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47 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

43.9

24.1

18

5

11

4

0

5

12.5

32.4

22.5

5

7

3

3

0

13

–55.8

31.1

10.0

20

2

12

3

–5

–1

–8.1

30.9

13.9

9

13

–4

2

0

11

15.6

18.9

49.5

5

–8

0

4

0

18

–3.5

18.7

33.3

7

1

–4

6

0

10

–19.2

17.6

15.5

27

–16

2

5

0

–1

–4.8

16.4

25.8

5

–3

6

5

1

2

–16.7

15.6

8.4

22

–1

–14

2

0

7

22.9

14.7

74.2

15

–9

5

5

1

–2

–4.3

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 55 global companies with a market valuation greater than $7 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

The Utilities Top Ten, 2004–2008

Utilities

1

CEZ

Czech Republic

2

Unión Fenosa

Spain

3

Origin Energy

Australia

4

Verbund

Austria

5

RWE

Germany

6

Endesa

Spain

7

Scottish and Southern Energy

United Kingdom

8

National Grid

United Kingdom

9

Enersis

Chile

10

E.ON

Germany

TSR Deco

mposition1

change4 Multiple

Dividend

yield

Market value3

Sales

Margin

Growth

change

Share

Net debt

change

change

  • #

    Company

Country

TSR

2

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

136

196

195

224

168

123

151

’04

’05

’06

’07

’08

249

Total shareholder return

0 ’03

TSR index (2003=100) 340

269

350 300 250 200 150 100 50

100

100

Sales growth

Sales index (2003=100) 175

171

150

125

100

100

100

75 ’03

102

98

’04

114

108

’05

132

138

144

116

124

’06

’07

’08

24.8

26.4

25.2

24.9

23.3

21.5

22.4

’04

’05

’06

’07

1

15 ’03

EBITDA margin EBITDA/revenue (%)

25

20

23.3

30 28.1

26.6

21.3

18.2

’08

ƒ

Simplified five-year TSR decomposition2

EBITDA multiple1

Dividend yield3

TSR contribution (%) 20

Enterprise value/EBITDA (x) 10

9.6

Dividend/stock price (%)4.9 5

9.1

46 . 45 .

10

0

12

8

  • 5

  • 4

2

3

44

9

8

7.6

7

7.4

7.8

7.4

8.5

8.2

9.0

9.6

8.6

8.2

4

3

4.3

4.0

3.9

3.7

4.1

3.5

3.2

2.9

  • 10

2.7

Sales

Margin

Multiple

Dividend

growth

change

change

yield

Utilities top ten

Total sample, n = 55

’05

6 ’03

’04

’06

’07

’08

2 ’03

’04

’05

’06

’07

’08

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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