Financial Analysis - Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity

1. 21.02.2013
Company Analysis - Overview
Ticker: TEC FP Technip SA Benchmark: Technip SA designs and constructs industrial facilities. The Company designs and
EN Paris: TEC, Currency: EUR CAC 40 INDEX (CAC) builds factories which produce and process petroleum products, natural gas, and
Currency:
chemicals, and generate electricity. Technip builds offshore facilities for the petroleum
industry. The Company operates worldwide.
Sector: Energy Industry: Energy Equipment & Services Year:
Telephone 33-1-4778-2400 Revenue (M) 8'204 Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)
Website www.technip.com No of Employees 30'000 Onshore/Offshore 3841 Europe, Russia, Central Asia 1749
Address 89 Avenue de la Grande Armee Paris, 75116 France Subsea Umbilicals, Risers and Flowlines - SURF 2972 Americas 1562
Share Price Performance in EUR Middle East 1510
Price 82.34 1M Return 1.4% Africa 1061
52 Week High 92.36 6M Return -6.5% Asia - Pacific 932
52 Week Low 69.21 52 Wk Return 4.3%
52 Wk Beta 1.03 YTD Return -5.2%
Credit Ratings
Bloomberg IG5
S&P BBB+ Date 27.05.2010 Outlook STABLE 14%
Moody's - Date - Outlook - 25%
Fitch - Date - Outlook -
Valuation Ratios 16%
44%
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E 30.9x 17.6x 15.5x - 14.5x 11.7x 10.9x 56%
EV/EBIT 5.2x 9.8x 10.1x - - - -
EV/EBITDA 4.2x 8.0x 8.1x - 7.5x 6.2x 5.8x
P/S 0.8x 1.2x 1.2x - 1.0x 0.9x 0.8x 23%
P/B 2.0x 2.3x 2.2x - 2.1x 1.9x 1.7x 22%
Div Yield 2.7% 2.1% 2.2% - 2.3% 2.7% 2.8%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 17.7 19.5 18.9 - 18.5 19.4 20.1 Onshore/Offshore Europe, Russia, Central Asia
EBITDA Margin 12.9 12.6 13.0 - 13.2 14.1 14.2 Americas
Operating Margin 10.5 10.2 10.4 - 10.7 11.5 11.2
Profit Margin 2.6 6.9 7.4 6.6 7.4 8.2 8.4 Middle East
Return on Assets 2.0 4.4 4.7 - 7.3 8.7 - Subsea Umbilicals, Risers and Flowlines - Africa
Return on Equity 6.6 14.2 14.9 - 16.5 18.0 17.7 SURF
Asia - Pacific
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 1.0 1.0 1.0 - Current Capitalization in EUR
Quick Ratio 0.8 0.8 0.7 - Common Shares Outstanding (M) 108.7
EBIT/Interest 22.5 17.2 18.4 - Market Capitalization (M) 9299.0
Tot Debt/Capital 0.2 0.4 0.4 - Cash and ST Investments (M) 2287.3
Tot Debt/Equity 0.3 0.6 0.6 - Total Debt (M) 2103.8
Eff Tax Rate % 52.2 30.2 29.3 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 13.0
Enterprise Value (M) 9128.5
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts Ratings
Technip SA
Target price in EUR
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
120 140
100%
12% 8% 8% 8% 12%
15% 15% 15% 15% 14% 14% 13%
120
100
80%
27% 31%
22% 23% 100
23% 38% 38% 35% 27% 23% 25% 25%
80
80
60%
60 60
40% 40
63% 63%
40
62% 62% 62% 58% 62% 61% 61%
54% 54% 54% 20
20%
20
0
Day by Day
Morgan Stanley
Genuity Corp
Barclays
Raymond
Main First Bank
S&P Capital IQ
CA Cheuvreux
DNB Markets
Natixis
Securities(ESN)
Fox-Davies
Liberum Capital
Kepler Capital
RBC Capital
JPMorgan
Macquarie
Oddo & Cie
RS Platou
ABN Amro Bank
Exane BNP
Generale
HSBC
Nomura
AlphaValue
Dimensions
Goldman Sachs
Societe
Markets
Canaccord
James
Paribas
Capital
Markets
Markets
CM - CIC
0% 0
EVA
N.V.
