Beruflich Dokumente
Kultur Dokumente
Title Page
Canadian dollar
in units of one thousand
Month None
Year 2008
Month None
Year 2008
GAAP Dep'n
Equiv Years
Land
SL
Vehicles
30.000
25.000
SL
4
Buildings
4.000
4.000
SL
25
Leasehold Improvements
20.000
25.000
SL
4
Ships
5.000
5.000
SL
20
Machinery and Equipment
30.000
4.000
SL
25
Tools
25.000
25.000
SL
4
Computers
45.000
25.000
SL
4
Furniture & Fixtures
20.000
25.000
SL
4
Wind Turbines
30.000
4.000
SL
25
Control Systems (E&I)
30.000
4.000
SL
25
Roads
8.000
4.000
SL
25
Transmission Lines
25.000
4.000
SL
25
Property Under Development
DB
Construction in Progress
DB
1
Depreciation Method for Tax is Declining Balance (DB)
2
Depreciation Method for GAAP is the choice of Declining Balance (DB) or Straight Line (SL)
3
Initial values ONLYcan be changed in detailed build
Percent
Financed
(%)
0
95
40
0
40
40
40
0
0
60
60
60
40
40
40
Currency
US dollar
Canadian dollar
British Pound
Euro dollar
Swiss Franc
USD
CAD
GBP
EUR
CHF
OK
OK
OK
OK
OK
x
Jan 2007
1
1.0000
0.9964
1.9708
1.5511
0.9502
x
Feb 2007
2
1.0000
0.9964
1.9708
1.5511
0.9502
x
Mar 2007
3
1.0000
0.9964
1.9708
1.5511
0.9502
x
Apr 2007
4
1.0000
0.9964
1.9708
1.5511
0.9502
x
May 2007
5
1.0000
0.9964
1.9708
1.5511
0.9502
x
Jun 2007
6
1.0000
0.9964
1.9708
1.5511
0.9502
x
Jul 2007
7
1.0000
0.9964
1.9708
1.5511
0.9502
Jan 2007
1
Feb 2007
2
Mar 2007
3
Apr 2007
4
May 2007
5
Jun 2007
6
Jul 2007
7
Setup
OK
25.0000
25.0000
25.0000
25.0000
25.0000
25.0000
25.0000
Other Expenses
Other Expense1
Other Expense2
Other Expense3
EBITDA
Interest, Depreciation & Amortization
Interest Expense
Interest (Income)
Other Expense (Income)
Depreciation & Amortization
Stock based Compensation
EBMFT
Management Fees
EBT
Goodwill Expense
Income Taxes
Current Income Tax Expense
Future Income Tax Expense
Net Earnings
Year 3
2011
Forecast
Year 4
2012
Forecast
Year 5
2013
Forecast
Year 6
2014
Forecast
Year 7
2015
Forecast
Year 8
2016
Forecast
Year 9
2017
Forecast
Year 10
2018
Forecast
Year 11
2019
Forecast
Year 12
2020
Forecast
Year 13
2021
Forecast
1,898
211
2,109
83,893
9,321
93,215
167,203
18,578
185,782
251,569
27,952
279,521
338,562
37,618
376,180
448,921
49,880
498,801
544,580
60,509
605,089
649,924
72,214
722,138
765,765
85,085
850,850
859,987
95,554
955,541
859,987
95,554
955,541
859,987
95,554
955,541
181
20
201
7,990
888
8,878
15,280
1,698
16,978
22,383
2,487
24,870
29,469
3,274
32,743
37,984
4,220
42,204
45,070
5,008
50,077
52,873
5,875
58,748
61,388
6,821
68,208
68,118
7,569
75,686
68,118
7,569
75,686
68,118
7,569
75,686
2,310
102,092
202,759
304,392
408,924
541,005
655,167
780,885
919,058
1,031,227
1,031,227
1,031,227
372
120
696
1,188
155
678
220
1,297
2,349
1.7
7,161
984
320
1,916
10,381
89.8
13,910
1,302
420
2,553
18,185
91.0
20,703
1,674
540
3,326
26,242
91.4
27,699
1,980
640
4,006
34,324
91.6
36,178
2,325
750
4,764
44,017
91.9
43,638
2,697
870
5,603
52,808
91.9
51,959
2,976
960
6,293
62,188
92.0
61,166
2,976
960
6,482
71,584
92.2
69,062
2,976
960
6,676
79,674
92.3
71,134
2,976
960
6,876
81,947
92.1
73,268
2,976
960
7,083
84,287
91.8
276
744
1,812
576
3,408
284
766
1,859
593
3,503
293
789
1,908
611
3,601
302
813
1,958
629
3,702
311
837
2,009
648
3,806
320
862
2,062
668
3,913
330
888
2,117
688
4,023
339
915
2,173
708
4,136
350
942
2,231
730
4,253
360
971
2,291
752
4,374
371
1,000
2,353
774
4,498
382
1,030
2,416
797
4,625
394
1,061
2,481
821
4,757
(4,596)
(3,542)
88,111
180,872
274,344
370,687
492,966
598,223
714,444
843,101
947,055
944,655
942,184
524
879
2,330
3,734
14,379
20,325
3,050
37,754
35,456
49,031
3,770
88,257
55,299
76,454
4,160
135,913
74,642
104,149
4,160
182,951
94,846
133,971
3,330
232,147
114,398
163,915
278,313
131,561
191,944
323,505
149,115
221,591
370,707
167,022
252,950
419,971
166,544
261,520
428,064
158,756
261,520
420,276
150,602
261,520
412,122
(8,330)
(41,296)
44,959
91,392
138,540
214,653
274,717
343,738
423,130
518,992
524,379
530,062
(8,330)
(41,296)
44,959
91,392
(1,500)
(1,500)
(9,561)
(9,561)
12,280
12,280
23,888
23,888
35,468
35,468
53,663
53,663
68,679
68,679
85,934
85,934
105,783
105,783
129,748
129,748
131,095
131,095
132,515
132,515
(6,830)
(31,734)
32,679
67,504
103,073
160,990
206,038
257,803
317,348
389,244
393,285
397,546
20,088
72,317
1,697,760
6,111,936
2,487,024
8,953,286
3,274,344
11,787,638
4,220,424
15,193,526
5,007,744
18,027,878
5,874,768
21,149,165
6,820,848
24,555,053
7,568,640
27,247,104
7,568,640
27,247,104
7,568,640
27,247,104
GPM (%)
Selling, Admin and Gen Expenses
Selling, Admin, and General Expenses1
Selling, Admin, and General Expenses2
Executive Salaries
Head Office Expenses
Year 2
2010
Forecast
(146)
(146)
-
906
906
(1,052)
887,760
3,195,936
138,540
214,653
274,717
343,738
423,130
-
518,992
-
524,379
-
530,062
-
Year 2
2010
Forecast
Year 3
2011
Forecast
Year 4
2012
Forecast
Year 5
2013
Forecast
Year 6
2014
Forecast
Year 7
2015
Forecast
Year 8
2016
Forecast
Year 9
2017
Forecast
Year 10
2018
Forecast
Year 12
2020
Forecast
Year 13
2021
Forecast
68,205
68,205
706,354
2,310
708,664
450,007
18,183
468,190
281,271
37,947
319,218
182,883
58,501
241,384
69,613
79,847
149,460
121,733
102,773
224,506
187,469
125,699
313,168
312,389
145,806
458,196
Accumulated Depreciation
Fixed Assets (net)
5,018
1,004
11,106
5,214
48,873
71,215
(879)
70,336
5,018
2,507
792,260
4,000
5,814
157,564
967,163
(21,204)
945,959
5,018
3,007
1,489,352
8,000
7,614
158,564
1,671,555
(70,235)
1,601,320
5,018
3,507
2,109,232
12,000
9,414
