{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["Valuation from Driver Formula","Cash Flow Model","2004-2014 Financial Statements"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":1,"defined_names":2,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Valuation from Driver Formula","index":0,"n_rows":20,"n_cols":6,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Growth",0.05]
[null,null,"ROIC",0.15]
[null,null,"WACC",0.09]
[]
[null,null,"NOPAT (2009)",{"$f":"'2004-2014 Financial Statements'!N211","v":543692}]
[null,null,"NOPAT Estimated",{"$f":"'2004-2014 Financial Statements'!O209*1000*(1-'2004-2014 Financial Statements'!O207)","v":497600}]
[null,null,"Invested Capital (EOY 2009)",{"$f":"'2004-2014 Financial Statements'!N201","v":1651908}]
[]
[null,null,"Total Invested Capital",{"$f":"D9","v":1651908}]
[null,null,"Less: Equity",{"$f":"'2004-2014 Financial Statements'!N101","v":2652787}]
[null,null,"EV to Equity Bridge"]
[]
[null,null,"Enterprise Value",null,null,"NOPAT x (1-g/ROIC)/(WACC-g)"]
[null,null,"Less: EV to Equity Bridge"]
[null,null,"Equity Value",{"$f":"D15-D16","v":0}]
[]
[null,null,"Number of Shares",{"$f":"'2004-2014 Financial Statements'!N30","v":83459.973924380698}]
[null,null,"Equity Value per Share",{"$f":"D17/D19","v":0}]

{"sheet":"Cash Flow Model","index":1,"n_rows":118,"n_cols":56,"rows_kept":118,"cut":false,"hidden":false,"merged":[]}
["Time Period - Long-term Model"]
[null,"Period",null,null,null,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030]
[null,"Holding Period",null,null,20,{"$f":"F2+E3","v":2029},{"$f":"G2<=$F$3","v":true},{"$f":"H2<=$F$3","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false]
[null,"Terminal Period",null,null,{"$f":"E3","v":20},{"$f":"F3","v":2029},{"$f":"G2=$F$4","v":false},{"$f":"H2=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false]
[]
[null,"Results: Enterprise Value",null,null,{"$f":"E108","v":8304627.3892195113},null,"EV",{"$f":"E6","v":8304627.3892195113},null,"Terminal EV",{"$f":"E104","v":26314719.646473531}]
[null,"Less: EV to Equity Bridge",null,null,{"$f":"E31","v":-1000879},null,"EBITDA",{"$f":"LOOKUP(G2,2:2,82:82)","v":612833.96081953391},null,"Terminal EBITA",{"$f":"LOOKUP(F3,2:2,82:82)","v":1634873.9750446889}]
[null,"Equity Value",null,null,{"$f":"E6-E7","v":9305506.3892195113},null,"EV/EBITDA",{"$f":"H6/H7","v":13.551186651134435},null,"EV/EBITDA",{"$f":"K6/K7","v":16.095870414570776}]
[null,"Equity Value per Share",null,null,{"$f":"E8/E32","v":111.4966366710204}]
[]
["Assumptions",null,null,null,2009,2010,2012,2017,{"$f":"F3+1","v":2030}]
[]
[null,"ROIC Projected",null,null,null,{"$f":"E29","v":0.30122742913043582},0.25,0.25,0.25]
[null,"Cost of Capital",null,null,null,0.09,{"$f":"F14","v":0.09},{"$f":"G14","v":0.09},{"$f":"H14","v":0.09}]
[null,"Growth",null,null,null,0.35,0.1,0.05,0.05]
[]
[null,"Partial Year Factor",null,null,0.5]
[null,"Depreciation Life",null,null,15]
[null,"Tax Rate",null,null,0.2]
[null,"Working Capital/Opening Plant Net",null,null,0.5]
[]
[null,null,null,null,"Amount","Pct"]
[null,"Opening Net Plant",null,null,{"$f":"'2004-2014 Financial Statements'!N214","v":1120197},{"$f":"E23/E25","v":0.67812311581516649}]
[null,"Opening WC and Other",null,null,{"$f":"'2004-2014 Financial Statements'!N216","v":531711},{"$f":"E24/E23","v":0.47465847525033544}]
[null,"Opening Invested Capital",null,null,{"$f":"SUM(E23:E24)","v":1651908},{"$f":"E25/E25","v":1}]
[]
[null,"Historic Year NOPAT (2009)",null,null,{"$f":"'2004-2014 Financial Statements'!N211","v":543692}]
[null,"Intial Year NOPAT Forecast",null,null,{"$f":"'2004-2014 Financial Statements'!O209*1000*(1-'Cash Flow Model'!E19)","v":497600}]
[null,"Initial Year ROIC (Opening Balance)",null,null,{"$f":"E28/E25","v":0.30122742913043582}]
[]
[null,"EV to Equity Bridge",null,null,{"$f":"'2004-2014 Financial Statements'!N221","v":-1000879}]
[null,"Shares in Valuation Year",null,null,{"$f":"'2004-2014 Financial Statements'!N30","v":83459.973924380698}]
[]
["Stable Depreciation Analysis"]
[null,null,null,null,null,null,null,"Data Table with Alternative Growth"]
[null,null,null,null,null,null,null,null,{"$f":"G2","v":2010},{"$f":"H11","v":2017}]
[null,"Growth",null,null,{"$f":"G15","v":0.1},null,null,null,{"$f":"G15","v":0.1},{"$f":"H15","v":0.05}]
[null,"Stable Cap Exp/Depreciation",null,null,{"$f":"LOOKUP(E18+1,42:42,48:48)","v":1.9721066533105842},null,null,{"$f":"E38","v":1.9721066533105842},1.9721066533105842,1.4451343141386659]
[null,"Depreciation to Net Plant",null,null,{"$f":"LOOKUP(E18+1,42:42,56:56)","v":0.10286937102985805},null,null,{"$f":"E39","v":0.10286937102985805},0.10286937102985805,0.11232564736499796]
[]
[]
[null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21,21]
[null,"Opening Balance",null,null,null,null,{"$f":"F46","v":0},{"$f":"G46","v":1},2.1,3.3100000000000005,4.6410000000000009,6.105100000000002,7.7156100000000025,9.4871710000000036,11.435888100000005,13.579476910000007,15.937424601000009,18.53116706110001,21.384283767210015,24.522712143931017,27.974983358324121,31.772481694156536,34.949729863572195,38.444702849929413,42.289173134922358,46.518090448414597,51.169899493256061,{"$f":"AA46","v":56.286889442581675},{"$f":"AB46","v":61.915578386839847},{"$f":"AC46","v":68.107136225523845},{"$f":"AD46","v":74.917849848076244},{"$f":"AE46","v":82.409634832883867},{"$f":"AF46","v":90.65059831617225},{"$f":"AG46","v":99.715658147789483},{"$f":"AH46","v":109.68722396256842},{"$f":"AI46","v":120.65594635882528},{"$f":"AJ46","v":132.72154099470782},{"$f":"AK46","v":145.99369509417861},{"$f":"AL46","v":160.59306460359647},{"$f":"AM46","v":176.65237106395614},{"$f":"AN46","v":194.31760817035178},{"$f":"AO46","v":213.74936898738696},{"$f":"AP46","v":235.12430588612565},{"$f":"AQ46","v":258.6367364747382},{"$f":"AR46","v":284.50041012221203},{"$f":"AS46","v":312.95045113443325},{"$f":"AT46","v":344.24549624787659},{"$f":"AU46","v":378.67004587266428},{"$f":"AV46","v":416.53705045993075},{"$f":"AW46","v":458.1907555059239},{"$f":"AX46","v":504.0098310565163},{"$f":"AY46","v":554.41081416216787},{"$f":"AZ46","v":609.85189557838476},{"$f":"BA46","v":670.83708513622321},{"$f":"BB46","v":737.92079364984556},{"$f":"BC46","v":811.71287301483017}]
[null,"Add: Capital Expenditures",null,null,1,null,{"$f":"E44","v":1},{"$f":"G44*(1+$E$37)","v":1.1000000000000001},1.2100000000000002,1.3310000000000004,1.4641000000000006,1.6105100000000008,1.7715610000000011,1.9487171000000014,2.1435888100000016,2.3579476910000019,2.5937424601000023,2.8531167061100029,3.1384283767210035,3.4522712143931042,3.7974983358324148,4.1772481694156562,4.594972986357222,5.0544702849929442,5.5599173134922388,6.1159090448414632,6.72749994932561,{"$f":"AA44*(1+$E$37)","v":7.4002499442581717},8.140274938683989,8.9543024325523888,9.849732675807628,10.834705943388391,11.918176537727231,13.109994191499954,14.420993610649951,15.863092971714948,17.449402268886445,19.194342495775089,21.113776745352599,23.225154419887861,25.547669861876649,28.102436848064315,30.912680532870748,34.003948586157826,37.404343444773609,41.144777789250973,45.259255568176073,49.785181124993684,54.763699237493057,60.240069161242367,66.26407607736661,72.890483685103277,80.179532053613613,88.197485258974979,97.017233784872488,106.71895716335975]