AG
Ltd
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 63% 23% 13% 21-Feb-13 82.34 99.74 Societe Generale GUILLAUME DELABY buy 107.00 21-Feb-13
31-Dec-12 61% 25% 14% 20-Feb-13 78.95 99.95 Goldman Sachs HENRY TARR neutral/neutral 94.00 21-Feb-13
30-Nov-12 61% 25% 14% 19-Feb-13 80.00 99.95 RBC Capital Markets KATHERINE TONKS outperform 105.00 21-Feb-13
31-Oct-12 63% 22% 15% 18-Feb-13 79.68 99.95 JPMorgan ANDREW DOBBING overweight 114.00 21-Feb-13
28-Sep-12 62% 23% 15% 15-Feb-13 80.02 99.95 HSBC PHILLIP LINDSAY overweight 106.00 21-Feb-13
31-Aug-12 58% 27% 15% 14-Feb-13 78.45 99.95 CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 98.00 21-Feb-13
31-Jul-12 54% 35% 12% 13-Feb-13 78.89 99.95 Oddo & Cie JEAN-FRANCOIS GRANJON buy 93.00 21-Feb-13
29-Jun-12 54% 38% 8% 12-Feb-13 78.14 99.45 Canaccord Genuity Corp JAMES EVANS buy 107.00 21-Feb-13
31-May-12 54% 38% 8% 11-Feb-13 78.38 98.74 Main First Bank AG BERND POMREHN outperform 100.00 21-Feb-13
30-Apr-12 62% 23% 15% 8-Feb-13 79.99 97.80 AlphaValue GAETAN DUPONT reduce 80.40 21-Feb-13
30-Mar-12 62% 31% 8% 7-Feb-13 80.20 97.37 ABN Amro Bank N.V. MARK VAN DER GEEST hold 83.00 21-Feb-13
29-Feb-12 62% 27% 12% 6-Feb-13 81.00 97.50 Exane BNP Paribas ALEXANDRE MARIE neutral 92.00 19-Feb-13
5-Feb-13 81.25 97.50 CA Cheuvreux GEOFFROY STERN outperform 90.00 15-Feb-13
4-Feb-13 80.80 97.50 DNB Markets EIRIK RONOLD MATHISEN buy 105.00 12-Feb-13
1-Feb-13 81.00 97.50 Natixis ANNE PUMIR buy 95.00 7-Feb-13
31-Jan-13 79.86 97.72 Nomura CHRISTYAN MALEK neutral 90.00 29-Jan-13
30-Jan-13 77.47 97.72 S&P Capital IQ CHRISTINE TISCARENO buy 96.00 29-Jan-13
29-Jan-13 83.37 97.72 Macquarie DAVID FARRELL outperform 94.00 25-Jan-13
28-Jan-13 83.57 99.21 Barclays MICK PICKUP overweight 116.00 25-Jan-13
25-Jan-13 84.82 98.25 Day by Day VALERIE GASTALDY hold 24-Jan-13
24-Jan-13 83.30 97.62 Morgan Stanley ROBERT PULLEYN Overwt/Attractive 121.00 18-Jan-13
23-Jan-13 82.89 97.78 EVA Dimensions CRAIG STERLING sell 17-Jan-13
22-Jan-13 81.28 97.78 RS Platou Markets GORAN ANDREASSEN buy 95.00 15-Jan-13
21-Jan-13 81.20 97.78 Raymond James BERTRAND HODEE underperform 80.00 8-Nov-12
18-Jan-13 81.70 97.78 Liberum Capital Ltd ANDREW WHITTOCK hold 78.70 26-Oct-12
17-Jan-13 82.09 98.40 Kepler Capital Markets TEAM COVERAGE buy 101.00 27-Apr-12
16-Jan-13 82.77 98.40 Fox-Davies Capital PAUL SINGER hold 2-Aug-11
15-Jan-13 82.17 98.40
14-Jan-13 80.76 98.40
11-Jan-13 80.24 98.68
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 21.02.2013
Technip SA
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
0%
Shares Outstanding (M) 108.7 United States 44.22%
Float 88.8% France 33.72% 3% 1% 4%