159,564
2,298,735
(146,689)
2,152,046
5,018
4,007
2,704,204
16,000
11,214
160,564
2,901,007
(250,838)
2,650,169
5,018
4,507
3,493,453
20,000
13,014
161,564
3,697,556
(384,809)
3,312,747
5,018
5,007
4,075,972
22,000
14,814
162,564
4,285,375
(548,724)
3,736,651
5,018
5,257
4,806,066
25,000
16,614
163,564
5,021,519
(740,669)
4,280,851
5,018
5,757
5,595,315
29,000
18,414
164,564
5,818,068
(962,260)
4,855,808
Other Assets
Goodwill
Future Inc Tax Asset - LT
2,270
42,814
108,636
182,432
251,157
317,842
373,605
414,819
441,509
404,489
313,658
189,808
42,390
140,812
1,697,436
2,178,146
2,653,696
3,142,710
3,780,049
4,334,762
5,008,837
5,755,514
6,498,635
6,821,024
7,094,993
7,336,214
159
159
354
354
876
876
1,584
1,584
2,312
2,312
3,049
3,049
3,818
3,818
4,609
4,609
5,373
5,373
6,160
6,160
6,334
6,334
6,513
6,513
6,698
13,468
20,166
6,655
3,189
411
19,916
30,172
487,134
2,389
3,280
1,032
64,217
558,053
898,691
4,716
4,010
1,199
59,930
968,545
1,251,825
6,978
4,650
1,359
55,378
1,320,189
1,577,442
9,171
5,195
1,512
50,548
1,643,867
2,007,902
11,279
5,626
1,656
45,421
2,071,884
2,295,599
12,081
5,951
1,793
39,987
2,355,411
2,657,145
13,414
6,159
1,819
34,228
2,712,765
3,036,691
15,262
6,235
1,937
28,124
3,088,249
3,355,410
16,405
5,099
1,944
21,251
3,400,108
3,212,249
15,672
3,904
1,845
14,026
3,247,696
3,061,764
14,902
3,099
1,741
6,432
3,087,937
2,903,580
14,092
2,370
1,632
1,089
2,922,762
770
31,752
98,480
184,556
277,169
379,322
488,748
598,641
711,266
824,393
909,776
950,040
945,237
114,211
2,330
116,541
1,140,462
5,380
1,145,842
1,140,711
9,150
1,149,861
1,140,994
13,310
1,154,304
1,141,325
17,470
1,158,795
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
1,141,356
20,800
1,162,156
60,567
103,073
163,639
163,639
160,990
324,629
324,629
206,038
530,667
530,667
257,803
788,470
788,470
317,348
1,105,818
1,105,818
389,244
1,495,062
1,495,062
393,285
1,888,346
1,888,346
397,546
2,285,893
3,780,049
4,334,762
5,008,837
5,755,514
6,498,635
6,821,024
7,094,993
7,336,214
Fixed Assets
Land
Vehicles
Buildings
Leasehold Improvements
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Operating Line
Other Current Liabilities
Future Inc Tax Liability - Current
Long Term Debt
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Other Liabilities
Accrued Revenue
Deferred Revenue
Future Inc Tax Liability - LT
Shareholders' Equity
Share Capital
Preferred Share Capital
Common Share Capital
Contributed Surplus
Retained Earnings
Retained Earnings OB
Net Income
Dividends
(6,830)
(6,830)
140,812
-
(6,830)
(31,734)
(38,564)
1,697,436
-
(38,564)
(1,052)
(39,617)
2,178,146
-
(39,617)
32,679
(6,937)
2,653,696
-
(6,937)
67,504
60,567
3,142,710
-
552,558
169,426
44,365
766,349
Year 11
2019
Forecast
5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,215,210)
5,327,797
1,177,916
172,342
90,831
1,441,088
1,804,235
172,342
123,851
2,100,428
2,430,826
172,342
147,418
2,750,586
5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,476,729)
5,066,277
5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,738,249)
4,804,758
5,018
6,007
6,317,003
32,000
18,414
164,564
6,543,006
(1,999,768)
4,543,238
Year 1
2009
Forecast
Year 2
2010
Forecast
Year 3
2011
Forecast
Year 4
2012
Forecast
Year 5
2013
Forecast
Year 6
2014
Forecast
Year 7
2015
Forecast
Year 8
2016
Forecast
Year 9
2017
Forecast
Year 10
2018
Forecast
Year 11
2019
Forecast
Year 12
2020
Forecast
Year 13
2021
Forecast
Operating Activities
Net Earnings
Depreciation & Amortization
Goodwill Expense
Future Income Tax Expense
Stock based Compensation
(6,830)
879
(1,500)
2,330
(5,120)
(31,734)
20,325
(9,561)
3,050
(17,921)
(1,052)
49,031
906
3,770
52,654
32,679
76,454
12,280
4,160
125,573
67,504
104,149
23,888
4,160
199,701
103,073
133,971
35,468
3,330
275,841
160,990
163,915
53,663
378,568
206,038
191,944
68,679
466,662
257,803
221,591
85,934
565,329
317,348
252,950
105,783
676,080
Accounts Receivable
Income taxes receivable
Inventory
Prepaid Expenses & Deposits
Accrued Asset
(2,310)
-
(15,873)
-
(19,764)
-
(20,555)
-
(21,345)
-
(22,926)
-
(22,926)
-
(20,107)
-
(23,620)
-
(2,916)
-
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Other Current Liabilities
159
159
195
(2,115)
522
(15,350)
708
(19,056)
728
(19,827)
736
(20,609)
769
(22,157)
791
(22,135)
764
(19,343)
787
(22,833)
174
(2,742)
179
179
185
185
(4,961)
(20,036)
37,304
106,517
179,875
255,232
356,411
444,526
545,986
653,247
786,078
791,766
389,244
261,520
129,748
780,511
777,769
393,285
261,520
131,095
785,899
397,546
261,520
132,515
791,581
(0)
Financing Activities
Operating Line
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
6,655
3,189
411
19,916
-
480,479
2,389
91
621
44,301
-
411,557
2,327
730
167
(4,288)
-
353,134
2,262
640
160
(4,552)
-
325,617
2,193
545
153
(4,830)
-
430,460
2,108
431
144
(5,127)
-
287,697
802
326
136
(5,434)
-
361,545
1,334
207
26
(5,760)
-
379,547
1,847
76
118
(6,104)
-
318,719
1,143
(1,137)
7
(6,873)
-
(143,161)
(733)
(1,195)
(99)
(7,225)
-
(150,485)
(770)
(805)
(104)
(7,594)
-
(158,184)
(810)
(729)
(109)
(5,343)
-
Note Receivable
Investments
Accrued Revenue
Deferred Revenue
249
283
332
30
114,211
Dividends
144,382
1,026,252
1,554,133
410,742
351,926
324,009
428,048
283,527
357,353
375,484
311,859
(152,412)
(159,759)
(165,175)
Investing activities
Fixed Assets
(71,215)
(895,948)
(704,392)
(627,180)
(602,272)
(796,549)
(587,819)
(736,144)
(796,549)
(724,938)
(71,215)
(895,948)
(704,392)
(627,180)
(602,272)
