Professional Documents
Culture Documents
COMPANY UPDATE
Solar Power
July 31, 2012
$1.34
$0.00
$1.30 - $7.77
$243
181.0
128.0
18.3
2.4
$4.60
$0.00 / 0.0%
High
Maxim Group
FYE: Dec
1Q
2Q
3Q
4Q
FY
Maxim Group
FYE: Dec
F2011A: GAAP
F2012E: GAAP
F2013E: GAAP
F2014E: GAAP
LT Earnings Growth
Revenues ($M)
F2012E
F2013E
$409.5A
$473
$436
$508
$530
$543
$630
$528
$2,006
$2,021
Current Prior
Current
EPS
EPS
P/E
($1.71)
NM
($1.92) ($1.10)
NM
($1.37) ($0.86)
NM
($1.08) ($1.14)
NM
NM
Maxim Group
FYE: Dec
1Q
2Q
3Q
4Q
FY
Consensus-First Call
FYE: Dec
1Q
2Q
3Q
4Q
FY
Aaron Chew
achew@maximgrp.com
(212) 895-3568
(212) 895-3809
Sell
55.9
50
40
30
18.7
20
10
2008
2009
2010
2011
Figure 2: Sales to GSF Accounted for 7% of Revenue in Each of 2009 and 2010
8.0%
$3,500
7.1%
$34
7.0%
$3,000
$197
6.0%
$2,500
5.0%
$2,000
4.0%
$0
$116
$2,980
3.0%
2.0%
$1,000
$1,786
$1,490
1.1%
$500
1.0%
0.0%
$1,500
$2,569
7.2%
0.0%
2008
$0
2009
2010
Revenue from GSF
2011
GSF as % of Total
Figure 3: With the Decline in A/R from GSF, Risks Seemed to Have Fallen
$120
$105
$112
$108
$110
$104
$100
$94
$80
$60
$60
$45
$40
$27
$20
$26
$20
$19
4Q11
4Q11
$10
$1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
156
554
710
143
4.97
Figure 5: Net of the $541m March 2013 Debt Maturity, STP Has <One Year of Cash
Restricted Cash Balance
+ Unrestricted Cash Balance
= STP's Total Cash Balance
1Q12
$473.7
$190.1
$663.8
$541.0
$122.8
$150.0
0.8
in millions
Figure 6: Normalized Solar Pricing Points to More than ($60m) in Annual Operating Losses
Int. Wafers
Ext. Wafers
Total
Revenue:
Cell/Module Production Capacity 2012YE (MWs)
x Avg. Module ASP
= Normalized STP Revenue
1,600
$0.65
$1,040
800
$0.65
$520
2,400
$0.65
$1,560
Gross Profit:
Poly Price ($/kg)
x Poly Consumption Ratio (g/W)
/ 1000 grams per Watt
= Poly Cost ($/W)
$18
5.7
1,000
$0.10
$0.14
$0.24
$0.22
$0.14
$0.22
$0.60
$0.14
$0.22
$0.58
$0.65
$0.60
$0.05
$0.65
$0.58
$0.07
$0.65
7.7%
$0.65
10.8%
$1,040
7.7%
$80
$520
10.8%
$56
$1,560
8.7%
$136
$218
($82)
- Interest Expense
= Normalized Pre-Tax Income
$140
($222)
($222)
$160
$$13
($50)
($100)
($150)
Ingot/Wafer
1,600
$0.30
$480
Cell/Module
2,400
$0.25
$600
Cell/Module
2,400
$0.03
$72
Total
$1,152
$500
($173)
($1,668)
($190)
181.6
($1.04)
Figure 8: For GSFs 87 MW of Projects Connected in June, ASP of $4.00 Yields IRR of 5%
Feed-in-Tariff: Italy Model June 2011
System ASP ($W)
ASP ($/W)
System ($/W)
$1.78
$4.00
Exchange Rates
0.80
1.25
Module
1.42
c-Si
YEAR 0
Outflows:
Total Cost of System ( / Watt)
x 1000 Watts per kW
x Size of Installation (kWs)
= Upfront Cost of Installation
Installation Type
Feed-in-Tariff Rate
Annual Growth (Decline) in F-i-T
Duration of Agreement (Yrs.)
2
Solar Insolation (kWh/m )
Rooftop
0.28
0.0%
20
1,400
40%
YEAR 1
YEAR 2
YEAR 3
10
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
3.20
5000
$0.018
2.0%
(0.5%)
(18.0%)
YEAR 10
YEAR 11
YEAR 12
YEAR 13
YEAR 14
YEAR 15
0.344
0.319
0.306
0.291
0.277
0.264
YEAR 16
YEAR 17
YEAR 18
YEAR 19
YEAR 20
3.20
1,000
5,000
( 15,986)
Inverter Replacement
(1,000)
( 15,986)
Inflows:
Annual Electricity Generation (kWh)
x Feed-in-Tariff Rate (/kWh)
= Feed-in-Tariff Revenue
Total Inflows
< 3 kW
3 - 20 kW
20 - 200 kW
200 kW - 1 MW
1 MW - 5 MW
> 5 MW
Other Variables
Tax Rate
Depreciation Years
Variables
System
3.20
0.0
( 15,986.3)
Taxes:
Depreciation
Taxable Income
5,000
0.018
( 0.090)
5,000
0.018
( 0.092)
5,000
0.019
( 0.094)
5,000
0.019
( 0.096)
5,000
0.019
( 0.097)
5,000
0.020
( 0.099)
5,000
0.020
( 0.101)
5,000
0.021
( 0.103)
5,000
0.021
( 0.105)
5,000
0.022
( 0.108)
5,000
0.022
( 0.110)
5,000
0.022
( 0.112)
5,000
0.023
( 0.114)
5,000
0.023
( 0.116)
5,000
0.024
( 0.119)
5,000
0.024
( 0.121)
5,000
0.025
( 0.124)
5,000
0.025
( 0.126)
5,000
0.026
( 0.129)
5,000
0.026
( 0.131)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($1,000)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
5,740,000
$0.28
1,590.0
5,711,300
$0.28
1,582.0
5,682,744
$0.28
1,574.1
5,654,330
$0.28
1,566.2
5,626,058
$0.28
1,558.4
5,597,928
$0.28
1,550.6
5,569,938
$0.28
1,542.9
5,542,089
$0.28
1,535.2
5,514,378
$0.28
1,527.5
5,486,806
$0.28
1,519.8
5,459,372
$0.28
1,512.2
5,432,075
$0.28
1,504.7
5,404,915
$0.28
1,497.2
5,377,890
$0.28
1,489.7
5,351,001
$0.28
1,482.2
5,324,246
$0.28
1,474.8
5,297,625
$0.28
1,467.4
5,271,137
$0.28
1,460.1
5,244,781
$0.28
1,452.8
5,218,557
$0.28
1,445.5
1,590.0
1,582.0
1,574.1
1,566.2
1,558.4
1,550.6
1,542.9
1,535.2
1,527.5
1,519.8
1,512.2
1,504.7
1,497.2
1,489.7
1,482.2
1,474.8
1,467.4
1,460.1
1,452.8
1,445.5
1,589.9
1,581.9
1,566.2
1,558.3
1,542.8
1,527.4
1,519.7
1,512.1
504.6
1,497.0
1,489.6
1,482.1
1,474.7
1,467.3
1,460.0
1,452.7
1,445.4
1,445.4
( 1,598.6)
( 63.6)
( 1,598.6)
( 71.2)
( 1,598.6)
( 78.9)
1,512.1
504.6
1,497.0
1,489.6
1,482.1
1,474.7
1,467.3
1,460.0
1,452.7
( 25.4)
( 50.0)
( 82.5)
( 122.8)
( 170.9)
( 226.7)
( 290.3)
( 361.6)
( 440.5)
( 604.9)
( 201.8)
( 598.8)
( 595.8)
( 592.8)
( 589.9)
( 586.9)
( 584.0)
( 581.1)
( 578.2)
907.3
302.7
898.2
893.7
889.3
884.8
880.4
876.0
871.6
867.2
467
770
1,668
2,562
3,451
4,336
5,216
6,092
6,964
7,831
( 15,986.3)
Unlevered IRR
( 15,986)
1,589.9
1,581.9
1,574.0
( 14,396)
( 12,814)
( 11,240)
1,566.2
( 9,674)
1,558.3
( 8,116)
( 1,598.6) ( 1,598.6)
( 48.1)
( 55.9)
1,535.1
( 8.7)
1,550.5
( 1,598.6) ( 1,598.6)
( 8.7)
( 16.7)
1,574.0
1,550.5
( 6,565)
1,542.8
( 5,023)
1,535.1
( 3,488)
1,527.4
( 1,960)
1,519.7
( 440)
4.9%
Figure 9: If Done by September, GSFs Other 56 MW Only Yield 3.5% IRR at $4.00 ASP
Feed-in-Tariff: Italy Model Sept. 2011
System ASP ($W)
ASP ($/W)
System ($/W)
$1.78
$4.00
Exchange Rates
0.80
1.25
Module
1.42
c-Si
YEAR 0
Outflows:
Total Cost of System ( / Watt)
x 1000 Watts per kW
x Size of Installation (kWs)
= Upfront Cost of Installation
Installation Type
Feed-in-Tariff Rate
Annual Growth (Decline) in F-i-T
Duration of Agreement (Yrs.)
