China Solar & Clean Energy Solutions, Inc. Financial Ratios — CSOL

Profitability (USD)

	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	31.71	23.1	37.35	-114.95	41.68	12.17
Return on Assets (%)	- -	389.35	-912.9	-2,066.71	79.47	15.99	10.5	11.65	-14.27	2.45	0.91
Return on Capital (%)	- -	- -	- -	- -	-33.93	28.72	22.81	32.15	- -	24.89	7.03
Return on Invested Capital (%)	- -	- -	- -	- -	-128.06	16.96	10.54	16.72	- -	2.18	2.59
Gross Margin (%)	-119,900	100	- -	100	28.77	23.81	21.54	22.39	16.81	28.32	23.31
EBITDA Margin (%)	-64,319,900	-507.34	- -	-1,526.36	22.25	9.12	6.47	9.47	-2.23	5.88	6.32
Operating Margin (%)	-64,319,900	-508.44	- -	-1,531.32	21.92	8.47	5.64	8.59	-3.78	3.14	3.59
Incremental Operating Margin (%)	- -	- -	102.86	- -	26.37	-12.57	-1.85	12.66	- -	-15.75	8.92
Pretax Margin (%)	- -	-842.54	- -	-2,258.93	22.4	8.34	5.77	9.01	-11.79	5.05	2.2
Profit Margin (%)	-100,230,000	562.69	- -	-2,258.93	22.4	8.34	5.77	6.81	-13.26	4.08	1.41
Net Income to Common Margin (%)	-100,230,000	562.69	- -	-2,258.93	22.4	8.34	5.77	6.81	-13.26	4.08	1.41
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	18.42	- -	20.02	25.15
Dvd Payout Ratio (%)	- -	- -	- -	- -	7.32	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	31.71	23.1	37.35	-114.95	41.68	12.17

Credit (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Total Debt	- -	- -	- -	- -	1	- -	- -	- -	2	1	1
ST Debt	- -	- -	- -	- -	1	- -	- -	- -	2	1	1
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	-0.11	- -	- -	- -	0.25	0.09	- -	- -	-2.01	0.92	0.42
Net Debt/EBITDA	0.07	0.32	0.05	0.02	-0.34	-3.87	-2.31	-1.56	-0.04	-2.3	-2.38
Total Debt/EBIT	-0.11	- -	- -	- -	0.26	0.1	- -	- -	-1.19	1.72	0.74
Net Debt/EBIT	0.07	0.32	0.05	0.02	-0.34	-4.17	-2.65	-1.72	-0.03	-4.31	-4.19
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	-4.09	7.07	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	-39.8	4.86	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	-6.92	3.77	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-13,384.55	-8,942.42	-39,372.93	-94,544.74	64.52	43.53	47.07	24.59	4.39	7.59	7.39
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.03	0.58	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.99	3.19	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.62	0.38	- -
Total Debt/Equity (%)	-0.89	- -	- -	- -	12.49	1.22	- -	- -	6.68	5.31	2.69
Total Debt/Capital (%)	-0.46	- -	- -	- -	12.79	2.67	- -	- -	45.45	29.03	16.05
Total Debt/Total Assets (%)	60.43	- -	- -	- -	9.98	1.19	- -	- -	4	3.47	1.58
Net Debt to Equity	0.55	2.36	0.42	0.12	-16.59	-51.75	-26.27	-28.97	0.15	-13.28	-15.31
Net Debt/Capital (%)	0.28	1.06	0.2	0.06	-24.2	730.71	-115.54	-181.84	1.8	4,584.43	1,243.39
EBITDA	-1	-1	-1	- -	2	1	1	4	-1	2	2
EBITDA-CapEx	-1	-1	-1	- -	1	1	-2	-1	-9	1	2
Operating Income (Loss)	-1	-1	-1	- -	2	1	1	3	-2	1	1

Liquidity (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Cash Ratio	0.01	0.02	- -	- -	1.16	20.33	6.55	0.46	0.13	0.35	0.26
Current Ratio	0.01	0.02	- -	- -	2.53	26.95	11.14	1.57	1.4	1.41	1.33
Quick Ratio	0.01	0.02	- -	- -	1.85	22.47	8.32	1.1	0.94	1.05	0.89
CFO/Avg Current Liab	- -	-0.02	-0.05	-0.01	0.41	0.11	3.26	0.76	-0.4	0.07	-0.06
Common Equity/Total Assets	-13,384.55	-8,942.42	-39,372.93	-94,544.74	64.52	43.53	47.07	24.59	4.39	7.59	7.39
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.03	0.58	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.99	3.19	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	0.62	0.38	- -
Total Debt/Equity (%)	-0.89	- -	- -	- -	12.49	1.22	- -	- -	6.68	5.31	2.69
Total Debt/Capital (%)	-0.46	- -	- -	- -	12.79	2.67	- -	- -	45.45	29.03	16.05
Total Debt/Total Assets (%)	60.43	- -	- -	- -	9.98	1.19	- -	- -	4	3.47	1.58
CFO/Total Liabilities	13.89	-1.84	-4.45	-1.43	175.64	26.38	255.32	39.7	-28.05	6.83	-4.85
CFO/CapEx	- -	-40.48	-860.08	- -	1.32	0.09	0.33	0.95	-0.65	2.01	-3.93
Altman's Z-Score	-293.37	-183.59	-824.28	-1,952.14	4.34	3.23	3.13	3.52	1.49	1.3	1.17