(796,549)
(587,819)
(736,144)
(796,549)
(724,938)
68,205
638,149
(256,347)
(168,736)
(98,388)
(113,269)
52,120
65,735
124,921
240,169
625,357
626,320
626,591
68,205
68,205
706,354
706,354
450,007
450,007
281,271
281,271
182,883
182,883
69,613
69,613
121,733
121,733
187,469
187,469
312,389
312,389
552,558
552,558
1,177,916
1,177,916
1,804,235
1,804,235
2,430,826
EBMFT
Q2
Jun 2013
Forecast
Q3
Sep 2013
Forecast
Q4
Dec 2013
Forecast
Year 5
2013
Forecast
Q1
Mar 2014
Forecast
Q2
Jun 2014
Forecast
Q3
Sep 2014
Forecast
Q4
Dec 2014
Forecast
Year 6
2014
Forecast
167,203
18,578
185,782
46,189
5,132
51,322
59,440
6,604
66,044
72,970
8,108
81,078
72,970
8,108
81,078
251,569
27,952
279,521
71,384
7,932
79,315
74,364
8,263
82,626
93,017
10,335
103,353
99,797
11,089
110,886
338,562
37,618
376,180
2,624
292
2,916
4,071
452
4,523
4,292
477
4,769
4,292
477
4,769
15,280
1,698
16,978
4,199
467
4,666
5,307
590
5,897
6,439
715
7,154
6,439
715
7,154
22,383
2,487
24,870
6,299
700
6,998
6,544
727
7,271
8,042
894
8,936
8,585
954
9,539
29,469
3,274
32,743
34,117
54,179
57,231
57,231
202,759
55,987
71,941
88,232
88,232
304,392
86,314
89,897
112,289
120,424
408,924
2,440
279
90
545
3,354
90.2
3,717
279
90
552
4,639
91.4
3,877
372
120
728
5,096
91.1
3,877
372
120
728
5,096
91.1
13,910
1,302
420
2,553
18,185
91.0
3,955
372
120
736
5,182
90.7
4,943
372
120
743
6,178
91.4
5,902
465
150
924
7,441
91.6
5,902
465
150
924
7,441
91.6
20,703
1,674
540
3,326
26,242
91.4
5,983
465
150
932
7,529
91.3
6,215
465
150
939
7,769
91.4
7,512
492
160
1,010
9,173
91.8
7,989
558
180
1,126
9,853
91.8
27,699
1,980
640
4,006
34,324
91.6
75
203
489
157
925
75
203
489
157
925
75
203
489
157
925
75
203
489
157
925
302
813
1,958
629
3,702
78
209
502
162
951
78
209
502
162
951
78
209
502
162
951
78
209
502
162
951
311
837
2,009
648
3,806
80
216
516
167
978
80
216
516
167
978
80
216
516
167
978
80
216
516
167
978
320
862
2,062
668
3,913
29,838
48,615
51,209
51,209
180,872
49,854
64,812
79,839
79,839
274,344
77,806
81,150
102,137
109,594
370,687
12,786
17,562
1,040
31,388
12,953
17,856
1,040
31,849
13,720
19,043
1,040
33,804
15,840
21,993
1,040
38,873
55,299
76,454
4,160
135,913
17,755
24,631
1,040
43,426
18,416
25,559
1,040
45,015
18,617
26,050
1,040
45,707
19,854
27,910
1,040
48,804
74,642
104,149
4,160
182,951
21,954
30,888
1,040
53,882
23,595
33,192
1,040
57,827
24,057
34,015
1,040
59,112
25,240
35,876
210
61,326
94,846
133,971
3,330
232,147
(1,550)
16,766
17,406
12,337
44,959
6,428
19,797
34,132
31,035
91,392
23,924
23,323
43,025
48,268
138,540
(1,550)
16,766
17,406
12,337
44,959
6,428
19,797
34,132
31,035
91,392
23,924
23,323
43,025
48,268
12,280
12,280
12,280
12,280
23,888
23,888
23,888
23,888
35,468
35,468
35,468
35,468
(1,550)
16,766
17,406
57
32,679
6,428
19,797
34,132
7,147
67,504
23,924
23,323
43,025
12,800
103,073
452,304
1,628,294
476,928
1,716,941
476,928
1,716,941
1,697,760
6,111,936
466,560
1,679,616
589,680
2,122,848
715,392
2,575,411
715,392
2,575,411
2,487,024
8,953,286
699,840
2,519,424
727,056
2,617,402
893,592
3,216,931
953,856
3,433,882
3,274,344
11,787,638
Goodwill Expense
Q1
Mar 2013
Forecast
47,216
5,246
52,462
Income Taxes
Current Income Tax Expense
Future Income Tax Expense
Net Earnings
Year 4
2012
Forecast
47,216
5,246
52,462
Management Fees
EBT
Q4
Dec 2012
Forecast
44,691
4,966
49,656
Other Expenses
Other Expense1
Other Expense2
Other Expense3
Q3
Sep 2012
Forecast
28,081
3,120
31,201
EBITDA
Q2
Jun 2012
Forecast
291,600
1,049,760
138,540
at the end of
Assets
Current Assets
Cash and Term Deposits
Accounts Receivable
Income taxes receivable
Inventory
Future Inc Tax Asset - Current
Q2
Jun 2012
Forecast
Q3
Sep 2012
Forecast
Q4
Dec 2012
Forecast
Q1
Mar 2013
Forecast
Q2
Jun 2013
Forecast
Q3
Sep 2013
Forecast
Q4
Dec 2013
Forecast
Q1
Mar 2014
Forecast
Q2
Jun 2014
Forecast
Q3
Sep 2014
Forecast
Q4
Dec 2014
Forecast
421,020
24,877
445,897
415,994
37,947
453,940
371,757
37,947
409,703
281,271
37,947
319,218
209,285
36,703
245,988
225,491
50,751
276,243
241,901
58,501
300,403
182,883
58,501
241,384
119,805
56,583
176,389
90,421
61,126
151,546
111,387
77,135
188,522
69,613
79,847
149,460
Accumulated Depreciation
Fixed Assets (net)
5,018
3,007
1,581,509
8,000
8,214
159,164
1,764,912
(87,797)
1,677,115
5,018
3,007
1,628,521
8,000
9,414
159,464
1,813,425
(105,653)
1,707,772
5,018
3,507
1,809,722
11,000
9,414
159,564
1,998,225
(124,696)
1,873,529
5,018
3,507
2,109,232
12,000
9,414
159,564
2,298,735
(146,689)
2,152,046
5,018
3,507
2,363,286
12,000
9,414
159,564
2,552,789
(171,320)
2,381,469
5,018
3,507
2,378,853
12,000
10,614
160,264
2,570,256
(196,879)
2,373,378
5,018
3,757
2,438,319
13,000
11,214
160,564
2,631,872
(222,928)
2,408,944
5,018
4,007
2,704,204
16,000
11,214
160,564
2,901,007
(250,838)
2,650,169
5,018
4,007
2,983,165
16,000
11,214
160,564
3,179,969
(281,726)
2,898,242
5,018
4,007
3,168,102
16,000
12,414
161,264
3,366,805
(314,918)
3,051,887
5,018
4,257
3,227,568
17,000
13,014
161,564
3,428,421
(348,933)
3,079,488
5,018
4,507
3,493,453
20,000
13,014
161,564
3,697,556
(384,809)
3,312,747
Other Assets
Goodwill
Future Inc Tax Asset - LT
108,636
108,636
108,636
182,432
182,432
182,432
182,432
251,157
251,157
251,157
251,157
317,842
2,231,648
2,270,348
2,391,868
2,653,696
2,809,890
2,832,052
2,891,779
3,142,710
3,325,788
3,454,590
3,519,166
3,780,049
1,217
1,217
1,535
1,535
1,584
1,584
1,584
1,584
1,627
1,627
2,104
2,104
2,312
2,312
2,312
2,312
2,356
2,356
2,530
2,530
3,049