2
Solar Insolation (kWh/m )
Rooftop
0.24
0.0%
20
1,400
40%
YEAR 1
YEAR 2
YEAR 3
10
YEAR 4
YEAR 5
YEAR 6
YEAR 7
YEAR 8
YEAR 9
3.20
5000
$0.018
2.0%
(0.5%)
(18.0%)
YEAR 10
YEAR 11
YEAR 13
YEAR 14
YEAR 15
YEAR 16
YEAR 17
YEAR 18
YEAR 19
YEAR 20
(1,000)
( 15,986)
Inflows:
Annual Electricity Generation (kWh)
x Feed-in-Tariff Rate (/kWh)
= Feed-in-Tariff Revenue
Total Inflows
0.0
( 15,986.3)
Taxes:
Depreciation
Taxable Income
5,000
0.018
( 0.090)
5,000
0.018
( 0.092)
5,000
0.019
( 0.094)
5,000
0.019
( 0.096)
5,000
0.019
( 0.097)
5,000
0.020
( 0.099)
5,000
0.020
( 0.101)
5,000
0.021
( 0.103)
5,000
0.021
( 0.105)
5,000
0.022
( 0.108)
5,000
0.022
( 0.110)
5,000
0.022
( 0.112)
5,000
0.023
( 0.114)
5,000
0.023
( 0.116)
5,000
0.024
( 0.119)
5,000
0.024
( 0.121)
5,000
0.025
( 0.124)
5,000
0.025
( 0.126)
5,000
0.026
( 0.129)
5,000
0.026
( 0.131)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($1,000)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
5,740,000
$0.24
1,394.8
5,711,300
$0.24
1,387.8
5,682,744
$0.24
1,380.9
5,654,330
$0.24
1,374.0
5,626,058
$0.24
1,367.1
5,597,928
$0.24
1,360.3
5,569,938
$0.24
1,353.5
5,542,089
$0.24
1,346.7
5,514,378
$0.24
1,340.0
5,486,806
$0.24
1,333.3
5,459,372
$0.24
1,326.6
5,432,075
$0.24
1,320.0
5,404,915
$0.24
1,313.4
5,377,890
$0.24
1,306.8
5,351,001
$0.24
1,300.3
5,324,246
$0.24
1,293.8
5,297,625
$0.24
1,287.3
5,271,137
$0.24
1,280.9
5,244,781
$0.24
1,274.5
5,218,557
$0.24
1,268.1
1,394.8
1,387.8
1,380.9
1,374.0
1,367.1
1,360.3
1,353.5
1,346.7
1,340.0
1,333.3
1,326.6
1,320.0
1,313.4
1,306.8
1,300.3
1,293.8
1,287.3
1,280.9
1,274.5
1,268.1
1,394.7
1,387.8
( 1,598.6) ( 1,598.6)
( 203.9)
( 210.9)
1,380.8
( 203.9)
( 414.8)
( 632.6)
( 15,986.3)
Unlevered IRR
( 15,986)
1,373.9
1,367.0
YEAR 12
0.316
0.289
0.271
0.245
0.243
0.231
3.20
1,000
5,000
( 15,986)
Inverter Replacement
< 3 kW
3 - 20 kW
20 - 200 kW
200 kW - 1 MW
1 MW - 5 MW
> 5 MW
Other Variables
Tax Rate
Depreciation Years
Variables
System
3.20
( 857.3) ( 1,088.9)
-
1,394.7
1,387.8
1,380.8
1,373.9
( 14,592)
( 13,204)
( 11,823)
( 10,449)
1,367.0
( 9,082)
1,360.2
1,346.6
1,339.9
( 1,598.6) ( 1,598.6)
( 238.4)
( 245.2)
( 1,598.6)
( 252.0)
( 1,598.6)
( 258.7)
( 1,598.6)
( 265.4)
( 1,327.3) ( 1,572.5)
( 1,824.5) ( 2,083.3)
( 2,348.7)
-
1,360.2
( 7,722)
1,353.4
1,353.4
( 6,368)
1,346.6
( 5,022)
1,339.9
( 3,682)
1,333.2
1,333.2
( 2,349)
1,326.5
319.9
1,313.3
1,306.7
1,300.2
1,293.7
1,287.2
1,280.8
1,274.4
1,268.0
1,326.5
319.9
1,313.3
1,306.7
1,300.2
1,293.7
1,287.2
1,280.8
1,274.4
1,268.0
( 1,022.2)
( 702.3)
( 525.3)
( 522.7)
( 520.1)
( 517.5)
( 514.9)
( 512.3)
( 509.7)
( 507.2)
788.0
784.0
780.1
776.2
772.3
768.5
764.6
760.8
86
870
1,650
2,426
3,198
3,967
4,731
5,492
1,326.5
( 1,022)
319.9
( 702)
3.5%
2Q
2011
3Q
4Q
1Q
2Q
2012E
3Q
4Q
1Q
2Q
2013E
3Q
4Q
1Q
2Q
3Q
2009
2010
2011E
2012E
2013E
2014E
19,755
8.0%
1,572
24,941
8.4%
2,096
29,742
7.7%
2,290
39,408
7.0%
2,759
50,836
6.0%
3,050
4Q
302.3
338.2
423.8
507.7
492.5
500.8
579.5
523.2
382.5
478.1
624.1
805.5
634.5
689.6
703.4
731.0
7,490
9.4%
704.0
Shipments:
Cells
Modules
Systems
294.7
7.6
333.0
5.2
422.1
1.7
496.5
11.2
477.7
14.8
488.3
12.5
562.1
17.4
507.5
15.7
371.0
11.5
468.5
9.6
611.6
12.5
789.4
16.1
621.8
12.7
675.8
13.8
689.4
14.1
716.4
14.6
6.8
675.1
22.1
1546.3
25.7
2035.6
60.4
2240.5
49.6
2703.4
55.2
2989.5
60.7
ASPs:
Cells
Modules
Systems
Blended ASP ($/W)
$$1.89
$4.11
$1.95
$$1.81
$4.00
$1.85
$$1.75
$4.17
$1.75
$$1.81
$3.96
$1.86
$$1.75
$2.77
$1.78
$$1.62
$3.12
$1.66
$$1.36
$2.73
$1.40
$$1.19
$1.64
$1.20
$$1.07
$1.24
$1.07
$$0.91
$1.22
$0.91
$$0.84
$1.19
$0.85
$$0.77
$1.17
$0.78
$$0.74
$1.15
$0.74
$$0.73
$1.13
$0.74
$$0.72
$1.11
$0.73
$$0.71
$1.10
$0.72
$1.03
$2.40
$2.99
$2.41
$$1.81
$4.03
$1.85
$$1.47
$2.54
$1.50
$$0.87
$1.20
$0.88
$$0.72
$1.12
$0.73
$$0.69
$1.07
$0.71
-%
97.5%
2.5%
100.0%
-%
98.5%
1.6%
100.0%
-%
99.6%
0.4%
100.0%
-%
97.8%
2.2%
100.0%
-%
97.0%
3.0%
100.0%
-%
97.5%
2.5%
100.0%
-%
97.0%
3.0%
100.0%
-%
97.0%
3.0%
100.0%
-%
97.0%
3.0%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
1.0%
95.9%
3.1%
100.0%
-%
98.4%
1.6%
100.0%
-%
97.1%
2.9%
100.0%
-%
97.8%
2.2%
100.0%
-%
98.0%
2.0%
100.0%
-%
98.0%
2.0%
100.0%
(13.7%)
9.2%
(13.0%)
(4.0%)
(2.6%)
(5.0%)
(3.8%)
4.1%
(5.1%)
4.0%
(5.0%)
6.1%
(3.5%)
(30.0%)
(4.3%)
(7.4%)
12.5%
(6.9%)
(16.3%)
(12.5%)
(15.7%)
(12.4%)
(40.0%)
(14.0%)
(10.4%)
(24.0%)
(10.9%)
(15.0%)
(2.0%)
(14.8%)
(7.0%)
(2.0%)
(6.9%)
(8.0%)
(2.0%)
(7.8%)
(5.0%)
(2.0%)
(4.9%)
(1.0%)
(1.5%)
(1.0%)
(1.0%)
(1.5%)
(1.0%)
(1.0%)
(1.0%)
(1.0%)
(63.7%)
(38.3%)
#NAME?
(38.0%)
(24.6%)
34.6%
(23.3%)
(18.8%)
(37.0%)
(18.7%)
(40.9%)
(52.6%)
(41.7%)
(16.6%)
(6.7%)
(16.4%)
(5.0%)
(5.0%)
(3.1%)
$$557.0
$31.1
$588.0
$$604.2
$21.0
$625.1
$$736.6
$7.1
$743.7
$$900.9
$44.2
$945.1
$$836.1
$40.9
$877.0
$$791.7
$39.0
$830.7
$$762.4
$47.4
$809.8
$$603.3
$25.7
$629.0
$$395.2
$14.3
$409.5
$$424.3
$11.7
$435.9
$$515.0
$14.9
$529.9
$$611.6
$18.9
$630.4
$$457.6
$14.6
$472.2
$$492.4
$15.6
$508.0
$$497.3
$15.7
$512.9
$$511.6
$16.1
$527.7
$7.0
$1,620.2
$66.1
$1,693.3
-$
$2,798.6
$103.3
$2,901.9
-$
$2,993.4
$153.1
$3,146.5
-$
$1,946.1
$59.7
$2,005.8
-$
$1,959.0
$61.9
$2,020.9
-$
$2,099.7
$64.7
$2,164.4
$$-
$$-
$$-
$$-
$60
6.0
1,000
$0.36
$65
6.0
1,000
$0.39
$65
6.0
1,000
$0.39
$47
6.0
1,000
$0.28
$30
6.0
1,000
$0.18
$27
6.0
1,000
$0.16
$25
6.0
1,000
$0.15
$24
6.0
1,000
$0.14
$23
5.9
1,000
$0.14
$22
5.9
1,000
$0.13
$21
5.9
1,000
$0.12
$20
5.9
1,000
$0.12 1
$$-
$$-
$59
6.0
1,000
$0.36
$26
6.0
1,000
$0.15
$21
5.9
1,000
$0.13
$19
5.9
1,000
$0.11
$$$$-
$$$$-
$$$$-
$$$$-
$0.25
$0.20
$0.34
$0.79
$0.22
$0.20
$0.34
$0.76
$0.22
$0.20
$0.33
$0.75
$0.22
$0.19
$0.34
$0.75
$0.22
$0.19
$0.33
$0.74
$0.19
$0.18
$0.32
$0.69
$0.17
$0.18