[null,"Less: Retirements",null,null,null,null,{"$f":"IF(G42>=$E$18,OFFSET(G44,0,-$E$18),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,1.1000000000000001,1.2100000000000002,1.3310000000000004,1.4641000000000006,1.6105100000000008,{"$f":"IF(AB42>=$E$18,OFFSET(AB44,0,-$E$18),0)","v":1.7715610000000011},1.9487171000000014,2.1435888100000016,2.3579476910000019,2.5937424601000023,2.8531167061100029,3.1384283767210035,3.4522712143931042,3.7974983358324148,4.1772481694156562,4.594972986357222,5.0544702849929442,5.5599173134922388,6.1159090448414632,6.72749994932561,7.4002499442581717,8.140274938683989,8.9543024325523888,9.849732675807628,10.834705943388391,11.918176537727231,13.109994191499954,14.420993610649951,15.863092971714948,17.449402268886445,19.194342495775089,21.113776745352599,23.225154419887861,25.547669861876649]
[null,"Closing Balance",null,null,null,0,{"$f":"G43+G44-G45","v":1},{"$f":"H43+H44-H45","v":2.1},3.3100000000000005,4.6410000000000009,6.105100000000002,7.7156100000000025,9.4871710000000036,11.435888100000005,13.579476910000007,15.937424601000009,18.53116706110001,21.384283767210015,24.522712143931017,27.974983358324121,31.772481694156536,34.949729863572195,38.444702849929413,42.289173134922358,46.518090448414597,51.169899493256061,56.286889442581675,{"$f":"AB43+AB44-AB45","v":61.915578386839847},68.107136225523845,74.917849848076244,82.409634832883867,90.65059831617225,99.715658147789483,109.68722396256842,120.65594635882528,132.72154099470782,145.99369509417861,160.59306460359647,176.65237106395614,194.31760817035178,213.74936898738696,235.12430588612565,258.6367364747382,284.50041012221203,312.95045113443325,344.24549624787659,378.67004587266428,416.53705045993075,458.1907555059239,504.0098310565163,554.41081416216787,609.85189557838476,670.83708513622321,737.92079364984556,811.71287301483017,892.88416031631323]
[null,"Depreciation",null,null,{"$f":"1/E18","v":6.6666666666666666E-2},null,{"$f":"G43*$E$47","v":0},6.6666666666666666E-2,0.14000000000000001,0.22066666666666671,0.30940000000000006,0.40700666666666679,0.51437400000000011,0.63247806666666695,0.76239254000000034,0.90529846066666719,1.0624949734000007,1.2354111374066674,1.4256189178140009,1.6348474762620677,1.8649988905549413,2.1181654462771022,2.3299819909048129,2.5629801899952942,2.8192782089948238,3.1012060298943065,3.4113266328837373,{"$f":"AB43*$E$47","v":3.7524592961721117},4.127705225789323,4.5404757483682561,4.9945233232050832,5.493975655525591,6.0433732210781503,6.6477105431859655,7.3124815975045614,8.0437297572550186,8.8481027329805215,9.732913006278574,10.706204306906432,11.776824737597076,12.954507211356784,14.249957932492464,15.674953725741711,17.24244909831588,18.966694008147467,20.863363408962215,22.949699749858439,25.244669724844286,27.769136697328715,30.546050367061593,33.600655403767753,36.960720944144526,40.65679303855898,44.722472342414882,49.194719576656368,54.114191534322011]
[null,"Cap Exp to Depreciation",null,null,null,null,{"$f":"IF(G47,G44/G47)","v":false},{"$f":"IF(H47,H44/H47)","v":16.5},8.6428571428571441,6.0317220543806656,4.7320620555914683,3.9569622119211814,3.444110705440012,3.081082495508936,2.8116602636222026,2.6046080861151526,2.4411809232376749,2.3094471303692208,2.2014497265043107,2.1116778565095338,2.0361933484595518,1.9721066533105842,1.972106653310584,1.972106653310584,1.9721066533105838,1.9721066533105838,1.972106653310584,{"$f":"IF(AB47,AB44/AB47)","v":1.9721066533105838},1.9721066533105838,1.9721066533105835,1.9721066533105831,1.9721066533105833,1.9721066533105833,1.9721066533105833,1.9721066533105838,1.9721066533105838,1.9721066533105835,1.9721066533105835,1.9721066533105835,1.9721066533105835,1.9721066533105835,1.9721066533105835,1.9721066533105835,1.9721066533105838,1.972106653310584,1.9721066533105842,1.972106653310584,1.972106653310584,1.972106653310584,1.9721066533105838,1.972106653310584,1.9721066533105842,1.9721066533105842,1.9721066533105842,1.9721066533105847,1.9721066533105847]
[]
[null,"Accum Depr"]
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[null,"Add: Depreciation Expense",null,null,null,null,{"$f":"G47","v":0},{"$f":"H47","v":6.6666666666666666E-2},0.14000000000000001,0.22066666666666671,0.30940000000000006,0.40700666666666679,0.51437400000000011,0.63247806666666695,0.76239254000000034,0.90529846066666719,1.0624949734000007,1.2354111374066674,1.4256189178140009,1.6348474762620677,1.8649988905549413,2.1181654462771022,2.3299819909048129,2.5629801899952942,2.8192782089948238,3.1012060298943065,3.4113266328837373,{"$f":"AB47","v":3.7524592961721117},4.127705225789323,4.5404757483682561,4.9945233232050832,5.493975655525591,6.0433732210781503,6.6477105431859655,7.3124815975045614,8.0437297572550186,8.8481027329805215,9.732913006278574,10.706204306906432,11.776824737597076,12.954507211356784,14.249957932492464,15.674953725741711,17.24244909831588,18.966694008147467,20.863363408962215,22.949699749858439,25.244669724844286,27.769136697328715,30.546050367061593,33.600655403767753,36.960720944144526,40.65679303855898,44.722472342414882,49.194719576656368,54.114191534322011]
[null,"Less: Retirements",null,null,null,null,{"$f":"G45","v":0},{"$f":"H45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,1,1.1000000000000001,1.2100000000000002,1.3310000000000004,1.4641000000000006,1.6105100000000008,{"$f":"AB45","v":1.7715610000000011},1.9487171000000014,2.1435888100000016,2.3579476910000019,2.5937424601000023,2.8531167061100029,3.1384283767210035,3.4522712143931042,3.7974983358324148,4.1772481694156562,4.594972986357222,5.0544702849929442,5.5599173134922388,6.1159090448414632,6.72749994932561,7.4002499442581717,8.140274938683989,8.9543024325523888,9.849732675807628,10.834705943388391,11.918176537727231,13.109994191499954,14.420993610649951,15.863092971714948,17.449402268886445,19.194342495775089,21.113776745352599,23.225154419887861,25.547669861876649]
[null,"Closing Balance",null,null,null,null,{"$f":"G51+G52-G53","v":0},{"$f":"H51+H52-H53","v":6.6666666666666666E-2},0.20666666666666667,0.42733333333333334,0.73673333333333346,1.1437400000000002,1.6581140000000003,2.290592066666667,3.0529846066666675,3.9582830673333347,5.0207780407333349,6.2561891781400023,7.6818080959540032,9.3166555722160709,11.181654462771013,12.299819909048114,13.529801899952927,14.882782089948222,16.371060298943046,18.008166328837351,19.808982961721089,{"$f":"AB51+AB52-AB53","v":21.7898812578932},23.968869383682524,26.365756322050778,29.002331954255858,31.902565149681443,35.092821664649591,38.602103831114555,42.462314214226012,46.708545635648619,51.379400199213485,56.517340219134837,62.169074241048321,68.385981665153167,75.224579831668493,82.747037814835352,91.02174159631889,100.12391575595079,110.13630733154588,121.14993806470046,133.26493187117049,146.59142505828754,161.2505675641163,177.37562432052792,195.1131867525807,214.62450542783878,236.08695597062268,259.69565156768499,285.6652167244535,314.23173839689883]
