Philips-Presentation

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Philips-Presentation Powered By Docstoc
					Presented by Gavin Yates and Michael O’Sullivan
 Industrials Sector Manager: Rory McDonagh
              Date: January 20th 2011
Company Profile
Company Description                                                            Share Price Performance LTM
                                                                               27
Koninklijke Philips Electronics N.V. is the parent company of the Philips
Group. Philips' activities in the field of health and well-being are
                                                                               25
organized on a sector basis, which includes Healthcare, Consumer
Lifestyle and Lighting.
                                                                               23
The Group Management & Services sector provides the operating sectors
with support through shared service centers.
                                                                               21
As of December 31, 2009, Philips had 127 production sites in 29
countries, and sales and service outlets in approximately 100 countries.
                                                                               19
In 2009, the Company underwent a significant strategy revision stripping
down operations and refocusing the cash generation and cost
                                                                               17
management resulting in free cash flow increases of 11%, despite difficult
economic conditions.
                                                                               15
The Company will continue to make strategic acquisitions throughout
2011                                                                            Jan/10          Mar/10      May/10     Jul/10     Sep/10       Nov/10

                                                         Source: Worldscope                                                                      Source: Reuters
Key Financials & Recent Acquisitions                                           Revenue Breakdown by Segment and Region
Price (€)                      24.70         P/E                      12.6
Market Cap (€)               24.47bn         P/E 2012                 11.2
                                                                                                      29%     Emerging Markets                      30%
52 week range (€)        27.01/20.34         Dividend Yield         3.10%           34%                          Lighting         36%
                                                                                                              Other mature
Beta                             1.12                                                                            Consumer Lifestyle
                                                                                                              North America
                                                                                                                 Healthcare
     Date                  Target                         Segment                                             Western Europe                         5%
Dec 2010                   NCW Holdings Ltd.                    Lighting                        37%
                                                                                                                                           29%
Oct 2010                         Discus Dental        Consumer Lifestyle
                                                                    29%
                                                      34%                            Lighting
Sep 2010                       Wheb Sistemas                 Healthcare                                                            Emerging Markets
Aug 2010         Burton Medical Products Corp.                  Lighting             Consumer Lifestyle                            Other mature           36%
                                                                                     Healthcare                                    North America
Jul 2010             Shanghai Apex Electronics               Healthcare
                                                                                                                                   Western Europe
Feb 2010                         Luceplan SpA                   Lighting
                                                                37%
                                                  Source: Reuters, Bloomberg                                                               Source: Annual Report
                                                                                                                                                                   29%
Business Description
The Business                                                               Lighting
                 Philips Electronics is a diversified Health and Well-                      Philips is the world’s leader in Lighting. Philips
                 being company, focused on improving people’s lives                         provides advanced energy-efficient solutions for all
                 through timely innovations. As a world leader in                           segments: road lighting, office & industrial,
                 healthcare, lifestyle and lighting, Philips integrates                     hospitality and home - and has been instrumental in
                 technologies and design into people-centric solutions,                     enhancing sustainability through innovations in
based on fundamental customer insights and the brand promise of            lighting technology.
“sense and simplicity”.                                                    Philips is also a leader in shaping the future with exciting new lighting
Philips employs approximately 118,000 employees in more than 60            applications and technologies such as LED technology. Philips
countries worldwide. With sales of €23 billion in 2009, the company        Lighting employs approximately 51,000 people worldwide.
is a market leader in cardiac care, acute care and home healthcare,        Philips is number one in lamps in Europe, Latin America and Asia
energy efficient lighting solutions and new lighting applications, as      Pacific and number two in North America; in Automotive lighting,
well as lifestyle products for personal well-being and pleasure with       and are leading in Europe, Latin America, Japan and Asia Pacific.
strong leadership positions in flat –screen TV, male shaving and           2009 Highlights
grooming, portable entertainment and oral healthcare.                      Sales: €6.5bn        2.2% EBITA      €591m cash flows before financing