4%
Short Interest (M) Luxembourg 5.33%
Short Interest as % of Float 39% Britain 5.23% 5%
Days to Cover Shorts Norway 3.80% 44%
5%
Institutional Ownership 60.99% Switzerland 2.55%
Retail Ownership 38.96% 61% Germany 1.17%
Insider Ownership 0.05% Others 3.99%
Institutional Ownership Distribution 34%
Investment Advisor 71.03%
Government 11.91%
Mutual Fund Manager 10.93%
Institutional Ownership Retail Ownership Insider Ownership Corporation 5.44%
United States France Luxembourg Britain
Pricing data is in EUR Others 0.69% Norway Switzerland Germany Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
CAPITAL GROUP COMPAN 10'888'250 -1'555'250 896'538'505 9.64% 31.12.2012 ULT-AGG UNITED STATES 5% 1%
BLACKROCK 8'753'684 379'586 720'778'341 7.75% 20.02.2013 ULT-AGG UNITED STATES
CAISSE DES DEPOTS ET 5'929'398 0 488'226'631 5.25% 31.12.2011 Co File FRANCE 11%
AMUNDI 4'146'278 601'110 341'404'531 3.67% 15.05.2012 Research FRANCE
BNP PARIBAS INV PART 3'942'407 -160'916 324'617'792 3.49% 30.11.2012 ULT-AGG FRANCE
NATIXIS 3'361'789 0 276'809'706 2.98% 31.12.2011 Co File FRANCE
OPPENHEIMERFUNDS INC 3'219'635 0 265'104'746 2.85% 31.12.2011 Co File UNITED STATES 12%
IFP ENERGIES NOUVELL 2'830'917 0 233'097'706 2.51% 31.12.2011 Co File FRANCE
71%
NORGES BANK INVESTME 2'750'873 0 226'506'883 2.44% 31.12.2011 Co File NORWAY
VANGUARD GROUP INC 2'152'163 139'045 177'209'101 1.91% 31.12.2012 MF-AGG UNITED STATES
NATIXIS ASSET MANAGE 1'816'844 -203'806 149'598'935 1.61% 31.12.2012 MF-AGG FRANCE
AXA INVESTMENT MANAG 1'673'439 0 137'790'967 1.48% 31.12.2011 Co File BRITAIN
CAUSEWAY CAPITAL MAN 1'596'029 0 131'417'028 1.41% 31.12.2011 Co File UNITED STATES
CREDIT SUISSE 1'326'090 0 109'190'251 1.17% 31.12.2011 Co File SWITZERLAND Investment Advisor Government Mutual Fund Manager
Corporation Others
ALLIANZ ASSET MANAGE 1'309'685 -6'160 107'839'463 1.16% 31.01.2013 ULT-AGG GERMANY
T ROWE PRICE ASSOCIA 1'259'670 0 103'721'228 1.12% 31.12.2011 Co File UNITED STATES
ALLIANCE BERNSTEIN 1'190'548 0 98'029'722 1.05% 31.12.2011 ULT-AGG UNITED STATES
GRYPHON 1'132'066 0 93'214'314 1.00% 31.12.2011 Co File UNITED STATES
WILLIAM BLAIR & COMP 950'406 158'316 78'256'430 0.84% 31.12.2012 13F UNITED STATES
FMR LLC 757'901 -53'277 62'405'568 0.67% 31.12.2012 ULT-AGG UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
PILENKO THIERRY 44'900 3'697'066 0.04% 29.02.2012 Co File
HAUSER GERARD 1'700 139'978 0.00% 29.02.2012 Co File
APPERT OLIVIER 904 74'435 0.00% 29.02.2012 Co File
O'LEARY JOHN C G 800 65'872 0.00% 29.02.2012 Co File
COLOMBANI PASCAL 400 32'936 0.00% 29.02.2012 Co File