$0.28
$0.63
$0.15
$0.18
$0.26
$0.59
$0.15
$0.18
$0.25
$0.58
$0.15
$0.18
$0.24
$0.57
$0.14
$0.18
$0.24
$0.55
$0.13
$0.17
$0.23
$0.53
$$$$-
$$$$-
$0.23
0.20
0.34
$0.76
$0.18
0.18
0.29
$0.65
$0.14
0.18
0.24
$0.56
$0.13
0.16
0.24
$0.53
% of Shipments:
Cells
Modules
Systems
Total
Y/Y % Change
Cell ASPs
Module ASPs
System ASPs
Blended ASPs
Revenue:
Cells
Modules
Systems
Total Revenue
Cost of Goods Sold:
Internal Wafers:
Polysilicon Cost:
Avg. Cost of Polysilicon ($/kg)
x Polysilicon Conversion (kg/watt)
/ 1000 grams in kg
= Polysilicon Cost ($/W)
Conversion Cost:
+ Poly-to-Wafer Conversion Cost
+ Wafer-to-Cell Conversion Cost
+ Cell-Module Conversion Cost
= Total Poly-Module Conversion Cost ($/W)
Module Production Cost from Internal Wafers ($/W)
$-
$-
$-
$-
$1.15
$1.15
$1.14
$1.03
$0.92
$0.85
$0.78
$0.73
$0.72
$0.70
$0.67
$0.65
$-
$-
$1.12
$0.80
$0.68
$0.64
$-
$-
$-
$-
150
$172.5
250
$287.5
300
$343.2
400
$412.8
120
$110.2
280
$238.2
400
$311.5
400
$293.1
400
$286.3
406
$284.3
425
$286.4
438
$283.5
$-
$-
1,100
$1,216.0
1,200
$953.0
1,669
$1,140.5
1,525
$981.1
$1.16
$0.89
$0.67
$0.33
$0.25
$0.22
External Wafers:
External Wafer Cost:
Ext. Wafer Price/Watt
$0.86
$0.88
$0.87
$0.95
$0.85
$0.80
$0.57
$0.50
$0.42
$0.38
$0.28
$0.30
$0.28
$0.26
$0.24
$0.23
$0.86
$0.88
$0.87
$0.95
$0.78
$0.71
$0.59
$0.50
$0.41
$0.36
$0.30
$0.30
$0.28
$0.27
$0.25
$0.24
Conversion Cost:
+ Wafer-to-Cell Conversion Cost
+ Cell-Module Conversion Cost
= Non-Silicon Processing Cost
$0.21
$0.35
$0.56
$0.21
$0.31
$0.52
$0.20
$0.32
$0.52
$0.19
$0.32
$0.51
$0.20
$0.34
$0.54
$0.20
$0.34
$0.54
$0.20
$0.33
$0.53
$0.19
$0.34
$0.53
$0.19
$0.33
$0.52
$0.18
$0.32
$0.50
$0.18
$0.28
$0.46
$0.18
$0.26
$0.44
$0.18
$0.25
$0.43
$0.18
$0.24
$0.42
$0.18
$0.24
$0.41
$0.17
$0.23
$0.40
$0.24
$0.36
$0.60
$0.20
$0.32
$0.52
$0.20
$0.34
$0.54
$0.18
$0.29
$0.47
$0.18
$0.24
$0.41
$0.16
$0.24
$0.40
$1.42
$1.40
$1.39
$1.46
$1.39
$1.34
$1.10
$1.03
$0.94
$0.88
$0.74
$0.74
$0.71
$0.68
$0.65
$0.63
$1.21
$0.80
$0.67
$0.62
$1.40
$1.39
$1.46
$1.39
$1.34
$1.10
$1.03
$0.94
$0.88
$0.74
$0.74
$0.71
$0.68
$0.65
$0.63
$1.76
$0.05
$1.80
$1.42
$1.42
$1.42
$1.21
$0.80
$0.67
$0.62
302.3
$430.0
338.2
$472.4
423.8
$587.7
507.7
$738.9
342.5
$476.0
250.8
$336.1
279.5
$308.5
123.2
$126.9
262.5
$246.7
198.1
$174.3
224.1
$165.8
405.5
$300.1
234.5
$166.5
283.4
$192.7
278.4
$181.0
293.5
$184.9
704.0
$1,270.5
1,572.0
$2,229.0
996.0
$1,247.6
1,090.1
$886.9
1,089.8
$725.1
1,525.1
$945.5
$1.42
$1.40
$1.39
$1.46
$1.32
$1.25
$1.12
$1.03
$0.93
$0.86
$0.76
$0.74
$0.71
$0.69
$0.66
$0.64
$1.80
$1.42
$1.18
$0.80
$0.68
$0.63
$31.1
140.0%
$43.5
$21.0
140.0%
$29.4
$7.1
300.0%
$21.2
$44.2
85.0%
$37.6
$40.9
(11.8%)
$45.8
$39.0
(33.1%)
$52.0
$47.4
36.6%
$30.1
$25.7
(5.0%)
$27.0
$14.3
(49.6%)
$21.3
$11.7
95.0%
$11.1
$14.9
95.0%
$14.2
$18.9
95.0%
$17.9
$14.6
95.0%
$13.8
$15.6
95.0%
$14.8
$15.7
95.0%
$14.9
$16.1
95.0%
$15.3
$91.5
92.0%
$84.1
$103.3
127.4%
$131.7
$153.1
101.1%
$154.8
$59.7
101.1%
$60.4
$61.9
101.1%
$62.6
$64.7
101.1%
$65.4
Blended Cost/Watt
Systems:
Systems Revenue
x (1 - Systems Gross Margin)
= Estimated Systems COGS
Inventory Impairment/Other Provisions
Total Cost of Goods Sold
Gross Profit ($/W):
Operating Income:
Selling Expenses
+ G&A Expenses
+ R&D Expenses
= Total Operating Expenses
$20.2
$-
$28.8
$-
$-
$-
$-
$-
$-
$-
$-
$28.9
$55.4
$28.8
$-
$-
$473.5
$501.8
$608.9
$776.5
$694.3
$705.1
$702.0
$566.7
$407.1
$423.6
$491.5
$611.1
$466.6
$491.8
$482.3
$483.7
$1,354.6
$2,360.7
$2,668.1
$1,933.3
$1,924.4
$1,992.1
$114.5
$7.2
$123.3
($3.4)
$134.8
$7.2
$168.6
$17.9
$182.7
$5.7
$125.6
$29.5
$107.8
$62.3
$2.4
$12.3
$38.5
$19.3
$5.6
$16.2
$30.7
$44.0
$338.8
$541.3
$478.4
$72.5
$96.5
$172.4
$20.0
$21.5
$9.6
$51.0
$26.9
$26.8
$9.0
$62.7
$31.5
$28.9
$11.9
$72.2
$37.7
$30.8
$10.0
$78.4
$36.0
$41.9
$10.3
$88.2
$38.6
$36.7
$8.7
$84.0
$45.5
$73.0
$11.7
$130.2
$42.5
$76.0
$8.0
$126.5
$33.6
$79.1
$8.9
$121.6
$26.2
$39.2
$8.7
$74.1
$31.8
$37.1
$7.9
$76.8
$37.8
$34.7
$7.6
$80.1
$28.3
$37.8
$8.0
$74.1
$30.5
$31.8
$7.1
$69.3
$30.8
$25.6
$5.9
$62.3
$31.7
$22.2
$5.3
$59.1
$58.9
$76.9
$29.0
$164.8
$116.1
$107.9
$40.4
$264.4
$162.6
$227.6
$38.7
$428.9
$129.4
$190.1
$33.1
$352.6
$121.3
$117.3
$26.3
$264.9
$129.9
$125.5
$28.1
$283.5
EBIT
$63.5
$60.6
$62.6
$90.2
$94.5
$41.6
($22.4)
($64.2)
($119.2)
($61.8)
($38.4)
($60.7)
($68.5)
($53.1)
($31.7)
($15.1)
$174.0
$276.9
$49.5
($280.1)
($168.4)
($111.2)
EPS:
Non-Operating Expenses (Income)
= Net Income (x-1x Items)
$42.8
$20.7
$52.0
$8.6
$49.3
$13.3
$29.7
$60.5
$62.6
$31.9
$75.4
($33.8)
$137.0
($159.4)
$84.6
($148.8)
$13.8
($133.0)
$17.0
($78.8)
$20.9
($59.2)
$17.3
($78.0)
$16.1
($84.6)
$18.8
($71.9)
$22.5
($54.1)
$25.3
($40.4)
$88.4
$85.6
$173.8
$103.1
$359.6
($310.1)
$68.9
($349.0)
$82.6
($251.0)
$82.6
($199.5)
182.3
$0.11
179.6
$0.05
181.3
$0.07
196.1
$0.37
182.5
$0.17
180.4
($0.19)
180.6
($0.88)
180.7
($0.82)
181.0
($0.73)
181.4
($0.43)
181.9
($0.33)
182.3
($0.43)
182.8
($0.46)
183.2
($0.39)
183.7
($0.29)
184.2
($0.22)
172.5
$0.50
181.6
$0.58
181.0
($1.71)
181.6
($1.92)
183.5
($1.37)
184.4
($1.08)
2010
2012E
2013E
2010
2011E
2012E
2013E
2014E
$123.3
$625.1
19.7%
21.8%
(40.0%)
$134.8
$743.7
18.1%
20.2%
(200.0%)
$168.6
$945.1
17.8%
18.0%
15.0%
$182.7
$877.0
20.8%
22.4%
5.0%
$125.6
$830.7
15.1%
17.5%
5.0%
$107.8
$809.8
13.3%
14.5%
5.0%
$62.3
$629.0
9.9%
10.5%
5.0%
$2.4
$409.5
0.6%
2.4%
5.0%
$12.3
$435.9
2.8%
2.8%
5.0%
$38.5
$529.9
7.3%
7.3%
5.0%
$19.3
$630.4
3.1%
3.0%
5.0%
$5.6
$472.2
1.2%
1.1%
5.0%
$16.2
$508.0
3.2%
3.1%
5.0%
$30.7
$512.9
6.0%
6.0%
5.0%
$44.0
$527.7
8.3%
8.4%
5.0%
$338.8
$1,693.3
20.0%
21.9%
8.0%
$541.3
$2,901.9
18.7%
20.4%
(27.4%)
$478.4
$3,146.5
15.2%
16.0%
(1.1%)
$72.5
$2,005.8
3.6%
3.8%
(1.1%)
