The Deloitte M&A Index H1 2015 | 11 Charts we like Figure 11. Market valuation over book value and total equity Figure 14. European Commission 2015 growth forecasts capital of non-financial constituents of the Bloomberg World (annual percentage change in real GDP) Index (2000-14) 100% 3.0% 90% 2.5% 80% 2.0% 70% 1.5% 60% 1.0% 50% 0.5% 40% y 30% UK EU 20% inlandanceItal Spainozone 10% Belgium F Fr ortugal 0% Germany P Eur 2000 01 02 03 04 05 06 07 08 09 10 11 12 132014 Netherlands Total equity including minority interest and preferred equity Autumn 2014 forecast Winter 2015 forecast Market valuation over book value Source: European Commission Sources: Deloitte analysis based on data from Bloomberg Figure 12. Capital expenditures of non-financial constituents of Figure 15. Cash to assets vs. the debt to EBITDA of the STOXX Europe 600 Index and the S&P 500 Index (2000-14) non-financial constituents of the S&P Global 1200 (2000-14) $bn 700 12% 2.5 600 10% 2.0 500 8% 1.5 400 6% 300 4% 1.0 200 0.5 100 2% 0 0% 0 1 2 3 4 5 6 7 0.0 20002001200220032004 2005200620072008200920102011201220132014 200200 200200 200 200200 2002008200920102011201220132014 STOXX Europe 600 Capex S&P 500 Capex Cash to assets (LHS) Net debt to EBITDA (RHS) Source: Deloitte analysis based on data from Bloomberg Source: Deloitte analysis based on data from Bloomberg 5 Figure 13. M&A deal volumes and the S&P Global Figure 16. Global IPO volumes (2001-15 YTD) 1200 and Nasdaq Composite Index rebased to 2000 IPO volumes 250 3,000 200 150 2,500 100 2,000 50 1,500 0 1,000 2000 2001200220032004200520062007200820092010201120122013 2014 500 0 S&P Global 1200 Nasdaq Composite YTD Index 200120022003200420052006200720082009201020112012201320142015 Global M&A volume Source: Deloitte analysis based on data from Bloomberg Source: Deloitte analysis based on data from Thomson One Banker and Thomson One Banker 5. 2015 YTD as at 23 March 2015, IPOs live and in progress