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IV
Technip 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 4'452 4'711 5'141 5'376 6'927 7'887 7'481 6'456 6'082 6'813 8'204 9'246 10'416 11'054
- Cost of Goods Sold 6'202 7'245 6'342 5'314 4'897 5'526
Gross Income 724 641 1'140 1'142 1'185 1'287 1'707 2'024 2'222
- Selling, General & Admin Expenses 4'366 4'597 4'907 5'145 364 374 483 465 565 577
(Research & Dev Costs) 37 33 30 29 35 42 45 54 57 65
Operating Income 87 114 234 231 360 267 657 677 620 710 990 1'199 1'234
- Interest Expense 16 12 18 30 30 42 38 30 36 39
- Foreign Exchange Losses (Gains) 13 3 7 10 6 21 -21 35 -9 -33
- Net Non-Operating Losses (Gains) 45 36 40 48 28 -1 -8 238 -1 -8
Pretax Income 13 63 168 144 296 205 648 373 595 711 974 1'206 1'318
- Income Tax Expense 46 82 54 44 94 77 194 195 179 209
Income Before XO Items -33 -19 114 100 202 128 454 179 415 503
- Extraordinary Loss Net of Tax 0 0 0 5 0 0 0 0 0 0 0
- Minority Interests -4 1 2 2 2 2 6 8 -2 -5
Diluted EPS Before XO Items 0.28 1.00 1.88 1.20 4.25 1.59 3.81 4.41
Net Income Adjusted* -29 -20 112 98 200 136 448 356 418 519 547 686 851 929
EPS Adjusted (0.27) (0.21) 1.18 0.98 1.88 1.32 4.30 3.30 3.81 4.70 4.47 5.70 7.02 7.56
Dividends Per Share 1.24 1.24 0.83 0.92 1.05 1.20 1.20 1.35 1.45 1.58 1.91 2.22 2.33
Payout Ratio % 71.1 92.5 55.7 102.0 28.5 84.4 38.3 33.9 0.33 0.32 0.31
Total Shares Outstanding 93 94 95 97 105 104 106 106 107 109
Diluted Shares Outstanding 114 117 116 115 106 105 105 107 110 117 122
EBITDA 348 346 369 374 520 430 808 831 766 884 1'224 1'468 1'566
*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 7084.6001 8762.09961 3079.9 3919.6 4645.7 4635.5 4542.8 4660.2 5751.4 5808.5
+ Cash & Near Cash Items 642 782 695 1'566 612 586 477 516 779 919
+ Short Term Investments 96 110 739 622 1'791 1'816 1'927 2'141 2'327 1'890
+ Accounts & Notes Receivable 726 756 349 440 584 783 1'124 1'061 1'277 1'280
+ Inventories 81 74 87 101 134 174 226 215 222 255
+ Other Current Assets 5'540 7'041 1'210 1'191 1'525 1'277 788 727 1'148 1'465
Total Long-Term Assets 3'518 3'246 3'338 3'377 3'418 3'464 3'589 3'910 4'471 5'624
+ Long Term Investments 12 6 3 12 17 38 27 34 26 30
Gross Fixed Assets 1'604 1'499 1'471 1'592 1'690 1'844 1'936 2'414 2'777 3'843
Accumulated Depreciation 743 761 735 821 932 1'026 991 1'220 1'305 1'534
+ Net Fixed Assets 861 739 737 771 758 818 945 1'195 1'472 2'308
+ Other Long Term Assets 2'645 2'502 2'598 2'595 2'643 2'608 2'617 2'681 2'972 3'285
Total Current Liabilities 7'198 8'749 2'905 3'817 4'666 4'965 4'656 4'783 5'673 5'811
+ Accounts Payable 721 783 853 978 1'658 1'866 1'704 1'476 1'862 2'135
