Date

Company Name
Ticker
Exchange Rate

4
24-Feb-2011

Diluted Equity Value

Net Cash
Enterprise Value
Valuations/Multiples
Enterprise Value/Sales
EV/Salesx 2012E
EV/Salesx 2011E
EV/Salesx 2010E
EV/Salesx 2009E
EV/Salesx LTM
EV/Salesx 2008
EV/Salesx 2007

1
US Dollars
38.4
41.3
29.25
93%

1
Local
38.3
42.78
26.52
90%

59,554,040
145,886.92
0.00
0.00
0.00
59699926.92

59554040

367,937,640
2.52
0.00
0.00
0.00
367937642.52

In Locals

2292477.19
172,359
2464836.19

Year Ending

7
25-Feb-2011

1
Local
38.4
41.3
29.25
93%

Market Price
52W High
52W Low
Price % of 52W High
Shares outstanding
Shares from in the Money Options
- Warrants
- Convertible Debt
- Convertible Preferred Stocks
Total Diluted Shares

5 6

6.43x
5.65x
4.97x
4.37x
4.24x
3.84x
4.00x

In USD

2292477.194
172359
2464836.19

Calendarised

In Locals

14092.01
2186
16278.01

Year Ending
5.65x
4.97x
4.37x
4.24x
3.84x
4.00x

1.13x
1.21x
1.30x
1.39x
1.39x
1.49x
1.26x

Enterprise Value/EBITDA
EV/EBITDAx 2012E
EV/EBITDAx 2011E
EV/EBITDAx 2010E
EV/EBITDAx 2009E
EV/EBITDAx LTM
EV/EBITDAx 2008
EV/EBITDAx 2007

23.2x
20.4x
17.9x
15.8x
14.9x
13.5x
12.7x

20.4x
17.9x
15.8x
14.9x
13.5x
12.7x

15.1x
16.2x
17.4x
18.6x
18.6x
493.3x
17.0x

Enterprise Value/EBIT
EV/EBITx 2012E
EV/EBITx 2011E
EV/EBITx 2010E
EV/EBITx 2009E
EV/EBITx LTM
EV/EBITx 2008
EV/EBITx 2007

24.5x
21.5x
18.9x
16.6x
15.8x
14.1x
13.3x

21.5x
18.9x
16.6x
15.8x
14.1x
13.3x

19.0x
20.4x
21.9x
23.4x
-107.1x
-107.1x
21.3x

23.56x
23.56x
23.56x
23.56x
21.45x
24.15x
22.72x

23.56x
23.56x
23.56x
21.45x
24.15x
22.72x

31.65x
31.65x
31.65x
31.65x
31.65x
-39.48x
39.08x

Price/Earnings
P/Ex 2012E
P/Ex 2011E
P/Ex 2010E
P/Ex 2009
P/Ex LTM
P/Ex 2008
P/Ex 2007

Financial Year End

Calendarised Effect
Income Statement
Revenue
Sales 2011E
Sales 2010E
Sales 2009
Sales 2008
Sales 2007
Sales LTM

