Profit & Loss 2003 2004 2005 2006 2007 2008

Net Sales 2,447 3,256 4,595 6,530 8,902 9,972

Gross Profit 1,703 2,299 3,138 4,467 5,866 6,442
Selling/Admin 78 85 163 238 435 554
Dep & Amortz 435 806 958 1,332 1,807 2,310
Interest 115 218 392 588 886 985
Impairment 100 300
Restructuring 24 152 423 345 420
Operating profit 1,075 1,166 1,373 1,886 2,393 1,873
Tax 355 396 440 603 766 637
Net Income 720 770 933 1,283 1,627 1,236

Balance Sheet 2003 2004 2005 2006 2007 2008

Net PP & E 4,193 6,444 9,452 15,521 22,425 24,210
LT Assets 354 321 714 495 462 447
Current Assets 1,770 1,600 3,173 4,295 3,380 4,274
Total Assets 6,317 8,365 13,339 20,311 26,267 28,931

Other CL 318 381 674 785 939 1,264

ST Debt 320 595 733 168
Other LT Liab 165 185 224 306 486 444
Long term debt 1,520 2,636 5,366 10,070 13,100 13,840
SH equity 4,314 5,163 6,755 8,555 11,009 13,215
Total Equity & Liab 6,317 8,365 13,339 20,311 26,267 28,931

Other Data 2003 2004 2005 2006 2007 2008

Market Price 20.45 24.54 28.98 40.24 68.12 48.21
Market Cap 6,626 8,049 9,534 13,279 22,548 16,295
# of Shares 324 328 329 330 331 338

2003 2004 2005 2006 2007 2008

Cash 1250 827 2127 2503 1550 1667
Account Recei 376 553 857 1467 1401 1802
inventory 0 0 0 0 145 140
other current 144 220 189 325 284 665
 2009 2010 2011 2012
7,468 7,728 8,234 8,611
4,697 5,039 5,336 5,606
469 409 439 528
2,043 1,675 1,846 1,920
965 956 930 929
1,200 110 650 850
350 463 684 985
-330 1,426 787 394
-119 499 252 130
-211 927 535 264

2009 2010 2011 2012

23,428 25,104 25,243 24,321
415 544 714 990
4,092 2,999 3,220 3,271
27,935 28,647 29,177 28,582

1,072 1,354 1,064 818

122 448 158 102
258 495 276 137
13,840 13,040 13,040 12,980
12,643 13,310 14,639 14,545
27,935 28,647 29,177 28,582

2009 2010 2011 2012

52.71 50.22 39.27 41.24
18,396 17,175 14,687 15,754
349 342 374 382

2009 2010 2011 2012

1787 671 825 701
1371 1506 1593 1686
190 102 101 144
744 720 701 740
 2003 2004 2005 2006 2007

EBIDTA 1,625 2,190 2,723 3,806 5,086

EBIT 1,190 1,384 1,765 2,474 3,279
Enterprise Value 6,896 9,858 13,093 21,441 34,831
Book Value / Share 13.31 15.74 20.53 25.92 33.26
EPS 2.22 2.35 2.84 3.89 4.92
Cash div 1.5 1.5 1.5 1.5 1.5
Payout ratio 68% 64% 53% 39% 31%
Div yield 7.3% 6.1% 5.2% 3.7% 2.2%

Gross Margin 69.60% 70.60% 68.29% 68.41% 65.90%

Net margin 29.42% 23.65% 20.30% 19.65% 18.28%
ROE 16.20% 15.66% 16.76% 16.63%
Revenue Growth 33.10% 41.12% 42.11% 36.32%
EBIDTA Growth 34.80% 24.34% 39.77% 33.63%

Debt to Equity 35.23% 51.10% 79.44% 117.71% 118.99%

Debt to captz 18.66% 24.70% 36.01% 43.13% 36.75%
Interest coverage 10.3 6.3 4.5 4.2 3.7

Current Ratio 5.6 4.2 3.2 3.1 2.0

Quick Ratio 5.57 4.20 3.19 3.11 1.96

PE Ratio 9.2 10.5 10.2 10.4 13.9

PB Ratio 1.5 1.6 1.4 1.6 2.0
EV/EBIDTA 4.2 4.5 4.8 5.6 6.8
2008 2009 2010 2011 2012