Healthcare                                                                 Consumer Lifestyle
                 Philips simplifies healthcare by focusing on the people                   Guided by the brand promise of “sense and simplicity”
                 in the care cycle – patients and care providers.                          and the consumer insights, Philips Consumer Lifestyle
                 Through combining human insights and clinical                             offers rich, new consumer experiences that meet
                 expertise, Philips aim to improve patient outcomes                        consumers’ desire for relaxation and improving their
                 while lowering the burden on the healthcare system.                       state of mind. Philips also responds to the consumer's
Advanced healthcare solutions are a fundamental part of the                desire for wellness and pleasure by introducing products that meet
portfolio for both healthcare professionals and consumers, to meet         the individual’s interests in terms of their body and appearance.
the needs of patients in hospitals and at home. Philips Healthcare         Philips Consumer Lifestyle employs approximately 18,400 people
employs approximately 34,000 people worldwide.                             worldwide.
Philips is the world’s largest home healthcare company, being              Philips is number one in the electric shavers and male grooming
number one in: Monitoring systems, Automated External                      category globally.
Defibrillators, Cardiac Ultrasound, Cardiovascular X-ray.                  Philips is one of the leading flat-TV brands globally.
2009 Highlights                                                            2009 Highlights
Sales: €7.8bn       10.8% EBITA       €876m cash flows before financing    Sales: €8.5bn       4% EBITA        €587m cash flows before financing
SWOT Analysis
Strengths                                                         Weaknesses
• Established global leader in Healthcare, Consumer Lifestyle     • Inefficient use of capital and balance sheet – over
  and Lighting goods                                                capitalised (net cash position)
• Global footprint – Sales and service outlets in over 100        • Business sub-optimally structured – cyclical Consumer
  countries with 127 production sites                               Lifestyle and Lighting could potentially be spun off from
• Very strong exposure to emerging market growth – 32% of           defensive Healthcare
  revenues                                                        • Philips has not demonstrated itself to be a growth
• Very strong balance sheet – free cash flow of €1.5bn (after       company in the past and this legacy could be somewhat
  dividend) and forecasted €800m net cash position for 2010         difficult to overcome
• 2008/09 business restructuring led to a streamlined business,   • Big exposure to staid healthcare markets, particularly in
  increasing free cash flow by 3.7% and productivity by 5.6%        the US. Despite high margins, top-line growth expected
                                                                    to be difficult in coming years.


Opportunities                                                     Threats

• Strong EM exposure, particularly Brazil, India and China will   • Potential for future margin erosion in LED lighting
  provide opportunities to drive top line growth in all sectors   • Slowdown in growth in developed and developing economies
• Strong focus on environmentally friendly products exposes       • Overpaying for acquisitions, as they have in the past
  Philips favourably to a growing emphasis on energy              • Healthcare exposure to reduced government spending – 41%
  conservation                                                      of total profits
• Strong net cash position supports aggressive expansion via
  acquisitions
• New management team set to take over in April 2011
Ownership and Management
Key Issues                                                           Commitment to Shareholder value
• In the process of a management shake-up which has been a           • Management has reaffirmed its commitment to creating
  major headwind for the share price, due to uncertainty. New          shareholder value into the future, and there is widespread
  CEO to begin n April 2011.                                           expectations from brokers that this will involve share-buy-backs or
• Company currently involved in a share-buy-back program,              dividend increases.
  which is currently suspended, and this would allow for             • The company is currently involved in a €5bn share-buy-back
  increased shareholder value.                                         programme, which was suspended in January., and there is €1,.7bn
• Management has been restructuring its portfolio through              remaining. In the period 2005-2008 the company repurchased
  disposals, where the proceeds have been re-invested in its           28% of outstanding equity.
  three operating segments of the group.                             • With the strong balance sheet Philips, the proceeds from cutting
• In the downturn Philips’ management managed to reduce fixed          costs and disposals, and a healthy dividend cover of 2.6x there is
  costs by 2.5% of sales . They have further restructuring charges     large scope to increase dividends.
  of €200m guided for 2010, which suggests there will be             • That said Philips’ is looking to drive top-line growth in increase
  additional savings in 2011.                                          market share, particularly in emerging markets.