12/31/2010
1.00

In Locals

436,125
496,037
564,178
641,680
615,494
581,771

12/31/2010
1.00

In USD

436,125
496,037
564,178
641,680
615,494
581,771

12/31/2010
1.00

In Locals

13,430
12,530
11,691
10,908
12,879
11,691

EBIT
EBIT 2011E
EBIT 2010E
EBIT 2009
EBIT 2008
EBIT 2007
EBIT LTM

114,465
130,189
148,073
174,596
185,199
156,404

114,465
130,189
148,073
174,596
185,199
156,404

798
745
695
-152
765
-152

D&A
D&A 2011E
D&A 2010E
D&A 2009
D&A 2008
D&A 2007
D&A LTM

6,444
7,329
8,336
8,184
8,637
8,554

6,444
7,329
8,336
8,184
8,637
8,554

204
191
178
185
190
178

120,909
137,518
156,409
182,780
193,836
164,958

120,909
137,518
156,409
182,780
193,836
164,958

1,003
936
873
33
955
26

1.63
1.63
1.63
1.59
1.69
1.79

1.63
1.63
1.63
1.59
1.69
1.79

1.21
1.21
1.21
-0.97
0.98
1.21

12/31/2010
79,548
0
0
0
294
251,613
0
0
251907.00
79,548
172359.00
110%

12/31/2010
79548
0
0
0
294
251613
0
0
251907
79548
172359

9/30/2008
505
0
0
0
0
2,691
0
0
2691
505
2186
250%

EBITDA
EBITDA 2011E
EBITDA 2010E
EBITDA 2009
EBITDA 2008
EBITDA 2007
EBITDA LTM
EPS
EPS 2011E
EPS 2010E
EPS 2009
EPS 2008
EPS 2007
EPS LTM
Balance Sheet
As of Date:
Cash and Cash Equivalent
Marketable Securities
Investments in affiliates
Short Term Debt
Current Portion of long term Debt
Total Long Term Debt (Inc. Convertibles)
Total Preferred Debt (Inc. Convertibles)
Minority Interest
Total Debt
Total Cash and Marketable Securities
Net Debt
Shareholders Equity
Income Statement

For the period ending (Date)

Revenue
Sales 2012E
Sales 2011E
Sales 2010E
Sales 2009
Sales 2008
Sales 2007
Sales LTM
Latest Q1/Q2/Q3
Pre Q1/Q2/Q3
Sales FY Last Year
EBIT
EBIT 2012E
EBIT 2011E
EBIT 2010E
EBIT 2009
EBIT 2008
EBIT 2007
EBIT LTM
Latest Stubs
Previous Stubs
EBIT FY Last Year
D&A
D&A 2012E
D&A 2011E
D&A 2010E
D&A 2009
D&A 2008
D&A 2007
D&A LTM
Latest Stubs
Previous Stubs
D&A FY Last Year
EBITDA
EBITDA 2012E
EBITDA 2011E
EBITDA 2010E
EBITDA 2009
EBITDA 2008
EBITDA 2007
EBITDA LTM
Latest Stubs
Previous Stubs
EBITDA FY Last Year
EPS
EPS 2012E
EPS 2011E
EPS 2010E
EPS 2009
EPS 2008
EPS 2007
EPS LTM
Latest Stubs
Previous Stubs
EPS FY Last Year

12/31/2010
In Locals
383,450
436,125
496,037
564,178
641,680
615,494
581,771
441,070
423,477
564,178
-12%

12/31/2010
In USD
383,450
436,125
496,037
564,178
641,680
615,494
581,771
441,070
423,477
564,178

12/31/2010
In Locals
14,394
13,430
12,530
11,691
10,908
12,879
11,691
0
0
11,691
7%

100,640
114,465
130,189
148,073
174,596
185,199
156,404
122,321
113,990
148,073
26%

100,640
114,465
130,189
148,073
174,596
185,199
156,404
122,321
113,990
148,073
0

