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35 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

73.7

3.6

11

21

7

3

–3

36

–2.5

53.2

9.3

18

28

4

4

1

–1

4.8

38.8

9.0

25

18

–15

6

–1

6

47.8

38.8

38.6

20

6

7

2

–1

4

6.7

37.6

21.4

27

23

–18

1

1

3

21.5

31.1

36.7

25

–2

5

2

–1

3

61.4

21.9

3.2

10

5

–3

1

–1

9

6.3

21.5

17.5

13

8

–3

0

2

2

29.0

16.1

44.0

8

4

1

3

–1

1

–4.1

15.4

2.2

6

4

–7

1

–1

12

–4.5

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 58 global companies with a market valuation greater than $2 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.

2009 TSR5

1

OCI

South Korea

2

K+S

Germany

3

Israel Chemicals

Israel

4

Monsanto

United States

5

PotashCorp

Canada

6

Reliance Industries

India

7

FMC

United States

8

Syngenta

Switzerland

9

Bayer

Germany

10

Tokuyama

Japan

TSR Deco

mposition1

change4 Multiple

Dividend

yield

Chemicals

Market value3

Sales

Margin

Growth

change

Share

Net debt

change

change

The Chemicals Top Ten, 2004–2008

  • #

    Company

Location

TSR

2

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

Total shareholder return

TSR index (2003=100) 600

558

135

196

176

238

113

140

135

’04

’05

’06

’07

’08

400

0 ’03

200

100

100

295

340

Sales growth

100

113

100

100

108

145

138

Sales index (2003=100) 200

150

127

121

50 ’03

’04

’05

’06

164

163

’07

196

184

’08

17.3

19.1

17.9

19.5

16.3

15.9

14.9

15.1

’04

’05

’06

’07

5 ’03

10

EBITDA margin1

15

14.8

EBITDA/revenue (%) 25

20

16.4

23.7

13.4

’08

ƒ

Simplified five-year TSR decomposition2

TSR contribution (%) 20 15

EBITDA multiple1

Enterprise value/EBITDA (x) 20

16.5

Dividend yield Dividend/stock price (%)

4 3.8

3

13

2.9

10

8

15

12.9

3

3.2

2.5

2.5

2.7

10

8.9

8.4

9.1

9.8

7.7

5

8.1

7.5

8.0

9.0

6.6

0

  • 10

2

1

  • 2

  • 6

  • 1

2

2

2.4

2.1

2.2

2.5

1.6

1.1

Sales

Margin

Multiple

Dividend

growth

change

change

yield

0 ’03

’04

’05

’06

’07

’08

0 ’03

’04

’05

’06

’07

’08

Chemicals top ten

Total sample, n = 58

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.

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