+ Short Term Borrowings 301 226 192 214 186 44 26 28 681 544
+ Other Short Term Liabilities 6'176 7'740 1'861 2'625 2'822 3'055 2'926 3'279 3'130 3'132
Total Long Term Liabilities 1'365 1'312 1'651 1'512 981 937 980 1'070 1'347 1'948
+ Long Term Borrowings 946 903 1'409 1'305 677 653 734 845 1'092 1'544
+ Other Long Term Borrowings 419 409 242 207 304 284 246 225 255 404
Total Liabilities 8'563 10'061 4'556 5'329 5'647 5'903 5'636 5'853 7'020 7'759
+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0
+ Minority Interest 16 9 10 14 16 18 22 30 22 22
+ Share Capital & APIC 1'322 1'372 1'349 1'412 1'685 1'722 1'793 1'794 1'834 1'976
+ Retained Earnings & Other Equity 701 566 503 542 716 457 680 893 1'346 1'676
Total Shareholders Equity 2'039 1'947 1'861 1'968 2'417 2'197 2'496 2'717 3'202 3'673
Total Liabilities & Equity 10'603 12'008 6'418 7'297 8'063 8'099 8'132 8'570 10'222 11'432
Book Value Per Share 21.65 20.53 19.47 20.08 22.92 20.89 23.28 25.28 29.62 33.58 38.38 43.55 48.76
Tangible Book Value Per Share -6.58 -5.92 -6.53 -5.12 -0.21 -2.31 0.60 2.62 6.94 8.62
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 -29 -20 112 93 200 126 448 170 418 507 692 867 975
+ Depreciation & Amortization 261 232 135 143 160 163 151 154 146 174
+ Other Non-Cash Adjustments 9 17 61 39 -8 -97 83 48 -24 101
+ Changes in Non-Cash Capital 193 119 90 618 594 634 -227 262 -501 -131
Cash From Operating Activities 433 349 398 894 947 826 455 634 38 652
+ Disposal of Fixed Assets 112 105 6 19 40 1 3 1 2 3
+ Capital Expenditures -124 -122 -119 -167 -151 -250 -389 -413 -361 -339 -453 -449 -414
+ Increase in Investments -0 -3 -1 -0 -0 -115 -13
+ Decrease in Investments 31 2 17 3 20 2 2 20 1
+ Other Investing Activities 0 30 -33 2 -9 55 -27 -19 -54 -609
Cash From Investing Activities 19 11 -128 -145 -120 -174 -411 -429 -508 -958
+ Dividends Paid -80 -77 -130 -32 -142 -275 -125 -128 -144 -156
+ Change in Short Term Borrowings -161 -65 0 0
+ Increase in Long Term Borrowings 795 77 673 51 76 22 128 110 969 888
+ Decrease in Long Term Borrowings -952 -97 -242 -141 -82 -198 -49 -26 -74 -755
+ Increase in Capital Stocks 12 0 26 64 30 37 72 1 40 35
+ Decrease in Capital Stocks 0 0 -23 -20 -368 -86 -2
+ Other Financing Activities -88 -45 -9 83 -126 -152 -69 92 131 -3
Cash From Financing Activities -474 -208 296 5 -612 -653 -43 50 920 9
Net Changes in Cash -22 151 566 754 215 -1 0 255 451 -297
Free Cash Flow (CFO-CAPEX) 308 226 279 727 796 575 66 221 -323 312 392 606 788
Free Cash Flow To Firm 268 223 292 747 816 601 92 235 -298 340
Free Cash Flow To Equity 102 245 716 656 830 400 147 306 574 448
