1. 20.02.2013
Company Analysis - Overview
Ticker: EDF FP Electricite de France SA Benchmark: EDF SA (Electricite de France) produces, transmits, distributes, imports and exports
Currency: EN Paris: EDF, Currency: EUR CAC 40 INDEX (CAC) electricity. The Company, using nuclear power, coal and gas, provides electricity for
French energy consumers.
Sector: Utilities Industry: Electric Utilities Year:
Telephone 33-1-40-42-22-22 Revenue (M) 72'729 Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.edf.fr No of Employees #N/A N/A Transmission 1 France 39120
Address 22-30 Avenue de Wagram Paris Cedex 08, 75382 France Distribution Italy 10098
Share Price Performance in EUR Eliminations United Kingdom 9739
Price 14.77 1M Return 1.3% Other Other International 7976
52 Week High 18.22 6M Return -7.8% Generation Supply Other Activities 5796
52 Week Low 12.86 52 Wk Return -16.3% Integrated Utilities Germany
52 Wk Beta 0.78 YTD Return 5.7%
Credit Ratings
Bloomberg HY1 8%
S&P A+ Date 17.01.2012 Outlook STABLE
Moody's Aa3 Date 14.01.2009 Outlook NEG 11%
Fitch A+ Date 07.01.2009 Outlook STABLE
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
13%
P/E 21.1x 89.1x 11.5x 7.8x 8.2x 7.8x 7.1x 54%
EV/EBIT 13.3x 15.1x 8.7x 8.8x - - -
EV/EBITDA 7.7x 6.0x 4.9x 4.8x 4.6x 4.4x 4.2x
P/S 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.3x
P/B 2.6x 1.8x 1.1x 1.0x 0.8x 0.8x 0.8x 14%
Div Yield 2.8% 3.7% 6.1% 8.9% 7.9% 7.9% 8.0% 100%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin - - - - 20.1 20.8 - France
EBITDA Margin 27.2 24.0 22.3 20.8 22.0 22.2 22.5 Italy
Operating Margin 15.7 9.6 12.7 11.3 12.4 12.6 12.8
Transmission
Profit Margin 6.6 1.6 4.6 4.6 4.7 4.8 5.1 United Kingdom
Return on Assets 1.8 0.4 1.3 1.4 2.7 2.7 1.9 Other International
Return on Equity 14.7 3.3 9.7 11.8 10.4 10.5 10.5
Other Activities
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 0.9 0.8 Common Shares Outstanding (M) 1847.7
EBIT/Interest 3.4 2.3 3.6 3.4 Market Capitalization (M) 27307.8
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 1.6 2.1 Total Debt (M) #N/A N/A
Eff Tax Rate % 27.5 55.4 28.7 30.8 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M)
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts Ratings
Electricite de France SA
Target price in EUR
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
35 35
100% 4% 4% 4% 8%
15% 15% 17% 30
22% 24% 25% 30
30%
80% 41% 25
50% 50% 48% 25
46% 20
42% 35%
60% 50% 50%
38% 20 15
45%
50%
10
15
40% 36%
5
10
48% 0
46% 46% 46% 42% 43%
Day by Day
Bryan Garnier & Cie
Morgan Stanley
20%
Barclays
Kepler Capital Markets
Main First Bank AG
S&P Capital IQ
Raymond James
Natixis
Exane BNP Paribas
Macquarie
Credit Suisse
Societe Generale
Nomura
HSBC
DZ Bank AG
EVA Dimensions
AlphaValue
Berenberg Bank
Goldman Sachs
Deutsche Bank
Landesbank Baden-
35% 35% 38%
30% 5
Wuerttemberg
20% 23%
0% 0
