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37 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

58.5

4.3

26

7

21

2

0

2

–2.5

57.5

5.0

12

22

3

2

0

19

–2.5

44.4

9.3

23

5

15

2

–16

14

90.8

43.0

9.5

21

12

–7

4

–1

15

–4.5

41.0

5.0

7

1

23

0

–13

22

–6.5

40.7

13.7

23

13

3

1

0

1

58.3

30.1

4.1

21

7

3

2

0

–4

28.3

28.7

10.5

29

8

–3

0

–9

3

25.4

27.4

4.3

28

4

–4

0

–1

1

–26.5

23.2

14.5

12

3

16

3

2

–13

13.0

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 76 global companies with a market valuation greater than $4 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

Share

Net debt

change

change

Machinery and Construction

#

Company

Location

1 2 3 4

Doosan Heavy Industries Japan Steel Works Larsen & Toubro Hyundai Heavy Industries

South Korea Japan India South Korea

5

Hyundai Engineering & Construction

South Korea

TSR Deco

mposition1

change4 Multiple

Dividend

yield

Margin change

6

Bharat Heavy Electricals

India

7

Samsung Heavy Industries

South Korea

8

Vestas Wind Systems

Denmark

9

FLIR Systems

United States

10

ACS

Spain

The Machinery and Construction Top Ten, 2004–2008

Sales Growth

TSR

2

Market value3

Value Creation at the Machinery and Construction Top Ten Versus Industry Sample, 2004–2008

131

246

387

264

120

166

205

147

’04

’05

’06

’07

’08

443

100 0 ’03

Total shareholder return

400

200

100

TSR index (2003=100) 800

600

779

115

134

132

148

166

108

120

’04

’05

’06

’07

’08

50 ’03

184

222

Sales growth

100

100 100

Sales index (2003=100) 250

200

150

154

EBITDA margin1

EBITDA/revenue (%) 14

12.9

11.9

12

10.6

12.6

9.7

10

9.2

9.5

8

8.5

7.2

7.5

6

’03

’04

’05

’06

’07

13.2

12.2

’08

ƒ

Simplified five-year TSR decomposition2 TSR contribution (%)

19 20

10

10

8

7

8

22

0

Sales

Margin

Multiple

Dividend

growth

change

change

yield

  • 10

  • 10

10.4

15.5

16.5

10.7

8.9

11.4

11.6

11.6

6.4

’04

’05

’06

’07

’08

0 ’03

15

10.8

10

5

7.4

20

EBITDA multiple1

Enterprise value/EBITDA (x) 25

21.2

Dividend yield3

Dividend/stock price (%) 4

3.2

3

2.3

2.3

2.7

2

2.1

2.3

1.8

1

1.2

0 ’03

’04

’05

’06

1.8

1.7

’07

1.3

0.8

’08

Machinery and construction top ten

Total sample, n = 76

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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