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[null,"Depreciation to Net Plant",null,null,null,null,{"$f":"IF(G55,G47/G55)","v":false},{"$f":"IF(H55,H47/H55)","v":6.6666666666666666E-2},6.8852459016393447E-2,7.1106337271750808E-2,7.3427735147535797E-2,7.5815735388168964E-2,7.82690467096884E-2,8.0785983122445865E-2,8.3364446292518588E-2,8.6001911613044504E-2,8.8695418650319879E-2,9.1441566600658705E-2,9.4236515340405447E-2,9.7075992571696371E-2,9.9955307460270662E-2,0.10286937102985805,0.10286937102985805,0.10286937102985806,0.10286937102985806,0.10286937102985806,0.10286937102985808,{"$f":"IF(AB55,AB47/AB55)","v":0.10286937102985808},0.10286937102985806,0.10286937102985806,0.10286937102985806,0.10286937102985806,0.10286937102985808,0.10286937102985806,0.10286937102985808,0.10286937102985808,0.10286937102985808,0.10286937102985808,0.10286937102985809,0.10286937102985808,0.10286937102985806,0.10286937102985809,0.10286937102985809,0.10286937102985809,0.10286937102985809,0.10286937102985809,0.10286937102985809,0.10286937102985809,0.10286937102985808,0.10286937102985806,0.10286937102985805,0.10286937102985808,0.10286937102985806,0.10286937102985808,0.10286937102985808,0.10286937102985809]
[]
[null,"Investment Balance"]
[null,null,"Growth Rate Change"]
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[]
["NOPAT and Free Cash Flow"]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F68","v":1120197},{"$f":"G68","v":1232216.7000000002},{"$f":"H68","v":1345999.2040245386},1460223.8006298798,1573480.8035357983,1684302.1651422107,1791194.9551964584,1892676.5619274785,1987310.3900238525,2086675.909525045,2191009.7050012974,2300560.1902513625,2415588.1997639309,2536367.6097521274,2663185.9902397338,2796345.2897517206,2936162.5542393066,3082970.6819512718,3237119.2160488353,3398975.1768512768,3568923.9356938405]
[null,null,"Add: Capital Expenditures",null,null,null,{"$f":"G67*G60","v":227253.66081953398},242142.38203643955,256209.81348770068,269238.78210409707,281026.24510237644,291388.67990611622,300166.87488089834,307229.94816743664,322591.44557580847,338721.01785459887,355657.06874732889,373439.92218469532,392111.91829393012,411717.51420862664,432303.38991905795,453918.55941501085,476614.4873857614,500445.21175504941,525467.47234280186,551740.84595994197,579327.88825793914]
[null,null,"Less: Depreciation",null,null,null,{"$f":"G65*G61","v":115233.9608195339},128359.87801190118,141985.21688235938,155981.77919817858,170204.88349596402,184495.88985186856,198685.26814987819,212596.12007106267,223225.92607461583,234387.2223783466,246106.58349726396,258411.91267212716,271332.50830573356,284899.13372102025,299144.09040707123,314101.29492742481,329806.35967379605,346296.67765748582,363611.51154036011,381792.08711737808,400881.69147324702]
[null,null,"Closing Plant Balance",null,null,{"$f":"E23","v":1120197},{"$f":"G65+G66-G67","v":1232216.7000000002},{"$f":"H65+H66-H67","v":1345999.2040245386},1460223.8006298798,1573480.8035357983,1684302.1651422107,1791194.9551964584,1892676.5619274785,1987310.3900238525,2086675.909525045,2191009.7050012974,2300560.1902513625,2415588.1997639309,2536367.6097521274,2663185.9902397338,2796345.2897517206,2936162.5542393066,3082970.6819512718,3237119.2160488353,3398975.1768512768,3568923.9356938405,3747370.1324785328]
[]
[null,null,"WC and Other as Pct of Plant",null,{"$f":"F24","v":0.47465847525033544},null,{"$f":"$E$70","v":0.47465847525033544},{"$f":"$E$70","v":0.47465847525033544},0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544,0.47465847525033544]
[null,null,"WC and Other Balance Closing",null,null,{"$f":"E24","v":531711},{"$f":"G70*G68","v":584882.10000000009},638889.92987045273,693107.60273122857,746865.99904197466,799468.29756724043,850205.86630964384,898374.97102654399,943293.71957787126,990458.4055567648,1039981.325834603,1091980.3921263334,1146579.4117326501,1203908.3823192827,1264103.8014352468,1327308.9915070091,1393674.4410823595,1463358.1631364776,1536526.0712933014,1613352.3748579663,1694019.9936008647,1778720.9932809079]
[null,null,"Change in WC and Other",null,null,null,{"$f":"G71-F71","v":53171.100000000093},{"$f":"H71-G71","v":54007.829870452639},54217.672860775841,53758.396310746088,52602.298525265767,50737.568742403411,48169.104716900154,44918.74855132727,47164.68597889354,49522.920277838246,51999.066291730385,54599.019606316695,57328.970586632611,60195.41911596409,63205.190071762307,66365.449575350387,69683.722054118058,73167.908156823833,76826.303564664908,80667.618742898339,84700.999680043198]
[]
[null,null,"Invested Capital Including WC and Other",null,null,{"$f":"E25","v":1651908},{"$f":"G65+F71","v":1651908},{"$f":"H65+G71","v":1817098.8000000003},1984889.1338949914,2153331.4033611082,2320346.8025777731,2483770.4627094511,2641400.8215061021,2791051.5329540223,2930604.109601724,3077134.3150818096,3230991.0308359005,3392540.5823776959,3562167.6114965808,3740275.9920714102,3927289.7916749809,4123654.2812587298,4329836.9953216659,4546328.8450877499,4773645.2873421367,5012327.5517092431,5262943.9292947054]
[]
[null,null,"ROIC on Opening Investment",null,null,null,{"$f":"interpolate_look_up(G2,11:11,13:13)","v":0.30122742913043582},0.2744209490593037,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,"NOPAT",null,null,null,{"$f":"G76*G74","v":497600},{"$f":"H76*H74","v":498649.97723052197},496222.28347374784,538332.85084027704,580086.70064444328,620942.61567736277,660350.20537652553,697762.88323850557,732651.02740043099,769283.57877045241,807747.75770897511,848135.14559442399,890541.90287414519,935068.99801785254,981822.44791874522,1030913.5703146824,1082459.2488304165,1136582.2112719375,1193411.3218355342,1253081.8879273108,1315735.9823236763]
[null,null,"Tax Rate",null,{"$f":"E19","v":0.2},null,{"$f":"$E$79","v":0.2},{"$f":"$E$79","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"EBIT =NOPAT/(1-t)",null,null,null,{"$f":"G78/(1-G79)","v":622000},{"$f":"H78/(1-H79)","v":623312.47153815243},620277.85434218473,672916.0635503463,725108.3758055541,776178.26959670347,825437.75672065688,872203.60404813197,915813.78425053868,961604.47346306546,1009684.6971362189,1060168.93199303,1113177.3785926814,1168836.2475223157,1227278.0598984314,1288641.9628933531,1353074.0610380205,1420727.7640899217,1491764.1522944176,1566352.3599091384,1644669.9779045954]
[null,null,"Add: Depreciation",null,null,null,{"$f":"G67","v":115233.9608195339},128359.87801190118,141985.21688235938,155981.77919817858,170204.88349596402,184495.88985186856,198685.26814987819,212596.12007106267,223225.92607461583,234387.2223783466,246106.58349726396,258411.91267212716,271332.50830573356,284899.13372102025,299144.09040707123,314101.29492742481,329806.35967379605,346296.67765748582,363611.51154036011,381792.08711737808,400881.69147324702]
[null,null,"EBITDA",null,null,null,{"$f":"G78+G81","v":612833.96081953391},627009.85524242313,638207.50035610725,694314.63003845559,750291.58414040727,805438.50552923139,859035.47352640377,910359.00330956827,955876.95347504679,1003670.801148799,1053854.3412062391,1106547.0582665512,1161874.4111798787,1219968.1317388727,1280966.5383258164,1345014.8652421073,1412265.6085042125,1482878.8889294234,1557022.8333758942,1634873.9750446889,1716617.6737969234]