3,049
3,049
3,049
953,050
4,679
4,273
1,189
58,957
1,022,149
974,088
4,641
4,895
1,180
57,852
1,042,655
1,076,402
6,418
4,773
1,370
56,645
1,145,609
1,251,825
6,978
4,650
1,359
55,378
1,320,189
1,401,907
6,921
4,525
1,347
54,095
1,468,795
1,403,163
6,863
5,123
1,336
53,078
1,469,562
1,427,760
7,407
5,346
1,424
51,887
1,493,824
1,577,442
9,171
5,195
1,512
50,548
1,643,867
1,737,081
9,093
5,042
1,498
49,192
1,801,906
1,841,960
9,014
5,612
1,484
48,102
1,906,172
1,862,415
9,537
5,806
1,571
46,836
1,926,164
2,007,902
11,279
5,626
1,656
45,421
2,071,884
98,480
98,480
98,480
184,556
184,556
184,556
184,556
277,169
277,169
277,169
277,169
379,322
1,140,778
10,190
1,150,968
1,140,847
11,230
1,152,077
1,140,919
12,270
1,153,189
1,140,994
13,310
1,154,304
1,141,071
14,350
1,155,421
1,141,152
15,390
1,156,542
1,141,237
16,430
1,157,667
1,141,325
17,470
1,158,795
1,141,356
18,510
1,159,866
1,141,356
19,550
1,160,906
1,141,356
20,590
1,161,946
1,141,356
20,800
1,162,156
19,287
34,132
53,420
53,420
7,147
60,567
60,567
23,924
84,491
84,491
23,323
107,814
107,814
43,025
150,839
150,839
12,800
163,639
2,891,779
3,142,710
3,325,788
3,454,590
3,519,166
3,780,049
Fixed Assets
Land
Vehicles
Buildings
Leasehold Improvements
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Operating Line
Other Current Liabilities
Future Inc Tax Liability - Current
Long Term Debt
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Other Liabilities
Accrued Revenue
Deferred Revenue
Future Inc Tax Liability - LT
Shareholders' Equity
Share Capital
Preferred Share Capital
Common Share Capital
Contributed Surplus
Retained Earnings
Retained Earnings OB
Net Income
Dividends
(39,617)
(1,550)
(41,166)
2,231,648
-
(41,166)
16,766
(24,400)
2,270,348
-
(24,400)
17,406
(6,994)
2,391,868
-
(6,994)
57
(6,937)
2,653,696
-
(6,937)
6,428
(510)
2,809,890
-
(510)
19,797
19,287
2,832,052
-
Q1
Mar 2012
Forecast
Q2
Jun 2012
Forecast
Q3
Sep 2012
Forecast
Q4
Dec 2012
Forecast
Fiscal
2012
Forecast
Q1
Mar 2013
Forecast
Q2
Jun 2013
Forecast
Q3
Sep 2013
Forecast
Q4
Dec 2013
Forecast
Fiscal
2013
Forecast
Q1
Mar 2014
Forecast
Q2
Jun 2014
Forecast
Q3
Sep 2014
Forecast
Q4
Dec 2014
Forecast
Fiscal
2014
Forecast
Operating Activities
Net Earnings
Depreciation & Amortization
Goodwill Expense
Future Income Tax Expense
Stock based Compensation
(1,550)
17,562
1,040
17,052
16,766
17,856
1,040
35,662
17,406
19,043
1,040
37,489
Accounts Receivable
Income taxes receivable
Inventory
Prepaid Expenses & Deposits
Accrued Asset
(6,694)
-
(13,070)
-
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Other Current Liabilities
341
(6,353)
318
(12,752)
49
49
10,699
22,910
37,538
35,370
54,360
(37)
263
(10)
(973)
-
21,037
(38)
621
(10)
(1,105)
-
Note Receivable
Investments
Accrued Revenue
Deferred Revenue
67
69
72
75
57
21,993
12,280
1,040
35,370
32,679
76,454
12,280
4,160
125,573
6,428
24,631
1,040
32,099
19,797
25,559
1,040
46,395
34,132
26,050
1,040
61,222
7,147
27,910
23,888
1,040
59,985
(19,764)
-
1,244
-
(14,049)
-
(7,750)
-
708
(19,056)
42
1,287
477
(13,571)
208
(7,542)
106,517
33,385
32,824
53,680
59,985
1,256
(58)
598
(12)
(1,017)
-
24,597
544
223
88
(1,191)
-
283
78
81
85
88
(0)
(0)
67,504
104,149
23,888
4,160
199,701
23,924
30,888
1,040
55,852
23,323
33,192
1,040
57,555
43,025
34,015
1,040
78,080
12,800
35,876
35,468
210
84,353
103,073
133,971
35,468
3,330
275,841
(20,555)
-
1,918
-
(4,542)
-
(16,009)
-
(2,712)
-
(21,345)
-
(0)
728
(19,827)
44
1,962
174
(4,369)
519
(15,490)
(2,712)
736
(20,609)
179,875
57,814
53,186
62,591
81,642
255,232
Financing Activities
Operating Line
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Dividends
102,315
1,777
(122)
191
(1,207)
-
353,134
2,262
640
160
(4,552)
-
150,082
(57)
(125)
(12)
(1,283)
-
53,671
20,576
103,025
174,655
351,926
148,683
(93,357)
(48,512)
(184,800)
(300,510)
(627,180)
(254,054)
(93,357)
(48,512)
(184,800)
(300,510)
(627,180)
(28,987)
(5,027)
(44,237)
(90,485)
450,007
421,020
415,994
371,757
371,757
281,271
175,422
560
(123)
(11)
(1,267)
-
849
149,682
1,763
(151)
88
(1,339)
-
325,617
2,193
545
153
(4,830)
-
159,640
(78)
(153)
(14)
(1,356)
-
104,879
(79)
570
(14)
(1,091)
-
20,454
523
194
86
(1,266)
-
145,487
1,742
(180)
86
(1,415)
-
430,460
2,108
431
144
(5,127)
-
332
30
30
24,346
150,132
324,009
158,070
104,266
19,992
145,720
428,048
(17,467)
(61,616)
(269,135)
(602,272)
(278,961)
(186,836)
(61,616)
(269,135)
(796,549)
(254,054)
(17,467)
(61,616)
(269,135)
(602,272)
(278,961)
(186,836)
(61,616)
(269,135)
(796,549)
(168,736)
(71,986)
16,206
16,410
(59,018)
(98,388)
(63,078)
(29,385)
20,966
(41,773)
(113,269)
450,007
281,271
281,271
209,285
209,285
225,491
225,491
241,901
241,901
182,883
281,271
182,883
182,883
119,805
119,805
90,421
90,421
111,387
111,387
69,613
182,883
69,613
Investing activities
Fixed Assets
421,020
415,994
Jan 2012
Forecast
Revenue
Power Sales
Customer1 PS
Customer2 PS
Customer3 PS
Green Premiums
Customer1 GP
Customer2 GP
Customer3 GP
EBITDA
Interest, Depreciation & Amortization
Interest Expense
Interest (Income)
Other Expense (Income)
Depreciation & Amortization
Stock based Compensation
EBMFT
Management Fees
EBT
Goodwill Expense
Income Taxes
Current Income Tax Expense
Future Income Tax Expense
Net Earnings
Feb 2012
Forecast
Mar 2012
Forecast
Apr 2012
Forecast
May 2012
Forecast
Fiscal 2012
Jun 2012
Forecast
Jul 2012
Forecast
Aug 2012
Forecast
Sep 2012
Forecast
Oct 2012
Forecast
Nov 2012
Forecast
Dec 2012
Forecast
Year 4
2012
