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Industry Rankings

Automotive and Supply

The Automotive Top Ten, 2004–2008

1

Astra International

2

UMW

3

Scania

4

Hero Honda

5

MAN

6

Hankook Tire

7

Daihatsu

8

Yokohama Rubber

9

Volkswagen

10

Sumitomo Rubber

Indonesia

21.1

3.9

24

6

–10

5

Malaysia

16.5

1.6

19

4

–3

5

Sweden

15.7

7.9

12

6

–6

4

India

15.5

3.3

14

–5

2

4

Germany

13.2

8.0

2

11

–7

3

South Korea

13.0

1.8

14

–6

6

2

Japan

11.5

3.7

12

3

–8

1

Japan

10.4

1.6

7

1

–5

3

Germany

9.3

21.6

6

2

–10

4

Japan

7.7

2.2

6

–6

7

2

  • #

    Company

Market

Sales

value3

Growth

($billions)

(%)

Margin

change4 Multiple

Dividend

change

yield

(%)

(%)

(%)

TSR Deco

mposition1

Location

TSR (%)

2

Share change (%)

0

  • 3 0 0 0 1 0 1

  • 1

  • 2

Net debt change (%)

  • 4

  • 5

  • 1 1 4

  • 5 4 4 8 1

2009 TSR5 (%)

131.7 17.6 1.2 72.0 17.0 8.8 15.4 8.7 33.1 0.8

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 47 global companies with a market valuation greater than $1.5 billion. 1Contribution of each factor shown in percentage points of five-year average annual TSR; apparent discrepancies with TSR totals due to rounding. 2Average annual total shareholder return, 2004–2008. 3As of December 31, 2008. 4Change in EBITDA multiple. 5As of June 30, 2009.

TSR contribution (%)

Enterprise value/EBITDA (x)

Dividend/stock price (%)

10

8

6

Value Creation at the Automotive Top Ten Versus Industry Sample, 2004–2008

3.7

4.3

3.9

2.8

2.4

2.6

2.4

1.8

’04

’05

’06

’07

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. 1Industry calculation based on aggregate of entire sample. 2Share change and net debt change not shown. 3Industry calculation based on sample average.

ƒ

’07

’08

EBITDA margin1

8

0 ’03

118

168

181

183

176

112

143

79

’04

’05

’06

’07

’08

124

127

6 ’03

4

2

5.2

3.4

12

11.1

11.5

11.0

11.3

5.8

5.4

3.4

4.1

4.3

4.3

2.7

’05

’06

’07

’08

Sales growth

EBITDA multiple1

132

141

EBITDA/revenue (%) 13.5

14

’04

’05

’06

’07

Dividend yield

3

Simplified five-year TSR decomposition2

6.5

Sales

Margin

Multiple

growth

change

change

Sales index (2003=100) 150

’06

4.9

3.4

’04

0 ’03

10

’05

Total sample, n = 47

12.2

Automotive top ten

11.1

11.4

11.0

11.3

100

124

50 ’03

’04

Dividend yield

0 ’03

Total shareholder return

200

5

0

  • 5

  • 10

100

105

112

112

114

3

2

373

100

  • 7

100

106

6

4

2

5.2

3.6

TSR index (2003=100) 400

300

245

100

100

  • 6

1

7

6

3

12.9

11.4

’08

1.9

1.1

’08

  • 

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