[null,null,"Less: Cap Exp",null,null,null,{"$f":"G66","v":227253.66081953398},242142.38203643955,256209.81348770068,269238.78210409707,281026.24510237644,291388.67990611622,300166.87488089834,307229.94816743664,322591.44557580847,338721.01785459887,355657.06874732889,373439.92218469532,392111.91829393012,411717.51420862664,432303.38991905795,453918.55941501085,476614.4873857614,500445.21175504941,525467.47234280186,551740.84595994197,579327.88825793914]
[null,null,"Less: Change in WC",null,null,null,{"$f":"G72","v":53171.100000000093},{"$f":"H72","v":54007.829870452639},54217.672860775841,53758.396310746088,52602.298525265767,50737.568742403411,48169.104716900154,44918.74855132727,47164.68597889354,49522.920277838246,51999.066291730385,54599.019606316695,57328.970586632611,60195.41911596409,63205.190071762307,66365.449575350387,69683.722054118058,73167.908156823833,76826.303564664908,80667.618742898339,84700.999680043198]
[null,null,"Less: Taxes on EBIT",null,null,null,{"$f":"G80*G79","v":124400},{"$f":"H80*H79","v":124662.49430763049},124055.57086843695,134583.21271006926,145021.67516111082,155235.65391934069,165087.55134413138,174440.72080962639,183162.75685010775,192320.8946926131,201936.93942724378,212033.78639860603,222635.4757185363,233767.24950446317,245455.61197968631,257728.39257867064,270614.81220760412,284145.55281798437,298352.83045888355,313270.47198182769,328933.99558091909]
[null,null,"FCF",null,null,null,{"$f":"G82-G83-G84-G85","v":208009.19999999984},{"$f":"H82-H83-H84-H85","v":206197.14902790045},203724.44313919381,236734.23891354317,271641.36535165424,308076.60296137107,345611.94258447399,383769.58578117797,402958.06507023697,423105.96832374885,444261.26673993608,466474.33007693326,489798.04658077972,514287.94890981878,540002.34635530983,567002.46367307543,595352.58685672889,625120.2161995658,656376.22700954392,689195.03836002084,723654.79027802194]
[]
[null,null,"FCF Growth",null,null,null,null,{"$f":"H86/G86-1","v":-8.7113982078648178E-3},{"$f":"I86/H86-1","v":-1.199194993899777E-2},0.16203159162298242,0.14745280022996332,0.13412993106756566,0.12183768342774592,0.11040603201197996,5.0000000000000266E-2,5.0000000000000044E-2,4.99999999999996E-2,5.0000000000000933E-2,4.99999999999996E-2,5.0000000000000044E-2,5.0000000000000266E-2,5.0000000000000266E-2,4.9999999999999378E-2,5.0000000000000711E-2,4.9999999999999822E-2,4.99999999999996E-2,5.0000000000000044E-2]
[null,null,"NOPAT Growth",null,null,null,null,{"$f":"H78/G78-1","v":2.1100828587659048E-3},-4.8685327737452155E-3,8.4862306206280991E-2,7.7561400421678028E-2,7.0430704561112778E-2,6.346414097569153E-2,5.6655813169085967E-2,5.0000000000000266E-2,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,4.9999999999999822E-2,5.0000000000000266E-2,4.9999999999999822E-2,4.9999999999999822E-2,5.0000000000000044E-2]
[null,null,"Investment Growth",null,null,null,null,{"$f":"H68/G68-1","v":9.2339686700024792E-2},8.4862306206281213E-2,7.7561400421678028E-2,7.0430704561113E-2,6.346414097569153E-2,5.6655813169086189E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[null,null,"Cap Exp Growth",null,null,null,null,{"$f":"H66/G66-1","v":6.5515869637536639E-2},5.809570110342821E-2,5.0852730576699257E-2,4.3780702416496231E-2,3.6873548233777198E-2,3.012538090913619E-2,2.353048879674291E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000266E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[null,null,"Working Capital Growth",null,null,null,null,{"$f":"H71/G71-1","v":9.2339686700024792E-2},{"$f":"I71/H71-1","v":8.4862306206281213E-2},7.7561400421678028E-2,7.0430704561113E-2,6.346414097569153E-2,5.6655813169085967E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000266E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,5.0000000000000044E-2,4.9999999999999822E-2,5.0000000000000044E-2,5.0000000000000044E-2]
[]
[null,"Valuation"]
[null,null,"Period",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21]
[null,null,"PV Factor End of Year",null,{"$f":"F14","v":0.09},null,{"$f":"1/(1+$E$96)^G95","v":0.9174311926605504},{"$f":"1/(1+$E$96)^H95","v":0.84167999326655996},0.77218348006106419,0.7084252110651964,0.64993138629834524,0.5962673268792158,0.54703424484331731,0.50186627967276809,0.46042777951630098,0.42241080689568894,0.38753285036301738,0.35553472510368567,0.32617864688411524,0.29924646503129837,0.27453804131311776,0.2518697626725851,0.23107317676383954,0.21199374015031147,0.19448966986267105,0.17843088978226704,0.16369806402042844]
[null,null,"PV of Cash Flow Over Explicit Period",null,{"$f":"SUMPRODUCT(G96:AA96*G86:AA86*G3:AA3)","v":3259031.5614707773}]
[null,null,"PV of Explicit Cash Flow with Half Year Adj",null,{"$f":"E97*(1+E96)^part_yr_fac","v":3402528.8423968269}]
[]
[null,"Value Driver with Terminal Value with Book Value"]
[null,null,"BV Terminal",null,{"$f":"SUMIF(2:2,F3+1,74:74)","v":5262943.9292947054}]
[null,null,"Terminal ROIC",null,{"$f":"LOOKUP(F3+1,11:11,13:13)","v":0.25}]
[null,null,"Terminal Growth",null,{"$f":"LOOKUP(F3+1,11:11,15:15)","v":0.05}]
[null,null,"Value Driver Formula from BV x ROIC",null,{"$f":"E101*E102*(1-E103/E102)/(E96-E103)","v":26314719.646473531}]
[null,null,"PV Factor",null,{"$f":"LOOKUP(F3,2:2,96:96)","v":0.17843088978226704}]
[null,null,"PV of Terminal EV",null,{"$f":"E104*E105*(1+E96)^part_yr_fac","v":4902098.5468226839}]
[]
[null,null,"Total Enterprise Value with Explicit CF",null,{"$f":"E106+E98","v":8304627.3892195113}]
[]
[null,"Value Driver with Terminal NOPAT"]
[null,null,"NOPAT in Terminal Year",null,{"$f":"LOOKUP(F3,2:2,78:78)","v":1253081.8879273108}]
[null,null,"Terminal Growth",null,{"$f":"E103","v":0.05}]
[null,null,"NOPAT with Growth",null,{"$f":"E111*(1+E112)","v":1315735.9823236763}]
[null,null,"Value Driver Formula from NOPAT",null,{"$f":"E113*(1-E112/E102)/(E96-E112)","v":26314719.646473531}]
[null,null,"PV Factor",null,{"$f":"E105","v":0.17843088978226704}]
[null,null,"PV of Terminal Value",null,{"$f":"E115*E114*(1+E96)^part_yr_fac","v":4902098.5468226839}]
[]
[null,null,"Total Enterprise Value",null,{"$f":"E116+E98","v":8304627.3892195113}]

{"sheet":"2004-2014 Financial Statements","index":2,"n_rows":223,"n_cols":19,"rows_kept":223,"cut":false,"hidden":false,"merged":[]}
[null,null,null,"                                                  ",null,null,null,null,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014]
[null,"Historic Financial Statements"]
[null,null,"Profit and Loss"]
[null,null,null," Net sales . . . . . . . . . . . . . . . . . . . .",null,null,null,null,13522,48063,134974,503976,1246301,2066200,2563515,2766207,3368545,3308989,3391814]
[null,null,null," Cost of sales . . . . . . . . . . . . . . . . . .",null,null,null,null,18851,31483,80730,252573,567908,1021618,1378669,1794456,2515796,2446235,2564709]
[null,null,null," Gross profit . . . . . . . . . . . . . . . . . . ",null,null,null,null,-5329,16580,54244,251403,678393,1044582,1184846,971751,852749,862754,827105]
[null,null,null," Operating expenses:                              "]
