11.2013 SMT Scharf

	A	B	C	D	E	F	G	H	I	J	K	L
1		2013**	2012*	2011*	2010*	2009	2008	2007	2006		*: Excl. Dosco (12% Revenue; GB11 S.9)
2	Total revenue	63	67.76	72.16	60.72	55	49.7	51.2	48.2		**: Dosco MBO: 2 Mio. Pensions (GB13 S.69):	2
3	Revenue Growth	-0.0702	-0.061	0.1884	0.104	0.1066	-0.0293	0.0622
4	RG MIN MEDIAN MAX	-0.0702	0.0622	0.1884
5	Net income	5.21	10.56	9.68	6.336	5.07	5.2	6	4.3
6	Margin	0.0827	0.1558	0.1341	0.1043	0.0922	0.1046	0.1172	0.0892
7	Margin MIN MEDIAN MAX	0.0827	0.10445	0.1558
8	Shares in Million	4.11	4.15	4.15	3.96	3.84
9
10	r	0.15
11	g	0.0622	Geometric Growth 2011-2006	0.0841	5 Year Cycle
12	M	11.39
13	Earnings Value	74.95
14
15	Cash	11
16	Enterprise Value	85.95
17
18	EVPS	20.91
19	Price	14.99
20	MoS	0.39
21
22	World Coal Production & Consumption (coal price in the EU)
23	Year	Production	Cosumtion	Difference	Production Overlap	$ Price EU	Fitted Price	Correl Diff Price
24	2003	2572.3	2611.8	-39.5	-75.6183475	81.69	1.992439024	-0.1701978256
25	2004	2781.9	2798.5	-16.6	-29.65874576	92.5	2.256097561
26	2005	2942.9	2926.3	16.6	28.36346239	121.52	2.963902439
27	2006	3101.7	3079.5	22.2	36.04481247	92.5	2.256097561
28	2007	3212.3	3204.2	8.1	12.63966045	70.66	1.723414634
29	2008	3326.2	3262.3	63.9	97.93703829	147.67	3.601707317
30	2009	3356	3239	117	180.6112998	88.79	2.165609756
31	2010	3547.8	3469.1	78.7	113.4299963	64.11	1.563658537
32	2011	3767.8	3630.3	137.5	189.3782883	60.54	1.476585366
33	2012	3862.2	3723.7	138.5	185.9709429	72.08	1.758048781
34	2013	3881.4	3826.7	54.7	71.47150286	43.6	1.063414634
35
36	SMT Scharf: Disprove of independence product and sales
37	Year	2013	2012	2011*	2010*	2009	2008	2007	AVG	STDEV
38	Total revenue	63251	76648	68377.99982	50606.99991	53262	49739	51206	59013	10546.31
39	Product	32430	42135	38250.81197	29825.16445	32502	25253	26492	32412.57	6077.64
40	Service	30821	34513	30127.18784	20781.83546	20760	24486	24714	26600.43	5304.97
41	Product Ratio	0.5127191665	0.5497208016	0.5594023235	0.5893485981	0.6102286809	0.5077102475	0.5173612467	0.5494987235	0.0398038959
42	Service Ratio	0.4872808335	0.4502791984	0.4405976765	0.4106514019	0.3897713191	0.4922897525	0.4826387533	0.4505012765	0.0398038959
43	Produkt / Service Korrelation	0.7156002088
44	P-S-Ratio Korrelation	-1
45	*: 2011 & 2010 product and service revenue without DOSCO is guessed
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