févr.12 mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13
Buy Hold Sell Price Target Price
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
31-Jan-13 23% 36% 41% 20-Feb-13 14.77 16.05 Societe Generale VINCENT AYRAL buy 20.00 20-Feb-13
31-Dec-12 30% 45% 25% 19-Feb-13 14.95 16.05 AlphaValue MYRIAM COHEN add 16.00 19-Feb-13
30-Nov-12 20% 50% 30% 18-Feb-13 14.80 16.05 Kepler Capital Markets INGO BECKER reduce 13.00 15-Feb-13
31-Oct-12 38% 38% 24% 15-Feb-13 14.68 16.05 Bryan Garnier & Cie JULIEN DESMARETZ sell 12.00 15-Feb-13
28-Sep-12 43% 35% 22% 14-Feb-13 14.95 16.07 Natixis PHILIPPE OURPATIAN neutral 16.20 15-Feb-13
31-Aug-12 42% 42% 17% 13-Feb-13 14.24 16.07 Exane BNP Paribas BENJAMIN LEYRE outperform 20.00 15-Feb-13
31-Jul-12 46% 46% 8% 12-Feb-13 14.20 16.07 Barclays JULIE ARAV underweight 13.00 15-Feb-13
29-Jun-12 48% 48% 4% 11-Feb-13 14.24 16.07 Goldman Sachs ANDREW MEAD buy/attractive 18.90 8-Feb-13
31-May-12 46% 50% 4% 8-Feb-13 14.16 16.07 Macquarie ATALLAH ESTEPHAN outperform 19.00 7-Feb-13
30-Apr-12 46% 50% 4% 7-Feb-13 13.73 16.09 Berenberg Bank ROBERT CHANTRY hold 14.60 5-Feb-13
30-Mar-12 35% 50% 15% 6-Feb-13 13.78 16.09 Day by Day VALERIE GASTALDY hold 31-Jan-13
29-Feb-12 35% 50% 15% 5-Feb-13 13.90 16.17 Main First Bank AG ANDREAS THIELEN underperform 15.50 29-Jan-13
4-Feb-13 13.92 16.26 S&P Capital IQ CLIVE ROBERTS sell 12.00 28-Jan-13
1-Feb-13 14.21 16.26 EVA Dimensions AUSTIN BURKETT underweight 17-Jan-13
31-Jan-13 14.15 16.45 Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 23.00 15-Jan-13
30-Jan-13 14.41 16.45 Credit Suisse MICHEL DEBS underperform 12.00 11-Jan-13
29-Jan-13 14.59 16.45 Deutsche Bank MARTIN BROUGH sell 12.50 7-Jan-13
28-Jan-13 14.43 16.51 Nomura MARTIN YOUNG buy 18.75 12-Dec-12
25-Jan-13 14.55 16.51 Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 16.50 3-Dec-12
24-Jan-13 14.52 16.51 HSBC ADAM DICKENS neutral 17.00 14-Nov-12
23-Jan-13 14.50 16.51 Raymond James EMMANUEL RETIF market perform 13-Nov-12
22-Jan-13 14.71 16.51 DZ Bank AG HASIM SENGUEL buy 33.00 15-Nov-11
21-Jan-13 14.88 16.51
18-Jan-13 14.58 16.51
17-Jan-13 14.71 16.51
16-Jan-13 14.52 16.51
15-Jan-13 14.67 16.51
14-Jan-13 14.37 16.51
11-Jan-13 13.66 16.51
10-Jan-13 13.89 16.41
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 20.02.2013
Electricite de France SA
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
0%
Shares Outstanding (M) 1847.7 13% France 97.94%
0%
0% 0%0%0%
Float 15.5% United States 1.29% 1% 0%
Short Interest (M) Luxembourg 0.18%
Short Interest as % of Float Canada 0.17%
Days to Cover Shorts Britain 0.09%
Institutional Ownership 87.04% Ireland 0.07%
Retail Ownership 12.96% Spain 0.05%
Insider Ownership 0.00% Others 0.21%
Institutional Ownership Distribution
87% 99%
Government 97.08%
Investment Advisor 2.08%
Mutual Fund Manager 0.83%
Institutional Ownership Retail Ownership Insider Ownership Insurance Company 0.00%