Free Cash Flow per Share 2.88 2.41 2.96 7.59 7.54 5.54 0.62 2.08 -3.03 2.89
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 115.3x 49.2x 27.4x 44.7x 5.1x 30.9x 17.6x 15.5x 14.5x 11.7x 10.9x
EV to EBIT 24.4x 19.9x 14.6x 18.6x 10.9x 15.0x 1.1x 5.2x 9.8x 10.1x
EV to EBITDA 6.1x 6.6x 9.2x 11.5x 7.5x 9.3x 0.9x 4.2x 8.0x 8.1x 7.5x 6.2x 5.8x
Price to Sales 0.4x 0.4x 0.6x 0.9x 0.8x 0.7x 0.3x 0.8x 1.2x 1.2x 1.0x 0.9x 0.8x
Price to Book 0.8x 1.0x 1.7x 2.5x 2.3x 2.6x 0.9x 2.0x 2.3x 2.2x 2.1x 1.9x 1.7x
Dividend Yield 7.3% 5.8% 2.4% 1.8% 2.0% 2.2% 5.5% 2.7% 2.1% 2.2% 2.3% 2.7% 2.8%
Profitability Ratios
Gross Margin 10.5% 8.1% 15.2% 17.7% 19.5% 18.9% 18.5% 19.4% 20.1%
EBITDA Margin 7.8% 7.3% 7.2% 7.0% 7.5% 5.5% 10.8% 12.9% 12.6% 13.0% 13.2% 14.1% 14.2%
Operating Margin 1.9% 2.4% 4.5% 4.3% 5.2% 3.4% 8.8% 10.5% 10.2% 10.4% 10.7% 11.5% 11.2%
Profit Margin -0.7% -0.4% 2.2% 1.7% 2.9% 1.6% 6.0% 2.6% 6.9% 7.4% 6.6% 7.4% 8.2% 8.4%
Return on Assets -0.3% -0.2% 1.2% 1.4% 2.6% 1.6% 5.5% 2.0% 4.4% 4.7% 7.3% 8.7%
Return on Equity -1.4% -1.0% 5.9% 4.9% 9.2% 5.5% 19.3% 6.6% 14.2% 14.9% 16.5% 18.0% 17.7%
Leverage & Coverage Ratios
Current Ratio 0.98 1.00 1.06 1.03 1.00 0.93 0.98 0.97 1.01 1.00
Quick Ratio 0.20 0.19 0.61 0.69 0.64 0.64 0.76 0.78 0.77 0.70
Interest Coverage Ratio (EBIT/I) 5.46 9.82 12.70 7.67 11.96 6.44 17.42 22.48 17.18 18.38
Tot Debt/Capital 0.38 0.37 0.46 0.44 0.26 0.24 0.23 0.24 0.36 0.36
Tot Debt/Equity 0.61 0.58 0.86 0.77 0.36 0.32 0.30 0.32 0.55 0.57
Others
Asset Turnover 0.39 0.42 0.56 0.78 0.90 0.98 0.92 0.77 0.65 0.63
Accounts Receivable Turnover 6.69 6.36 9.31 13.63 13.53 11.54 7.85 5.91 5.20 5.33
Accounts Payable Turnover 4.73 4.13 3.58 3.34 2.94 2.78
Inventory Turnover 52.69 47.03 31.72 24.07 22.42 23.22
Effective Tax Rate 356.2% 130.0% 32.2% 30.3% 31.8% 37.6% 29.9% 52.2% 30.2% 29.3%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. Company Analysis - Peers Comparision
AKER SOLUTIONS SBM OFFSHORE SCHLUMBERGER WOOD GROUP
TECHNIP SA CIE GENERALE DE SUBSEA 7 SA SAIPEM SPA HALLIBURTON CO HELIX ENERGY SOL PETROFAC LTD AMEC PLC PETROLEUM GEO SEADRILL LTD
A NV LTD (JOHN
Latest Fiscal Year: 12/2012 12/2011 12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2011 12/2012 12/2011 12/2012 12/2012 12/2011
52-Week High 92.36 25.76 148.39 40.12 43.96 124.60 16.41 82.00 883.50 25.49 1'784.00 1'189.00 104.50 246.90
52-Week High Date 22.10.2012 09.10.2012 02.04.2012 17.09.2012 14.02.2013 25.01.2013 08.03.2012 14.02.2013 19.10.2012 14.02.2013 20.04.2012 14.03.2012 02.11.2012 21.08.2012
52-Week Low 69.21 15.58 106.91 18.61 26.28 72.20 7.73 59.12 649.00 14.90 1'324.00 914.00 64.30 188.50
