? ? ?1? 2 ? ? 49%?2? 2 ? 60.1%? ? ?1? 2015 ? 3 ? ? 5 ?8 ? ? ? ?2015 ? ? ?2?2H2011 ?2014 ? ?2015 ? ? ?1? ? ?2? ?IFR?2014 ? 5.6 ? ? 300 ?2013 ? 52.7 ? 2017 ? 189 ? 37%? ?3? ?2014 ? 30 ? 40 ? ? 20%?4? ? ? 20152017 ? ? 10 ? ? ? ? ?2015/16 ? EPS ? 3.00/3.59 ? ? ? ? 13.9x/11.3x/9.5x 2014/15e/16e P/E? ? 45.7 ? ? ? ? ? 2013A 2014A 2015E 2016E ? ? 120,975 141,668 151,224166,428 ? 92,818 105,670 111,840122,033 ? 610 810 756 832 ? 12,432 14,734 15,42516,643 ? 6,733 7,498 7,864 8,488 ? 564 251 62 -66 ?1,6291,0951,1481,188? 9,324 13,451 16,23319,690 ? 688 540 619 486 ? 10,012 13,991 16,85320,176 ? 1,714 2,344 2,7813,329 ? 998 1,144 1,1741,446 ? 7,300 10,502 12,89815,401 EBITDA 10,739 15,676 17,870 21,446 ? ? 15,574 6,203 7,72013,726 ? 23,130 27,686 31,07532,722 ? 2,432 1,414 2,3222,455 ? 15,198 15,020 17,66518,881 ? 8,993 36,103 41,29152,208 ? 65,327 86,427 100,072119,992 ? 20,185 20,184 19,89919,455 ? 6,905 7,122 6,9536,790 ? 29,052 30,085 28,01727,634 ? 96,946 120,292 128,089147,626 ? 8,883 6,071 00 ? 27,437 36,326 36,789 39,000 ? 20,327 30,746 32,60938,636 ? 56,647 73,143 69,39877,637 ? 153 153 00 ? 1,218 1,418 1,2741,354 ? 57,865 74,561 70,672 78,991 ? 32,847 39,470 49,98259,754 ? 6,233 6,261 7,4358,881 ? 96,946 120,292 128,089147,626 ? ? 8,297 11,646 14,07216,847 ? 2,400 2,493 2,9573,107 ? 8,046 12,339 -9,383-5,672 ? -990 -582 62 -66 ? 10,054 24,789 10,75413,285 ? 1,683 2,619 2,514703 ? 2,150 31,481 -2,503-2,500 ? -467 -28,862 11-1,797 ? 0 0 1,829 0 ? 31,640 37,289 -6120 ?003580? -5,364 -7,410 -9,249-5,483 ? -4 -8 0 0 ? 4,220 -11,492 1,517 6,006 ? 2013A 2014A 2015E 2016E ? ? 17.9% 17.1% 6.7% 10.1% ? 33.1% 44.3% 20.7% 21.3% EBITDA 16.8% 46.0% 14.0% 20.0% ? 37.6% 43.9% 22.8% 19.4% ? ? 23.3% 25.4% 26.0% 26.7% ?7.7%9.5%10.7%11.8%EBITDA ? 8.9% 11.1% 11.8% 12.9% ? 6.0% 7.4% 8.5% 9.3% ? ? 1.15 1.18 1.44 1.55 ? 0.88 0.98 1.19 1.30 ? 0.27 0.08 0.11 0.18 ? 59.7% 62.0% 55.2% 53.5% ? ? 0.1% ? ? ? ? 7.9% 9.7% 10.4% 11.2% ? 24.3% 29.0% 28.8% 28.1% ? ? 1.70 2.45 3.00 3.59 ? 7.65 9.19 11.64 13.91 ? 0.79 0.98 1.31 1.57 ? 2.34 5.77 2.50 3.09 ? ? 20.0 13.9 11.3 9.5 ? 4.5 3.7 2.9 2.4 EV/EBITDA 13.8 9.8 8.2 6.6 ? 2.3% 2.9% 3.9% 4.6% ? ?2013 ? ? ? ? ? 2015 ? 5 ? 2025? ? 6.4%? 26.6%? 13.8%? 13.6%? 10.8%? ? IFR? ? 2015 ? 189 ?30%? ?IFR ? 2016 ? 6%? 13%? ?1: ? ?2: 2014? ? ? 2014 ? 32%? ? 30%? ? ?3: 2014? ?4: 2014? ? ? 189 246 320 416 541 703 01002003004005006007008002015E 2016E 2017E 2018E 2019E 2020E?6.4%26.6%13.8%13.6% 10.8%0%5%10%15%20%25%30%? 36%? 32%? 15%? 5%? 12%? 30%? 26%? 16%? 9%? 8%? 6%? 5%? 70%? ? ?2014 ? ?ABB ? 44%? ? ?5: ? ?6: 2014? ? ? ? ?ABB? ? ? ? ? ? 13%? 12%? 10%ABB 9%OTC 5%? 4%? 47%? 2015 ? ? ? ? ? ? ? ? ? ?7: ? ? ?8: ? ? ? ? ? ? ? ? ? ? ?2810%42%8675%36%1,4481%38%3,02910