DR. WILHELM BINDER IMPRESSIONS OF A ... - Kendrion

Realisation of targets
Organic growth
Target > 10% per year
Actual 20.7%
Return on Sales 6 (ROS)
Target > 10.0%
Actual 11.5%
4, 6
Return on invested capital
Target > 17.5%
Actual 22.2%
Other information
In EUR, unless otherwise stated 2011 2010 2009
Number of shares x 1,000 at 31 December 11,492 11,316 11,316
Market capitalisation at 31 December, EUR million 189.6 164.1 105.8
Enterprise value (EV) 215.5 169.3 119.7
Highest share price in the fi nancial year 18.99 15.10 10.30
Lowest share price in the fi nancial year 13.25 8.82 6.59
Share price on 31 December 16.50 14.50 9.35
Average daily ordinary share volume 17,489 13,642 4,230
EBITDA multiple (over EV) 5.39 5.10 9 9.30
Result normalised per share 1.79 1.30 0.37
Share price earnings ratio 9.27 9.93 26.71
1
EBITA excluding amortisation related to acquisitions
(part of other intangible assets).
2
Excluding EC fi ne and a.o. acquisition expenses in 2011
(2010 excluding incidental tax benefi t).
Solvency
3 Working capital and revenue are excluding FAS Controls, Inc.
4
Total invested capital is property, plant and equipment,
intangible assets and current assets less the current tax liabilities,
trade payables and other payables.
Target not below 35%
Actual 40%
Ratio of interest-bearing debt
and EBITDA
Target < 3.00
Actual 0.60
Free cash fl ow 7
5
Net interest-bearing debt, working capital and invested capital
is excluding FAS Controls, Inc.
6
Excluding EC fi ne and a.o. acquisition expenses in 2011.
7 Before cash fl ow relating to acquisitions.
8 Excluding an earn-out liability at year-end 2010.
9 Before Springtime (reorganisation plan).
Target healthy free cash fl ow in
relation to organic growth
in % of net profi t
Actual 71%
Dividend distribution
Target between 35-50% of
net profi t
Actual 35% of normalised
net profi t
annual magazine 2011 >> 39