52-Week Low Date 04.06.2012 04.06.2012 25.06.2012 30.01.2013 26.06.2012 26.06.2012 20.11.2012 26.06.2012 26.06.2012 26.06.2012 27.06.2012 01.06.2012 26.06.2012 04.06.2012
Daily Volume 1'210'954 1'059'002 1'447'616 2'231'494 8'851'289 757'884 2'558'627 6'397'047 573'571 1'476'885 1'356'007 1'428'656 2'068'517 1'408'521
Current Price (2/dd/yy) 82.34 20.29 132.90 20.40 40.47 108.30 10.35 78.53 793.50 23.00 1'572.00 1'032.00 94.20 207.10
52-Week High % Change -10.8% -21.2% -10.4% -49.2% -7.9% -13.1% -36.9% -4.2% -10.2% -9.8% -11.9% -13.2% -9.9% -16.1%
52-Week Low % Change 19.0% 30.3% 24.3% 9.6% 54.0% 50.0% 33.9% 32.8% 22.3% 54.4% 18.7% 12.9% 46.5% 9.9%
Total Common Shares (M) 108.7 159.2 338.7 441.4 929.0 270.5 189.1 1'328.0 371.3 105.3 340.1 300.7 217.8 467.8
Market Capitalization 9'299.0 3'579.0 46'753.4 9'005.6 37'555.6 29'674.2 1'957.6 104'307.9 2'961.1 2'422.8 5'437.4 3'065.7 20'516.8 97'181.9
Total Debt 2'087.9 1'501.0 893.4 4'278.0 4'820.0 7'691.0 2'531.0 11'630.0 230.5 1'019.2 77.2 176.0 916.8 10'428.0
Preferred Stock - - - - - - - - - - - - - -
Minority Interest 21.7 67.5 51.5 148.0 25.0 157.0 71.3 107.0 10.0 - 3.1 4.0 0.0 325.0
Cash and Equivalents 2'808.7 410.7 803.4 1'029.0 2'484.0 1'214.0 748.3 6'274.0 226.6 437.1 1'602.0 275.0 393.3 507.0
Enterprise Value 9'128.5 4'941.2 8'621.6 13'532.6 39'916.6 36'308.2 4'438.5 109'770.9 4'633.1 3'004.9 7'520.7 2'970.7 4'149.6 28'129.4
Valuation
Total Revenue LFY 8'203.9 2'267.7 5'476.5 13'369.0 28'503.0 44'922.0 3'695.2 42'149.0 5'666.8 846.1 5'800.7 4'158.0 1'518.3 4'191.0
LTM 8'203.9 2'594.7 6'103.3 13'369.0 28'503.0 44'922.0 3'695.2 42'841.0 6'547.2 1'293.3 6'331.4 4'158.0 1'518.3 4'208.0
CY+1 9'246.1 2'720.7 6'243.0 13'566.9 29'769.0 49'190.0 4'005.2 46'176.7 6'838.8 1'074.3 6'437.8 4'256.4 1'754.0 4'385.8
CY+2 10'416.4 3'559.7 6'756.9 14'063.2 32'970.3 54'738.2 4'028.9 51'872.0 7'292.4 1'223.5 6'765.6 4'538.8 1'992.6 5'040.5
EV/Total Revenue LFY 1.2x 2.2x 1.5x 1.6x 1.2x 0.8x 1.2x 2.3x 0.7x 3.3x 1.2x 0.7x 2.8x 7.0x
LTM 1.2x 1.9x 1.4x 1.6x 1.2x 0.8x 1.2x 2.3x 0.6x 2.1x 1.1x 0.7x 2.8x 7.0x
CY+1 0.9x 1.8x 1.4x 1.0x 1.3x 0.7x 1.2x 2.3x 0.7x - 1.2x 0.7x 2.4x 6.4x
CY+2 0.8x 1.4x 1.2x 0.9x 1.2x 0.6x 1.2x 2.0x 0.6x - 1.2x 0.6x 2.1x 5.9x
EBITDA LFY 883.5 596.1 870.8 2'207.0 5'787.0 4'739.0 - 11'020.0 396.0 52.7 764.0 363.0 777.3 2'315.0
LTM 1'012.6 753.5 1'050.1 2'186.0 5'787.0 4'701.0 - 11'055.0 460.5 361.5 888.8 363.0 777.3 2'382.0
CY+1 1'224.1 844.1 1'137.7 1'540.5 6'184.6 5'332.1 873.1 12'404.7 511.3 391.5 924.7 368.8 1'000.8 2'441.5
CY+2 1'467.8 1'200.4 1'274.6 1'973.7 7'544.0 6'490.9 929.0 14'531.9 596.0 468.5 1'088.9 410.8 1'149.4 2'903.3