5,168 2,678 4,057 3,563 3,243

2,858 635 2,382 1,717 1,323
28,636 30,571 29,992 27,060 28,135
39.10 36.23 38.92 39.14 38.08
3.66 -0.60 2.71 1.43 0.69
1.5 1.5 1.5 1.5 1.5
41% -248% 55% 105% 217%
3.1% 2.8% 3.0% 3.8% 3.6%

64.60% 62.90% 65.20% 64.80% 65.10%

12.39% -2.83% 12.00% 6.50% 3.07%
10.20% -1.63% 7.14% 3.83% 1.81%
12.02% -25.11% 3.48% 6.55% 4.58%
1.61% -48.18% 51.49% -12.18% -8.98%

104.73% 109.47% 97.97% 89.08% 89.24%

45.93% 42.93% 43.16% 47.03% 45.17%
2.9 0.7 2.5 1.8 1.4

3.0 3.4 1.7 2.6 3.6

2.89 3.27 1.61 2.55 3.40

13.2 -87.2 18.5 27.5 59.7

1.2 1.5 1.3 1.0 1.1
5.5 11.4 7.4 7.6 8.7
Profit & Loss 2003 2004 2005 2006 2007 2008
Net Sales 2,447 3,256 4,595 6,530 8,902 9,972
Gross Profit 1,703 2,299 3,138 4,467 5,866 6,442
Selling/Admin 78 85 163 238 435 554
Dep & Amortz 435 806 958 1,332 1,807 2,310
Interest 115 218 392 588 886 985
Impairment 100 300
Restructuring 24 152 423 345 420
Operating profit 1,075 1,166 1,373 1,886 2,393 1,873
Tax 355 396 440 603 766 637
Net Income 720 770 933 1,283 1,627 1,236

Balance Sheet 2003 2004 2005 2006 2007 2008

Net PP & E 4,193 6,444 9,452 15,521 22,425 24,210
LT Assets 354 321 714 495 462 447
Current Assets 1,770 1,600 3,173 4,295 3,380 4,274
Total Assets 6,317 8,365 13,339 20,311 26,267 28,931

Other CL 318 381 674 785 939 1,264

ST Debt 320 595 733 168
Other LT Liab 165 185 224 306 486 444
Long term debt 1,520 2,636 5,366 10,070 13,100 13,840
SH equity 4,314 5,163 6,755 8,555 11,009 13,215
Total Equity & Liab 6,317 8,365 13,339 20,311 26,267 28,931

Other Data 2003 2004 2005 2006 2007 2008

Market Price 20.45 24.54 28.98 40.24 68.12 48.21
Market Cap 6,626 8,049 9,534 13,279 22,548 16,295
# of Shares 324 328 329 330 331 338

2003 2004 2005 2006 2007 2008

Cash 1250 827 2127 2503 1550 1667
A/c rec 376 553 857 1467 1401 1802
Inventory 0 0 0 0 0 140
other C.A 144 220 189 325 325 665
1770 1600 3173 4295 3276 4274
 2009 2010 2011 2012
7,468 7,728 8,234 8,611
4,697 5,039 5,336 5,606
469 409 439 528
2,043 1,675 1,846 1,920
965 956 930 929
1,200 110 650 850
350 463 684 985
-330 1,426 787 394
-119 499 252 130
-211 927 535 264

2009 2010 2011 2012

23,428 25,104 25,243 24,321
415 544 714 990
4,092 2,999 3,220 3,271
27,935 28,647 29,177 28,582

1,072 1,354 1,064 818

122 448 158 102
258 495 276 137
13,840 13,040 13,040 12,980
12,643 13,310 14,639 14,545
27,935 28,647 29,177 28,582

2009 2010 2011 2012

52.71 50.22 39.27 41.24
18,396 17,175 14,687 15,754
349 342 374 382

2009 2010 2011 2012

1787 671 825 701
1371 1506 1593 1686
190 102 101 144
744 720 701 740
4092 2999 3220 3271