France United States Luxembourg Canada
Pricing data is in EUR Others 0.00% Britain Ireland Spain Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FRENCH STATE 1'561'222'705 0 23'059'259'353 84.44% 31.12.2011 Co File FRANCE 0%
1% 0%
THORNBURG INVESTMENT 7'870'200 -2'229'800 116'242'854 0.43% 31.12.2012 MF-AGG UNITED STATES 2%
NATIXIS ASSET MANAGE 5'682'211 -305'942 83'926'256 0.31% 31.12.2012 MF-AGG FRANCE
VANGUARD GROUP INC 4'291'487 61'401 63'385'263 0.23% 31.12.2012 MF-AGG UNITED STATES
BLACKROCK 2'348'697 2'036 34'690'255 0.13% 15.02.2013 ULT-AGG UNITED STATES
NUVEEN ASSET MANAGEM 2'056'924 -93'060 30'380'767 0.11% 31.01.2013 MF-AGG UNITED STATES
CI INVESTMENTS INC 1'966'710 1'964'810 29'048'307 0.11% 30.06.2012 MF-AGG CANADA
AVIVA PLC 1'574'700 0 23'258'319 0.09% 31.01.2013 MF-AGG BRITAIN
ING INTERNATIONAL AD 1'371'198 -156'801 20'252'594 0.07% 31.07.2012 MF-AGG LUXEMBOURG
ELECTRICITE DE FRANC 1'175'594 0 17'363'523 0.06% 31.12.2011 Co File FRANCE 97%
ALLIANCE BERNSTEIN 1'171'218 5'290 17'298'890 0.06% 31.12.2012 ULT-AGG UNITED STATES
AMUNDI 1'017'724 -66'541 15'031'783 0.06% 28.09.2012 MF-AGG FRANCE
AMUNDI 843'591 0 12'459'839 0.05% 28.09.2012 MF-AGG FRANCE
CI INVESTMENTS INC 763'219 603'463 11'272'745 0.04% 31.08.2012 MF-AGG CANADA Government Investment Advisor Mutual Fund Manager
Insurance Company Others
BANK OF NEW YORK MEL 711'261 0 10'505'325 0.04% 15.02.2013 MF-AGG UNITED STATES
ROTHSCHILD & COMPAGN 680'000 40'000 10'043'600 0.04% 31.12.2012 MF-AGG FRANCE
SANFORD C BERNSTEIN 656'530 0 9'696'948 0.04% 30.11.2012 MF-AGG UNITED STATES
AGICAM 639'382 -5'309 9'443'672 0.03% 30.04.2012 MF-AGG FRANCE
TAUBE HODSON STONEX 610'970 -2'190 9'024'027 0.03% 30.11.2012 MF-AGG BRITAIN
STATE STREET BANQUE 591'042 -27'639 8'729'690 0.03% 31.12.2012 MF-AGG FRANCE
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
GRILLAT ALEXANDRE 328 4'845 0.00% 31.12.2011 Co File
CROUZET PHILIPPE 200 2'954 0.00% 31.12.2011 Co File
JAY MICHAEL HASTIN 200 2'954 0.00% 31.12.2011 Co File
LAFONT BRUNO 150 2'216 0.00% 31.12.2011 Co File
FAUGERE MIREILLE 106 1'566 0.00% 31.12.2011 Co File
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IV
Electricite de France SA
Financial information is in EUR (M) Equivalent Estimates
Periodicity: Fiscal Year 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 72'842 75'945 79'298
- Cost of Goods Sold
Gross Income 14'641 15'797
- Selling, General & Admin Expenses 43'893 38'930 38'403 43'054 49'576 49'646 55'937 49'834 59'080 57'021 64'484
(Research & Dev Costs) 402 389 375 421 438 486 518
Operating Income 4'466 5'989 8'385 7'993 9'356 9'991 7'910 9'306 6'240 8'286 8'245 9'038 9'580 10'138
- Interest Expense 1'986 1'508 1'568 1'556 1'655 1'660 1'684 2'529 2'528 2'017 2'443
- Foreign Exchange Losses (Gains) 96 -24 59 -175 -36 72 66 9 -63 15
- Net Non-Operating Losses (Gains) 983 2'003 5'075 1'844 819 634 933 1'562 1'827 1'703 659