Forecast
7,593
844
8,437
8,736
971
9,707
11,751
1,306
13,057
13,384
1,487
14,872
15,910
1,768
17,677
15,396
1,711
17,107
15,910
1,768
17,677
15,910
1,768
17,677
15,396
1,711
17,107
15,910
1,768
17,677
15,396
1,711
17,107
15,910
1,768
17,677
167,203
18,578
185,782
723
80
804
816
91
907
1,085
121
1,205
1,225
136
1,361
1,446
161
1,607
1,400
156
1,555
1,446
161
1,607
1,446
161
1,607
1,400
156
1,555
1,446
161
1,607
1,400
156
1,555
1,446
161
1,607
15,280
1,698
16,978
9,240
10,614
14,262
16,232
19,284
18,662
19,284
19,284
18,662
19,284
18,662
19,284
202,759
656
93
30
181
960
89.6
810
93
30
181
1,114
89.5
974
93
30
183
1,280
91.0
1,133
93
30
183
1,439
91.1
1,292
93
30
185
1,600
91.7
1,292
93
30
185
1,600
91.4
1,292
120
40
243
1,695
91.2
1,292
120
40
243
1,695
91.2
1,292
132
40
243
1,707
90.9
1,292
120
40
243
1,695
91.2
1,292
120
40
243
1,695
90.9
1,292
132
40
243
1,707
91.1
13,910
1,302
420
2,553
18,185
91.0
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
25
68
163
52
308
302
813
1,958
629
3,702
7,972
9,192
12,674
14,485
17,376
16,754
17,281
17,281
16,647
17,281
16,659
17,269
180,872
4,247
5,837
347
10,431
4,267
5,862
347
10,476
4,271
5,862
347
10,480
4,281
5,869
347
10,496
4,316
5,959
347
10,622
4,356
6,028
347
10,731
4,399
6,097
347
10,842
4,538
6,302
347
11,187
4,783
6,644
347
11,774
5,039
6,998
347
12,384
5,293
7,349
347
12,989
5,508
7,646
347
13,500
55,299
76,454
4,160
135,913
(2,459)
(1,285)
2,194
3,989
6,754
6,023
6,439
6,094
4,873
4,897
3,670
3,769
44,959
(2,459)
(1,285)
2,194
3,989
6,754
6,023
6,439
6,094
4,873
4,897
3,670
3,769
44,959
12,280
12,280
12,280
12,280
(2,459)
(1,285)
2,194
3,989
6,754
6,023
6,439
6,094
4,873
4,897
3,670
(8,511)
32,679
120,528
433,901
136,080
489,888
160,704
578,534
155,520
559,872
160,704
578,534
160,704
578,534
155,520
559,872
160,704
578,534
155,520
559,872
80,352
289,267
90,720
326,592
160,704
578,534
1,697,760
6,111,936
at the end of
Jan 2012
Forecast
Assets
Current Assets
Cash and Term Deposits
Accounts Receivable
Income taxes receivable
Inventory
Future Inc Tax Asset - Current
Feb 2012
Forecast
Mar 2012
Forecast
Apr 2012
Forecast
May 2012
Forecast
Jun 2012
Forecast
Jul 2012
Forecast
Aug 2012
Forecast
Sep 2012
Forecast
Oct 2012
Forecast
Nov 2012
Forecast
Dec 2012
Forecast
419,895
18,481
438,376
420,943
19,855
440,798
421,020
24,877
445,897
419,370
30,495
449,865
417,098
35,517
452,615
415,994
37,947
453,940
417,333
37,947
455,280
402,628
38,569
441,197
371,757
37,947
409,703
339,379
37,947
377,326
306,776
37,947
344,723
281,271
37,947
319,218
Accumulated Depreciation
Fixed Assets (net)
5,018
3,007
1,574,037
8,000
7,614
158,564
1,756,240
(76,072)
1,680,168
5,018
3,007
1,581,509
8,000
7,614
158,564
1,763,712
(81,935)
1,681,777
5,018
3,007
1,581,509
8,000
8,214
159,164
1,764,912
(87,797)
1,677,115
5,018
3,007
1,589,604
8,000
8,814
159,264
1,773,707
(93,666)
1,680,041
5,018
3,007
1,607,973
8,000
9,414
159,364
1,792,776
(99,625)
1,693,151
5,018
3,007
1,628,521
8,000
9,414
159,464
1,813,425
(105,653)
1,707,772
5,018
3,257
1,649,070
9,000
9,414
159,564
1,835,323
(111,750)
1,723,573
5,018
3,507
1,708,225
10,000
9,414
159,564
1,895,728
(118,052)
1,777,676
5,018
3,507
1,809,722
11,000
9,414
159,564
1,998,225
(124,696)
1,873,529
5,018
3,507
1,914,955
12,000
9,414
159,564
2,104,458
(131,694)
1,972,764
5,018
3,507
2,020,188
12,000
9,414
159,564
2,209,691
(139,043)
2,070,648
5,018
3,507
2,109,232
12,000
9,414
159,564
2,298,735
(146,689)
2,152,046
Other Assets
Goodwill
Future Inc Tax Asset - LT
108,636
108,636
108,636
108,636
108,636
108,636
108,636
108,636
108,636
108,636
108,636
182,432
2,227,179
2,231,211
2,231,648
2,238,542
2,254,402
2,270,348
2,287,489
2,327,508
2,391,868
2,458,726
2,524,007
2,653,696
899
899
1,053
1,053
1,217
1,217
1,376
1,376
1,535
1,535
1,535
1,535
1,572
1,572
1,572
1,572
1,584
1,584
1,572
1,572
1,572
1,572
1,584
1,584
950,242
4,704
3,977
1,196
59,527
1,019,646
955,488
4,692
3,945
1,193
59,122
1,024,439
953,050
4,679
4,273
1,189
58,957
1,022,149
955,479
4,667
4,603
1,186
58,590
1,024,526
964,109
4,654
4,935
1,183
58,222
1,033,103
974,088
4,641
4,895
1,180
57,852
1,042,655
984,108
5,231
4,854
1,277
57,481
1,052,951
1,017,430
5,824
4,814
1,374
57,064
1,086,505
1,076,402
6,418
4,773
1,370
56,645
1,145,609
1,137,871
7,016
4,732
1,367
56,224
1,207,210
1,199,597
6,997
4,691
1,363
55,802
1,268,449
1,251,825
6,978
4,650
1,359
55,378
1,320,189
98,480
98,480
98,480
98,480
98,480
98,480
98,480
98,480
98,480
98,480
98,480
184,556
1,140,733
9,497
1,150,230
1,140,755
9,843
1,150,599
1,140,778
10,190
1,150,968
1,140,801
10,537
1,151,337
1,140,824
10,883
1,151,707
1,140,847
11,230
1,152,077
1,140,871
11,577
1,152,447
1,140,895
11,923
1,152,818
1,140,919
12,270
1,153,189
1,140,944
12,617
1,153,560
1,140,968
12,963
1,153,932
1,140,994
13,310
1,154,304
Fixed Assets
Land
Vehicles
Buildings
Leasehold Improvements
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Operating Line
Other Current Liabilities
Future Inc Tax Liability - Current
Long Term Debt
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Other Liabilities
Accrued Revenue
Deferred Revenue
Future Inc Tax Liability - LT
Shareholders' Equity
Share Capital
Preferred Share Capital
Common Share Capital
Contributed Surplus
Retained Earnings
Retained Earnings OB
Net Income
Dividends
(39,617)
(2,459)
(42,076)
2,227,179
-
(42,076)
(1,285)
(43,360)
2,231,211
-
(43,360)
2,194
(41,166)
2,231,648
-
(41,166)
3,989
(37,177)
2,238,542
-
(37,177)