[null,null,null," Research and development . . . . . . . . . . . . ",null,null,null,null,1240,2372,6361,15107,33517,78161,94797,140523,132460,134300,143969]
[null,null,null," Selling, general and administrative . . . . . . .",null,null,null,null,9312,15825,33348,82248,174039,272898,321704,412541,280928,270261,253827]
[null,null,null," Production start-up . . . . . . . . . . . . . . .",null,null,null,null,900,3173,11725,16867,32498,13908,19442,33620,7823,2768,5146]
[null,null,null," Restructuring and asset impairments . . . . . . .",null,null,null,null,0,0,0,0,0,0,0,60366,469101,86896,0]
[null,null,null," Goodwill impairment . . . . . . . . . . . . . . .",null,null,null,null,0,0,0,0,0,0,0,393365]
[null,null,null," Total operating expenses . . . . . . . . . . . . ",null,null,null,null,11452,21370,51434,114222,240054,364967,435943,1040415,890312,494225,402942]
[]
[null,null,null," Operating income (loss) . . . . . . . . . . . . .",null,null,null,null,-16781,-4790,2810,137181,438339,679615,748903,-68664,-37563,368529,424163]
[]
[null,null,null," Foreign currency loss, net . . . . . . . . . . . ",null,null,null,null,116,-1715,0,0,0,0,0,0,-2122,-259,-3017]
[null,null,null," Interest income . . . . . . . . . . . . . . . . .",null,null,null,null,0,0,2648,20413,21158,9735,14375,13391,12824,16752,18030]
[null,null,null," Interest expense, net . . . . . . . . . . . . . .",null,null,null,null,-100,-418,-1023,-2294,-509,-5258,-6,-100,-13888,-1884,-1982]
[null,null,null," Other (expense) income, net . . . . . . . . . . .",null,null,null,null,-6,372,-799,-1219,-934,-2985,2273,665,945,-4758,-5203]
[null,null,null," Income (loss) before taxes and equity in earnings",null,null,null,null,-16771,-6551,9180,155962,463776,686314,762077,-53713,-39804,378380,431991]
[]
[null,null,null," Income tax expense . . . . . . . . . . . . . . . ",null,null,null,null,0,0,-5206,2392,-115446,-46176,-97876,14220,-56534,-25179,-30124]
[null,null,null," Equity in earnings of unconsolidated affiliates, ",null,null,null,null,0,89,0,0,0,0,0,0,0,-163,-4949]
[null,null,null," Net income (loss) . . . . . . . . . . . . . . . .",null,null,null,null,-16771,-6462,3974,158354,348330,640138,664201,-39493,-96338,353038,396918]
[]
[null,null,null," Net income (loss) per share:                     ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Basic . . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,null,null,7.0000000000000007E-2,2.12,4.34,7.67,7.82,-0.46,-1.1100000000000001,3.77,3.97]
[null,null,null," Diluted . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,null,null,7.0000000000000007E-2,2.0299999999999998,4.24,7.53,7.68,-0.46,-1.1100000000000001,3.7,3.91]
[null,null,null," Basic . . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,null,null,56771.428571428565,74695.283018867922,80260.368663594476,83459.973924380698,84936.189258312021,85854.34782608696,86790.990990990977,93644.031830238731,99979.345088161208]
[null,null,null," Diluted . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,null,null,56771.428571428565,78006.896551724145,82153.301886792455,85011.686586985394,86484.505208333343,85854.34782608696,86790.990990990977,95415.675675675666,101513.55498721228]
[null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0]
[null,null,null," Depreciation and amortization . . . . . . . . . . . . . . .",null,null,null,null,1944,3376,10210,24481,59518,129628,156093,235231,262716,234370,245798]
[]
[null,null,null,"Capital Expenditures",null,null,null,null,7733,42481,153150,242371,459271,279941,588914,731814,379228,282576,257549]
[null,null,null,"Cap Exp/Depreciation",null,null,null,null,3.9778806584362139,12.583234597156398,15,9.900371716841633,7.7165059309788635,2.1595720060480761,3.7728405501848257,3.1110440375630763,1.4434903089267499,1.2056833212441866,1.04780754928844]
[]
[null,"Balance Sheet",null,null,"Assets &","Net Finance"]
[null," ASSETS                                           ",null,null,"Liab Assoc","and Other","Working ","EV to Equity"]
[null,null," Current assets:                                  ",null,"with EBIT","with EBIT","Capital","Bridge"]
[null,null,null," Cash and cash equivalents . . . . . . . . . . . .",null,-1,null,-1,null,16721,308092,404264,716218,664499,765689,605619,901294,1325072,1482054]
[null,null,null," Marketable securities . . . . . . . . . . . . . .",null,-1,null,-1,null,312,323,232686,76042,120236,167889,66146,102578,439102,509032]
[null,null,null," Accounts receivable trade, net . . . . . . . . . ",1,null,1,null,null,1098,27966,18165,61703,226826,305537,310568,553567,136383,135434]
[null,null,null," Accounts receivable, unbilled and retainage . . .",1,null,1,null,null,0,0,0,0,0,0,0,400987,521323,76971]
[null,null,null," Accounts receivable, unbilled . . . . . . . . . .",1,null,1,null,null,0,0,0,0,58,1482,533399,0]
[null,null,null," Inventories . . . . . . . . . . . . . . . . . . .",1,null,1,null,null,6917,16510,40204,121554,152821,200442,475867,434921,388951,505088]
[null,null,null," Balance of systems parts . . . . . . . . . . . . ",1,null,1,null,null,0,0,0,0,0,0,53784,98903,133731,125083]
[null,null,null," Deferred project costs . . . . . . . . . . . . . ",1,null,1,null,null,0,0,2643,0,1081,0,0,21390,556957,29354]
[null,null,null," Economic development funding receivable . . . . .",1,null,1,null,null,0,27515,35877,0,0,0,0,0]
[null,null,null," Deferred tax assets, net . . . . . . . . . . . . ",1,null,1,null,null,0,0,3890,9922,21679,388,41144,44070,63899,91565]
[null,null,null," Assets held for sale . . . . . . . . . . . . . . ",null,-1,null,-1,null,0,0,0,0,0,0,0,49521,132626,20728]
[null,null,null," Notes receivable, affiliate . . . . . . . . . . .",null,-1,null,-1,null,0,0,0,0,0,0,0,17725,0,12487]
[null,null,null," Prepaid expenses and other current assets . . . .",1,null,1,null,null,1505,8116,64780,91962,164071,143033,526734,207368,94720,202670]
[null,null,null," Total current assets . . . . . . . . . . . . . . ",null,null,null,null,null,{"$f":"SUM(J41:J53)","v":26553},{"$f":"SUM(K41:K53)","v":388522},802509,1077401,1351271,1584460,2613261,2832324,3792764,3190466]
[]
[null,null,null," Property, plant and equipment, net . . . . . . . ",1,null,null,null,null,73778,178868,430104,842622,988782,1430789,1815958,1525382,1385084,1402304]
[null,null,null," PV solar power systems, net . . . . . . . . . . .",1,null,null,null,null,0,0,0,0,0,0,0,0,0,46393]
[null,null,null," Project assets and deferred project costs . . . .",1,null,null,null,null,0,0,0,0,131415,320140,374881,845478,720916,810348]
[null,null,null," Deferred tax assets, net LT. . . . . . . . . . . . ",1,null,1,null,null,0,0,51811,61325,130515,259236,340274,317473,296603,222326]
[null,null,null," Restricted cash and investments . . . . . . . . .",null,-1,null,-1,null,1267,8224,14695,30059,36494,86003,200550,301400,279441,407053]
[null,null,null," Investment in related party . . . . . . . . . . .",null,-1,null,-1,null,0,0,0,25000,25000,0,0,0]
[null,null,null," Investments in unconsolidated affiliates and join",null,-1,null,-1,null,0,0,0,0,0,0,0,0,17321,255029]
[null,null,null," Goodwill . . . . . . . . . . . . . . . . . . . . ",1,null,1,null,null,0,0,33449,33829,286515,433288,65444,65444,84985,84985]
