Analyst Consensus

Price targets (in €)
Highest	Consensus	Median	Lowest
1,95	1,68	1,68	1,50

Earnings Estimates (in €m)	Q2 2009	FY 2009	Q2 2010E	FY 2010E	FY 2011E
Net revenues Number of estimates - Highest - Consensus - Median - Lowest	103,700	- 420,500 - -	8 108,767 105,032 104,750 103,700	5 424,600 422,350 422,200 420,000	4 430,500 419,862 417,273 414,400
Gross profit* Number of estimates - Highest - Consensus - Median - Lowest	35,700	- 142,370 - -	5 38,643 36,444 36,000 35,478	3 147,000 145,343 144,600 144,430	3 146,400 144,461 144,200 142,784
Reported EBITDA Number of estimates - Highest - Consensus - Median - Lowest	19,000	- 76,900 - -	8 20,724 19,630 19,500 19,000	5 79,700 77,935 77,900 76,000	4 79,900 77,266 78,081 73,000
Reported EBIT Number of estimates - Highest - Consensus - Median - Lowest	2,300	- 9,700 - -	6 4,500 4,173 4,110 3,800	3 20,200 19,916 20,200 19,349	3 33,200 25,249 22,300 20,246
Net profit (loss) Number of estimates - Highest - Consensus - Median - Lowest	1,100	- 5,500 - -	7 3,200 3,111 3,100 3,000	5 16,400 13,846 14,868 10,960	4 27,800 18,635 15,869 15,000
EPS reported Number of estimates - Highest - Consensus - Median - Lowest	0,01	- 0,04 - -	8 0,02 0,02 0,02 0,01	5 0,12 0,10 0,11 0,08	4 0,20 0,14 0,12 0,11
* excl. depreciation, non-cash compensation and non-recurring items ** The earnings estimates of the following institutes were inkl. in the above figures: Bankhaus Metzler, Commerzbank, Deutsche Bank, Exane BNP Paribas; HSBC, JPMorgan Cazenove; LBBW, Silvia Quandt Research
Last updated on 03.08.2010

These estimates were provided by

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.