$96.5
$2,020.9
4.8%
5.0%
(1.1%)
$172.4
$2,164.4
8.0%
8.2%
(1.1%)
$63.5
$588.0
10.8%
$60.6
$625.1
9.7%
$62.6
$743.7
8.4%
$90.2
$945.1
9.5%
$94.5
$877.0
10.8%
$41.6
$830.7
5.0%
($22.4)
$809.8
(2.8%)
($64.2)
$629.0
(10.2%)
($119.2)
$409.5
(29.1%)
($61.8)
$435.9
(14.2%)
($38.4)
$529.9
(7.2%)
($60.7)
$630.4
(9.6%)
($68.5)
$472.2
(14.5%)
($53.1)
$508.0
(10.5%)
($31.7)
$512.9
(6.2%)
($15.1)
$527.7
(2.9%)
$174.0
$1,693.3
10.3%
$276.9
$2,901.9
9.5%
$49.5
$3,146.5
1.6%
($280.1)
$2,005.8
(14.0%)
($168.4)
$2,020.9
(8.3%)
($111.2)
$2,164.4
(5.1%)
3.4%
3.7%
1.6%
8.7%
4.3%
4.3%
1.4%
10.0%
4.2%
3.9%
1.6%
9.7%
4.0%
3.3%
1.1%
8.3%
4.1%
4.8%
1.2%
10.1%
4.6%
4.4%
1.0%
10.1%
5.6%
9.0%
1.4%
16.1%
6.8%
12.1%
1.3%
20.1%
8.2%
19.3%
2.2%
29.7%
6.0%
9.0%
2.0%
17.0%
6.0%
7.0%
1.5%
14.5%
6.0%
5.5%
1.2%
12.7%
6.0%
8.0%
1.7%
15.7%
6.0%
6.3%
1.4%
13.7%
6.0%
5.0%
1.2%
12.2%
6.0%
4.2%
1.0%
11.2%
3.5%
4.5%
1.7%
9.7%
4.0%
3.7%
1.4%
9.1%
5.2%
7.2%
1.2%
13.6%
6.5%
9.5%
1.7%
17.6%
6.0%
5.8%
1.3%
13.1%
6.0%
5.8%
1.3%
13.1%
-%
95%
5%
100.0%
-%
97%
3%
100.0%
-%
99%
1%
100.0%
-%
95%
5%
100.0%
-%
95%
5%
100.0%
-%
95%
5%
100.0%
-%
94%
6%
100.0%
-%
96%
4%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
0%
96%
4%
100.0%
-%
96%
4%
100.0%
-%
95%
5%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
-%
97%
3%
100.0%
39.2%
42.1%
18.7%
100.0%
42.9%
42.7%
14.4%
100.0%
43.6%
40.0%
16.4%
100.0%
48.0%
39.3%
12.7%
100.0%
40.8%
47.5%
11.7%
100.0%
46.0%
43.7%
10.4%
100.0%
34.9%
56.1%
9.0%
100.0%
33.6%
60.1%
6.3%
100.0%
27.6%
65.0%
7.3%
100.0%
35.3%
52.9%
11.8%
100.0%
41.4%
48.3%
10.3%
100.0%
47.2%
43.3%
9.4%
100.0%
38.2%
51.0%
10.8%
100.0%
44.0%
45.8%
10.3%
100.0%
49.4%
41.2%
9.5%
100.0%
53.6%
37.5%
8.9%
100.0%
35.7%
46.7%
17.6%
100.0%
43.9%
40.8%
15.3%
100.0%
37.9%
53.1%
9.0%
100.0%
36.7%
53.9%
9.4%
100.0%
45.8%
44.3%
9.9%
100.0%
45.8%
43.0%
11.2%
100.0%
6.9%
7.2%
7.4%
7.2%
7.7%
8.2%
10.2%
11.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2010
2011
2012E
2013E
15.8%
(13.7%)
9.2%
0.8%
11.9%
(4.0%)
(2.6%)
6.3%
25.3%
(3.8%)
4.1%
19.0%
19.8%
4.0%
(5.0%)
27.1%
(3.0%)
(3.5%)
(30.0%)
(7.2%)
1.7%
(7.4%)
12.5%
(5.3%)
15.7%
(16.3%)
(12.5%)
(2.5%)
(9.7%)
(12.4%)
(40.0%)
(22.3%)
(26.9%)
(10.4%)
(24.0%)
(34.9%)
25.0%
(15.0%)
(2.0%)
6.5%
30.5%
(7.0%)
(2.0%)
21.6%
29.1%
(8.0%)
(2.0%)
19.0%
(21.2%)
(5.0%)
(2.0%)
(25.1%)
8.7%
(1.0%)
(1.5%)
7.6%
2.0%
(1.0%)
(1.5%)
1.0%
3.9%
(1.0%)
(1.0%)
2.9%
(8.1%)
-%
(8.1%)
0.0%
6.4%
1.6%
-%
1.6%
(7.1%)
6.0%
(1.1%)
-%
(1.1%)
0.0%
21.3%
9.1%
-%
9.1%
(1.9%)
27.5%
(10.1%)
-%
(17.8%)
5.9%
(10.6%)
(5.9%)
-%
(9.2%)
0.0%
1.6%
(28.8%)
-%
(16.2%)
(1.1%)
(0.4%)
(12.3%)
(17.7%)
(15.1%)
(0.7%)
(19.3%)
(16.0%)
(20.6%)
(17.6%)
(1.9%)
(28.2%)
(9.5%)
(12.0%)
(12.2%)
(3.8%)
4.0%
(26.3%)
(9.1%)
(16.0%)
(8.0%)
16.0%
7.1%
(8.1%)
(2.8%)
(4.3%)
24.3%
(6.7%)
(2.4%)
(4.3%)
(2.3%)
(23.6%)
(7.1%)
(2.1%)
(4.2%)
(2.3%)
5.4%
(7.7%)
(5.7%)
(6.3%)
(2.4%)
(1.9%)
(4.2%)
(6.0%)
(5.4%)
(2.4%)
0.3%
(17.4%)
(165.8%)
(27.0%)
7.7%
1067.8%
(4.5%)
9.2%
849.5%
3.2%
25.1%
524.3%
44.2%
8.3%
876.2%
4.8%
(31.3%)
(520.0%)
(56.0%)
(14.2%)
4520.0%
(153.8%)
(42.2%)
(470.0%)
186.6%
(96.1%)
(590.0%)
85.7%
413.7%
(4849.5%)
(48.2%)
211.9%
173.4%
(37.9%)
(49.8%)
222.5%
58.2%
165.5%
(32.0%)
(16.8%)
172.4%
(25.9%)
(12.0%)
106.8%
(23.8%)
(1.4%)
94.4%
(17.2%)
5.1%
62.9%
(7.4%)
(32.6%)
48.1%
(10.6%)
(22.1%)
36.7%
(22.3%)
(34.5%)
3.1%
(34.5%)
(58.7%)
(22.3%)
(39.1%)
(55.1%)
(4.5%)
(44.1%)
(60.9%)
7.7%
(37.9%)
(56.2%)
53.9%
(34.8%)
(28.5%)
5.1%
7.2%
9.2%
13.9%
0.0%
0.0%
2009
2010
2011E
2012E
2013E
2014E
42.1%
(38.3%)
-
123.3%
(24.6%)
34.6%
33.3%
(18.8%)
(37.0%)
9.3%
(40.9%)
(52.6%)
20.5%
(16.6%)
(6.7%)
10.6%
(5.0%)
(5.0%)
(71.0%) 189.6%
89.0%
43.5%
(693.0%) (578.7%) (802.5%) (421.7%)
12.8%
(22.5%) (40.4%) (52.3%)
65.9%
(30.9%)
(7.8%)
44.2%
(19.5%)
(7.3%)
12.7%
(14.3%)
(6.8%)
2009
$114.5
$588.0
19.5%
22.8%
(40.0%)
Growth:
Q/Q % Growth:
Shipments
Module ASPs
System ASPs
Revenue
2011
(9.2%)
(7.8%)
(5.9%)
2011
2012E
2013E
Annual
2011E 2012E
2009
2010
2013E
2014E
Total Revenues
1Q
$588.0
2Q
$625.1
3Q
$743.7
4Q
$945.1
1Q
$877.0
2Q
$830.7
3Q
$809.8
4Q
$629.0
1Q
$409.5
2QE
$435.9
3QE
$529.9
4QE
$630.4
1QE
$472.2
2QE
$508.0
3QE
$512.9
4QE
$527.7
FY
$1,693.3
FY
$2,901.9
FY
$3,146.5
FY
$2,005.8
FY
$2,020.9
FY
$2,164.4
Cost of Goods
Gross Profit
$473.5
$114.5
$501.8
$123.3
$608.9
$134.8
$776.5
$168.6
$694.3
$182.7
$705.1
$125.6
$702.0
$107.8
$566.7
$62.3
$407.1
$2.4
$423.6
$12.3
$491.5
$38.5
$611.1
$19.3
$466.6
$5.6
$491.8
$16.2
$482.3
$30.7
$483.7
$44.0
$1,354.6
$338.8
$2,360.7
$541.3
$2,668.1
$478.4
$1,933.3
$72.5
$1,924.4
$96.5
$1,992.1
$172.4
Selling Expenses
G&A
R&D
Operating Expenses
$20.0
$21.5
$9.6
$51.0
$26.9
$26.8
$9.0
$62.7
$31.5
$28.9
$11.9
$72.2
$37.7
$30.8
$10.0
$78.4
$36.0
$41.9
$10.3
$88.2
$38.6
$36.7
$8.7
$84.0
$45.5
$73.0
$11.7
$130.2
$42.5
$76.0
$8.0
$126.5
$33.6
$79.1
$8.9
$121.6
$26.2
$39.2
$8.7
$74.1
$31.8
$37.1
$7.9
$76.8
$37.8
$34.7
$7.6
$80.1
$28.3
$37.8
$8.0
$74.1
$30.5
$31.8
$7.1
$69.3
$30.8
$25.6
$5.9
$62.3
$31.7
$22.2
$5.3
$59.1
$58.9
$76.9
$29.0
$164.8
$116.1
$107.9
$40.4
$264.4
$162.6
$227.6
$38.7
$428.9
$129.4
$190.1
$33.1
$352.6
$121.3
$117.3
$26.3
$264.9
$129.9
$125.5
$28.1
$283.5
$ in millions
Operating Income
$63.5
$60.6
$62.6
$90.2
$94.5
$41.6
($22.4)
($64.2)
($119.2)
($61.8)
($38.4)
($60.7)
($68.5)
($53.1)
($31.7)
($15.1)
$174.0
$276.9
$49.5
($280.1)
($168.4)
($111.2)
Interest Expense
Interest Income
FX Gain (Loss)
Other Income (Expense)
Non-Operating Income (Expense)
($23.4)
$0.9
($24.5)
$2.8
($44.4)
($23.8)
$1.2
($61.4)
$24.3
($59.7)
($26.2)
$3.2
$42.0
($74.1)
($55.1)
($25.9)
$2.4
($2.8)
($0.4)
($26.8)
($32.4)
$2.1
$29.9
($56.9)
($57.3)
($34.5)
$2.0
$11.7
($41.4)
($62.2)
($37.7)
$2.0
($56.3)
($50.1)
($142.1)