Management Restructuring                                             Value of the Philips brand
• The Current CEO Kleisterlee is set to retire in this spring. He    • A significant amount of sales comes from the brand alone, through
  will be succeeded by Frans Van Houten, who took up the COO           the three main operating segments.
  position in January.                                               • With a 7% brand value increase in 2010, Philips outpaced the
• Van Houten has a strong record in Philips but as a restructurer      average increase of 4%shown by other brands.
  his appointment has been considered a surprise to many due to      • 78% of employees are proud to work for Philips
  Philips’ commitment to a growth strategy.
• There is a number of management shake ups taking place in
  the company. The widely popular CFO Sivignon will step down,
  as will the head of consumer lifestyle Andrea Ragnetti.
• Much of these management issues have been a headwind to
  the share price, due to uncertainty, but with the new team to
  be in place in April 2011 we see this being a positive for the
  share price.
                                                                                                                Source: Q3 results presentation
Current Management
Board of Management                                                                  Pierre-Jean Sivignon
                                                                                     CFO, Executive Vice President, Member of the Group Management Committee
The executive management of Philips is entrusted to its Board of Management                           Mr. Sivignon is CFO, Executive VP, Member of the Group Management
under the chairmanship of the President/CEO and consists of at least three                            Committee of Philips since May 1, 2005. After graduating Mr. Sivignon
members (currently five). The members of the Board of Management have                                 enrolled in the French Navy in 1978. Upon completion of his military
collective powers and responsibilities. They share responsibility for the                             service, he took a position as External Auditor for the firm of Peat
management of the Company, the deployment of its strategy and policies, and the                       Marwick Mitchell and worked there until 1982. From 1982 to 2001, he
achievement of its objectives and results.                                           worked for the Schlumberger Group. In 2001 he moved to Faurecia SA to become CFO.
                                                                                     He joined Philips' Board of Management in May 2005, becoming the Group’s Executive
Gerard Kleisterlee                                                                   VP and CFO.
President & CEO, Chairman of the Management Board, Chairman of the
Management Committee
                                                                                     Steve Rusckowski
                                                                                     Executive Vice-President and CEO Philips Healthcare
                  Mr. Kleisterlee has been Chairman of the Board of Management,
                                                                                                      Mr. Rusckowski is Executive VP and CEO of Philips Healthcare since
                  President/CEO and Chairman of the Group Management
                                                                                                      April 2007. Before joining Philips, Mr. Rusckowski held numerous
                  Committee of Philips since April 30, 2001. He joined Philips'
                                                                                                      management positions with the healthcare division of Hewlett-
                  Medical Systems division in 1974, where he held a number of
                                                                                                      Packard/Agilent Technologies. He was General Manager of Agilent’s
                  positions. From 1981 to 1986 he was General Manager of Philips’
                                                                                                      Healthcare Solutions Group when Philips
Professional Audio Product Group. Mr. Kleisterlee joined Philips Components in
                                                                                     acquired this business in 2001. Mr. Rusckowski was previously CEO of the Imaging
1986 as Industrial Director for Display Components and was appointed Managing
                                                                                     Systems business group of Philips Medical Systems. Mr. Rusckowski was appointed CEO
Director of Philips Display Components worldwide in 1994. In2001, he was
                                                                                     of Philips Medical Systems and Member of the Group Management Committee on
appointed President & CEO of Philips and Chairman of the Board of Management
                                                                                     November 1, 2006. On April 1, 2007 he became Member of the Board of Management.
and the Group Management Committee.
                                                                                     Mr. Rusckowski holds a Bachelor of Science in Mechanical Engineering from Worcester
                                                                                     Polytechnic Institute and a degree in management science from the MIT.
Gottfried Dutiné
Executive Vice President & Member of the Management Group Committee                  Rudy Provoost