Pretax Income 1'401 2'502 1'683 4'768 6'918 7'625 5'227 5'206 1'948 4'551 5'143 5'056 5'441 5'663
- Income Tax Expense 986 1'567 1'072 1'445 1'146 1'841 1'599 1'432 1'079 1'305 1'586
Income Before XO Items 415 935 611 3'323 5'772 5'784 3'628 3'774 869 3'246 3'557
- Extraordinary Loss Net of Tax 0 0 0 -5 -9 0 -311 -380 0 0
- Minority Interests -66 78 -13 93 172 175 144 183 229 236 241
Diluted EPS Before XO Items 0.53 0.38 1.96 3.07 3.08 1.91 1.97 0.34 1.63 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 3'420 3'635 4'026
EPS Adjusted 0.00 0.00 0.38 1.97 2.33 2.59 2.37 2.14 2.12 1.91 2.29 1.80 1.91 2.09
Dividends Per Share 0.00 0.79 1.16 1.28 1.28 1.15 1.15 1.15 1.25 1.16 1.16 1.18
Payout Ratio % 0.0 0.0 44.6 37.7 41.6 66.8 59.2 331.6 70.6 69.7 0.65 0.61 0.56
Total Shares Outstanding 1'626 1'626 1'822 1'822 1'822 1'819 1'849 1'848 1'848 1'848
Diluted Shares Outstanding 1'626 1'626 1'648 1'822 1'822 1'823 1'824 1'848 1'847 1'842
EBITDA 9'881 12'523 13'227 13'010 14'719 15'619 13'624 16'102 15'688 14'571 15'094 16'058 16'878 17'841
*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 |

5. 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
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 114'074 114'991 115'675 123'524 130'824 134'572 141'338 179'821 176'889 163'727 182'033
+ Long Term Investments 8'569 7'315 8'118 9'012 13'094 15'805 18'103 24'498 24'921 24'517 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
Accumulated Depreciation 85'396 80'037 83'706 86'988 89'541 93'360 97'045 103'540 92'445 96'496
+ 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 27'242 29'320
Total Current Liabilities 33'583 35'356 37'278 39'932 44'922 48'692 58'217 57'177 49'651 50'909 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 24'439 26'204
Total Long Term Liabilities 96'387 91'705 104'212 110'930 109'365 108'661 117'277 148'191 154'005 145'891 161'038
+ 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 91'693 103'436 113'359 103'203 114'058
Total Liabilities 129'970 127'061 141'490 150'862 154'287 157'353 175'494 205'368 203'656 196'800 219'406
+ 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 4'337 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 29'646 24'934
Total Shareholders Equity 14'869 19'839 9'969 20'274 24'799 28'796 24'998 34'667 36'903 34'907 30'712
Total Liabilities & Equity 144'839 146'900 151'459 171'136 179'086 186'149 200'492 240'035 240'559 231'707 250'118
Book Value Per Share 11.64 5.58 10.60 12.79 14.93 12.75 16.17 16.94 16.54 13.99 18.00 17.69 18.86
Tangible Book Value Per Share 7.63 1.48 5.62 7.73 9.62 7.31 5.83 7.94 7.70 4.23
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 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
Cash Flows
Net Income 481 857 624 3'230 5'605 5'618 3'484 3'902 1'020 3'010 3'316 3'449 3'600 3'949