($38.7)
$1.3
($23.5)
$15.4
($45.5)
($34.1)
$1.9
$5.8
$23.4
($3.0)
($34.0)
$1.6
$$($32.4)
($34.0)
$1.6
$$($32.4)
($34.0)
$1.4
$$($32.6)
($34.0)
$1.3
$$($32.7)
($34.0)
$1.2
$$($32.9)
($34.0)
$1.0
$$($33.0)
($34.0)
$0.9
$$($33.1)
($103.3)
$9.6
$8.6
$2.6
($82.5)
($99.4)
$7.6
($46.7)
($47.5)
($186.0)
($143.3)
$7.4
($38.2)
($133.0)
($307.1)
($136.2)
$6.5
$5.8
$23.4
($100.5)
($136.2)
$4.4
$0.0
$0.0
($131.7)
($136.2)
$4.4
$0.0
$0.0
($131.7)
$19.2
$0.9
$7.4
$63.4
$37.2
($20.6)
($164.5)
($109.7)
($122.2)
($94.2)
($70.8)
($93.3)
($101.2)
($86.0)
($64.7)
($48.2)
$91.5
$90.9
($257.6)
($380.6)
($300.1)
($242.9)
$3.2
($5.1)
($2.7)
$2.3
$5.5
$16.8
($50.5)
($19.0)
$6.1
($15.5)
($11.7)
($15.4)
($16.7)
($14.2)
($10.7)
($8.0)
$2.5
($2.4)
($47.2)
($36.5)
($49.5)
($43.8)
$4.6
$2.9
$3.3
$-
$0.4
$4.0
($45.1)
($58.0)
($4.6)
$-
$-
$-
$-
$-
$-
$-
($3.3)
$10.8
($98.7)
($4.6)
$0.0
$0.0
Net Income
$20.6
$8.9
$13.4
$61.1
$32.1
($33.4)
($159.1)
($148.7)
($132.9)
($78.7)
($59.1)
($77.9)
($84.5)
($71.8)
($54.0)
($40.3)
$89.0
$93.3
($210.4)
($344.0)
($250.6)
($199.1)
Minority Interests
$0.1
($0.3)
($0.2)
($0.6)
($0.2)
($0.4)
($0.3)
($0.1)
($0.1)
($0.1)
($0.1)
($0.1)
($0.1)
($0.1)
($0.1)
($0.1)
($0.1)
($1.0)
($1.0)
($0.4)
($0.4)
($0.4)
$20.7
$8.6
$13.3
$60.5
$31.9
($33.8)
($159.4)
($148.8)
($133.0)
($78.8)
($59.2)
($78.0)
($84.6)
($71.9)
($54.1)
($40.4)
$85.6
$103.1
($310.1)
($349.0)
($251.0)
($199.5)
$0.11
$0.12
$0.05
$0.05
$0.07
$0.07
$0.37
$0.34
$0.17
$0.18
($0.19)
($0.19)
($0.88)
($0.88)
($0.82)
($0.82)
($0.73)
($0.73)
($0.43)
($0.43)
($0.33)
($0.33)
($0.43)
($0.43)
($0.46)
($0.46)
($0.39)
($0.39)
($0.29)
($0.29)
($0.22)
($0.22)
$0.50
$0.50
$0.60
$0.57
($1.71)
($1.72)
($1.92)
($1.92)
($1.37)
($1.37)
($1.08)
($1.08)
Basic Shares
Diluted Shares Outstanding
179.3
182.3
179.6
179.6
179.6
181.3
179.8
196.1
180.2
182.5
180.4
180.4
180.6
180.6
180.7
180.7
181.0
181.0
181.4
181.4
181.9
181.9
182.3
182.3
182.8
182.8
183.2
183.2
183.7
183.7
184.2
184.2
169.7
172.5
179.6
181.6
180.4
181.0
181.6
181.6
183.5
183.5
184.4
184.4
One-time Items:
Impairment Charges
Restructuring Charges
Discontinued Operations
Other Charges
Reported Net Income (incl. Charges)
$$$$$20.7
($128.5)
($54.6)
($0.4)
$($174.9)
$$$$19.8
$33.1
$$$$322.9
$383.4
$$($2.9)
$$29.0
($211.9)
$($13.8)
$($259.5)
($461.8)
$$($21.1)
($642.3)
$$$$($148.8)
$$$$($133.0)
$$$$($78.8)
$$$$($59.2)
$$$$($78.0)
$$$$($84.6)
$$$$($71.9)
$$$$($54.1)
$$$$($40.4)
$$-
($128.5)
($54.6)
($673.7)
$-
$$-
$$-
$$-
$$85.6
$342.7
$262.7
$($251.0)
$($199.5)
$0.11
($0.97)
$0.18
$2.02
$0.16
($1.44)
($3.56)
($0.82)
($0.73)
($0.43)
($0.33)
($0.43)
($0.46)
($0.39)
($0.29)
($0.22)
$0.50
$1.45
($5.55)
($1.92)
($1.37)
($1.08)
% of Sales
Gross Margin
Operating Income Margin
Net Income Margin
19.5%
10.8%
4%
19.7%
9.7%
1%
18.1%
8.4%
2%
17.8%
9.5%
6%
20.8%
10.8%
4%
15.1%
5.0%
(4%)
13.3%
(2.8%)
(20%)
9.9%
(10.2%)
(24%)
0.6%
(29.1%)
(32%)
2.8%
(14.2%)
(18%)
7.3%
(7.2%)
(11%)
3.1%
(9.6%)
(12%)
1.2%
(14.5%)
(18%)
3.2%
(10.5%)
(14%)
6.0%
(6.2%)
(11%)
8.3%
(2.9%)
(8%)
20.0%
10.3%
5%
18.7%
9.5%
4%
15.2%
1.6%
(10%)
3.6%
(14.0%)
(17%)
4.8%
(8.3%)
(12%)
8.0%
(5.1%)
(9%)
Selling Expenses
G&A
R&D
Total Operating Expenses
3%
4%
2%
9%
4%
4%
1%
10%
4%
4%
2%
10%
4%
3%
1%
8%
4%
5%
1%
10%
5%
4%
1%
10%
6%
9%
1%
16%
7%
12%
1%
20%
8%
19%
2%
30%
6%
9%
2%
17%
6%
7%
2%
15%
6%
6%
1%
13%
6%
8%
2%
16%
6%
6%
1%
14%
6%
5%
1%
12%
6%
4%
1%
11%
3%
4%
5%
6%
6%
6%
2%
5%
1%
5%
1%
6%
2%
8%
1%
7%
1%
7%
Tax Rate
($21.1)
$($1,004.9) ($349.0)
16%
NM
NM
4%
15%
NM
31%
17%
NM
17%
17%
17%
17%
17%
17%
17%
3%
(3%)
18%
10%
17%
17%
Q/Q % Growth
Revenues
COGS
Gross Profit
Operating Expenses
Operating Income
0.8%
6.4%
(17.4%)
(1.3%)
(27.0%)
6.3%
6.0%
7.7%
22.9%
(4.5%)
19.0%
21.3%
9.2%
15.1%
3.2%
27.1%
27.5%
25.1%
8.6%
44.2%
(7.2%)
(10.6%)
8.3%
12.4%
4.8%
(5.3%)
1.6%
(31.3%)
(4.8%)
(56.0%)
(2.5%)
(0.4%)
(14.2%)
55.0%
(153.8%)
(22.3%)
(19.3%)
(42.2%)
(2.8%)
186.6%
(34.9%)
(28.2%)
(96.1%)
(3.9%)
85.7%
6.5%
4.0%
413.7%
(39.1%)
(48.2%)
21.6%
16.0%
211.9%
3.7%
(37.9%)
19.0%
24.3%
(49.8%)
4.2%
58.2%
(25.1%)
(23.6%)
(71.0%)
(7.4%)
12.8%
7.6%
5.4%
189.6%
(6.5%)
(22.5%)
1.0%
(1.9%)
89.0%
(10.1%)
(40.4%)
2.9%
0.3%
43.5%
(5.2%)
(52.3%)
Y/Y % Growth
Revenues
COGS
Gross Profit
Operating Expenses
Operating Income
Net Income (Loss)
Diluted EPS - (x-1x Items)
86%
83%
103%
45%
200%
1059%
897%
95%
92%
107%
62%
188%
(14%)
(17%)
57%
57%
60%
84%
40%
(55%)
(55%)
62%
75%
22%
52%
4%
38%
53%
49%
47%
60%
73%
49%
54%
54%
33%
41%
2%
34%
(31%)
(493%)
(491%)
9%
15%
(20%)
80%
(136%)
(1301%)
(1306%)
(33%)
(27%)
(63%)
61%
(171%)
(346%)
(323%)
(53%)
(41%)
(99%)
38%
(226%)
(517%)
(520%)
(48%)
(40%)
(90%)
(12%)
(248%)
133%
132%
(35%)
(30%)
(64%)
(41%)
71%
(63%)
(63%)
0%
8%
(69%)
(37%)
(5%)
(48%)
(48%)
15%
15%
134%
(39%)
(43%)
(36%)
(37%)
17%
16%
32%
(6%)
(14%)
(9%)
(10%)
(3%)
(2%)
(20%)
(19%)
(18%)
(9%)
(10%)
(16%)
(21%)
128%
(26%)
(75%)
(48%)
(49%)
(12%)
(14%)
(1%)
3%
(5%)
164%
145%
71%
74%
60%
60%
59%
20%
21%
8%
13%
(12%)
62%
(82%)
(401%)
(385%)
(36%)
(28%)
(85%)
(18%)
(666%)
13%
12%
1%
(0%)
33%
(25%)
(40%)
(28%)
(29%)
7%
4%
79%
7%
(34%)
(21%)
(21%)
10
2010
2011
2012E
2013E
1Q
$406.0
$179.1
$$242.7
$160.4
$104.9
$87.1
$70.5
$255.5
2Q
$760.5
$180.4
$$269.7
$183.7
$108.4
$78.4
$53.8
$200.8
3Q
$655.7
$158.4
$200.0
$284.5
$308.3
$112.1
$52.5
$43.4
$280.9
4Q
$833.2
$124.9
$200.8
$280.1
$274.2
$110.2
$41.2
$48.8
$242.6
1Q
$677.2
$162.8
$$314.1
$363.7
$104.0
$58.9
$50.2
$268.4
2Q
$765.6
$82.2
$$381.5
$310.8
$94.2
$50.9
$68.4
$275.0
3Q
$946.2
$153.5
$$447.4
$384.0
$59.7
$61.5
$83.2
$272.5
4Q
$872.5
$142.5
$$558.2
$505.5
$10.4
$92.4
$84.4
$146.4
1Q
$782.6
$118.1
$$550.2
$670.9
$44.7
$61.6
$119.3
$220.9
2Q
$648.2
$119.7
$$571.4
$835.4
$27.3
$78.0
$104.9
$171.9
3Q
$458.4
$109.3
$$696.3
$759.3
$25.8
$100.2
$92.5
$177.3
4Q
$492.4
$216.6
$$516.5
$455.8
$19.5
$90.8
$84.4
$222.3
1Q
$473.7
$190.1
$$508.4
$390.2
$19.3
$66.2
$115.8
$220.3
2QE
$572.4
$190.1
$$457.7
$392.3
$19.3
$34.9
$105.9
$139.5
3QE
$450.1
$190.1
$$476.9
$466.3
$18.7
$42.4
$103.2
$159.0
4QE
$359.2
$190.1
$$517.0
$523.3
$17.8
$50.4
$91.7
$189.1
1QE
$416.6
$190.1
$$425.0
$458.0
$16.0
$35.4
$93.3
$132.2
2QE
$286.2
$190.1
$$431.8
$497.9
$14.4
$35.6
$103.3
$162.6
3QE
$241.4
$190.1
$$420.6
$512.9
$13.0
$33.3
$91.6
$153.9
4QE
$204.4
$190.1
$$432.7
$538.3
$11.7
$26.4
$82.2
$158.3
$1,506.3
$1,835.8
$2,095.9
$2,156.0
$1,999.3
$2,028.6
$2,408.0
$2,412.3
$2,568.3
$2,556.8
$2,419.1
$2,098.3
$1,984.0
$1,912.1
$1,906.8
$1,938.5
$1,766.6
$1,721.9
$1,656.8
$1,644.1
$720.8
$163.6
$80.9
$225.4
$216.4
$195.3
$56.2
$$104.1
$733.7
$165.2
$83.6
$229.1
$203.6
$182.0
$55.9
$$102.6
$766.5
$172.4
$88.0
$240.4
$187.9
$174.5
$55.0
$$118.8
$777.6
$166.7
$86.1
$251.4
$193.6
$188.1
$54.7
$$109.6
$816.6
$162.7
$84.2
$331.0
$180.5
$187.4
$54.3
$$107.4
$846.7
$171.8
$85.3
$234.3
$163.5
$184.6
$54.2
$$105.4
$1,004.4
$179.4
$91.3
$259.2
$165.1
$203.5
$53.7
$$108.0
$1,326.2
$156.0
$278.0
$545.9
$94.1
$213.8
$53.0
$$137.7
$1,420.3
$145.9
$278.0
$556.7
$93.3
$212.8
$53.0
$$152.5
$1,523.9
$147.8
$280.3
$560.4
$86.6
$128.0
$$$151.6
$1,538.1
$24.6
$$516.6
$75.2
$172.3
$$$146.0
$1,569.2
$23.0
$$454.2
$67.6
$185.1
$$$152.2
$1,539.2
$21.1
$$449.5
$66.8
$154.4
$$$163.6
$1,533.8
$21.1
$$449.5
$68.8
$169.4
$$$149.5
$1,527.4
$21.1
$$449.5
$70.9
$162.2
$$$149.5
$1,532.4
$21.1
$$449.5
$73.0
$152.8
$$$149.5
$1,555.5
$21.1
$$449.5
$73.0
$130.6
$$$149.5
$1,577.6
$21.1
$$449.5
$75.2
$127.9
$$$149.5
$1,598.5
$21.1
$$449.5
$77.4
$130.2
$$$149.5
$1,618.3
$21.1
$$449.5
$79.8
$101.6
$$$149.5
$3,269.0
$3,591.5
$3,899.3
$3,983.7
$3,923.3
$3,874.5
$4,472.5
$5,217.0
$5,480.9
$5,435.4
$4,891.9
$4,549.6
$4,378.6
$4,304.2
$4,287.3
$4,316.7
$4,145.9
$4,122.6
$4,083.1
$4,063.9
$791.7
$239.3
$153.4
$228.9
$806.8
$214.8
$120.1
$178.6
$847.6
$219.6
$196.8
$216.4
$800.4
$224.0
$264.2
$229.5
$835.5
$4.2
$384.3
$213.3
$939.2
$4.2
$366.1
$229.5
$1,024.2
$0.4
$394.6
$617.5
$1,400.8
$0.4
$457.0
$511.8
$1,626.6
$4.2
$474.2
$484.2
$1,665.7
$3.8
$521.2
$579.0
$1,582.6
$3.8
$632.0
$545.0
$1,558.6
$3.8
$542.2
$476.9
$1,574.6
$579.9
$511.3
$442.1
$1,574.6
$$487.1
$233.0
$1,574.6
$$501.3
$265.4
$1,574.6
$$580.6
$293.3
$1,574.6
$$466.6
$214.6
$1,574.6
$$486.9
$216.4
$1,574.6
$$472.6
$202.6
$1,574.6
$$464.4
$193.5
$1,413.3
$1,320.4
$1,480.4
$1,518.1
$1,437.3
$1,538.9
$2,036.8
$2,369.9
$2,589.3
$2,769.7
$2,763.4
$2,581.5
$3,107.9
$2,294.7
$2,341.3
$2,448.5
$2,255.8
$2,277.9
$2,249.8
$2,232.5
$464.5
$$43.0
$$$$119.9
$589.9
$$45.6
$$$$115.4
$136.3
$509.8
$50.1
$$$$156.6
$138.0
$516.9
$55.2
$$3.5
$33.1
$106.1
$132.4
$524.2
$60.1
$$$$138.7
$142.7
$531.8
$65.1
$$$$124.2
$159.6
$543.3
$71.9
$$$$179.3
$163.3
$551.2
$81.0
$$$$171.4
$202.7
$555.4
$88.8
$$$$145.2
$202.3
$563.7
$82.4
$$$$155.4
$211.5
$572.2
$89.7
$$$$165.0
$161.2
$580.9
$94.1
$$$$167.2
$131.2
$46.5
$96.8
$$$$193.0
$131.2
$590.5
$99.7
$$$$435.2
$131.2
$595.2
$102.7
$$$$423.2
$131.2
$600.0
$105.8
$$$$415.6
$131.2
$604.8
$108.9
$$$$514.1
$131.2
$609.6
$112.2
$$$$532.6
$131.2
$614.3
$115.6
$$$$567.2
$131.2
$619.1
$119.1
$$$$597.4
$2,040.7
$2,071.3
$2,333.1
$2,370.9
$2,292.8
$2,402.7
$2,990.8
$3,336.9
$3,581.3
$3,773.5
$3,801.8
$3,584.9
$3,575.4
$3,551.3
$3,593.6
$3,701.1
$3,614.9
$3,663.5
$3,678.1
$3,699.2
$10.2
$1.6
$820.2
$332.9
$63.4
$12.2
$1.7
$1,100.1
$342.9
$63.4
$14.6
$1.7
$1,113.8
$372.6
$63.4
$14.7
$1.8
$1,114.7
$416.7
$64.9
$13.8
$1.8
$1,112.6
$437.4
$64.9
$14.5
$1.8
$1,128.1
$262.5
$64.9
$19.9
$1.8
$1,099.5
$295.6
$64.9
$12.5
$1.8
$1,122.0
$679.0
$64.9
$10.7
$1.8
$1,114.2
$708.0
$64.9
$8.8
$1.8
$1,137.9
$448.5
$64.9
$8.8
$1.8
$1,208.4
($193.8)
$64.9
$6.4
$1.8
$1,234.2
($342.6)
$64.9
$6.4
$1.8
$1,234.2
($475.6)
$64.9
$6.4
$1.8
$1,234.2
($554.4)
$64.9
$6.4
$1.8
$1,234.2
($613.6)
$64.9
$6.4
$1.8
$1,234.2
($691.6)
$64.9
$6.4
$1.8
$1,234.2
($776.3)
$64.9
$6.4
$1.8
$1,234.2
($848.1)
$64.9
$6.4
$1.8
$1,234.2
($902.3)
$64.9
$6.4
$1.8
$1,234.2
($942.6)
$64.9
$1,228.3
$1,520.2
$1,566.2
$1,612.7
$1,630.5
$1,471.8
$1,481.7
$1,880.2
$1,899.6
$1,661.9
$1,090.1
$964.7
$831.7
$752.9
$693.7
$615.7
$531.0
$459.1
$405.0
$364.7
$3,269.0
$3,591.5
$3,899.3
$3,983.7
$3,923.3
$3,874.5
$4,472.5
$5,217.0
$5,480.9
$5,435.4
$4,891.9
$4,549.6
$4,407.1
$4,304.2
$4,287.3
$4,316.7
$4,145.9
$4,122.6
$4,083.1
$4,063.9
1Q
$2.59
$7.83
$7.32
2Q
$4.41
$8.81
$8.32
3Q
$4.70
$8.60
$8.12
4Q
$5.67
$8.85
$8.37
1Q
$3.72
$8.95
$8.48
2Q
$4.26
$8.20
$7.72
3Q
$5.22
$8.17
$7.67
4Q
$4.45
$9.59
$8.17
1Q
$4.29
$10.41
$8.89
2Q
$3.59
$9.21
$7.66
3Q
$2.54
$6.04
$6.04
4Q
$2.73
$5.34
$5.34
1Q
$2.62
$4.60
$4.60
2QE
$3.16
$4.15
$4.15
3QE
$2.47
$3.81
$3.81
4QE
$1.97
$3.38
$3.38
1QE
$2.28
$2.91
$2.91
2QE
$1.56
$2.51
$2.51
3QE
$1.31
$2.20
$2.20
4QE
$1.11
$1.98
$1.98
1.1
0.9
0.3
1.4
1.2
0.6
1.4
1.2
0.6
1.4
1.2
0.7
1.4
1.2
0.5
1.3
1.1
0.5
1.2
1.0
0.5
1.0
0.8
0.4
1.0
0.8
0.3
0.9
0.7
0.2
0.9
0.6
0.2
0.8
0.6
0.2
0.6
0.5
0.2
0.8
0.6
0.2
0.8
0.6
0.2
0.8
0.6
0.1
0.8
0.6
0.2
0.8
0.6
0.1
0.7
0.5
0.1
0.7
0.5
0.1
Working Capital
Days Sales Outstanding
Days of Inventory
Accounts Payable Turnover
Payable Days
$92.9
75.7
84.2
1.7
53.2
$515.5
81.9
92.9
2.2
41.4
$615.5
80.0
65.8
2.0
45.5
$637.8
59.3
56.7
1.4
64.9
$561.9
71.6
59.7
1.2
73.0
$489.7
58.3
68.4
1.4
65.7
$371.3
53.7
66.1
1.5
58.3
$42.4
49.1
64.7
1.7
53.0
($21.0)
73.4
71.3
1.5
61.5
($212.9)
93.5
72.9
1.4
66.5
($344.3)
87.3
89.3
1.1
81.0
($483.2)
68.0
82.0
1.0
86.1
($1,123.9)
90.0
112.4
0.8
113.0
($382.6)
85.0
97.3
0.9
103.5
($434.5)
82.4
87.3
1.0
91.8
($510.0)
77.2
76.1
1.1
85.5