                  Dr. Dutine is Executive VP is a Member of the Group management     Executive Vice-President and CEO Philips Lighting, Member of the Group Management
                  Committee of Philips since March 28, 2002. Dr. Dutine began his    Committee
                  industrial career in 1979 at Rockwell-Collins GmbH in Frankfurt,                    Mr. Provoost is Executive VP and CEO Philips Lighting of Philips since
                  where he was appointed Director of Engineering. In 1984 he                          April 2008. He is Member of the Board of Management since April
                  joined Motorola Inc and became Group Director Product                               2006, and Member of the Group Management Committee since
Operations of its European Communications Group. In 1989 he moved to Robert                           August 2003. Mr. Provoost began his career in 1984 with Procter &
Bosch GmbH in Stuttgart where he served as President and CEO of the Mobile                            Gamble in Management Systems 1987, he joined Canon Belgium .In
Communications Division. Dr. Dutine joined Philips as of February 1, 2002 and was    1989, he was appointed GM Marketing for all business operations. In 1992, Mr.
appointed Member of the Board of Management as per March 28, 2002. Dr.               Provoost joined Whirlpool as MD for Belgium. He was named VP Consumer Services for
Dutine holds a diploma in Electrical Engineering and a Ph.D. in Communications       Europe in 1993, and became senior officer of Whirlpool Corporation and, successively,
Technology from the University of Darmstadt, Germany.                                Vice President Group Sales in 1994, VP Group Marketing and VP Whirlpool Brand Group
                                                                                     for Europe. In October 2000, he joined Philips as Executive VPof Consumer Electronics.
                                                                                     He was appointed CEO of Global Sales and Services for Consumer Electronics, as well as
                                                                                     Senior VP in August 2003
New Additions to the Management Team
Frans van Houten                                                              Ron Wirahadiraksa
Nominated as President/Chief Executive Officer (CEO) and Chairman             Nominated as Chief Financial Officer (CFO) and member of the Board of
of the Board of Management, effective April 2011                              Management, effective April 2011
                           Frans van Houten started his career with the                                Ron Wirahadiraksa is Executive Vice President and
                           company in 1986 in marketing and sales at                                   Chief Financial Officer of Philips Healthcare.
                           Philips Data Systems and held several leadership                            Before joining Philips in 2008, Mr. Wirahadiraksa was
                           positions within the company. He became CEO                                 President and Chief Financial Officer of LG.Philips
                           of Airvision, an in-flight entertainment startup                            LCD. As Joint Representative Director he was also an
                           in the United States in 1992, and was appointed                             Executive Member of the Board of Directors.
                           vice president international sales and                                      While at LG.Philips LCD, Mr. Wirahadiraksa established
                           operations of Philips Kommunikations Industrie                              the Chief Financial Officer position and Investor
in Germany in 1993. In 1996 Mr. van Houten joined Philips’ Consumer           Relations function. He led the 2004 IPO at the NYSE and KSE and other major
Electronics division for which he led the region Asia Pacific, Middle East    funding transactions, handled several multi-billion dollar capital expenditure
and Africa, based in Singapore.                                               projects and supported the significant growth and market leadership of the
In 2002, he became co-CEO of the Consumer Electronics division and was        company.
appointed member of Philips’ Group Management Committee in 2003. In
2004, Mr. van Houten was appointed CEO of Philips Semiconductors and          Prior to LG.Philips LCD, Mr. Wirahadiraksa held financial executive roles for
in 2006 joined Philips’ Board of Management until the spin out and            Philips in various businesses and regions, including Vice President and Chief
creation of NXP Semiconductors in September of that year. Prior to re-        Financial Officer of the Philips Flat Display Systems business group.
joining Philips, Mr. van Houten was leading a project to separate ING
Group’s banking and insurance operations as an independent advisor to         Mr. Wirahadiraksa graduated with a Doctoral in Business Economics from The
ING’s management board.                                                       Free University of Amsterdam, the Netherlands. He also graduated as a
                                                                              Certified Registered Controller.
Mr. van Houten was born in the Netherlands in 1960 and holds a Masters
degree in Economics and Business Management from the Erasmus                  Mr. Wirahadiraksa will succeed Pierre-Jean Sivignon per March 31, 2011 as the
University in Rotterdam, The Netherlands.                                     Chief Financial Officer of Royal Philips Electronics.
 Mr. van Houten is a member of the European Round Table of
Industrialists since October 2010.