856
798
745
695
-152
765
-152
0
0
-152
6%

5,666
6,444
7,329
8,336
8,184
8,637
8,554
6,470
6,252
8,336
1%

5,666
6,444
7,329
8,336
8,184
8,637
8,554
6,470
6,252
8,336
0

219
204
191
178
185
190
178
0
0
178
2%

106,305
120,909
137,518
156,409
182,780
193,836
164,958
128,791
120,242
156,409

106,305
120,909
137,518
156,409
182,780
193,836
164,958
128,791
120,242
156,409

1,075
1,003
936
873
33
955
873
0
0
873

1.63
1.63
1.63
1.63
1.59
1.69
1.79
1.40
1.24
1.63

1.63
1.63
1.63
1.63
1.59
1.69
1.79
1.40
1.24
1.63

1.21
1.21
1.21
1.21
-0.97
0.98
1.21
0.00
0.00
1.21

Dilutive Securities
Options
Market Price
Tranche 1
Exercise Price

38.40 Options and Proceed

27443.00
27443.00
7.99
219269.57

Tranche 2
Exercise Price

181768.00
10.43

181768.00
1895840.24

Tranche 3
Exercise Price

526696.00
26.97

526696.00
14204991.12

Tranche 4
Exercise Price

373447.00
32.47

373447.00
12125824.09

Tranche 5
Exercise Price

334603.00
35.59

334603.00
11908520.77

Tranche 6
Exercise Price

121,137
40.64

0.00
4923007.68

Tranche 7
Exercise Price

93,750
48.73

0.00
4568437.50

Total Options Outstanding

Options Proceed
Diluted Shares
Warrants
Market Price
Tranche 1
Exercise Price
Tranche 2
Exercise Price
Tranche 3
Exercise Price
Tranche 4
Exercise Price
Tranche 5
Exercise Price
Total Options Outstanding
Options Proceed
Diluted Shares
Convertibles Bonds
Market Price
Tranche 1
Exercise Price
Tranche 2
Exercise Price
Tranche 3
Exercise Price

1443957.00
49845890.97
145886.92

20.10
24.1
18

Diluted Shares
Total Convertible debt
Preferred Stocks
Market Price
Tranche 1
Exercise Price
Tranche 2
Exercise Price
Tranche 3
Exercise Price
Diluted Shares
Total Preferred Stocks

89

1
US Dollars
38.3
42.78
26.52
90%
367937640
2.52
0
0
0
367937642.5

In USD

$14,092.01
$2,186.00
$16,278.01

Calendarised

10
25-Feb-2011

11

13

14

1
Local
60.03
65.51
37.10
92%

1
US Dollars
60.03
65.51
37.10
0.92

1
Local
31.29
32.36
19.44
97%

1
US Dollars
31.29
32.36
19.44
97%

192165807 192165807.00
4.39
4.39
0.00
0.00
0.00
0.00
0.00
0.00
192165811.39 192165811.39

173,261,203

0.09
0
0
0
173,261,203

173,261,203
0.089517418
0
0
0
173261203.1

5421.34
3588
9009.34

5421.343045
3588
9009.343045

2.39x
2.58x
2.79x
2.79x
3.01x
2.46x

2.16x
2.22x
2.28x
2.34x
2.40x
2.10x
2.34x

2.16x
2.22x
2.28x
2.34x
2.40x
2.10x
2.34x

In Locals

11535.71
2598.00
14133.71

Year Ending

In USD

$11,535.71
$2,598.00
$14,133.71

Calendarised

1.21x
1.30x
1.39x
1.39x
1.49x
1.26x

2.21x
2.39x
2.58x
2.79x
2.79x
3.01x
2.46x

16.2x
17.4x
18.6x
626.1x
493.3x
17.0x

12.7x
13.7x
14.8x
16.0x
16.0x
42.2x
15.3x

13.7x
14.8x
16.0x
16.0x
42.2x
15.3x

9.3x
9.6x
9.8x
10.1x
11.7x
-13.9x
10.1x

9.34x
9.59x
9.85x
10.11x
11.67x
-13.95x
10.11x

20.4x
21.9x
23.4x
-107.1x
-107.1x
21.3x

18.7x
20.2x
21.8x
23.6x
23.6x
543.6x
23.2x

20.2x
21.8x
23.6x
23.6x
543.6x
23.2x

11.6x
11.9x
12.2x
12.5x
15.2x
-10.9x
12.5x

11.59x
11.90x
12.22x
12.55x
15.17x
-10.85x
12.55x

31.65x
31.65x
31.65x
31.65x
-39.48x
39.08x

36.83x
36.83x
36.83x
36.83x
60.03x
30.02x
44.80x

36.83x
36.83x
36.83x
60.03x
30.02x
44.80x

7.39x
9.41x
11.99x
15.26x
19.43x
-5.17x
15.26x

7.39x
9.41x
11.99x
15.26x
19.43x
-5.17x
15.26x

15

16

12/31/2010
1.00

In USD

13,430
12,530
11,691
10,908
12,879
11,691

12/31/2010
1.00

In Locals

5,913
5,476
5,071
4,696
5,754
5,071

12/31/2010
1.00

12/31/2010
1.00

12/31/2010
1.00

5,913
5,476
5,071
4,696
5,754
5,071

4,061
3,955
3,851
3,750
4,281
3,851

4,061
3,955
3,851
3,750
4,281
3,851

In USD

798
745
695
-152
765
-152

700
648
600
26
610
600

700
648
600
26
610
600

757
737
718
594
-830
718

757
737
718
594
-830
718

204
191
178
185
190
178

332
308
285
309
313
285

332
308
285
309
313
285

182
178
173
178
184
173

182
178
173
178
184
173

1,003
936
873
33
955
26

1,032
956
885
335
923
885

1,032
956
885
335
923
885

940
915
891
772
-646
891

940
915
891
772
-646
891

1.21
1.21
1.21
-0.97
0.98
1.21

1.63
1.63
1.63
0.00
1.34
1.00

1.63
1.63
1.63
0.00
1.34
1.00

3.32
2.61
2.05
1.61
-6.05
2.05

3.32
2.61
2.05
1.61
-6.05
2.05

9/30/2008
505
0
0
0
0
2691
0
0
2691
505
2186

9/30/2008
753
0
0
9
127
2,848
367

9/30/2008
753
0
0
9
127
2848
367
0
3351
753
2598

12/31/2010
156
0
0
223
11
1,427
2,083
0
3744
156
3588

12/31/2010
156
0
0
223
11
1427
2083
0
3744
156
3588

3351
753
2598

12/31/2010
In USD
14,394
13,430
12,530
11,691
10,908
12,879
11,691
0
0
11,691
0

12/31/2010
In Locals
6,385
5,913
5,476
5,071
4,696
5,754
5,071
0
0
5,071
8%

12/31/2010
In USD
6,385
5,913
5,476
5,071
4,696
5,754
5,071
0
0
5,071
0

12/31/2010

12/31/2010

4,171
4,061
3,955
3,851
3,750
4,281
3,851
0
0
3,851
3%

4,171
4,061
3,955
3,851
3,750
4,281
3,851
0
0
3,851

856
798
745
695
-152
765
-152
0
0
-152
0

756
700
648
600
26
610
600
0
0
600
12%

756
700
648
600
26
610
600
0
0
600
0

778
757
737
718
594
-830
718
0
0
718
19%

778
757
737
718
594
-830
718
0
0
718

219
204
191
178
185
190
178
0
0
178
0

359
332
308

285
0
0
285
6%

359
332
308
285
309
313
285
0
0
285
0

187
182
178
173
178
184
173
0
0
173
4%

187
182
178
173
178
184
173
0
0
173

1,075
1,003
936
873
33
955
873
0
0
873

1,114
1,032
956
885
335
923
885
0
0
885

1,114
1,032
956
885
335
923
885
0
0
885

965
940
915
891
772
-646
891
0
0
891

965
940
915
891
772
-646
891
0
0
891

1.21
1.21
1.21
1.21
-0.97
0.98
1.21
0.00
0.00
1.21

1.63
1.63
1.63
1.63
0
1.34
1.00
2.00
1.00
0.00

1.63
1.63
1.63
1.63
0.00
1.34
1.00
2.00
1.00
0.00

4.23
3.32
2.61
2.05
1.61
-6.05
2.05
0.00
0.00
2.05

4.23
3.32
2.61
2.05
1.61
-6.05
2.05
0.00
0.00
2.05

285
309
313

27%
Options and Proceed
24.10
433.80

60.03
Options and Proceed
8.7
8.70
29.72
258.56

31.29 Options and Proceed

0.1
0.10
19.78
1.978

0.00
0.00

0.00
0.00

0.5
27.99

0.50
13.995

0.00
0.00

0.00
0.00

0.6
38.55

0.00
0

0.00
0.00

0.00
0.00

1.4
40.21

0.00
0

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

24.10
433.80
2.52

8.70
258.56
4.39

0.60
15.97
0.09
0

17

18