($489.2)
90.4
82.0
1.0
90.0
($556.0)
90.8
79.0
1.0
89.1
($593.0)
92.3
78.5
1.0
88.2
($588.3)
93.8
80.5
1.0
86.4
4.8x
74.1%
54.9%
4.8x
44.1%
51.5%
8.9x
57.4%
52.2%
3.0x
44.7%
51.0%
2.3x
40.3%
47.9%
2.3x
52.3%
52.4%
1.7x
42.4%
53.8%
3.0x
58.5%
52.9%
3.6x
78.3%
55.7%
4.1x
100.3%
59.4%
5.5x
165.3%
68.5%
8.3x
165.4%
70.5%
-78.0x
200.6%
73.7%
-13.2x
203.7%
75.3%
-13.0x
239.4%
76.8%
-15.1x
285.3%
78.9%
-16.2x
320.9%
81.3%
-13.4x
400.5%
83.5%
-11.0x
466.3%
85.1%
-11.5x
529.4%
86.4%
NOPAT
Return on Invested Capital
Return on Assets
Return on Average Equity
$21.2
8.1%
6.4%
(1.1%)
$21.2
4.4%
1.0%
(6.7%)
$44.6
2.2%
(0.3%)
(5.0%)
$84.4
7.5%
(1.5%)
6.0%
$60.4
8.8%
2.4%
7.3%
$65.7
10.5%
2.8%
6.9%
$65.3
11.4%
(1.9%)
5.7%
$87.9
10.1%
(1.7%)
5.9%
$89.0
10.0%
5.8%
6.5%
$24.8
9.0%
4.0%
4.6%
$28.1
8.3%
(10.5%)
(7.8%)
($45.2)
3.2%
(20.9%)
(21.8%)
($125.3)
(3.7%)
(24.0%)
(34.8%)
($46.2)
(6.0%)
(20.6%)
(43.1%)
($26.7)
(8.2%)
(9.1%)
(47.1%)
($45.3)
(8.5%)
(7.9%)
(44.2%)
($51.8)
(6.1%)
(7.1%)
(44.1%)
($38.9)
(5.6%)
(7.0%)
(48.5%)
($21.0)
(5.4%)
(6.9%)
(52.5%)
($7.1)
(4.0%)
(6.0%)
(51.2%)
11
2010
2QE
3QE
4QE
1QE
2Q
3QE
4QE
1Q
2Q
3Q
4Q
1QE
2QE
3QE
4QE
1QE
2QE
3QE
4QE
FY
FY
FY
FY
FY
$2.1
$9.6
$30.2
$43.8
$20.6
($174.5)
$33.2
$384.0
$32.1
($259.1)
($642.3)
($148.7)
($132.9)
($78.7)
($59.1)
($77.9)
($84.5)
($71.8)
($54.0)
($40.3)
$85.6
$263.3
($1,018.0)
($348.6)
($250.6)
$1.4
$15.7
$11.3
($1.5)
$($0.0)
$14.8
$0.8
$($2.4)
$3.3
($2.4)
($0.2)
$2.0
$0.0
($0.3)
$0.9
$($33.3)
$1.1
$21.0
$12.9
($1.5)
$($0.0)
$14.8
$0.8
$($2.4)
$3.3
($0.5)
($0.2)
$2.0
$0.0
($0.3)
$0.9
$$85.0
$3.0
$18.7
$8.6
($10.1)
$$$7.2
($2.5)
$$$3.3
($4.6)
($0.2)
($2.8)
$($0.3)
$0.8
$($22.7)
$6.0
$20.5
$7.5
($9.5)
$1.0
$23.1
($3.4)
$$136.9
$$$18.3
$($23.8)
$$$$($16.4)
$3.2
$26.7
$9.4
($10.1)
$($2.3)
$7.2
($2.5)
($73.9)
$$3.3
($23.1)
($0.2)
$74.1
$($0.3)
$0.8
$($118.4)
$2.7
$19.0
$6.4
($10.7)
$0.1
($2.3)
$17.9
($4.9)
$$$6.7
($241.4)
($0.4)
$2.3
$($0.6)
$1.6
$($116.9)
$3.7
$38.2
$8.1
($9.7)
$$1.4
$5.7
$$1.4
$$($0.4)
$$56.5
$7.6
$$$($279.3)
$3.4
$31.6
$8.3
($7.0)
$$2.8
$29.5
$1.4
$$$($4.0)
$$41.1
$13.8
$$$$140.1
$3.3
$36.7
$8.5
($47.5)
$$19.2
$20.2
$$460.4
$$($3.0)
$$10.8
$$$$88.0
$18.5
$2.1
$35.1
$8.6
($9.0)
$$20.0
($18.4)
$10.5
$$$58.1
$($15.4)
$6.4
$$$3.6
$300.4
$2.8
$39.4
$8.9
$5.5
$$25.5
$3.7
$5.9
$$$$4.6
$($16.4)
($2.4)
$$$$42.9
$2.9
$40.4
$8.9
$$$$$$$$$$$$$$$$160.0
$2.9
$41.4
$8.9
$$$$$$$$$$$$$$$($81.4)
$3.0
$42.4
$8.9
$$$$$$$$$$$$$$$($19.9)
$3.1
$43.5
$8.9
$$$$$$$$$$$$$$$$153.1
$3.2
$44.6
$8.9
$$$$$$$$$$$$$$$($48.6)
$3.2
$45.7
$8.9
$$$$$$$$$$$$$$$$17.9
$3.3
$46.8
$8.9
$$$$$$$$$$$$$$$$10.9
$6.6
$66.4
$47.5
($6.0)
$($0.1)
$59.1
$3.1
$($9.5)
$13.3
$3.3
($0.8)
$8.0
$($1.2)
$3.6
$$13.9
$14.9
$84.9
$31.9
($40.4)
$1.1
$18.5
$28.9
($9.8)
$63.0
$$13.3
($250.8)
($0.8)
$49.8
$($1.2)
$3.2
$($274.4)
$12.5
$141.6
$33.5
($73.2)
$$43.4
$37.0
$11.9
$461.8
$$$50.7
$$93.0
$27.8
$$$91.6
$179.7
$11.6
$163.6
$35.6
$5.5
$$25.5
$3.7
$5.9
$$$$4.6
$($16.4)
($2.4)
$$$$101.6
$12.8
$180.6
$35.6
$$$$$$$$$$$$$$$$133.3
($32.2)
($128.5)
$1.0
$15.8
$3.4
$21.6
($0.2)
$4.2
$4.1
($1.6)
$76.4
$4.5
$0.4
($2.3)
$9.7
$36.1
$1.0
($12.3)
($11.3)
$10.7
($0.2)
$4.2
($21.7)
($1.6)
$67.3
$5.0
$0.4
($2.3)
($34.1)
($83.3)
$0.2
$13.1
($1.4)
($17.7)
($25.8)
$$0.7
$2.2
$120.1
$5.1
$0.4
($2.3)
($67.4)
$62.7
($1.8)
$17.0
($18.2)
$8.0
($6.6)
$$2.8
$1.9
($18.2)
$5.3
$0.4
($2.3)
($65.8)
($38.7)
$0.2
($1.6)
($14.9)
($10.5)
$2.5
$($18.9)
($2.6)
$28.5
$5.4
$0.4
($2.3)
($107.5)
($78.1)
$2.2
$66.1
$1.9
($28.2)
$2.3
$($18.2)
($7.6)
$47.9
$10.0
$4.9
($12.8)
$8.0
($165.4)
$$0.8
($34.9)
$30.8
($74.5)
$$1.0
($14.8)
$17.3
$10.3
$4.9
($62.7)
($21.2)
($164.5)
$$6.7
$14.4
($16.4)
$49.0
$$84.8
$0.9
$47.0
$10.5
$4.9
$123.9
($124.9)
$76.1
$$11.4
$12.4
($22.2)
($5.4)
$($44.3)
$5.6
$110.8
$10.8
$4.9
($16.6)
$179.8
$303.5
$$7.6
$8.1
$9.4
($45.0)
$($12.8)
($6.2)
($89.8)
$11.1
$4.9
($70.2)
$8.1
$65.6
$$0.8
($31.4)
$24.6
$2.0
$$30.7
($11.4)
($30.9)
$11.3
$4.9
($31.4)
$50.7
($2.1)
$($2.0)
$9.9
$31.3
$80.8
$($15.0)
$14.1
($24.2)
$11.6
$4.9
$-
($19.2)
($74.0)
$($2.1)
$2.7
($7.5)
($19.5)
$$7.2
$$14.2
$11.9
$4.9
$-
($40.0)
($56.9)
$($2.1)
$11.5
($8.0)
($30.2)
$$9.4
$$79.2
$12.2
$4.9
$-
$92.0
$65.2
$$($1.7)
$15.0
$56.9
$$22.1
$($114.0)
$12.5
$4.9
$-
($6.9)
($39.9)
$($2.2)
($10.0)
($0.1)
($30.4)
$$2.8
$$20.3
$12.8
$4.9
$-
$11.2
($15.1)
$($2.3)
$11.6
$2.2
$8.7
$($2.3)
$($14.3)
$13.2
$4.9
$-
($12.1)
($25.3)
$($2.3)
$9.4
$7.0
($4.4)
$$28.6
$($8.2)
$13.5
$4.9
$-
($104.4)
($171.6)
$3.9
$77.1
($6.6)
$34.5
($0.9)
$16.7
$19.0
($6.3)
$146.3
$13.7
$1.6
($9.1)
($274.8)
($137.4)
$0.7
$94.6
($32.5)
($48.4)
($27.6)
$($33.6)
($6.0)
$178.3
$25.8
$6.1
($19.6)
$41.7
$49.7
$$26.5
($0.0)
$1.6
($75.9)
$$28.7
($14.5)
$85.2
$42.7
$19.6
($25.6)
($0.5)
($67.5)
$($5.4)
($7.3)
$40.4
$33.2
$$32.3
$2.7
$38.4
$47.1
$19.6
($31.4)
$84.2
($15.0)
$($6.8)
$9.4
$24.0
$30.8
$$51.2
$($116.2)
$52.0
$19.6
$-
Share-Based Compensation
$2.0
$2.1
$15.3
$14.4
Depreciation & Amortization
Amortization of Debt Discount
$11.7
$11.6
Deferred Taxes
($1.5)
($1.5)
Loss on Disposal of PP&E
$$Provision for Doubtful Accounts
($0.0)
($0.0)
Provision for Inventories
$14.8
$14.8
Provision for Purchase Commitments
$0.8
$0.8
Impairment Provision for Long-Term Investments
$$Gain on Convertible Notes Repurchase
($2.4)
($2.4)
Amortization of Long-Term Prepayments
$3.3
$3.3
Equity in Loss (Earnings) of Affiliates
$3.9
$2.3
(Gain) Loss on Short-Term Investments
($0.2)
($0.2)
Loss on Financial Derivatives, Net
$2.0
$2.0
(Gain) Loss on Long-Term Securities
$0.0
$0.0
Imputed Interest Income for Loan to Suppliers and LT Prepayment
($0.3)
to Suppliers
($0.3)
Amortizaton of Imputed Interest Income
$0.9
$0.9
Write-Off of Unamortized MEMC Warrant Costs