6,754
(30,424)
2,254,402
-
(30,424)
6,023
(24,400)
2,270,348
-
(24,400)
6,439
(17,961)
2,287,489
-
(17,961)
6,094
(11,867)
2,327,508
-
(11,867)
4,873
(6,994)
2,391,868
-
(6,994)
4,897
(2,097)
2,458,726
-
(2,097)
3,670
1,573
2,524,007
-
1,573
(8,511)
(6,937)
2,653,696
-
Jan 2012
Forecast
Feb 2012
Forecast
Mar 2012
Forecast
Apr 2012
Forecast
May 2012
Forecast
Fiscal 2012
Jun 2012
Forecast
Jul 2012
Forecast
Aug 2012
Forecast
Sep 2012
Forecast
Oct 2012
Forecast
Nov 2012
Forecast
Dec 2012
Forecast
Fiscal
2012
Forecast
Operating Activities
Net Earnings
Depreciation & Amortization
Goodwill Expense
Future Income Tax Expense
Stock based Compensation
(2,459)
5,837
347
3,725
(1,285)
5,862
347
4,924
2,194
5,862
347
8,403
3,989
5,869
347
10,204
6,754
5,959
347
13,060
6,023
6,028
347
12,398
6,439
6,097
347
12,882
Accounts Receivable
Income taxes receivable
Inventory
Prepaid Expenses & Deposits
Accrued Asset
(298)
-
(1,374)
-
(5,022)
-
(5,618)
-
(5,022)
-
(2,430)
-
(622)
-
Accounts Payable
Accruals
Customer Deposits
Deferred Revenue
Income Taxes Payable
Other Current Liabilities
23
(275)
154
(1,219)
164
(4,858)
159
(5,459)
159
(4,863)
(2,430)
37
37
(0)
(622)
3,449
3,705
3,545
4,745
8,197
9,968
12,919
12,121
12,498
51,552
(12)
(33)
(3)
(403)
-
5,246
(12)
(33)
(3)
(405)
-
(2,438)
(12)
329
(3)
(165)
-
2,429
(13)
330
(3)
(367)
-
8,630
(13)
331
(3)
(368)
-
9,979
(13)
(40)
(3)
(370)
-
10,020
590
(40)
97
(371)
-
Note Receivable
Investments
Accrued Revenue
Deferred Revenue
22
22
23
23
23
6,094
6,302
347
12,743
4,873
6,644
347
11,864
4,897
6,998
347
12,242
3,670
7,349
347
11,366
(8,511)
7,646
12,280
347
11,761
32,679
76,454
12,280
4,160
125,573
622
-
(19,764)
-
12
634
(12)
(12)
12
12
708
(19,056)
12,230
11,366
11,773
33,322
592
(41)
98
(417)
-
58,972
595
(41)
(4)
(419)
-
61,469
597
(41)
(4)
(421)
-
61,725
(19)
(41)
(4)
(422)
-
52,228
(19)
(41)
(4)
(424)
-
23
24
24
24
25
25
25
283
106,517
Financing Activities
Operating Line
LTD1
LTD2
LTD3
LTD4
LTD5
LTD6
Dividends
353,134
2,262
640
160
(4,552)
-
51,123
4,815
(2,267)
2,400
8,600
9,576
10,319
33,578
59,128
61,626
61,264
51,765
351,926
(84,685)
(7,472)
(1,200)
(8,795)
(19,069)
(20,648)
(21,898)
(60,405)
(102,497)
(106,233)
(105,233)
(89,043)
(627,180)
(84,685)
(7,472)
(1,200)
(8,795)
(19,069)
(20,648)
(21,898)
(60,405)
(102,497)
(106,233)
(105,233)
(89,043)
(627,180)
(30,112)
1,048
78
(1,650)
(2,272)
(1,105)
1,340
(14,705)
(30,871)
(32,377)
(32,603)
(25,505)
(168,736)
450,007
419,895
419,895
420,943
420,943
421,020
417,333
402,628
402,628
371,757
371,757
339,379
339,379
306,776
306,776
281,271
450,007
281,271
Investing activities
Fixed Assets
421,020
419,370
419,370
417,098
417,098
415,994
415,994
417,333
130
Method 1 (above) - includes Terminal Value; Method 2 (below) - does not include Terminal Value and assumes all cash requirements are front loaded to End of Year 0. Both Methods in thousands of Canadian dollars
Method 2 without Terminal Value
15 year IRR (%)
10.95 15 year NPV @ 10.00% Discount Rate
118,467 Time to Cash Flow Positive (months)
78 Pay back Time (months)
15 year Total End of Year 0 End of Year 1 End of Year 2 End of Year 3 End of Year 4 End of Year 5 End of Year 6 End of Year 7 End of Year 8 End of Year 9 End of Year 10End of Year 11End of Year 12End of Year 13End of Year 14End of Year 15
2,765,076
(1,094,816)
128,314
80,508
141,547
258,955
646,534
649,749
652,341
657,502
644,442
2,765,076
(1,094,816)
128,314
80,508
141,547
258,955
646,534
649,749
652,341
657,502
644,442
-
Consolidated
130
EUR
Avg - 15 yrs
OK
OK
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
OK
OK
OK
OK
OK
OK
OK
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
650
175
3,000
100
200
50
50
EUR
CAD
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
4,225
6,577
OK
Grouping
16
Offset
12
1
3
0
1
0
0
16
8
-
16
16
-
16
16
-
16
16
8
8
-
16
16
16
16
8
8
8
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
24
40
56
72
88
104
120
Commissioning Schedule
Wind Turbines Commisioned
30
30
75.0
10,400
1,400
-
10,400
2,800
-
10,400
2,800
-
10,400
2,800
24,000
800
-
10,400
2,800
48,000
1,600
1,600
400
400
10,400
2,800
48,000
1,600
3,200
800
800
10,400
2,800
48,000
1,600
3,200
800
800
2,800
48,000
1,600
3,200
800
800
48,000
1,600
3,200
800
800
48,000
1,600
3,200
800
800
48,000
1,600
3,200
800
800
3,200
800
800
11,800
13,200
13,200
38,000
65,200
67,600
67,600
57,200
54,400
54,400
54,400
4,800
120
Construction Schedule
Total
120
Base/Foundation
Tower
Nacelle
Blades
Control System and Cabling
Other1
Other2
Cumulative Complete
120
OK
4,225
Construction in Progress
Base/Foundation
Tower
Nacelle
Blades
Control System and Cabling
Other1
Other2
78,000
21,000
360,000
12,000
24,000
6,000
6,000
Wind Turbines
EUR
in thousands of
507,000
789,249
Wind Turbines
OK
EUR
EUR - 15 yrs
CAD - 15 yrs
Wind Turbines
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
Jan 2010
13
11,800
-
Feb 2010
14
13,200
-
Mar 2010
15
13,200
-
Apr 2010
16
38,000
-
May 2010
17
65,200
-
Jun 2010
18
67,600
-
Jul 2010
19
67,600
-
Aug 2010
20
57,200
-
Sep 2010
21
54,400
-
Oct 2010
22
54,400
-
Nov 2010
23
54,400
-
Dec 2010
24
4,800
-
AA
EUR
11,800
13,200
13,200
38,000
65,200
67,600
67,600
57,200
54,400
54,400
54,400
4,800
AA1
CAD
18,369
20,548
20,548
59,155
101,497
105,233
105,233
89,043
84,685
84,685
84,685
7,472
P1
in thousands of
167,000
167,603
Land
Main Road & Storage Area
Office
Main Transmission Line
Transformer & I/C
OK
USD
USD - 15 yrs
CAD - 15 yrs
Land