[null,null,null," Other intangibles, net . . . . . . . . . . . . . ",1,null,1,null,null,0,0,0,0,0,0,0,0,117416,119236]
[null,null,null," Inventories LT. . . . . . . . . . . . . . . . . . .",1,null,1,null,null,0,0,0,0,21695,42728,60751,134375,129664,115617]
[null,null,null," Retainage . . . . . . . . . . . . . . . . . . . .",1,null,1,null,null,0,0,0,0,0,0,0,270364]
[null,null,null," Note receivable, affiliate . . . . . . . . . . . ",null,-1,null,-1,null,0,0,0,0,0,0,0,0,0,9127]
[null,null,null," Marketable securities LT. . . . . . . . . . . . . .",null,-1,null,-1,null,0,0,32713,29559,329608,180271,116192,0]
[null,null,null," Other assets . . . . . . . . . . . . . . . . . . ",1,null,1,null,null,286,2896,6031,14707,48217,43488,190303,56452,59308,61555]
[null,null,null," Total assets . . . . . . . . . . . . . . . . . . ",null,null,null,null,null,{"$f":"SUM(J54:J69)","v":101884},{"$f":"SUM(K54:K69)","v":578510},1371312,2114502,3349512,4380403,5777614,6348692,6883502,6724439]
[]
[]
[null,null," LIABILITIES AND STOCKHOLDERS’ EQUITY             "]
[null,null,null," Current liabilities:                             ",null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Accounts payable . . . . . . . . . . . . . . . . ",-1,null,-1,null,null,13771,32083,132366,46251,75744,82312,176448,350230,261333,214656]
[null,null,null," Income taxes payable . . . . . . . . . . . . . . ",-1,null,-1,null,null,0,0,0,99938,8740,16831,9541,5474,6707,1727]
[null,null,null," Accrued expenses . . . . . . . . . . . . . . . . ",-1,null,-1,null,null,0,0,0,140899,193277,244271,406659,554433,320077,388156]
[null,null,null," Short-term debt . . . . . . . . . . . . . . . . .",null,1,null,1,null,0,16339,24473,0,0,0,0,0]
[null,null,null," Note payable to a related party . . . . . . . . .",null,1,null,1,null,20000,0,0,0,0,0,0,0]
[null,null,null," Current portion of long-term debt . . . . . . . .",null,1,null,1,null,142,3311,14836,34951,28559,26587,44505,62349,60543,51918]
[null,null,null," Billings in excess of costs and estimated earning",-1,null,-1,null,null,0,0,0,0,0,0,0,0,117766,195346]
[null,null,null," Payments and billings for deferred project costs ",-1,null,-1,null,null,0,0,0,0,0,0,0,94535,642214,60591]
[null,null,null," Other current liabilities . . . . . . . . . . . .",-1,null,-1,null,null,0,340,14803,59738,88607,99676,336571,34353,179421,88702]
[null,null,null," Total current liabilities . . . . . . . . . . . .",null,null,null,null,null,{"$f":"SUM(J74:J83)","v":33913},{"$f":"SUM(K74:K83)","v":52073},186478,381777,394927,469677,973724,1101374,1588061,1001096]
[]
[null,null,null," Accrued solar module collection and recycling lia",-1,null,-1,null,null,917,3724,13079,35238,92799,132951,167378,212835,225163,246307]
[null,null,null," Long-term debt . . . . . . . . . . . . . . . . . ",null,1,null,1,null,19881,61047,68856,163519,146399,210804,619143,500223,162780,165003]
[null,null,null," Other liabilities . . . . . . . . . . . . . . . .",-1,null,-1,null,null,79,0,5632,20926,62600,112026,373506,292216,404381,284546]
[null,null,null," Payments and billings for deferred project costs LT",-1,null,-1,null,null,8700,0,0,0,0,0,0,636518]
[null,null,null," Total liabilities . . . . . . . . . . . . . . . .",null,null,null,null,null,{"$f":"SUM(J84:J89)","v":63490},{"$f":"SUM(K84:K89)","v":116844},274045,601460,696725,925458,2133751,2743166,2380385,1696952]
[]
[null,null,null," Commitments and Contingencies                    ",null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Employee stock options on redeemable shares . . .",null,null,null,null,null,25265,50226,0,0,0,0,0,0]
[null,null,null," Stockholders’ equity:                            ",null,null,null,null,null,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Common stock, 0.001 par value per share;  shares ",null,null,null,null,null,1E-3,500000000,1E-3,500000000,500000000,1E-3,500000000,99506941,100288942,500000000]
[null,null,null," 99506941 shares issued and outstanding at Decembe",null,null,null,null,null,0,0,0,0,85208199,85843511,0,87,100,100]
[null,null,null," Additional paid-in capital . . . . . . . . . . . ",null,null,null,null,null,0,555749,1079775,1176156,1658091,1815420,2022743,2065527,2646022,2697558]
[null,null,null," Accumulated earnings . . . . . . . . . . . . . . ",null,null,null,null,null,-149377,-145403,12895,361225,0,0,1626071,1529733,1882771,2279689]
[null,null,null," Accumulated other comprehensive income (loss) . .",null,null,null,null,null,199,1022,4518,-24421,0,0,0,0,-25776,50140]
[null,null,null," Accumulated other comprehensive (loss) income . .",null,null,null,null,null,0,0,0,0,0,0,0,10179]
[null,null,null," Total stockholders’ equity . . . . . . . . . . . ",null,1,null,null,null,38394,461666,1097267,1513042,2652787,3454945,3643863,3605526,4503117,5027487]
[null,null,null," Total liabilities and stockholders’ equity . . . ",null,null,null,null,null,{"$f":"J90+J92+J101","v":101884},{"$f":"K90+K92+K101","v":578510},1371312,2114502,3349512,4380403,5777614,6348692,6883502,6724439]
[null,null,"Cash Flow"]
[null,null,null," Net (loss) income . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,-16771,-6462,3974,158354,348330,640138,664201,-39493,-96338,353038,396918]
[null,null,null," Adjustments to reconcile net (loss) income to cash provided",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," operating activities:                                      ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Depreciation and amortization . . . . . . . . . . . . . . .",null,null,null,null,1944,3376,10210,24481,59518,129628,156093,235231,262716,234370,245798]
[null,null,null," Impairment of assets and liabilities . . . . . . . . . . . ",null,null,null,null,0,0,0,0,2328,1118,5692,57414,356522,97132,5228]
[null,null,null," Impairment of project assets . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,5277,7933,3253,0,433]
[null,null,null," Impairment of goodwill . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,0,393365,0,0,0]
[null,null,null," Share-based compensation . . . . . . . . . . . . . . . . . ",null,null,null,null,1143,4797,11897,38965,58944,88745,99622,114428,36971,55079,43810]
[null,null,null," Remeasurement of monetary assets and liabilities . . . . . ",null,null,null,null,51,90,394,0,32,-2696,625,-4701,8509,-15109,8772]
[null,null,null," Deferred income taxes . . . . . . . . . . . . . . . . . . .",null,null,null,null,0,0,0,-55881,-12974,-35029,-58040,-155505,14588,-20878,14068]
[null,null,null," Excess tax benefits from share-based compensation arrangeme",null,null,null,null,0,0,0,-30196,-28661,-4892,-69367,-110836,-27373,-35076,-31166]
[null,null,null," Inventory valuation adjustment. . . . . . . . . . . . . . .",null,null,null,null,0,0,0,34,2548,0,0,0,0,0,0]
[null,null,null," Provision for doubtful accounts receivable . . . . . . . . ",null,null,null,null,0,0,0,0,-5,990,-990,10761,4471,2106,0]
[null,null,null," Gain on sales of marketable securities, investments, and re",null,null,null,null,0,0,0,0,-189,-110,-336,0,0,0,0]
