.9
    Profit Margin
    26.5
    Return on Assets
    8.2
    Return on Equity
    12.1
    Leverage and Coverage Ratios
    12/09
    Current Ratio
    1.5
    Quick Ratio
    0.6
    EBIT/Interest
    7.2
    Tot Debt/Capital
    0.1
    Tot Debt/Equity
    0.1
    Eff Tax Rate %
    -

    12/10
    27.2
    18.3
    15.9
    40.6
    15.8
    23.2

    12/11
    30.9
    15.3
    13.7
    21.3
    11.6
    17.1

    12/12
    26.6
    11.8
    9.9
    6.8
    3.3
    4.9

    12/13E
    22.8
    14.3
    11.7
    8.1
    3.7
    5.4

    12/14E
    22.4
    14.3
    11.7
    8.1
    3.9
    5.8

    12/15E
    18.3
    14.5
    12.4
    8.5
    4.7
    6.0

    12/10
    1.4
    0.4
    12.5
    0.1
    0.1
    25.0

    12/11
    1.6
    0.5
    13.9
    0.1
    0.1
    25.0

    12/12
    1.9
    0.8
    9.5
    0.2
    0.2
    32.1

    Outlook
    Outlook
    Outlook

    Sales (M)
    5949
    1611

    -4.3%
    -10.5%
    -24.7%
    -16.8%

    Business Segments in SGD


    Palm Oil Plantation and Refining
    Vegetable Oil and Oilseed Processing

    STABLE
    -

    Geographic Segments in SGD


    Rest of Asia
    China
    India
    Indonesia
    Europe
    Other Countries

    10%

    Sales (M)
    2801
    2149
    999
    823
    735
    54

    1%

    21%
    11%

    37%

    Valuation Ratios
    P/E
    EV/EBIT
    EV/EBITDA
    P/S
    P/B
    Div Yield
    Profitability Ratios %

    13%

    79%
    28%

    Palm Oil Plantation and Refining

    Rest of Asia

    China

    India

    Indonesia

    Europe

    Other Countries

    Vegetable Oil and Oilseed Processing

    Current Capitalization in SGD


    Common Shares Outstanding (M)
    Market Capitalization (M)
    Cash and ST Investments (M)
    Total Debt (M)
    Preferred Equity (M)
    LT Investments in Affiliate Companies (M)
    Investments (M)
    Enterprise Value (M)

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    12837.5
    6868.1
    817.6
    2265.5
    0.0
    0.0
    111.9
    8427.9

    Company Analysis - Analysts Ratings


    Golden Agri-Resources Ltd

    35%

    1
    1

    40%

    75%

    75%

    84%

    80%

    81%

    77%
    67%

    67%

    62%

    57%

    20%

    0
    50%
    40%

    0
    0

    0%

    0
    mai.12

    juin.12

    juil.12

    aot.12

    sept.12

    Buy

    oct.12

    Hold

    nov.12

    Sell

    dc.12

    Price

    janv.13

    fvr.13

    mars.13

    avr.13

    Target Price

    Date

    Buy

    Hold

    Sell

    Date

    30-Apr-13
    29-Mar-13
    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

    40%
    50%
    57%
    62%
    67%
    67%
    77%
    81%
    80%
    84%
    75%
    75%

    35%
    25%
    24%
    24%
    29%
    24%
    18%
    14%
    15%
    11%
    20%
    20%

    25%
    25%
    19%
    14%
    5%
    10%
    5%
    5%
    5%
    5%
    5%
    5%

    6-May-13
    3-May-13
    2-May-13
    1-May-13
    30-Apr-13
    29-Apr-13
    26-Apr-13
    25-Apr-13
    24-Apr-13
    23-Apr-13
    22-Apr-13
    19-Apr-13
    18-Apr-13
    17-Apr-13
    16-Apr-13
    15-Apr-13
    12-Apr-13
    11-Apr-13
    10-Apr-13
    9-Apr-13
    8-Apr-13
    5-Apr-13
    4-Apr-13
    3-Apr-13
    2-Apr-13
    1-Apr-13
    29-Mar-13
    28-Mar-13
    27-Mar-13
    26-Mar-13

    Price Target Price


    0.54
    0.53
    0.52
    0.53
    0.53
    0.55
    0.56
    0.56
    0.54
    0.52
    0.52
    0.52
    0.52
    0.53
    0.54
    0.55
    0.56
    0.56
    0.56
    0.55
    0.55
    0.56
    0.56
    0.57
    0.57
    0.58
    0.57
    0.57
    0.58
    0.58

    0.65
    0.65
    0.65
    0.65
    0.65
    0.65
    0.65
    0.65
    0.65
    0.65
    0.65
    0.66
    0.66
    0.66
    0.66
    0.67
    0.67
    0.67
    0.67
    0.67
    0.67
    0.69
    0.69
    0.69
    0.69
    0.69
    0.69
    0.69
    0.69
    0.69