+ 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 1'983 977 987 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 -12'737 -12'808 -13'620
+ 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 -1'230 -809
Cash From Financing Activities 2'157 -1'104 -3'481 6'252 -1'938 -2'067 8'927 15'361 2'305 -1'591 4'613
Net Changes in Cash 1'393 437 621 4'070 -3'912 2'727 -166 1'340 -1'512 115 127
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 -1'844 -1'146 -1'878
Free Cash Flow To Firm 2'221 2'297 3'624 4'355 7'241 3'991 -962 1'269 -3 -1'198 -1'772
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 -1.88
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 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
Ratio Analysis
Valuation Ratios
Price Earnings 16.3x 17.9x 26.5x 21.7x 21.1x 89.1x 11.5x 7.8x 8.2x 7.8x 7.1x
EV to EBIT 9.4x 12.5x 16.4x 14.7x 13.3x 15.1x 8.7x 8.8x
EV to EBITDA 5.8x 7.9x 10.5x 8.5x 7.7x 6.0x 4.9x 4.8x 4.6x 4.4x 4.2x
Price to Sales 1.0x 1.7x 2.5x 1.2x 1.3x 0.9x 0.5x 0.4x 0.4x 0.4x 0.3x
Price to Book 3.0x 4.3x 5.5x 3.3x 2.6x 1.8x 1.1x 1.0x 0.8x 0.8x 0.8x
Dividend Yield 2.5% 2.1% 1.6% 3.1% 2.8% 3.7% 6.1% 8.9% 7.9% 7.9% 8.0%
Profitability Ratios
Gross Margin 20.1% 20.8%
EBITDA Margin 20.4% 27.9% 28.3% 25.5% 25.0% 26.2% 21.3% 27.2% 24.0% 22.3% 20.8% 22.0% 22.2% 22.5%
Operating Margin 9.2% 13.3% 17.9% 15.7% 15.9% 16.8% 12.4% 15.7% 9.6% 12.7% 11.3% 12.4% 12.6% 12.8%
Profit Margin 1.0% 1.9% 1.3% 6.3% 9.5% 9.4% 5.5% 6.6% 1.6% 4.6% 4.6% 4.7% 4.8% 5.1%
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% 2.7% 1.9%
Return on Equity 3.5% 5.2% 4.5% 22.8% 26.3% 22.2% 13.8% 14.7% 3.3% 9.7% 11.8% 10.4% 10.5% 10.5%
Leverage & Coverage Ratios
Current Ratio 0.92 0.90 0.96 1.19 1.07 1.06 1.02 1.05 1.28 1.34 1.17
Quick Ratio 0.48 0.48 0.47 0.88 0.80 0.76 0.43 0.68 0.83 0.86 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 3.65 3.37
Tot Debt/Capital 0.66 0.60 0.75 0.64 0.59 0.55 0.64 0.64 0.59 0.61 0.68
Tot Debt/Equity 1.98 1.49 3.05 1.75 1.42 1.20 1.78 1.77 1.45 1.59 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% 28.7% 30.8%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. Company Analysis - Peers Comparision
VEOLIA
EDF GDF SUEZ E.ON SE RWE AG CENTRICA PLC SSE PLC ENEL SPA IBERDROLA SA ENDESA EDP ELETROBRAS-PR B FORTUM OYJ NATIONAL GRID PL UNITED UTILITIES
ENVIRONNE
Latest Fiscal Year: 12/2012 12/2011 12/2011 12/2011 12/2011 12/2011 03/2012 12/2011 12/2012 12/2011 12/2011 12/2011 12/2012 03/2012 03/2012
52-Week High 19.72 20.35 19.80 37.12 359.20 13.06 1'470.00 3.30 4.59 17.88 2.45 27.08 19.36 722.00 816.00
52-Week High Date 02.03.2012 21.08.2012 14.09.2012 20.03.2012 04.02.2013 16.03.2012 24.12.2012 14.01.2013 21.02.2012 09.01.2013 18.01.2013 22.02.2012 02.03.2012 13.12.2012 14.08.2012
52-Week Low 13.39 14.51 12.42 26.36 290.10 7.38 1'266.00 2.02 2.63 11.30 1.63 7.05 12.81 622.50 590.00