[null,null,null," investments, net . . . . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,0,-4581,0,0,0]
[null,null,null," Gain on sale of related party equity investment . . . . . .",null,null,null,null,0,0,314,321,0,0,-3596,0,0,0,0]
[null,null,null," Other operating activities . . . . . . . . . . . . . . . . ",null,null,null,null,234,27,45,0,0,1551,-1504,-719,-4778,-1073,6296]
[null,null,null," Changes in operating assets and liabilities:               ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Project assets . . . . . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Deferred project costs . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,142,2333,0,0,0,0,0,0,0]
[null,null,null," Accounts receivable, unbilled . . . . . . . . . . . . . . .",null,null,null,null,0,0,0,0,-108,56,-1424,0,0,0,0]
[null,null,null," Costs and estimated earnings in excess of billings. . . . .",null,null,null,null,0,0,0,28,0,0,0,0,0,0,0]
[null,null,null," Billings in excess of costs and estimated earnings . . . . ",null,null,null,null,0,0,0,-1992,0,0,0,0,0,0,0]
[null,null,null," Accounts receivable, trade and unbilled . . . . . . . . . .",null,null,null,null,-2486,3295,-28149,10975,-40852,-153312,-90349,-529809,-388039,564964,453826]
[null,null,null," Prepaid expenses and other current assets . . . . . . . . .",null,null,null,null,-226,-1074,-6689,-7359,-46055,-28476,-41394,-140961,-28854,109126,-19947]
[null,null,null," Other assets . . . . . . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,-4179,-4935,-5320,-8911,-21908,82120,-1684,-5371]
[null,null,null," Inventories and balance of systems parts . . . . . . . . . ",null,null,null,null,-2124,-2861,-9742,-19832,-84762,-52058,-69680,-348151,-75626,15394,-99870]
[null,null,null," Project assets and deferred project costs . . . . . . . . .",null,null,null,null,0,0,0,0,0,-12546,-47995,-368619,-174532,-316022,141908]
[null,null,null," Accounts payable . . . . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,0,94674,174319,-93259,-52339]
[null,null,null," Income taxes payable . . . . . . . . . . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,0,95132,63489,36307,-989]
[null,null,null," Accrued expenses and other liabilities . . . . . . . . . . ",null,null,null,null,3050,3852,17028,89899,209908,107406,167568,647162,506253,-138937,-452438]
[null,null,null," Accrued solar module collection and recycling liability . .",null,null,null,null,0,0,0,0,0,0,0,35720,44538,10648,26052]
[null,null,null," Total adjustments . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,1586,11502,-4550,47597,114737,35055,41291,6030,858547,503088,284071]
[null,null,null," Net cash provided by (used in) operating activities . . . .",null,null,null,null,-15185,5040,-576,205951,463067,675193,705492,-33463,762209,856126,680989]
[]
[]
[null,null,null,"                                                           ",null,null,null,null,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014]
[null,null,null," Cash flows from operating activities:            "]
[null,null,null," Cash received from customers . . . . . . . . . . ",null,null,null,null,11152,49643,110196,515994,1203822,1957604,2458088,2290944,3231268,3868540,3366839]
[null,null,null," Cash paid to suppliers and associates . . . . . .",null,null,null,null,-26516,-44674,-111945,-276525,-723123,-1123746,-1614763,-2159429,-2447337,-2973855,-2642306]
[null,null,null," Interest received . . . . . . . . . . . . . . . .",null,null,null,null,0,0,2640,19965,19138,6147,20531,10156,4693,6599,12966]
[null,null,null," Interest paid . . . . . . . . . . . . . . . . . .",null,null,null,null,-45,-322,-712,-2294,-4629,-10550,-7610,-14229,-7601,".","."]
[null,null,null," Other . . . . . . . . . . . . . . . . . . . . . .",null,null,null,null,224,393,-710,-1991,-1505,0,0,0]
[null,null,null," Income tax (payments) refunds, net . . . . . . . ",null,null,null,null,0,0,0,-19002,-1975,-147843,-80064,-46153,21543,1550,-17045]
[null,null,null," Excess tax benefit from share-based compensation ",null,null,null,null,0,0,-45,-30196,-28661,-4892,-69367,-110836,-27373,-35076,-31166]
[null,null,null," Other operating activities . . . . . . . . . . . ",null,null,null,null,-57,-84,0,0,0,-1527,-1323,-3916,-669,-2343,-698]
[null,null,null," Net cash provided by operating activities . . . .",null,null,null,null,-15185,5040,-576,205951,463067,675193,705492,-33463,762209,856126,680989]
[null,null,null," Cash flows from investing activities:            ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Purchases of property, plant and equipment . . . ",null,null,null,null,-7733,-42481,-153150,-242371,-459271,-279941,-588914,-731814,-379228,-282576,-257549]
[null,null,null," Proceeds from sale of property, plant and equipme",null,null,null,null,0,0,0,0,0,0,0,0,5083,116403,1532]
[null,null,null," Purchases of marketable securities . . . . . . . ",null,null,null,null,0,0,0,-1081154,-334818,-607356,-462070,-331240,-29200,-435015,-305396]
[null,null,null," Proceeds from maturities and sales of marketable ",null,null,null,null,0,0,0,0,418762,115805,494256,363960,108663,93984,227900]
[null,null,null," Investment in notes receivable, affiliate . . . .",null,null,null,null,0,0,0,0,0,-99637,0,0,-21659,0,-72692]
[null,null,null," Payments received on notes receivable, affiliate ",null,null,null,null,0,0,0,0,0,25447,61658,0,4498,17108,49517]
[null,null,null," Purchase of restricted investments . . . . . . . ",null,null,null,null,0,-1267,-6804,-6008,-15564,-4150,-43064,-62749,-80667,0,0]
[null,null,null," Change in restricted cash . . . . . . . . . . . .",null,null,null,null,0,0,0,0,0,0,0,-23154,16215,5173,-124061]
[null,null,null," Sale of investment in related party . . . . . . .",null,null,null,null,0,0,0,0,-25000,0,28596,0]
[null,null,null," Acquisitions, net of cash acquired . . . . . . . ",null,null,null,null,0,0,0,-5500,0,318,-296496,-21105,-2437,-30745,-4306]
[null,null,null," Purchase of equity and cost method investments . ",null,null,null,null,0,0,0,0,0,0,0,0,-5000,-17905,-24967]
[null,null,null," Other investing activities . . . . . . . . . . . ",null,null,null,null,0,0,-40,0,0,-1252,1301,992,0,-3533,-1857]
[null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,null," Debt issuance costs . . . . . . . . . . . . . . .",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,null," Net cash used in investing activities . . . . . .",null,null,null,null,-7790,-43832,-159994,-547250,-308441,-701690,-742085,-676457,-383732,-537106,-511879]
[null,null,null," Cash flows from financing activities:            ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Proceeds from stock option exercises . . . . . . ",null,null,null,null,0,0,100,10173,16036,5961,9379,8326,176,1054,0]
[null,null,null," Repayment of borrowings under revolving credit fa",null,null,null,null,0,0,0,0,0,0,0,-450000,-1305000,-605000,0]
[null,null,null," Proceeds from borrowings under revolving credit f",null,null,null,null,0,0,0,0,0,0,100000,550000,1375000,335000,0]
[null,null,null," Repayment of long-term debt . . . . . . . . . . .",null,null,null,null,0,0,-135,-34757,-41691,-78224,-27879,-33796,-178842,-64954,-60063]
[null,null,null," Repayment of notes payable to a related party . .",null,null,null,null,0,0,-64700,0,0,0,0,0]
[null,null,null," Proceeds from borrowings under long-term debt, ne",null,null,null,null,5000,15000,0,0,0,44739,0,370108,0,0,65563]
[null,null,null," Excess tax benefit from share-based compensation ",null,null,null,null,0,0,-45,-30196,-28661,-4892,-69367,-110836,27373,35076,31166]
[null,null,null," Repayment of economic development funding . . . .",null,null,null,null,0,0,0,0,0,0,0,0,-6820,-8315,0]
[null,null,null," Proceeds from equity offering, net of issuance co",null,null,null,null,0,0,302650,365969,0,615,0,16188,0,428190,0]
[null,null,null," Proceeds from issuance of debt, net of issuance c",null,null,null,null,0,0,130833,49368,138887,0,0,0]
[null,null,null," Other equity contributions . . . . . . . . . . . ",null,null,null,null,17900,16663,30000,0,0,0,0,0]
[null,null,null," Proceeds from notes payable to a related party. .",null,null,null,null,0,20000,36000,0,0,0,0,0]
[null,null,null," Proceeds from economic development funding . . . ",null,null,null,null,0,0,16766,9475,35661,0,0,0]
[null,null,null," Other financing activities. . . . . . . . . . . .",null,null,null,null,0,0,-9,-3,-5,0,0,0]
[null,null,null," Contingent consideration payments and other finan",null,null,null,null,0,0,0,0,0,-4,-416,-444,-996,-19887,-29307]
[null,null,null," Net cash provided by (used in) financing activiti",null,null,null,null,0,0,451550,430421,177549,-22021,150451,571218,-89109,101164,7359]
[null,null,null," Effect of exchange rate changes on cash and cash ",null,null,null,null,-187,385,391,7050,-20221,-3201,-12668,-21368,6307,3594,-19487]
[null,null,null," Net increase in cash and cash equivalents . . . .",null,null,null,null,-262,13256,291371,96172,311954,-51719,101190,-160070,295675,423778,156982]
[null,null,null," Cash and cash equivalents, beginning of the perio",null,null,null,null,3727,3465,16721,308092,404264,716218,664499,765689,605619,901294,1325072]
[null,null,null," Cash and cash equivalents, end of the period . . ",null,null,null,null,3465,16721,308092,404264,716218,664499,765689,605619,901294,1325072,1482054]
[null,null,null," Supplemental disclosure of noncash investing and ",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Equity interests retained from the partial sale o",null,null,null,null,0,0,0,0,0,0,0,0,0,0,220679]
[null,null,null," Property, plant and equipment acquisitions funded",null,null,null,null,0,5418,2304,38320,19449,59374,88977,74391,62344,60677,61130]
[null,null,null," Acquisitions currently or previously funded by li",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null," Shares issued for acquisition . . . . . . . . . .",null,null,null,null,0,0,0,0,0,0,0,0,53894,97885,0]
[null,null,null," Non-cash conversion of debt and accrued interest ",null,null,null,null,0,0,0,0,0,0,0,0,0,83755,0]
[null,null,null," Settlement of long-term debt . . . . . . . . . . ",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,{"$f":"J102=J70","v":true},true,true,true,true,true,true,true,true,true]
[]
[null,null,null,"Writeoffs and Restructruing",null,null,null,null,null,{"$f":"J11+J12","v":0},0,0,0,0,0,453731,469101,86896,0]
[null,null,null,"Accumulated",null,null,null,null,null,{"$f":"I198+J197","v":0},{"$f":"J198+K197","v":0},0,0,0,0,453731,922832,1009728,1009728]
[]
[null,null,null,"Invested Capital - Direct Asset Basis with SUMPRODUCT",null,null,null,null,null,{"$f":"SUMPRODUCT(J41:J101,$E$41:$E$101)+J198","v":60117},225724,521074,834634,1651908,2492484,3772735,3718412,3542606,3558626]
[null,null,null,"Invested Capital - Net Financing and other with SUMPRODUCT",null,null,null,null,null,{"$f":"SUMPRODUCT(J41:J101,$F$41:$F$101)+J198","v":60117},225724,521074,834634,1651908,2492484,3772735,3718412,3542606,3558626]
[null,null,null,null,null,null,null,null,null,{"$f":"J200-J201","v":0},{"$f":"K200-K201","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Average Invested Capital",null,null,null,null,null,{"$f":"AVERAGE(I200:J200)","v":60117},142920.5,373399,677854,1243271,2072196,3132609.5,3745573.5,3630509,3550616]
[]
[null,null,null,"Operating Income + Writeoffs",null,null,null,null,null,{"$f":"J15+J11+J12","v":-4790},2810,137181,438339,679615,748903,385067,431538,455425,424163]
[null,null,null,"Income Tax Rate",null,null,null,null,null,{"$f":"-J23/J21","v":0},{"$f":"-K23/K21","v":0.56710239651416117},-1.5337069286108155E-2,0.24892620575450217,6.7281157021421678E-2,0.12843321606609306,0.26474037942397555,-1.4203095166314943,6.6544214810507957E-2,6.9732934250945039E-2]
[null,null,null,"Applied Tax Rate",null,null,null,null,null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,null,null,"Operating Income Forecast",null,null,null,null,null,null,null,null,null,null,622,874]
[]
[null,null,null,"Net Operating Income after Tax",null,null,null,null,null,{"$f":"J205*(1-J207)","v":-3832},{"$f":"K205*(1-K207)","v":2248},109744.8,350671.2,543692,599122.4,308053.60000000003,345230.4,364340,339330.4]
[null,null,null,"Return on Invested Capital",null,null,null,null,null,{"$f":"J211/J203","v":-6.3742369047024974E-2},{"$f":"K211/K203","v":1.5729024177777155E-2},0.2939075894686381,0.5173255597813099,0.43730771489080017,0.28912438784748162,9.8337695777274511E-2,9.21702377486385E-2,0.10035507417830393,9.5569444851259622E-2]
[]
[null,null,null,"Plant Investment Net",null,null,null,null,null,{"$f":"J56+J57+J58","v":73778},{"$f":"K56+K57+K58","v":178868},430104,842622,1120197,1750929,2190839,2370860,2106000,2259045]
[]
[null,null,null,"Working Capital and Other",null,null,null,null,null,{"$f":"SUMPRODUCT($G$41:$G$102,J41:J102)","v":-13661},{"$f":"SUMPRODUCT($G$41:$G$102,K41:K102)","v":46856},90970,-7988,531711,741555,1128165,424720,426878,289853]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I205+I33","v":1944},{"$f":"J205+J33","v":-1414},13020,161662,497857,809243,904996,620298,694254,689795,669961]
[null,null,null,"Percent of EBITDA",null,null,null,null,null,{"$f":"J216/J217","v":9.6612446958981604},{"$f":"K216/K217","v":3.5987711213517666},0.56271727431307295,-1.6044767875112734E-2,0.65704738873243262,0.81940141171894687,1.8187467958948764,0.61176457031576337,0.61884762864329257,0.43264160152605896]
[null,null,null,"Working Capital as Pct of Opening Plant Net",null,null,null,null,null,null,{"$f":"K216/J214","v":0.63509447260701024},{"$f":"L216/K214","v":0.50858733814880241},-1.8572252292468797E-2,0.63101960309605021,0.6619862399202997,0.64432367046293715,0.19386180362865552,0.18005196426613126,0.13763200379867047]
[]
[null,null,null,"EV to Equity Value Bridge",null,null,null,null,null,{"$f":"SUMPRODUCT(J41:J102,$H$41:$H$102)","v":21723},{"$f":"SUMPRODUCT(K41:K102,$H$41:$H$102)","v":-235942},-576193,-678408,-1000879,-962461,-324859,-809946,-1970239,-2478589]
[]
[null,null,null,"Net Plant Depreciation Rate",null,null,null,null,null,{"$f":"J33/(J56+J57+J58)","v":4.5758898316571338E-2},{"$f":"K33/(K56+K57+K58)","v":5.7081199543797659E-2},5.6918791734092221E-2,7.0634282038684007E-2,0.11571893158078445,8.9148674789211901E-2,0.10737028143099515,0.11081042322195321,0.11128679962013295,0.10880615481320646]