EV/EBITDA LFY 10.9x 8.5x 9.7x 9.5x 6.0x 7.8x - 8.8x 10.4x 52.3x 8.8x 8.0x 5.5x 12.6x
LTM 9.5x 6.7x 8.1x 9.4x 6.0x 7.9x - 8.8x 8.9x 7.6x 7.6x 8.0x 5.5x 12.3x
CY+1 7.1x 5.8x 7.5x 8.6x 6.4x 6.6x 5.3x 8.7x 9.0x - 8.4x 7.8x 4.2x 11.5x
CY+2 5.5x 4.0x 6.6x 6.3x 5.1x 5.3x 5.0x 7.1x 7.4x - 7.2x 6.9x 3.6x 10.3x
EPS LFY 0.00 -0.21 1.26 2.04 3.02 8.30 - 4.16 0.40 0.49 1.57 0.82 0.15 -
LTM 4.59 0.40 2.14 2.05 3.08 8.25 -0.46 4.19 0.33 1.57 1.82 0.67 0.86 2.18
CY+1 5.70 0.74 1.65 1.00 3.02 9.69 2.17 4.74 0.84 1.46 1.85 0.88 1.56 2.67
CY+2 7.02 1.73 1.62 1.65 3.96 12.77 2.46 5.83 1.00 1.86 2.08 0.98 2.00 3.22
P/E LFY 17.9x 51.8x 11.0x 9.9x 13.1x 13.1x - 18.7x 36.3x 14.6x 13.2x 15.4x 19.4x 16.8x
LTM 25.1x 51.8x 11.0x - 13.1x 13.2x - 18.7x 24.3x 14.6x 13.3x 12.6x - -
CY+1 14.5x 27.1x 14.3x 20.3x 13.4x 11.2x 6.3x 16.6x 14.4x 15.7x 12.9x 11.8x 10.7x 13.7x
CY+2 11.7x 11.6x 14.5x 12.3x 10.2x 8.5x 5.6x 13.5x 12.1x 12.4x 11.5x 10.5x 8.3x 11.4x
Revenue Growth 1 Year 20.4% 3.7% 131.2% 6.2% 14.8% 25.9% 17.1% 14.0% 38.7% (39.5%) 33.2% 27.5% 21.1% 4.4%
5 Year 3.4% 3.1% 35.4% 8.3% 14.5% 3.1% 6.7% 14.7% 11.5% (1.8%) 26.2% 12.5% 11.0% 29.1%
EBITDA Growth 1 Year - 2.5% 81.8% 5.0% (5.1%) 36.8% - 12.5% 39.0% (92.2%) 19.8% 29.2% 44.2% 11.4%
5 Year 11.2% 5.1% 23.6% 14.0% 7.5% 3.9% - 5.5% 7.3% (40.3%) 30.8% 22.7% (0.8%) 42.5%
EBITDA Margin LTM 12.8% 29.0% 17.2% 16.4% 20.3% 10.5% - 25.8% 7.0% 28.0% 14.0% 8.7% 51.2% 56.6%
CY+1 13.2% 31.0% 18.2% 11.4% 20.8% 10.8% 21.8% 26.9% 7.5% 36.4% 14.4% 8.7% 57.1% 55.7%
CY+2 14.1% 33.7% 18.9% 14.0% 22.9% 11.9% 23.1% 28.0% 8.2% 38.3% 16.1% 9.1% 57.7% 57.6%
Leverage/Coverage Ratios
Total Debt / Equity % 57.2% 51.1% 15.5% 79.1% 30.6% 65.1% 172.3% 33.5% 11.7% 71.8% 6.9% 16.3% 47.7% 174.5% FALSE
Total Debt / Capital % 36.2% 33.3% 13.3% 43.5% 23.4% 39.1% 62.2% 25.0% 10.5% 41.8% 6.5% 14.0% 32.3% 62.3% FALSE
Total Debt / EBITDA 2.078x 2.044x 0.861x 1.957x 0.833x 1.636x - 1.052x 0.624x 2.819x 0.075x 0.485x 1.180x 4.730x FALSE
Net Debt / EBITDA -0.181x 1.699x 0.303x 1.957x 0.404x 1.378x - 0.484x 0.233x 1.610x -0.872x -0.273x 0.674x 4.410x FALSE
EBITDA / Int. Expense 22.889x 4.716x 21.554x 18.112x 19.419x 10.132x - 32.412x 28.905x 0.800x 115.768x 45.375x 20.569x 7.847x FALSE
Credit Ratings
S&P LT Credit Rating BBB+ BB- - - A - - A+ - B+ - - BB - FALSE
S&P LT Credit Rating Date 27.05.2010 29.11.2012 - - 20.08.2007 - - 11.12.2002 - 19.09.2011 - - 02.12.2010 - FALSE
Moody's LT Credit Rating - Ba3 *- - - A2 - - A1 - B3 - - Ba2 - FALSE
Moody's LT Credit Rating Date - 25.09.2012 - - 01.05.2007 - - 03.06.2003 - 05.08.2009 - - 16.11.2011 - FALSE
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