52-Week Low Date 29.11.2012 18.02.2013 08.02.2013 08.02.2013 23.02.2012 16.11.2012 27.02.2012 24.07.2012 26.07.2012 25.07.2012 31.05.2012 22.11.2012 23.07.2012 30.03.2012 12.04.2012
Daily Volume 864'051 1'845'709 8'937'428 1'641'657 3'322'492 1'882'661 976'088 15'425'305 12'558'743 112'252 4'631'629 161'100 2'048'243 3'961'987 1'462'289
Current Price (2/dd/yy) 14.77 14.56 12.89 27.86 352.60 9.40 1'438.00 2.91 3.70 17.25 2.31 11.72 14.60 708.00 735.50
52-Week High % Change -25.1% -28.5% -34.9% -25.0% -1.8% -28.0% -2.2% -11.7% -19.5% -3.5% -5.6% -56.7% -24.6% -1.9% -9.9%
52-Week Low % Change 10.3% 0.3% 3.8% 5.7% 21.5% 27.4% 13.6% 44.3% 40.5% 52.7% 41.8% 66.2% 14.0% 13.7% 24.7%
Total Common Shares (M) 1'847.7 2'213.8 1'905.5 586.6 5'173.2 505.4 944.7 9'403.4 6'138.9 1'058.8 3'624.2 1'352.6 888.4 3'701.0 681.8
Market Capitalization 27'307.8 35'130.7 25'794.9 17'074.0 18'332.5 4'906.6 13'781.8 27'401.4 23'209.0 18'263.5 8'439.3 10'344.7 12'970.2 25'946.0 5'015.3
Total Debt 64'501.0 57'272.0 29'914.0 21'923.0 4'171.0 21'089.2 6'245.6 65'481.0 33'373.0 13'681.0 18'785.1 45'367.2 8'777.0 23'025.0 5'855.2
Preferred Stock - - - - - - - - - 180.0 - - - - -
Minority Interest 4'854.0 17'340.0 3'876.0 1'344.0 - 2'765.4 - 15'650.0 325.0 5'388.0 3'277.2 358.8 616.0 7.0 -
Cash and Equivalents 22'307.0 14'675.0 6'931.0 7'004.0 546.0 5'723.9 189.2 7'015.0 6'575.0 8'440.0 1'731.7 16'610.6 963.0 2'723.0 321.2
Enterprise Value 74'355.8 94'409.7 49'653.9 34'221.0 23'060.5 22'865.6 19'028.1 102'403.4 50'332.0 29'112.5 30'035.2 49'218.0 21'400.2 46'881.0 10'842.1
Valuation
Total Revenue LFY 72'729.0 90'673.0 112'954.0 49'153.0 22'824.0 29'647.3 31'723.9 77'573.0 34'750.1 32'686.0 15'120.9 33'061.4 6'159.0 13'832.0 1'564.9
LTM 72'729.0 95'530.0 125'308.0 49'485.0 23'292.0 30'124.1 31'337.3 82'455.0 34'848.9 33'393.0 16'048.9 40'310.7 6'159.0 13'605.0 1'595.1
CY+1 72'841.7 93'543.0 112'559.6 51'061.5 23'250.8 29'402.8 32'010.7 78'736.1 33'220.0 32'238.6 14'932.7 31'485.0 6'259.3 14'377.7 1'643.6
CY+2 75'945.4 82'709.4 110'835.4 51'956.9 24'184.2 28'166.4 32'902.8 78'524.0 34'381.4 32'363.2 15'273.3 23'364.8 6'459.0 14'862.6 1'700.2
EV/Total Revenue LFY 1.0x 1.1x 0.6x 0.8x 0.9x 0.8x 0.6x 1.3x 1.5x 0.8x 1.9x 1.7x 3.4x 3.3x 6.8x
LTM 1.0x 1.1x 0.5x 0.8x 0.9x 0.8x 0.6x 1.2x 1.5x 0.8x 1.8x 1.4x 3.4x 3.4x 6.7x
CY+1 1.0x 1.0x 0.5x 0.7x 1.0x 0.7x 0.6x 1.1x 1.6x 1.0x 2.0x 0.9x 3.4x 3.3x 6.4x
CY+2 1.0x 1.1x 0.4x 0.7x 0.9x 0.7x 0.6x 1.1x 1.5x 0.9x 1.9x 1.3x 3.3x 3.3x 6.4x
EBITDA LFY 15'094.0 16'071.0 4'269.0 8'286.0 3'310.0 3'805.3 1'946.8 17'198.0 7'193.0 7'265.0 3'754.9 5'866.8 2'403.0 4'777.0 900.0
LTM 15'094.0 16'622.0 4'532.0 7'646.0 2'596.0 3'604.0 2'073.9 19'353.0 7'151.9 7'239.0 3'720.6 6'729.2 2'403.0 4'991.0 905.1
CY+1 16'058.4 17'089.4 10'690.1 8'631.3 3'628.9 2'716.6 2'167.6 16'561.4 7'591.3 7'051.6 3'720.3 6'673.5 2'442.6 5'102.9 965.1