    Broker

    Analyst

    UOB Kay Hian


    Phillip Securities
    Goldman Sachs
    Deutsche Bank
    CIMB
    RHB Research Institute Sdn Bhd
    BNP Paribas Equity Research
    Nomura
    OCBC Investment Research
    Macquarie
    Morgan Stanley
    Credit Suisse
    JPMorgan
    HSBC
    Standard Chartered
    EVA Dimensions
    Jefferies
    Affin Securities Sdn Bhd
    IIFL

    STEFANUS DARMAGIRI
    NICHOLAS HUAI GIM ONG
    PATRICK TIAH
    MICHELLE FOONG
    IVY NG
    TEAM COVERAGE
    MICHAEL GREENALL
    MUZHAFAR MUKHTAR
    CAREY WONG
    CONRAD WERNER
    CHARLES C SPENCER
    TAN TING MIN
    YING-JIAN CHAN
    THILAN WICKRAMASINGHE
    ADRIAN FOULGER
    AUSTIN BURKETT
    ARYA SEN
    ONG KENG WEE
    ZUO LI

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    Recommendation
    sell
    neutral
    neutral/neutral
    sell
    neutral
    buy
    buy
    neutral
    hold
    underperform
    Overwt/Attractive
    outperform
    underweight
    overweight
    in-line
    hold
    buy
    not rated
    add

    IIFL

    25%

    Affin Securities Sdn Bhd

    24%

    60%

    Jefferies

    24%

    EVA Dimensions

    29%

    Standard Chartered

    25%

    HSBC

    25%

    JPMorgan

    19%

    Credit Suisse

    14%

    Morgan Stanley

    24%

    5%

    Macquarie

    10%

    OCBC Investment Research

    5%
    18%

    Nomura

    5%
    14%

    BNP Paribas Equity Research

    5%
    15%

    CIMB

    5%
    11%

    RHB Research Institute Sdn


    Bhd

    5%
    20%

    Deutsche Bank

    5%
    20%

    Brokers' Target Price


    1
    1
    1
    1
    1
    1
    0
    0
    0
    0
    0
    Goldman Sachs

    80%

    Phillip Securities

    100%

    UOB Kay Hian

    Buy and Sell Recommendations vs Price and Target Price

    Price

    Broker Recommendation

    Target price in SGD

    Target

    Date

    0.55
    0.55
    0.63
    0.50
    0.58
    0.71
    0.83
    0.65
    0.63
    0.50
    0.70
    0.80
    0.50
    0.75
    0.67

    26-Apr-13
    22-Apr-13
    12-Apr-13
    11-Apr-13
    10-Apr-13
    10-Apr-13
    10-Apr-13
    8-Apr-13
    4-Apr-13
    26-Mar-13
    12-Mar-13
    28-Feb-13
    28-Feb-13
    6-Feb-13
    5-Feb-13
    15-Jan-13
    14-Mar-12
    2-Feb-12
    14-Nov-11

    0.88
    0.77

    06.05.2013

    Golden Agri-Resources Ltd

    Company Analysis - Ownership


    Ownership Type

    Ownership Statistics
    Shares Outstanding (M)
    Float
    Short Interest (M)
    Short Interest as % of Float
    Days to Cover Shorts
    Institutional Ownership
    Retail Ownership
    Insider Ownership

    37%

    63.19%
    36.80%
    0.01%

    63%

    Institutional Ownership

    Retail Ownership

    Insider Ownership

    Pricing data is in SGD


    Top 20 Owners:
    Holder Name
    FLAMBO INTERNATIONAL
    BLACKROCK
    ALLIANZ ASSET MANAGE
    VAN ECK ASSOCIATES C
    ROYAL BANK OF CANADA
    ROBECO INVESTOR SERV
    CARMIGNAC GESTION
    VANGUARD GROUP INC
    TIAA CREF INVESTMENT
    JF ASSET MANAGEMENT
    ROBECO FUND MANAGEME
    GRANTHAM MAYO VAN OT
    CI INVESTMENTS INC
    BOSTON COMMON ASSET
    NORTHERN TRUST CORPO
    CARMIGNAC GESTION LU
    AMUNDI LUXEMBOURG SA
    PRUDENTIAL FINANCIAL
    FMR LLC
    LANDESBANK BERLIN IN

    Unknown Country
    United States
    Luxembourg
    Canada
    France
    Hong Kong
    Britain
    Others

    79.05%
    10.20%
    3.04%
    2.18%
    1.52%
    0.69%
    0.67%
    2.65%

    Institutional Ownership Distribution


    Unclassified
    Investment Advisor
    Pension Fund (Erisa)
    Insurance Company
    Others

    79.04%
    20.71%
    0.15%
    0.08%
    0.03%

    Country

    SYN PAU LEW


    PIAN TEE HONG

    2%
    3%

    2% 1% 1% 3%

    10%

    78%

    Unknown Country

    United States

    Luxembourg

    Canada

    France

    Hong Kong

    Britain

    Others

    TOP 20 ALL

    Position
    6'412'447'897
    187'285'812
    174'938'282
    147'270'163
    132'800'000
    117'790'000
    116'682'668
    72'013'698
    71'838'647
    55'822'000
    38'496'685
    34'705'000
    29'310'934
    26'581'350
    25'949'957
    25'311'810
    23'028'912
    20'715'600
    17'904'401
    17'356'000

    Position Change
    250'000
    10'631'000
    30'341'900
    104'000
    4'630'300
    -1'850'000
    -3'536'149
    2'271'645
    -2'862'000
    54'322'000
    3'771'502
    -914'000
    13'308'844
    4'888'350
    6'642'427
    3'339'495
    -99'000
    -716'100
    -12'700'587
    1'255'000

    Market Value
    3'430'659'625
    100'197'909
    93'591'981
    78'789'537
    71'048'000
    63'017'650
    62'425'227
    38'527'328
    38'433'676
    29'864'770
    20'595'726
    18'567'175
    15'681'350
    14'221'022
    13'883'227
    13'541'818
    12'320'468
    11'082'846
    9'578'855
    9'285'460

    % of Ownership
    49.95%
    1.46%
    1.36%
    1.15%
    1.03%
    0.92%
    0.91%
    0.56%
    0.56%
    0.43%
    0.30%
    0.27%
    0.23%
    0.21%
    0.20%
    0.20%
    0.18%
    0.16%
    0.14%
    0.14%

    Report Date

    Position

    Position Change

    Market Value

    % of Ownership

    Report Date

    200'000

    535'000
    107'000

    22.04.2013
    02.05.2013
    31.03.2013
    03.05.2013
    28.02.2013
    28.02.2013
    29.03.2013
    31.03.2013
    28.02.2013
    30.09.2011
    28.02.2013
    31.05.2012
    31.12.2012
    31.03.2013
    31.03.2013
    29.03.2013
    31.12.2012
    31.03.2013
    31.03.2013
    30.04.2013

    Source
    EXCH
    ULT-AGG
    ULT-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    MF-AGG
    13F
    MF-AGG
    MF-AGG
    MF-AGG
    ULT-AGG
    ULT-AGG
    MF-AGG

    Top 5 Insiders:
    Holder Name

    Geographic Ownership

    Geographic Ownership Distribution

    0%

    12837.5
    50.0%

    1'000'000
    200'000

    0.01%
    0.00%
    0.01%

    Source
    05.03.2013
    01.03.2013

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    EXCH
    EXCH

    Institutional Ownership
    0%
    0%

    UNITED STATES
    GERMANY
    UNITED STATES
    CANADA
    LUXEMBOURG
    FRANCE
    UNITED STATES
    UNITED STATES
    HONG KONG
    NETHERLANDS
    UNITED STATES
    CANADA
    UNITED STATES
    UNITED STATES
    LUXEMBOURG
    LUXEMBOURG
    UNITED STATES
    UNITED STATES
    GERMANY

    0%

    21%

    79%

    Unclassified

    Investment Advisor

    Insurance Company

    Others

    Pension Fund (Erisa)

    Company Analysis - Financials I/IV


    Golden Agri-Resources Ltd
    Financial information is in SGD (M)
    Periodicity:

    Fiscal Year

    Equivalent Estimates
    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

    Revenue
    - Cost of Goods Sold

    925
    663

    1'080
    816

    1'284
    942

    1'364
    1'030

    1'794
    1'366

    2'823
    1'831

    4'225
    2'986

    3'335
    2'594

    4'775
    3'475

    7'483
    5'174

    7'561
    5'548

    7'191

    8'061

    8'756

    Gross Income
    - Selling, General & Admin Expenses
    (Research & Dev Costs)

    263
    139
    0

    263
    130
    0

    342
    136
    0

    334
    151
    0

    429
    172
    0

    992
    289
    0

    1'240
    499
    0

    741
    292
    0

    1'301
    571
    0

    2'309
    1'322
    0

    2'012
    1'305
    0

    1'640

    1'802

    1'602

    Operating Income
    - Interest Expense
    - Foreign Exchange Losses (Gains)
    - Net Non-Operating Losses (Gains)