Working Capital (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Accounts Receivable Turnover	- -	- -	- -	- -	103.44	42.18	30.12	8.91	6.44	3.89	3.16
Days Sales Outstanding	- -	- -	- -	- -	3.53	8.65	12.12	40.97	56.7	93.71	115.6
Inventory Turnover	- -	- -	- -	- -	36.12	31.31	48.2	13.73	6.66	3.42	3.54
Days Inventory Outstanding	- -	- -	- -	- -	10.11	11.66	7.57	26.59	54.79	106.81	103.02
Accounts Payable Turnover	- -	- -	- -	- -	33.21	92.11	141.4	28.63	22.8	12.31	10.92
Accounts Payable Turnover Days	- -	- -	- -	- -	10.99	3.96	2.58	12.75	16.01	29.66	33.42
Cash Conversion Cycle	- -	- -	- -	- -	2.64	16.35	17.11	54.81	95.48	170.87	185.19
Inventory to Cash Days	- -	- -	- -	- -	-6.58	-3	4.54	14.39	1.91	-13.1	12.58
Inventories	- -	- -	- -	- -	- -	- -	- -	4	6	5	8
Raw Materials	- -	- -	- -	- -	- -	- -	- -	1	1	1	2
Work In Process	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	1
Finished Goods	- -	- -	- -	- -	- -	- -	- -	1	5	3	5
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	21	13	5	5
- Cash & Cash Equivalents	- -	- -	- -	- -	1	6	3	5	2	5	5
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	1	- -	- -	- -	2	1	1
Enterprise Value	- -	- -	- -	- -	-1	-5	-3	17	13	2	1
Total Capital	-15	-15	-16	-17	4	5	6	8	4	5	5
Total Debt/Capital (%)	-0.46	- -	- -	- -	12.79	2.67	- -	- -	45.45	29.03	16.05
Total Debt / EV	0.48	- -	- -	- -	-1.03	-0.02	- -	- -	0.14	0.65	0.57
EV/Sales	147,500	0.3	- -	6.68	- -	- -	- -	0.46	0.31	0.08	0.05
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	4.81	- -	1.41	0.73
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	5.3	- -	2.64	1.28
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	3.61	- -	1.9	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1.76	4.19	1.34	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	22	13	5	5
Diluted Enterprise Value	- -	- -	- -	- -	-1	-5	-3	18	13	2	1
EV per Share	7.02	1.26	6.33	6.99	- -	- -	- -	2.72	1.07	0.14	0.09
TTM Sales	- -	- -	- -	- -	10	16	21	37	42	26	29
TTM EBITDA	-1	-1	-1	- -	2	1	1	4	-1	2	2
TTM Operating Income	-1	-1	-1	- -	2	1	1	3	-2	1	1
TTM Cash Flow to Firm	- -	- -	- -	- -	2	- -	1	5	-5	1	-1
TTM Free Cash Flow to Firm	- -	- -	- -	- -	3	1	5	10	3	2	-1

Multiples (USD)