Roads
Buildings
Transmission Lines
Transmission Lines
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
Jan 2009
1
-
1.0000
Feb 2009
2
-
1.0000
Mar 2009
3
1,000
400
100
-
Apr 2009
4
1,000
400
100
-
May 2009
5
1,000
400
100
6,000
-
Jun 2009
6
1,000
400
100
6,000
-
Jul 2009
7
1,000
400
100
6,000
-
Aug 2009
8
400
100
6,000
-
Sep 2009
9
400
100
6,000
-
Oct 2009
10
400
100
6,000
-
Nov 2009
11
400
100
6,000
-
Dec 2009
12
400
100
6,000
-
BB
USD
1,500
1,500
7,500
7,500
7,500
6,500
6,500
6,500
6,500
6,500
BB1
CAD
1,505
1,505
7,527
7,527
7,527
6,523
6,523
6,523
6,523
6,523
in thousands of
3,000
3,011
OK
USD
USD - 15 yrs
CAD - 15 yrs
Wind Turbines
Furniture & Fixtures
Computers
Wind Turbines
Wind Turbines
1.0000
1.0000
1.0000
1.0000
Jan 2009
1
-
Feb 2009
2
-
Mar 2009
3
-
Apr 2009
4
3,000
-
1.0000
May 2009
5
-
1.0000
1.0000
Jun 2009
6
-
Jul 2009
7
-
1.0000
Aug 2009
8
-
1.0000
Sep 2009
9
-
1.0000
Oct 2009
10
-
1.0000
Nov 2009
11
-
1.0000
Dec 2009
12
-
CC
USD
3,000
CC1
CAD
3,011
OK
CAD
CAD - 15 yrs
CAD - 15 yrs
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
in thousands of
-
Jan 2009
1
Feb 2009
2
Mar 2009
3
Apr 2009
4
May 2009
5
Jun 2009
6
Jul 2009
7
Aug 2009
8
Sep 2009
9
Oct 2009
10
Nov 2009
11
Dec 2009
12
DD
CAD
DD1
CAD
Infrastructure
OK
36.000 %
Wind Turbine Nameplate Rated Output (MW)
Capacity Factor (%)
Seasonal Capacity Factor Factor (%)
Commissioning Factor
Number of Operating Days in Month
OK
OK
OK
OK
% to Customer 1
% to Customer 2
% to Customer 3
OK
OK
OK
OK
A1
B1
C1
in thousands of
CAD
CAD
CAD
Customer1 Sales
Customer2 Sales
Customer3 Sales
Total Sales
CAD
P1
1.0000
Jan 2012
37
1.0000
Feb 2012
38
1.0000
Mar 2012
39
1.0000
Apr 2012
40
1.0000
May 2012
41
1.0000
Jun 2012
42
1.0000
Jul 2012
43
1.0000
Aug 2012
44
1.0000
Sep 2012
45
1.0000
Oct 2012
46
1.0000
Nov 2012
47
1.0000
Dec 2012
48
2.500
36.000
100.000
100.000
31
2.500
36.000
100.000
100.000
28
2.500
36.000
100.000
100.000
31
2.500
36.000
100.000
100.000
30
2.500
36.000
100.000
100.000
31
2.500
36.000
100.000
100.000
30
2.500
36.000
100.000
100.000
31
2.500
36.000
100.000
100.000
31
2.500
36.000
100.000
100.000
30
2.500
36.000
100.000
100.000
31
2.500
36.000
100.000
100.000
30
2.500
36.000
100.000
100.000
31
670
605
670
648
670
648
670
670
648
670
648
670
80,352
289,267
72,576
261,274
80,352
289,267
77,760
279,936
80,352
289,267
77,760
279,936
80,352
289,267
80,352
289,267
77,760
279,936
80,352
289,267
77,760
279,936
80,352
289,267
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
90.000
10.000
100
72,317
8,035
-
65,318
7,258
-
72,317
8,035
-
69,984
7,776
-
72,317
8,035
-
69,984
7,776
-
72,317
8,035
-
72,317
8,035
-
69,984
7,776
-
72,317
8,035
-
69,984
7,776
-
72,317
8,035
-
8,353
844
-
7,544
762
-
8,353
844
-
8,083
816
-
8,353
844
-
8,083
816
-
8,353
844
-
8,353
844
-
8,083
816
-
8,353
844
-
8,083
816
-
8,353
844
-
9,196
8,306
9,196
8,900
9,196
8,900
9,196
9,196
8,900
9,196
8,900
9,196
OK
Inspections
Cleaning
Mtce and Repairs
Insurance
Other
OK
OK
OK
OK
OK
Feb 2012
38
1
1
1
2
-
Mar 2012
39
1
1
1
2
-
Apr 2012
40
1
1
1
2
-
May 2012
41
1
1
1
2
-
Jun 2012
42
1
1
1
2
-
Jul 2012
43
1
1
1
2
-
Aug 2012
44
1
1
1
2
-
Sep 2012
45
1
1
1
2
-
Oct 2012
46
1
1
1
2
-
Nov 2012
47
1
1
1
2
-
Dec 2012
48
1
1
1
2
-
1
1
1
2
-
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
Jan 2012
37
120
120
120
240
-
Feb 2012
38
120
120
120
240
-
Mar 2012
39
120
120
120
240
-
Apr 2012
40
120
120
120
240
-
May 2012
41
120
120
120
240
-
Jun 2012
42
120
120
120
240
-
Jul 2012
43
120
120
120
240
-
Aug 2012
44
120
120
120
240
-
Sep 2012
45
120
120
120
240
-
Oct 2012
46
120
120
120
240
-
Nov 2012
47
120
120
120
240
-
Dec 2012
48
120
120
120
240
-
CAD
600
600
600
600
600
600
600
600
600
600
600
600
H1
CAD
600
600
600
600
600
600
600
600
600
600
600
600
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
Jan 2012
37
Feb 2012
38
Mar 2012
39
Apr 2012
40
May 2012
41
Jun 2012
42
Jul 2012
43
Aug 2012
44
Sep 2012
45
Oct 2012
46
Nov 2012
47
Dec 2012
48
2
10
10
5
2
10
10
5
2
10
12
10
5
2
10
10
5
2
10
10
5
2
10
12
10
5
2
10
10
5
2
10
10
5
2
10
12
10
5
2
10
10
5
2
10
10
5
2
10
12
10
5
CAD
27
27
39
27
27
39
27
27
39
27
27
39
I1
CAD
27
27
39
27
27
39
27
27
39
27
27
39
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
Jan 2012
37
10
-
Feb 2012
38
10
-
Mar 2012
39
10
-
Apr 2012
40
10
-
May 2012
41
10
-
Jun 2012
42
10
-
Jul 2012
43
10
-
Aug 2012
44
10
-
Sep 2012
45
10
-
Oct 2012
46
10
-
Nov 2012
47
10
-
Dec 2012
48
10
-
OK
CAD
CAD - 15 yrs
CAD - 15 yrs
CAD
10
10
10
10
10
10
10
10
10
10
10
10
J1
CAD
10
10
10
10
10
10
10
10
10
10
10
10
P1
Capital Expenditures1
Fixed Assets
& Capital Expenditures
in thousands of Canadian dollars
SL
Wind Turbines
Monthly Additions
Wind Turbines Cash Capex Expense
Wind Turbines Capex - Book
Wind Turbines Capex - Tax
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
18,369
18,369
18,369
20,548
20,548
20,548
20,548
20,548
20,548
59,155
59,155
59,155
4.000
30.000
4.000
30.000
4.000
30.000
4.000
30.000
4.000
30.000
8,095
8,095
26,464
26,464
47,012
47,012
67,561
67,561
26,464
26,464
47,012
47,012
67,561
67,561
88
-
157
-
8,095
9,309
Monthly Dispositions
Wind Turbines Cash Receipts
Wind Turbines Dispositions - Book
Wind Turbines Dispositions - Tax
Depreciation Declining Balance Rates
Wind Turbines % Dep'n - Book
Wind Turbines % Dep'n - Tax
P1
OK
OK
101,497
101,497
101,497
Jun 2010
18
105,233
105,233
105,233
Jul 2010
19
105,233
105,233
105,233
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