$$Changes in Operating Assets and Liabilities
$38.6
($76.4)
Inventories
Accounts Receivable
Other Receivable
Amounts Due from Related Parties
Advances to Suppliers
Value-Added Tax Recoverable
Other Current Assets
Interest-Free Loans to Suppliers
Long-Term Prepayments
Other Non-Current Assets
Accounts Payable
Accrued Warranty Costs
Other Long-Term Liabilities
Other Payables:
Net Cash Flow Provided by (Used in) Operating Activities
Annual
2009
1QE
($23.4)
($52.3)
$1.0
$61.9
($5.6)
($10.1)
($0.2)
$4.2
$29.3
($1.6)
$35.8
$1.6
$0.4
($2.3)
($58.5)
($26.8)
$1.0
$11.6
$6.8
$12.3
($0.2)
$4.2
$7.3
($1.6)
($33.2)
$2.6
$0.4
($2.3)
2010
2011
2012E
2013E
2011
2012E
2013E
$90.9
($18.9)
$40.2
$180.7
$19.1
($14.3)
($72.7)
$63.4
($134.7)
$1.9
($27.2)
$253.3
($12.5)
$133.5
($87.3)
($43.5)
$124.0
($63.7)
$21.7
$29.7
$292.9
($4.6)
$93.3
($9.8)
$111.8
($60.9)
($1.4)
($0.3)
$0.4
$$$1.5
($3.9)
($7.9)
($0.1)
$($108.1)
($20.9)
($1.4)
($0.3)
$0.4
$($200.0)
$1.5
($3.9)
($7.9)
($0.1)
$($1.2)
($25.4)
($1.4)
($0.3)
$0.4
$$$1.5
($3.9)
($7.9)
($0.1)
$$21.9
($34.2)
($1.4)
($0.3)
$0.4
$$$1.5
($3.9)
($7.9)
($0.1)
$$33.4
($72.4)
($1.3)
($0.1)
$0.7
$50.4
$$($9.8)
$$$($2.2)
($92.6)
($1.3)
($0.1)
$0.7
$5.7
$$8.1
$$$$66.1
$-
($85.0)
($1.3)
($0.1)
$0.7
$50.4
$$($9.8)
($79.3)
$($30.0)
($2.2)
($26.0)
($1.3)
($0.1)
$0.7
$95.1
$$($19.7)
($42.7)
$($36.1)
($4.4)
($128.5)
$$$$$$($46.2)
$$($36.8)
$24.4
($119.9)
$$$$$$($54.9)
$$$6.2
($1.6)
($80.8)
$$$$$$($13.1)
$$$0.9
$10.4
($37.6)
$$$$$$$9.4
$$$7.9
($107.3)
($22.6)
$$$$$$$10.3
$$($15.5)
$26.5
($35.0)
$$$$$$$$$$$-
($35.0)
$$$$$$$$$$$-
($47.4)
$$$$$$$$$$$-
($66.6)
$$$$$$$$$$$-
($66.6)
$$$$$$$$$$$-
($66.6)
$$$$$$$$$$$-
($66.6)
$$$$$$$$$$$-
($141.4)
($5.4)
($1.2)
$1.5
$($200.0)
$6.1
($15.5)
($31.5)
($0.5)
$($54.0)
($276.0)
($5.0)
($0.2)
$2.9
$201.6
$$8.1
($39.3)
($122.0)
$$($8.7)
($366.8)
$$$$$$($104.8)
$$($21.8)
($74.1)
($140.0)
$$$$$$$10.3
$$($15.5)
$26.5
($266.5)
$$$$$$$$$$$-
($180.6)
($233.8)
($15.1)
($12.4)
($34.6)
($13.3)
($156.5)
($34.3)
($187.1)
($170.2)
($82.6)
($127.6)
($1.3)
($35.0)
($35.0)
($47.4)
($66.6)
($66.6)
($66.6)
($66.6)
($441.9)
($238.6)
($567.5)
($118.7)
($266.5)
$0.4
$$$214.7
($78.7)
$($5.7)
$$($159.6)
$$21.0
$-
$0.4
$287.5
($10.4)
$194.2
$$135.3
$$$$$$$-
$0.4
$$$($179.5)
$$$50.0
($0.9)
$$$($3.7)
$0.4
$$$297.4
($266.6)
$($17.0)
$$$$$$-
$0.2
$0.2
$0.2
$$$$$$$511.9
$580.7
$752.9
($621.0) ($475.7) ($313.1)
$67.9
$67.9
$67.9
($58.9) ($58.9) ($58.9)
$$$$$$($55.3)
$($55.3)
$0.5
$1.5
$0.5
$17.7
$$17.7
($4.7)
$($4.7)
$0.2
$$$675.6
($677.5)
$67.9
($58.9)
$$($110.6)
($0.6)
$35.4
($9.5)
$$$$225.8
$$39.4
$$$$$$($27.9)
$$$$39.1
$$($0.4)
$$$$$$0.2
$$$$($83.1)
$9.2
$$$$$$($12.7)
$$$$0.9
($24.0)
$($50.3)
$$$$$($14.1)
$$$$($0.9)
$($17.5)
$$$$$$17.0
$$$$$$$$$$$$$-
$$$$$$$$$$$$$-
$$$$$$$$$$$$$-
$$$$$$$$$$$$$-
$$$$$$$$$$$$$-
$$$$$$$$$$$$$-
$$$$$$$$$$$$$-
$1.4
$287.5
($10.4)
$706.3
($524.8)
$135.3
($22.7)
$50.0
($0.9)
($159.6)
$$21.0
($3.7)
$0.8
$$$2,521.0
($2,087.3)
$271.7
($235.7)
$$($221.2)
$1.9
$70.7
($18.9)
$$$$265.8
($107.1)
$48.6
($50.7)
$$$$$($41.5)
$$$$($0.9)
$($17.5)
$$$$$$17.0
$$$$$$$$$$$$$-
($8.0)
$607.0
($133.7)
$14.1
($141.7)
$115.6
$407.1
($78.0)
$237.3
$38.9
($86.6)
($87.5)
($1.4)
$-
$-
$-
$-
$-
$-
$-
$479.4
$303.0
$115.1
($1.4)
$-
Other Adjustments
Effect of Exchange Rate Changes
Net Change in Cash & Cash Equivalents
($2.9)
($1.3)
($101.8)
$1.5
($1.3)
$354.5
$5.1
($1.3)
($104.8)
($3.7)
($1.3)
$177.4
($0.0)
$1.2
($156.0)
$0.0
$0.4
$88.4
$1.5
$1.2
$180.6
($27.0)
$2.1
($73.8)
$($5.5)
($90.0)
$($5.0)
($134.3)
$$6.8
($189.6)
$($4.2)
$34.0
$($3.5)
($18.7)
$$$98.5
$$($122.3)
$$($90.9)
$$$57.4
$$($130.3)
$$($44.9)
$$($36.9)
$($5.0)
$325.4
($25.4)
$4.9
$64.7
$($7.8)
($366.9)
$($3.5)
($133.4)
$$($154.7)
$507.8
$406.0
$406.0
$760.5
$760.5
$655.7
$655.7
$833.2
$833.2
$677.2
$677.2
$765.6
$765.6
$946.2
$946.2
$872.5
$872.5
$782.5
$782.5
$648.1
$648.1
$458.5
$458.5
$492.6
$492.6
$473.9
$473.9
$572.4
$572.4
$450.1
$450.1
$359.2
$359.2
$416.6
$416.6
$286.2
$286.2
$241.4
$241.4
$204.4
$507.9
$833.2
$833.2
$898.0
$898.0
$531.1
$531.1
$397.7
$397.7
$242.9
$90.9
($60.9)
$30.0
($18.9)
($20.9)
($39.8)
$40.2
($25.4)
$14.8
$180.7
($34.2)
$146.5
$19.1
($72.4)
($53.3)
($14.3) ($72.7)
($92.6) ($85.0)
($106.9) ($157.7)
$63.4
($26.0)
$37.4
($134.7)
($128.5)
($263.2)
$1.9
($119.9)
($118.0)
($27.2)
($80.8)
($108.0)
$253.3
($37.6)
$215.7
($12.5)
($22.6)
($35.1)
$133.5
($35.0)
$98.5
($87.3)
($35.0)
($122.3)
($43.5)
($47.4)
($90.9)
$124.0
($66.6)
$57.4
($63.7)
($66.6)
($130.3)
$21.7
($66.6)
($44.9)
$29.7
($66.6)
($36.9)
$292.9
($141.4)
$151.5
($4.6)
($276.0)
($280.6)
$93.3
($366.8)
($273.5)
($9.8)
($140.0)
($149.8)
$111.8
($266.5)
($154.7)
156.8
$0.19
172.6
($0.23)
182.1
$0.08
182.3
$0.80
182.3
($0.29)
179.6
($0.60)
181.3
($0.87)
196.1
$0.19
182.5
($1.44)
180.4
($0.65)
180.6
($0.60)
180.7
$1.19
181.0
($0.19)
181.4
$0.54
181.9
($0.67)
182.3
($0.50)
182.8
$0.31
183.2
($0.71)
183.7
($0.24)
184.2
($0.20)
172.5
$0.88
181.6
($1.54)
181.0
($1.51)
181.6
($0.82)
183.5
($0.84)
$90.9
156.8
$0.58
($18.9)
172.6
($0.11)
$40.2
182.1
$0.22
$180.7
182.3
$0.99
$19.1
182.3
$0.11
($14.3)
179.6
($0.08)
($72.7)
181.3
($0.40)
$63.4
196.1
$0.32
($134.7)
182.5
($0.74)
$1.9
180.4
$0.01
($27.2)
180.6
($0.15)
$253.3
180.7
$1.40
($12.5)
181.0
($0.07)
$133.5
181.4
$0.74
($87.3)
181.9
($0.48)
($43.5)
182.3
($0.24)
$124.0
182.8
$0.68
($63.7)
183.2
($0.35)
$21.7
183.7
$0.12
$29.7
184.2
$0.16
$292.9
172.5
$1.70
($4.6)
181.6
($0.03)
$93.3
181.0
$0.52
($9.8)
181.6
($0.05)
$111.8
183.5
$0.61
12
Source: Investars.com
As of:
7/31/2012
% of Cove rage
Unive rse
% of Rati ngs
for which Firm provi de d
with Rating
Buy
70.6%
14.6%
Hold
21.3%
0.0%
Se ll
7.4%
0.0%
13
14
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15