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	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	2.3	4.45	3.68	-7.3
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	5.3	- -	2.64	1.28
Enterprise Value	- -	- -	- -	- -	-1	-5	-3	17	13	2	1
Low Price	- -	- -	- -	- -	- -	- -	- -	1.75	0.55	0.17	0.23
EV/Sales	147,500	0.3	- -	6.68	- -	- -	- -	0.46	0.31	0.08	0.05
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	4.81	- -	1.41	0.73
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	8.48	- -	5.01	12.83
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	6.26	-3.94	6.5	12.19
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	11.06	-8.17	14.72	18.11
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	4.3	-1.22	2.5	8.68
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	2.84	6.26	1.73	1.47
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	2.1	10.63	2.24	1.4
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	3.71	22.05	5.08	2.08
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	1.44	3.28	0.86	1
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	1.38	0.54	0.23	0.21
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	1.02	0.91	0.3	0.2
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	1.8	1.89	0.68	0.3
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	0.7	0.28	0.12	0.14
Price/Sales	- -	- -	- -	- -	- -	- -	- -	0.58	0.31	0.2	0.18
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	0.43	0.52	0.27	0.17
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	0.75	1.08	0.6	0.26
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	0.29	0.16	0.1	0.12
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	4.58	-2.45	5.51	-5.44
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	3.38	-4.15	7.15	-5.17
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	5.97	-8.62	16.21	-7.68
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	2.32	-1.28	2.76	-3.68
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	1.7	7.56	4.78	-6.94
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	3	15.68	10.84	-10.31
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	1.17	2.33	1.84	-4.94
EV/Sales Average	147,500	0.3	- -	6.68	- -	- -	- -	0.3	0.53	0.14	0.04
EV/Sales High	147,500	0.3	- -	6.68	- -	- -	- -	0.63	1.09	0.48	0.12
EV/Sales Low	147,500	0.3	- -	6.68	- -	- -	- -	0.17	0.17	- -	- -
EV/EBITDA Average	-0.23	-0.06	-0.26	-0.44	-0.24	-3.87	-2.31	3.22	-23.66	2.44	0.59
EV/EBITDA High	-0.23	-0.06	-0.26	-0.44	-0.24	-3.87	-2.31	6.67	-48.83	8.15	1.91
EV/EBITDA Low	-0.23	-0.06	-0.26	-0.44	-0.24	-3.87	-2.31	1.8	-7.48	-0.33	-0.2
EV/EBIT Average	-0.23	-0.06	-0.26	-0.44	-0.25	-4.17	-2.65	3.54	-13.97	4.58	1.03
EV/EBIT High	-0.23	-0.06	-0.26	-0.44	-0.25	-4.17	-2.65	7.34	-28.83	15.28	3.36
EV/EBIT Low	-0.23	-0.06	-0.26	-0.44	-0.25	-4.17	-2.65	1.99	-4.41	-0.61	-0.35
Last Price	- -	- -	- -	- -	- -	- -	- -	3.45	1.05	0.34	0.34
High Price	- -	- -	- -	- -	- -	- -	- -	4.5	3.7	1	0.48
Enterprise Value Average	- -	- -	- -	- -	-1	-5	-3	11	22	4	1
Enterprise Value High	- -	- -	- -	- -	-1	-5	-3	23	45	13	3
Enterprise Value Low	- -	- -	- -	- -	-1	-5	-3	6	7	-1	- -

	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y
Shares Outstanding	- -	- -	- -	- -	- -	6	6	6	14	15	15
Diluted Weighted Avg Shares	- -	- -	- -	- -	4	8	7	6	12	16	15
Basic Weighted Avg Shares	- -	- -	- -	- -	4	6	6	6	12	16	15
Revenue per Share	- -	4.26	- -	1.05	2.14	2.72	3.46	5.97	3.41	1.66	1.87
EBITDA per Share	-30.61	-21.6	-24.19	-15.97	0.48	0.25	0.22	0.57	-0.08	0.1	0.12
Operating Income per Share	-30.61	-21.65	-24.25	-16.03	0.47	0.23	0.2	0.51	-0.13	0.05	0.07
Basic EPS, GAAP	-47.7	23.96	-38.56	-23.64	0.48	0.23	0.2	0.41	-0.45	0.07	0.03
Basic EPS from Cont Ops	-47.7	-35.87	-38.56	-23.64	0.48	0.23	0.2	0.41	-0.41	0.07	0.03
Diluted EPS, GAAP	-47.7	23.96	-38.56	-23.64	0.48	0.17	0.18	0.39	-0.45	0.07	0.03
Diluted EPS from Cont Ops	-47.7	-35.87	-38.56	-23.64	0.48	0.17	0.18	0.39	-0.41	0.07	0.03
Dividend per Share	- -	- -	- -	- -	0.04	- -	- -	- -	- -	- -	- -
Cash Flow per Share	53.26	-5.51	-13.41	-4.46	0.42	0.01	0.2	0.75	-0.43	0.06	-0.06
Free Cash Flow per Basic Share	53.26	-5.65	-13.42	-4.46	0.1	-0.14	-0.4	-0.04	-1.09	0.03	-0.08
Cash & Equivalents per Share	5.46	6.88	1.26	0.39	0.28	0.98	0.52	0.88	0.15	0.31	0.33
Book Value per Share	-748.47	-653.13	-646.92	-652.48	0.78	0.83	0.96	1.21	0.17	0.2	0.23
Tangible Book Value per Share	-377.99	-291.61	-299.74	-310.81	0.96	1.85	1.97	2.49	1.96	1.47	1.6

China Solar & Clean Energy Solutions, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)