On July 8, 2010, Philips announced Mr. van Houten as its next President
and CEO, succeeding Mr. Gerard Kleisterlee in April 2011.
As of January 1, 2011, Mr. van Houten assumed the position of Chief
Operating Officer (COO) within Philips.
Investment Thesis
Why we are looking to add Philips to our portfolio
• We are looking to add Philips to our portfolio with a 12 month target price of €29.00, below the €30.50 JPM and €34.00 Goldman
  Sachs targets
• With a low beta, high dividend yield and strong balance sheet Philips fits perfectly as a core component of our buy-and-hold
  portfolio. The strong balance sheet allows for potential increase in dividends/share buy-backs
• Currently trading at a low valuation (P/E at 12.6x) to peers and historic multiples, Philips seems to be a good value stock to add to
  our portfolio
• As a leader many of its market segments, Philips offers us a low downside risk, high market cap investment.
• Philips is posed to benefit from the improvement in the macroeconomic outlook. It has significant exposure to EM (32%), where
  most growth comes from. Germany (a core market) has likewise proved resilient and is expected to maintain its recovery
• Brokers note that the peers that are exposed to positive trends are trading at a premium to Philips. These trends include the EM
  exposure and the investment in LED and energy efficiency, along with the recovery in non-residential construction.



Short-Term Catalysts                                                    Upcoming News Flow
• Philips has underperformed the market and much of its peers. It
  has underperformed the S&P by 13% in the last 6 months. We feel       • Fourth quarter and annual results 2010
  this is due to a number of headwinds which are now disappearing.             -24th January 2011
• There a number of catalysts which could be a significant driver of
  the stock price in the coming months, such as Q4 results, where       • Release of annual report 2010
  analysts expectations are conservative, and the replacing of                  -17th February 2011
  management.                                                           • Frans Van Houten takes over as CEO
• The changeover of management has created significant
                                                                                - April 2011
  uncertainty in the company lately but we believe that worries are
  overdone as the new management is ready.                              •Q1 Results 2011
• Further broker upgrades are likely with the improvement of macro             - 18th April 2011
  conditions and the likelihood of increase in dividends or buybacks
                                                                                                               Source: Philips Investor Relations
Competitors
Siemens (Frankfurt)                                            Hitachi (NYSE-ADR)
• Siemens AG is engaged in electronics and electrical          • Hitachi, Ltd. (Hitachi) is engaged in developing a
  engineering.                                                   diversified product mix ranging from electricity
• Siemens operates in six segments: Industry, Energy,            generation systems to consumer products and
  Healthcare, Equity Investments, Siemens IT Solutions and       electronic devices.
  Services and Siemens Financial Services (SFS).               • The Company operates in 11 segments: Information &
                                                                 Telecommunication Systems, Power Systems, Social
                                                                 Infrastructure & Industrial System, Electronic Systems
                                                                 & Equipment, Construction Machinery, High
                                                                 Functional Materials & Components, Automotive
                                                                 Systems, Components & Devices, Digital Media &
                                                                 Consumer Products, Financial Services and Others.


General Electric (NYSE)                                        Schneider Electric (Paris)

• General Electric Company (GE) is a diversified technology,   • Schneider Electric SA is a France-based company
  media and financial services company.                          that specializes in electricity distribution and
• The Company operates through five segments: Energy             automation management.
  Infrastructure, Technology Infrastructure, NBC Universal     • The Company has eight segments: Automation and
  (NBCU), Capital Finance and Consumer & Industrial.             Control, Electrical Distribution, Installation Systems
                                                                 & Control, Building Automation & Security, Critical
                                                                 Power & Cooling Services, Restriction of Hazardous
                                                                 Substances (RoHS) Compliance, Services, Training.
Discounted Cash Flow




                       Source: Philips Annual Report
Comparable Company Analysis
                                           Price to:                                                Enterprise Value:
                      LTM EPS      2010E EPS      2011E EPS      2012E EPS    2009A EBITDA     2010E EBITDA 2011E EBITDA 2012E EBITDA
Siemens                  20.07 x        16.63 x       13.85 x        12.04 x         11.94 x            8.75 x         7.77 x    6.88 x
Hitachi                  11.34 x       -18.99 x         9.43 x         9.00 x         2.22 x            2.58 x         1.90 x    1.73 x
General Electric         20.33 x        17.48 x       14.50 x        12.06 x         27.12 x          27.10 x         27.10 x   27.10 x
Schneider Electric       24.37 x        17.93 x       14.37 x        12.89 x         17.14 x          12.18 x         10.43 x    9.65 x
Mean                     19.02 x         8.26 x       13.04 x        11.50 x         14.61 x          12.65 x         11.80 x   11.34 x
Median                   20.20 x        17.05 x       14.11 x        12.05 x         14.54 x          10.47 x          9.10 x    8.27 x
High                     24.37 x        17.93 x       14.50 x        12.89 x         27.12 x          27.10 x         27.10 x   27.10 x
Low                      11.34 x       -18.99 x         9.43 x         9.00 x         2.22 x            2.58 x         1.90 x    1.73 x
Koninklijke Philips      18.35 x        12.76 x       12.30 x        10.94 x         22.91 x            9.08 x         8.28 x    7.45 x


                                       EBITDA Margin
                       2009        2010A/E       2011E            2012E
Siemens                  13.04%       13.19%        14.84%           16.40%
Hitachi                   7.60%         7.27%        9.54%           10.07%
General Electric         13.38%       14.00%        14.52%           14.53%
Schneider Electric       12.94%       15.15%        16.27%           16.78%
Mean                     11.74%       12.40%        13.79%           14.45%
Median                   12.99%       13.59%        14.68%           15.47%
High                     13.38%       15.15%        16.27%           16.78%
Low                       7.60%         7.27%        9.54%           10.07%
Koninklijke Philips       4.53%       10.36%        10.94%           11.57%
5 Year Income Statement
                                         12/31/09   12/31/08   12/31/07   12/31/06          12/31/05
Net Sales or Revenues                    23189.00   26385.00   26793.00   26976.00          30395.00
Cost of Goods Sold                       13215.00   16425.00   16762.00   17821.00          19011.00
Depreciation, Depletion & Amortization    1348.00    1094.00     788.00     764.00           1456.00
Gross Income                              8626.00    8866.00    9243.00    8391.00           9928.00
Selling, General & Admin Expenses         7524.00    7894.00    7437.00    7293.00           8428.00
Operating Expenses - Total               22099.00   25413.00   24987.00   25878.00          28895.00
Operating Income                          1090.00     972.00    1806.00    1098.00           1500.00
Non-Operating Interest Income               45.00     140.00     236.00     490.00             99.00
Earnings Before Interest And Taxes         745.00     338.00    4744.00    1556.00           2176.00
Interest Expense On Debt                   297.00     246.00     279.00     339.00            289.00
Pretax Income                              448.00      92.00    4465.00    1217.00           1887.00
IncomeTaxes                                100.00     286.00     622.00     137.00            586.00
Minority Interest                           14.00       3.00       5.00       4.00             31.00
Equity In Earnings                          76.00      19.00     763.00     157.00           1681.00
Net Income Before Extra                    410.00     179.00    4601.00     919.00           2868.00
Extr Items & Gain(Loss) Sale of Assets       0.00       7.00     433.00    4464.00              0.00
Net Income Before Preferred                410.00     186.00    4168.00    5383.00           2868.00
Preferred Dividend Requirements              0.00       0.00       0.00       0.00              0.00
Net Income Available to Common             410.00     179.00    4601.00     919.00           2868.00
                                                                             Source: Thompson Banker One
5 Year Balance Sheet
ASSETS                                     12/31/09    12/31/08    12/31/07    12/31/06        12/31/05
Cash And ST Investments                     4,679.00    3,994.00    9,044.00    6,513.00        5,436.00
Receivables (Net)                           3,983.00    4,289.00    4,670.00    4,773.00        5,155.00
Total Inventories                           2,913.00    3,371.00    3,203.00    2,880.00        3,480.00
Other Current Assets                            0.00      837.00      568.00      508.00          723.00
Current Assets - Total                     11,909.00   12,866.00   17,831.00   14,962.00       15,106.00
Property Plant & Equipment - Net                3252        3484        3180        3099            4893
Total Investments                               N/A         N/A         N/A         N/A             N/A
Other Assets                               13,066.00   14,473.00    9,208.00    8,044.00        5,755.00
Total Assets                               29,284.00   32,488.00   35,372.00   37,353.00       32,338.00
LIABILITIES & SHAREHOLDERS' EQUITY         12/31/09    12/31/08    12/31/07    12/31/06        12/31/05
Accounts Payable                            2,775.00    2,992.00    3,372.00    3,450.00        3,550.00
ST Debt & Current Portion of LT Debt          627.00      717.00    2,345.00      863.00        1,167.00
Income Taxes Payable                          118.00      152.00      155.00      640.00          551.00
Other Current Liabilities                   3,780.00    4,276.00    2,981.00    3,191.00        3,963.00
Current Liabilities - Total                 8,050.00    8,928.00    9,633.00    9,130.00       10,375.00
Long Term Debt                              3,640.00    3,441.00    1,212.00    3,006.00        3,320.00
Other Liabilities                           1,929.00      991.00      585.00      741.00        1,044.00
Total Liabilities                          14,640.00   16,199.00   13,646.00   14,225.00       15,340.00
Shareholders' Equity
Minority Interest                              49.00       46.00       42.00      131.00          332.00
Preferred Stock                                 0.00        0.00        0.00        0.00            0.00
Common Equity                              14,595.00   16,243.00   21,684.00   22,997.00       16,666.00
Retained Earnings                          15,947.00   20,577.00   25,559.00   22,085.00       21,710.00
Total Liabilities & Shareholders' Equity   29,284.00   32,488.00   35,372.00   37,353.00       32,338.00
                                                                                Source: Thompson Banker One
Bull and Bear Case




        €31.50       €28.42   €22.5

        [+29%]       [+17%]   [-8%]