    124
    68
    19
    -2

    134
    50
    2
    44

    207
    50
    -3
    6

    194
    46
    3
    -417

    263
    53
    -2
    -956

    707
    49
    5
    -2'064

    751
    55
    49
    -2'109

    463
    64
    2
    -465

    761
    61
    -41
    -1'888

    1'028
    74
    -24
    -1'175

    745
    78
    9
    -106

    843

    943

    1'088

    39
    28

    37
    32

    154
    34

    562
    128

    1'168
    319

    2'717
    796

    2'755
    748

    862
    -28

    2'629
    657

    2'152
    538

    764
    245

    789

    888

    1'000

    11
    0
    -31

    5
    0
    -34

    120

    434
    0
    46

    849
    0
    110

    1'920
    0
    165

    2'008
    0
    51

    891
    0
    8

    1'972
    0
    33

    1'614
    0
    20

    519
    0
    7

    0.08

    0.16

    0.17

    0.08

    0.16

    0.13

    0.04

    0.00
    5.8

    0.00
    6.5

    1'646
    0.15
    0.00
    5.8

    1'956
    0.17
    0.01
    4.0

    882
    0.07
    0.01
    7.1

    1'939
    0.16
    0.01
    5.1

    463
    0.04
    0.02
    13.6

    512
    0.04
    0.01
    30.2

    583
    0.05
    0.01
    0.24

    655
    0.05
    0.01
    0.27

    740
    0.06
    0.02
    0.31

    1'030

    1'150

    1'271

    Income Statement

    Pretax Income
    - Income Tax Expense
    Income Before XO Items
    - Extraordinary Loss Net of Tax
    - Minority Interests
    Diluted EPS Before XO Items

    9
    0.01

    0.04

    Net Income Adjusted*


    EPS Adjusted
    Dividends Per Share
    Payout Ratio %

    0.00
    0.0

    0.00
    0.0

    Total Shares Outstanding


    Diluted Shares Outstanding

    9'822
    9'822

    9'822
    9'822

    9'822
    9'822

    9'822
    9'822

    9'822
    9'822

    11'296
    10'805

    11'296
    11'296

    12'139
    11'558

    12'139
    12'206

    12'139
    12'285

    12'838
    12'570

    215

    217

    308

    251

    332

    783

    833

    563

    873

    1'147

    890

    EBITDA

    *Net income excludes extraordinary gains and losses and one-time charges.

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    Company Analysis - Financials II/IV


    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

    0.90

    0.94

    0.98

    Balance Sheet
    Total Current Assets
    + Cash & Near Cash Items
    + Short Term Investments
    + Accounts & Notes Receivable
    + Inventories
    + Other Current Assets
    Total Long-Term Assets
    + Long Term Investments
    Gross Fixed Assets
    Accumulated Depreciation
    + Net Fixed Assets
    + Other Long Term Assets

    343.972674 338.106525 394.515172 601.790987


    67
    68
    84
    126
    1
    1
    65
    8
    73
    41
    55
    82
    98
    142
    147
    238
    106
    86
    44
    147

    650.5856 1098.67437 1016.22571 1553.28596 1914.86263 2439.37864 2958.48432


    199
    173
    185
    393
    208
    301
    664
    1
    3
    7
    92
    74
    120
    154
    70
    172
    202
    144
    269
    303
    489
    221
    448
    356
    590
    790
    974
    1'026
    160
    302
    266
    333
    574
    741
    626

    2'003
    35
    1'863
    473
    1'390
    577

    1'931
    44
    1'881
    520
    1'362
    525

    1'849
    254
    1'885
    572
    1'313
    282

    2'961
    157
    1'518
    440
    1'077
    1'726

    3'930
    214
    1'552
    459
    1'092
    2'624

    6'112
    208
    1'686
    506
    1'179
    4'725

    8'788
    304
    2'044
    650
    1'395
    7'089

    9'545
    259
    2'269
    720
    1'549
    7'737

    11'067
    258
    2'613
    738
    1'875
    8'934

    12'905
    330
    3'133
    851
    2'282
    10'294

    13'272
    994
    3'376
    922
    2'454
    9'823

    Total Current Liabilities


    + Accounts Payable
    + Short Term Borrowings
    + Other Short Term Liabilities

    771
    50
    562
    159

    589
    52
    459
    78

    376
    88
    200
    87

    570
    232
    269
    70

    534
    175
    292
    67

    745
    220
    378
    146

    787
    217
    445
    126

    1'017
    377
    441
    199

    1'362
    421
    694
    246

    1'482
    636
    547
    299

    1'591
    837
    530
    224

    Total Long Term Liabilities


    + Long Term Borrowings
    + Other Long Term Borrowings

    267
    267
    0

    374
    362
    12

    496
    444
    52

    708
    346
    362

    1'099
    445
    654

    1'602
    329
    1'273

    2'256
    351
    1'905

    2'307
    519
    1'789

    2'706
    570
    2'137

    3'347
    861
    2'485

    4'112
    1'736
    2'376

    Total Liabilities
    + Long Preferred Equity
    + Minority Interest
    + Share Capital & APIC
    + Retained Earnings & Other Equity