CY+2 16'877.5 14'590.0 9'527.5 8'783.1 3'901.2 2'666.6 2'295.1 16'393.5 7'937.2 6'719.4 3'731.6 3'763.0 2'442.0 5'379.7 1'008.8
EV/EBITDA LFY 4.8x 6.4x 14.6x 4.7x 6.4x 6.0x 9.5x 5.9x 7.4x 3.7x 7.8x 9.4x 8.7x 9.6x 11.9x
LTM 4.8x 6.2x 13.8x 5.1x 8.2x 6.4x 9.0x 5.2x 7.4x 3.7x 7.9x 8.2x 8.7x 9.2x 11.8x
CY+1 4.7x 5.6x 4.8x 4.3x 6.3x 7.4x 9.6x 5.2x 6.8x 4.5x 8.0x 4.1x 8.8x 9.3x 11.0x
CY+2 4.6x 6.1x 5.1x 4.1x 5.8x 7.1x 9.3x 5.2x 6.4x 4.4x 7.8x 8.2x 8.8x 9.1x 10.8x
EPS LFY 1.80 2.04 -0.01 3.35 0.24 -0.89 1.29 0.44 0.47 2.01 0.31 2.76 - 0.51 0.47
LTM 1.80 1.61 -0.01 3.76 0.18 -0.04 0.25 0.37 0.47 1.79 0.30 3.09 1.59 0.64 0.48
CY+1 1.80 1.56 2.21 4.07 0.27 0.41 1.14 0.37 0.40 1.97 0.29 3.23 1.29 0.54 0.40
CY+2 1.91 1.39 1.31 3.95 0.28 0.63 1.17 0.36 0.42 1.77 0.27 1.31 1.26 0.55 0.44
P/E LFY 8.2x 9.0x - 7.4x 19.4x - 58.5x 8.0x 7.8x 9.6x 7.7x 3.8x 9.2x 11.1x 15.5x
LTM 8.2x 8.5x 10.6x 7.4x 9.6x 376.5x 13.1x - 7.8x 9.4x 7.8x 3.8x - 13.0x 15.0x
CY+1 8.2x 9.4x 5.8x 6.8x 13.1x 23.1x 12.6x 7.9x 9.3x 8.8x 8.1x 3.6x 11.3x 13.2x 18.2x
CY+2 7.8x 10.5x 9.9x 7.1x 12.7x 14.9x 12.3x 8.2x 8.8x 9.8x 8.7x 9.0x 11.6x 12.9x 16.9x
Revenue Growth 1 Year 11.4% 7.3% 21.6% (3.1%) 1.8% 3.1% 12.0% 7.8% 9.8% 4.8% 6.7% 10.9% (0.0%) (3.6%) 3.4%
5 Year 6.1% 34.1% 13.3% 6.4% 7.2% (0.3%) 18.0% 18.2% 7.9% 9.3% 9.5% 13.7% 7.7% 8.6% (5.1%)
EBITDA Growth 1 Year 3.6% 1.0% (67.2%) (10.2%) (0.8%) 2.9% 4.9% 2.6% 2.8% (2.8%) 7.0% 10.0% 0.3% (1.4%) 0.0%
5 Year (0.7%) 26.1% (12.7%) 2.6% 11.3% 3.1% 5.7% 16.8% 8.1% 3.0% 10.2% (2.9%) 3.8% 7.5% 0.9%
EBITDA Margin LTM 20.8% 17.4% 3.6% 15.5% 11.1% 12.0% 6.6% 23.5% 20.5% 21.7% 23.2% 16.7% 39.0% 36.7% 56.7%
CY+1 22.0% 18.3% 9.5% 16.9% 15.6% 9.2% 6.8% 21.0% 22.9% 21.9% 24.9% 21.2% 39.0% 35.5% 58.7%
CY+2 22.2% 17.6% 8.6% 16.9% 16.1% 9.5% 7.0% 20.9% 23.1% 20.8% 24.4% 16.1% 37.8% 36.2% 59.3%
Leverage/Coverage Ratios
Total Debt / Equity % 249.4% 91.0% 83.7% 139.3% 74.5% 298.3% 136.2% 168.8% 98.9% 70.9% 231.6% 59.0% 86.0% 249.2%
Total Debt / Capital % 67.7% 41.6% 43.0% 56.2% 42.7% 68.2% 57.7% 54.6% 49.5% 35.5% 62.3% 37.0% 44.8% 71.3%
Total Debt / EBITDA 4.273x 3.980x 6.872x 2.731x 2.207x 5.500x 2.961x 3.401x 4.666x 1.799x 5.549x 7.515x 3.653x 4.830x
Net Debt / EBITDA 2.795x 2.878x 5.863x 2.041x 1.821x 4.238x 2.530x 3.032x 3.747x 0.710x 4.953x 5.746x 3.252x 4.193x
EBITDA / Int. Expense 6.178x 6.400x 1.367x 7.795x 8.193x 4.417x 3.881x 6.247x 4.728x 9.290x 3.460x 1.457x 8.010x 2.040x
Credit Ratings
S&P LT Credit Rating A+ A *- A- BBB+ A- BBB+ A- BBB+ 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 24.11.2000 21.08.2009 08.03.2012 28.11.2012 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 Baa1 A3 Baa2 (P)Baa1 WR Ba1 Baa3 A2 Baa1
Moody's LT Credit Rating Date 14.01.2009 03.07.2012 05.10.2011 19.07.2011 21.06.2006 07.02.2012 22.09.2009 05.11.2012 05.11.2012 25.02.2009 16.02.2012 19.12.2012 15.07.2005 12.01.2007
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |