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424B5
SUNEDISON, INC. filed this Form 424B5 on 09/13/2013
Entire Document
 


Table of Contents
     Six Months Ended
June 30,
     Fiscal Year Ended
December 31,
 
     2013      2012      2012      2011 (1)      2010 (1)  
(in millions, except per share)    (unaudited)                       

Balance Sheet Data (at period end):

              

Cash and cash equivalents

   $ 438.0       $ 448.6       $ 572.6       $ 585.8       $ 707.3   

Restricted cash and short-term and long-term investments (11)

     113.7         114.4         136.3         179.2         103.7   

Working capital (12)

     194.3         219.3         323.4         449.0         453.2   

Total assets

     4,685.5         4,503.4         4,701.6         4,881.6         4,611.9   

Long-term debt and capital lease obligations (including current portion)

     763.7         569.1         762.1         571.4         26.9   

Solar energy system debt, financings and capital lease obligations

     1,852.3         1,368.6         1,606.2         1,355.4         655.8   

Total SunEdison stockholders’ equity

     326.5         578.2         575.3         737.9         2,251.7   

Other Data:

              

Capital expenditures:

              

Semiconductor Materials segment

   $ 48.6       $ 41.0       $ 75.1       $ 144.6       $ 150.4   

Solar Energy segment (13)

     140.9         186.4         401.9         901.4         479.6   

Corporate and other

     2.6         6.6         8.9         4.6         2.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Consolidated capital expenditures

     192.1         234.0         485.9         1,050.6         632.1   

Depreciation and amortization:

              

Semiconductor Materials segment

     61.0         63.6         121.6         124.2         108.8   

Solar Energy segment

     57.0         43.3         119.3         102.9         56.0   

Corporate and other

     3.8         —           6.0         —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Consolidated depreciation and amortization

     121.8         106.9         246.9         227.1         164.8   

 

(1) Includes the operating results of various acquisitions during 2010 and 2011 since their acquisition date. See Note 4 to our consolidated financial statements for fiscal 2012.

 

(2) Includes $37.1 million of revenue recognized in 2012 for the Conergy termination. Similarly, $175.7 million of revenue was recognized in 2011 for the Suntech contract resolution. See Note 17 to our consolidated financial statements for fiscal 2012.

 

(3) During the year ended December 31, 2012, we recorded a $12.8 million charge to income to adjust the fair value of contingent consideration and during the year ended December 31, 2011 we recorded a favorable adjustment of $26.3 million to adjust the fair value of contingent consideration. The adjustments were recorded as an increase and reduction to marketing and administration expense, respectively.

 

(4) See Note 10 to our consolidated financial statements for fiscal 2012.

 

(5) See Note 3 to our consolidated financial statements for fiscal 2012.

 

(6) See Note 9 to our consolidated financial statements for fiscal 2012.

 

(7) Losses of $(0.2) million, $(4.8) million, and $(14.0) million were recorded to non-operating expense in 2012, 2011, and 2010, respectively, due to the mark-to-market adjustment related to a warrant received from Suntech. Also included in 2012 is a $3.6 million impairment charge, compared to $11.6 million in 2011, of an investment accounted for under the cost method. See Note 6 to our consolidated financial statements for fiscal 2012.

 

(8) Includes $67.3 million of impairment charges in 2011 from our investment in two joint ventures. See Note 6 to our consolidated financial statements for fiscal 2012.

 

(9) Includes net income tax expense of $94.8 million and $368.5 million recorded in 2012 and 2011, respectively, for the net valuation change in deferred tax assets. See Note 14 to our consolidated financial statements for fiscal 2012.

 

(10) Includes net income tax benefit of $15.5 million in 2010 resulting from conclusion of the Internal Revenue Service (“IRS”) examination for the 2007 and 2006 years.

 

(11) Amount includes investments measured at fair value on a recurring basis and time deposits, and excludes investments accounted for under the equity method and cost investments.

 

(12) Working capital is defined as current assets minus current liabilities.

 

(13) Consists primarily of construction of solar energy systems of $122.5 million and $157.7 million for the six months ended June 30, 2013 and 2012, respectively, and construction of solar energy systems of $346.9 million, $598.1 million and $280.1 million for the years ended December 31, 2012, 2011 and 2010, respectively.

 

 

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