    1'039
    0
    78
    891
    340

    964
    0
    46
    872
    387

    872
    0
    54
    838
    479

    1'278
    0
    210
    1'299
    775

    1'633
    0
    332
    788
    1'828

    2'347
    0
    113
    1'469
    3'281

    3'043
    0
    134
    1'467
    5'160

    3'325
    0
    135
    1'739
    5'900

    4'068
    0
    153
    1'589
    7'172

    4'829
    0
    113
    1'605
    8'798

    5'702
    0
    112
    1'878
    8'538

    Total Shareholders Equity

    1'308

    1'305

    1'371

    2'284

    2'948

    4'864

    6'761

    7'774

    8'914

    10'516

    10'528

    Total Liabilities & Equity

    2'347

    2'269

    2'243

    3'563

    4'581

    7'210

    9'804

    11'099

    12'982

    15'345

    16'230

    0.13
    0.12

    0.13
    0.12

    0.13
    0.13

    0.21
    0.21

    0.27
    0.26

    0.42
    0.41

    0.59
    0.57

    0.63
    0.62

    0.72
    0.71

    0.86
    0.84

    0.81
    0.80

    Book Value Per Share


    Tangible Book Value Per Share

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    Company Analysis - Financials III/IV


    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

    Net Income
    + Depreciation & Amortization
    + Other Non-Cash Adjustments
    + Changes in Non-Cash Capital

    41
    92
    41
    -98

    37
    83
    44
    -34

    111
    102
    73
    -34

    388
    57
    -240
    -61

    747
    69
    -546
    -163

    1'755
    76
    -1'231
    -346

    1'956
    82
    -1'528
    96

    882
    99
    -551
    -52

    1'939
    112
    -1'318
    -505

    1'594
    119
    -746
    -145

    512
    145
    -84
    -62

    583

    655

    740

    Cash From Operating Activities


    + Disposal of Fixed Assets
    + Capital Expenditures
    + Increase in Investments
    + Decrease in Investments
    + Other Investing Activities

    76
    10
    -55
    0
    0
    61

    129
    6
    -106
    0
    0
    31

    252
    8
    -113
    0
    0
    -56

    144
    25
    -110
    0
    0
    126

    107
    20
    -154
    0
    0
    -29

    254
    56
    -235
    -102
    0
    -534

    607
    14
    -345
    0
    0
    -155

    378
    7
    -372
    0
    0
    -208

    228
    10
    -441
    -28
    0
    -238

    822
    8
    -561
    -69
    0
    -132

    510
    26
    -513
    -559
    0
    -138

    -584

    -515

    -623

    Cash From Investing Activities


    + Dividends Paid
    + Change in Short Term Borrowings
    + Increase in Long Term Borrowings
    + Decrease in Long Term Borrowings
    + Increase in Capital Stocks
    + Decrease in Capital Stocks
    + Other Financing Activities

    17
    0
    -13
    15
    -72
    0
    0
    -8

    -69
    0
    -13
    47
    -90
    0
    0
    -1

    -162
    0
    1
    194
    -261
    0
    0
    -6

    40
    0
    14
    14
    -174
    0
    0
    2

    -163
    -22
    16
    375
    -223
    0
    0
    -5

    -815
    -107
    151
    79
    -340
    765
    0
    -1

    -487
    -131
    48
    165
    -191
    0
    0
    -1

    -574
    -4
    -22
    366
    -230
    314
    0
    -8

    -697
    -61
    216
    299
    -142
    0
    0
    -4

    -754
    -100
    -120
    488
    -236
    0
    0
    -12

    -1'183
    -305
    -92
    6
    -156
    1'611
    0
    -3

    Cash From Financing Activities

    -79

    -57

    -71

    -144

    141

    547

    -109

    416

    308

    20

    1'062

    Net Changes in Cash

    14

    19

    41

    85

    -13

    11

    220

    -161

    88

    389

    Free Cash Flow (CFO-CAPEX)

    21

    23

    138

    34

    -46

    19

    262

    -213

    261

    -2

    249

    343

    173

    40
    -39
    0.00

    30
    -27
    0.00

    177
    81
    0.01

    70
    -87
    0.00

    -8
    141
    0.00

    54
    -34
    0.00

    302
    298
    0.02

    126
    0.00

    -167
    170
    -0.02

    317
    401
    0.02

    51
    -217
    0.00

    Cash Flows

    Free Cash Flow To Firm


    Free Cash Flow To Equity
    Free Cash Flow per Share

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    Company Analysis - Financials IV/IV


    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

    6.3x
    9.2x
    5.3x
    0.3x
    0.2x
    0.0%

    14.4x
    10.2x
    6.3x
    0.5x
    0.4x
    0.0%

    9.4x
    7.8x
    5.2x
    0.8x
    0.8x

    2.1x
    7.7x
    5.9x
    0.6x
    0.4x
    4.5%

    3.6x
    13.7x
    10.9x
    1.5x
    1.0x
    1.8%

    6.0x
    16.6x
    15.0x
    3.8x
    2.2x
    0.4%

    1.2x
    4.0x
    3.6x
    0.5x
    0.4x
    3.0%

    6.9x
    15.2x
    12.5x
    1.8x
    0.8x
    1.0%

    5.3x
    15.1x
    13.2x
    2.2x
    1.1x
    1.0%

    5.3x
    9.2x
    8.3x
    1.1x
    0.8x
    2.7%

    16.1x
    13.6x
    11.4x
    1.1x
    0.8x
    1.8%

    11.1x

    10.3x

    9.2x

    8.3x
    1.0x
    0.6x
    2.3%

    7.4x
    0.9x
    0.6x
    2.5%

    6.7x
    0.8x
    0.6x
    3.5%

    28.4%
    23.3%
    13.4%
    4.5%
    1.7%
    3.4%

    24.4%
    20.1%
    12.4%
    3.6%
    1.6%
    3.0%

    26.7%
    24.0%
    16.1%
    8.6%
    4.8%
    8.5%

    24.5%
    18.4%
    14.2%
    28.5%
    13.3%
    22.7%

    23.9%
    18.5%
    14.7%
    41.2%
    18.1%
    31.5%

    35.1%
    27.8%
    25.1%
    62.2%
    29.1%
    46.5%

    29.3%
    19.7%
    17.8%
    46.3%
    23.4%
    34.9%

    22.2%
    16.9%
    13.9%
    26.5%
    8.2%
    12.1%

    27.2%
    18.3%
    15.9%
    40.6%
    15.8%
    23.2%

    30.9%
    15.3%
    13.7%
    21.3%
    11.6%
    17.1%

    26.6%
    11.8%
    9.9%
    6.8%
    3.3%
    4.9%

    22.8%
    14.3%
    11.7%
    8.1%
    3.7%
    5.4%

    22.4%
    14.3%
    11.7%
    8.1%
    3.9%
    5.8%

    18.3%
    14.5%
    12.4%
    8.5%
    4.7%
    6.0%

    Leverage & Coverage Ratios


    Current Ratio
    Quick Ratio
    Interest Coverage Ratio (EBIT/I)
    Tot Debt/Capital
    Tot Debt/Equity

    0.45
    0.18
    1.82
    0.39
    0.63

    0.57
    0.19
    2.67
    0.39
    0.63

    1.05
    0.54
    4.13
    0.32
    0.47

    1.06
    0.38
    4.21
    0.21
    0.27

    1.22
    0.51
    4.98
    0.20
    0.25

    1.48
    0.47
    14.40
    0.13
    0.15

    1.29
    0.50
    13.56
    0.11
    0.12

    1.53
    0.62
    7.24
    0.11
    0.12

    1.41
    0.40
    12.54
    0.12
    0.14

    1.65
    0.49
    13.86
    0.12
    0.13

    1.86
    0.82
    9.54
    0.18
    0.22

    Others
    Asset Turnover
    Accounts Receivable Turnover
    Accounts Payable Turnover
    Inventory Turnover

    0.38
    16.77
    14.09
    7.00

    0.46
    18.79
    16.66
    6.68

    0.56
    26.49
    13.33
    6.41

    0.47
    19.82
    6.96
    5.31

    0.44
    23.83
    6.79
    5.98

    0.47
    22.72
    10.35
    5.33

    0.50
    22.95
    13.47
    7.54

    0.31
    18.84
    9.33
    5.34

    0.39
    22.42
    9.20
    4.92

    0.54
    26.83
    10.38
    6.02

    0.48
    19.09
    7.70
    5.58

    72.5%

    87.1%

    22.0%

    22.8%

    27.3%

    29.3%

    27.1%

    25.0%

    25.0%

    32.1%

    Ratio Analysis
    Valuation Ratios
    Price Earnings
    EV to EBIT
    EV to EBITDA
    Price to Sales
    Price to Book
    Dividend Yield
    Profitability Ratios
    Gross Margin
    EBITDA Margin
    Operating Margin
    Profit Margin
    Return on Assets
    Return on Equity

    Effective Tax Rate

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

    Company Analysis - Peers Comparision


    GOLDEN AGRIRESO
    Latest Fiscal Year:

    12/2012
    0.78
    18.07.2012
    0.52
    19.04.2013
    109'243'000

    52-Week High
    52-Week High Date
    52-Week Low
    52-Week Low Date
    Daily Volume

    Current Price (5/dd/yy)


    52-Week High % Change
    52-Week Low % Change
    Total Common Shares (M)

    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

    WILMAR
    INTERNATI

    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

    GENTING
    PLANTATI

    12/2012
    4.86
    07.05.2012
    2.99
    13.09.2012
    3'010'000

    INDOFOOD AGRI
    RE

    12/2012
    10.17
    05.07.2012
    8.10
    31.01.2013
    340'500

    12/2012
    1.52
    11.07.2012
    1.06
    06.05.2013
    868'000

    KUALA LUMPUR
    KEP
    09/2012
    24.50
    04.07.2012
    17.00
    11.05.2012
    877'600

    IOI CORP BHD


    06/2012
    5.42
    20.07.2012
    4.58
    15.03.2013
    8'126'400

    OLAM
    INTERNATION

    ASTRA AGRO LEST

    PP LONDON
    SUMATR

    FIRST RESOURCES

    06/2012
    2.25
    07.05.2012
    1.37
    14.12.2012
    4'980'000

    12/2012
    24'000.00
    18.07.2012
    17'250.00
    01.05.2013
    602'500

    12/2012
    3'050.00
    17.07.2012
    1'490.00
    03.05.2013
    4'298'500

    12/2012
    2.23
    27.08.2012
    1.51
    25.05.2012
    1'957'000

    HAP SENG
    PLANTAT
    12/2012
    3.22
    17.07.2012
    2.66
    26.12.2012
    40'600

    0.54

    3.31

    8.50

    1.07

    21.54

    5.07

    1.65

    17'900.00

    1'550.00

    1.68

    2.76

    -31.4%
    2.9%
    12'837.5

    -31.9%
    10.7%
    6'396.1

    -16.4%
    5.0%
    758.8

    -29.6%
    0.9%
    1'434.3

    -12.1%
    26.7%
    1'065.0

    -6.5%
    10.7%
    6'398.3

    -26.7%
    20.9%
    2'390.2

    -25.4%
    3.8%
    1'574.7

    -49.2%
    4.0%
    6'822.9

    -24.9%
    10.9%
    1'584.1

    -14.3%
    3.8%
    800.0

    6'868

    21'172

    6'449

    1'535

    22'939

    32'391

    3'944

    28'187'936

    10'575'439

    2'653

    2'208

    1'854.5
    91.6
    669.3

    22'245.3
    849.3
    2'319.1

    703.4
    229.4
    1'051.3

    6'780'217.0
    9'032'242.0
    5'082'296.0

    2'478.8
    397.8
    2'358.9

    8'268.9
    288.0
    4'435.9

    7'489.4
    276.9
    122.2
    1'110.9

    971'950.0
    336'232.0
    227'769.0

    (714.0)
    1'799'137.0

    538.2
    51.2
    404.7

    131.4

    11'785
    Valuation

    6'850

    37'956

    6'331

    23'667'620

    23'362

    37'073

    6'051.7
    6'051.7
    5'791.4
    6'492.3
    1.3x
    1.3x
    1.1x
    1.0x
    712.4
    727.2
    829.8
    926.2
    11.4x
    11.1x
    8.0x
    7.2x
    0.03
    0.03
    0.04
    0.04
    13.1x
    11.1x
    10.3x
    1.7%
    21.9%
    (21.9%)
    6.5%
    12.0%
    14.3%
    14.3%

    45'463.4
    45'463.4
    49'051.8
    54'715.2
    0.8x
    0.8x
    0.6x
    0.6x
    1'766.3
    2'258.7
    2'563.5
    2'809.4
    21.7x
    16.9x
    12.4x
    11.4x
    0.19
    0.20
    0.22
    0.24
    13.7x
    13.7x
    12.4x
    11.4x
    1.7%
    13.5%
    (8.6%)
    16.2%
    5.0%
    5.2%
    5.1%

    1'233.4
    1'233.4
    1'311.5
    1'505.3
    5.4x
    5.4x
    4.9x
    4.2x
    418.2
    418.4
    525.3
    619.6
    16.0x
    16.0x
    12.1x
    10.2x
    0.43
    0.50
    0.59
    19.7x
    17.1x
    14.5x
    (7.7%)
    9.2%
    (31.8%)
    (1.8%)
    33.9%
    40.1%
    41.2%

    13'844'891.0
    13'742'129.0
    13'734'038.6
    15'361'556.7
    1.8x
    1.9x
    1.5x
    1.3x
    3'001'808.0
    2'909'470.0
    3'271'046.0
    3'806'304.8
    8.5x
    8.7x
    6.4x
    5.3x
    733.70
    542.00
    716.50
    887.48
    15.6x
    14.0x
    11.8x
    9.5x
    9.8%
    4.1%
    (16.2%)
    14.3%
    21.2%
    23.8%
    24.8%

    10'507.3
    9'741.8
    10'270.4
    11'381.0
    2.5x
    2.7x
    2.3x
    2.1x
    1'734.4
    1'550.7
    1'817.6
    2'079.1
    15.0x
    16.8x
    13.0x
    11.4x
    0.96
    1.05
    1.21
    22.3x
    20.6x
    17.8x
    (1.7%)
    7.5%
    (24.8%)
    12.4%
    15.9%
    17.7%
    18.3%

    15'488.1
    14'290.8
    15'315.9
    15'998.0
    2.4x
    2.6x
    2.4x
    2.2x
    2'362.4
    2'543.4
    2'565.8
    2'771.4
    15.8x
    14.7x
    14.0x
    12.9x
    0.25
    0.33
    0.27
    0.30
    15.6x
    15.8x
    18.7x
    17.2x
    (3.3%)
    2.2%
    (2.5%)
    4.6%
    17.8%
    16.8%
    17.3%

    21.8%
    17.7%
    2.550x
    1.630x
    11.397x

    155.1%
    59.4%
    9.849x
    8.822x
    2.725x

    20.5%
    16.1%
    1.681x
    -0.832x
    110.682x

    49.1%
    22.9%
    2.356x
    0.847x
    6.036x

    34.9%
    24.8%
    1.547x
    0.005x
    27.328x

    65.5%
    39.0%
    3.095x
    1.729x
    11.588x

    BBB+
    14.03.2008
    -

    17'093.8
    18'966.9
    20'693.5
    23'528.4
    0.7x
    0.6x
    0.6x
    0.6x
    929.3
    963.3
    1'090.8
    1'292.7
    12.4x
    12.0x
    11.2x
    10.0x
    0.14
    0.16
    0.14
    0.17
    10.1x
    10.2x
    12.2x
    9.6x
    8.2%
    21.1%
    38.7%
    31.3%
    5.1%
    5.3%
    5.5%

    29'267'530

    9'119'439

    2'338

    2'077

    11'564'319.0
    11'706'812.0
    12'242'737.1
    13'635'992.6
    2.6x
    2.6x
    2.4x
    2.1x
    3'930'947.0
    3'893'712.0
    3'780'977.7
    4'145'735.3
    7.7x
    7.8x
    7.7x
    7.0x
    1'530.57
    1'516.90
    1'409.45
    1'527.36
    11.8x
    11.8x
    12.7x
    11.7x
    7.3%
    9.2%
    10.0%
    5.2%
    33.3%
    30.9%
    30.4%

    4'211'578.0
    4'123'026.0
    4'582'126.5
    5'041'896.0
    2.8x
    2.8x
    1.7x
    1.4x
    1'509'513.0
    1'286'403.0
    1'551'037.9
    1'764'335.2
    7.8x
    9.1x
    5.1x
    4.1x
    135.38
    165.31
    191.84
    11.4x
    9.4x
    8.1x
    (10.1%)
    4.2%
    (32.1%)
    6.6%
    31.2%
    33.8%
    35.0%

    603.4
    603.4
    699.7
    879.9
    4.6x
    4.6x
    3.4x
    2.6x
    320.7
    322.1
    339.9
    395.1
    8.7x
    8.7x
    7.0x
    5.8x
    0.15
    0.15
    0.13
    0.16
    8.9x
    9.0x
    10.2x
    8.6x
    22.0%
    9.3%
    53.4%
    48.6%
    44.9%

    526.5
    526.5
    537.3
    576.0
    4.0x
    4.0x
    3.6x
    3.2x
    214.3
    214.5
    249.0
    272.3
    9.9x
    9.9x
    7.7x
    6.8x
    0.18
    0.22
    0.24
    15.7x
    12.7x
    11.5x
    (19.6%)
    (41.0%)
    9.0%
    40.7%
    46.3%
    47.3%

    10.8%
    9.4%
    0.251x
    0.187x
    134.640x

    0.0%
    0.0%
    0.000x
    -1.131x
    408.529x

    48.6%
    31.7%
    1.671x
    0.414x
    9.338x

    0.0%
    0.0%
    0.000x
    -0.612x
    6697.563x

    Leverage/Coverage Ratios
    Total Debt / Equity %
    Total Debt / Capital %
    Total Debt / EBITDA
    Net Debt / EBITDA
    EBITDA / Int. Expense

    239.4%
    68.0%
    9.173x
    8.040x
    2.099x

    Credit Ratings
    S&P LT Credit Rating
    S&P LT Credit Rating Date
    Moody's LT Credit Rating
    Moody's LT Credit Rating Date

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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