89,043
89,043
89,043
84,685
84,685
84,685
84,685
84,685
84,685
84,685
84,685
84,685
7,472
7,472
7,472
4.000
30.000
4.000
30.000
4.000
30.000
4.000
30.000
4.000
30.000
4.000
30.000
4.000
30.000
126,716
126,716
228,213
228,213
333,446
333,446
438,679
438,679
527,723
527,723
612,407
612,407
697,092
697,092
781,777
781,777
126,716
126,716
228,213
228,213
333,446
333,446
438,679
438,679
527,723
527,723
612,407
612,407
697,092
697,092
781,777
781,777
789,249
789,249
225
-
422
-
761
-
1,111
-
1,462
-
1,759
-
2,041
-
2,324
-
2,606
-
2,631
117,724
26,376
27,678
46,768
48,227
67,091
68,775
125,823
127,930
226,560
229,427
330,681
334,660
434,452
439,893
521,737
528,937
604,380
613,622
686,741
698,306
768,820
782,991
26,376
27,678
46,768
48,227
67,091
68,775
125,823
127,930
226,560
229,427
330,681
334,660
434,452
439,893
521,737
528,937
604,380
613,622
686,741
698,306
768,820
782,991
773,661
672,739
1,302
482
1,459
540
1,684
623
2,107
779
2,867
1,061
3,979
1,472
5,441
2,013
7,200
2,664
9,242
3,419
11,565
4,279
14,171
5,243
(100,922)
(37,341)
AAA
OK
Wind Turbines
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
4.000
4.000
4.000
4.000
4.000
4.000
4.000
4.000
4.000
4.000
4.000
4.000
18,369
20,548
20,548
59,155
101,497
105,233
105,233
89,043
84,685
84,685
84,685
7,472
240
in thousands of
OK
CAD
GE Capital1
60.000
226,654
OK
OK
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
AAAO1 GE Capital1 OB
GE Capital1 Additions to Debt BOM
GE Capital1 Interest during period
GE Capital1 IB
GE Capital1 (Payments) EOM
GE Capital1 Additions to Debt EOM
CAD
4,877
11,021
66
15,965
-
15,965
12,329
118
28,412
-
28,412
12,329
170
40,911
-
40,911
35,493
318
76,722
-
76,722
60,898
573
138,194
-
138,194
63,140
839
202,172
-
202,172
63,140
1,105
266,418
-
266,418
53,426
1,333
321,177
-
321,177
50,811
1,550
373,537
-
373,537
50,811
1,768
426,116
-
426,116
50,811
1,987
478,914
-
478,914
4,483
2,014
485,412
-
AAAE1 GE Capital1 EB
AAAI1 GE Capital1 Interest Expense
CAD
CAD
15,965
66
28,412
118
40,911
170
76,722
318
138,194
573
202,172
839
266,418
1,105
321,177
1,333
373,537
1,550
426,116
1,768
478,914
1,987
485,412
2,014
1,000
1,000
1,000
1,000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
60.000
BBB
OK
OK
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
0.0042
BBBO1 GE Capital2 OB
GE Capital2 Additions to Debt BOM
GE Capital2 Interest during period
GE Capital2 IB
GE Capital2 (Payments) EOM
GE Capital2 Additions to Debt EOM
CAD
600
3
603
-
603
600
5
1,208
-
1,208
600
8
1,815
-
1,815
600
10
2,425
-
2,425
10
2,435
(16)
-
2,419
10
2,429
(16)
-
2,413
10
2,423
(16)
-
2,407
10
2,417
(16)
-
2,401
10
2,411
(16)
-
2,395
10
2,405
(16)
-
BBBE1 GE Capital2 EB
BBBI1 GE Capital2 Interest Expense
CAD
CAD
603
3
1,208
5
1,815
8
2,425
10
2,419
10
2,413
10
2,407
10
2,401
10
2,395
10
2,389
10
P1
Revenue
Expenses
Depreciation
Interest
Taxable Income b4 Carry forwards
Cumulative Carry forward loss
25.000
Jan 2023
169
Feb 2023
170
25.000
Feb 2023
170
Mar 2023
171
25.000
Mar 2023
171
Apr 2023
172
25.000
Apr 2023
172
May 2023
173
25.000
May 2023
173
Jun 2023
174
25.000
Jun 2023
174
Jul 2023
175
25.000
Jul 2023
175
Aug 2023
176
25.000
Aug 2023
176
Sep 2023
177
25.000
Sep 2023
177
Oct 2023
178
25.000
Oct 2023
178
Nov 2023
179
25.000
Nov 2023
179
Dec 2023
180
25.000
Dec 2023
180
87,584
7,743
11,478
79,108
7,755
11,418
87,584
7,819
11,357
84,758
7,771
11,297
87,584
7,810
11,236
84,758
7,846
11,175
87,584
7,851
11,114
87,584
7,863
11,053
84,758
7,924
10,991
87,584
7,924
10,929
84,758
7,936
10,867
87,584
7,972
145,634
10,804
657,662
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
(169,559)
488,102
122,026
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
42,390
42,390
-
CONS
488,102
Fixed Assets
& Capital Expenditures
in thousands of Canadian dollars
EB TD
Land
Vehicles
Buildings
Leasehold Improvements
Ships
Machinery and Equipment
Tools
Computers
Furniture & Fixtures
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total EB TD
FIT Asset (Liability)
Land
Vehicles
Buildings
Leasehold Improvements
Ships
Machinery and Equipment
Tools
Computers
Furniture & Fixtures
Wind Turbines
Control Systems (E&I)
Roads
Transmission Lines
Property Under Development
Construction in Progress
Total FIT Asset (Liability)
Jan 2022
157
Feb 2022
158
Mar 2022
159
Apr 2022
160
399
(3,710,682)
(18,704)
(2,748)
(81,292)
-
419
(3,689,625)
(18,598)
(2,686)
(80,744)
-
439
(3,668,569)
(18,491)
(2,625)
(80,195)
-
459
(3,647,512)
(18,384)
(2,564)
(79,647)
-
(3,813,027)
(3,791,234)
(3,769,441)
100
(927,671)
(4,676)
(687)
(20,323)
-
105
(922,406)
(4,649)
(672)
(20,186)
-
(953,257)
(947,809)
May 2022
161
Jun 2022
162
Jul 2022
163
Aug 2022
164
Sep 2022
165
Oct 2022
166
Nov 2022
167
Dec 2022
168
479
(3,626,455)
(18,278)
(2,502)
(79,098)
-
499
(3,605,399)
(18,171)
(2,441)
(78,550)
-
519
(3,584,342)
(18,064)
(2,380)
(78,001)
-
539
(3,563,285)
(17,958)
(2,318)
(77,453)
-
559
(3,542,229)
(17,851)
(2,257)
(76,904)
-
579
(3,521,172)
(17,744)
(2,195)
(76,355)
-
599
(3,500,115)
(17,638)
(2,134)
(75,807)
-
452
(3,683,237)
(18,520)
(2,788)
(76,857)
-
(3,747,648)
(3,725,854)
(3,704,061)
(3,682,268)
(3,660,474)
(3,638,681)
(3,616,888)
(3,595,094)
(3,780,949)
110
(917,142)
(4,623)
(656)
(20,049)
-
115
(911,878)
(4,596)
(641)
(19,912)
-
120
(906,614)
(4,569)
(626)
(19,775)
-
125
(901,350)
(4,543)
(610)
(19,637)
-
130
(896,086)
(4,516)
(595)
(19,500)
-
135
(890,821)
(4,489)
(580)
(19,363)
-
140
(885,557)
(4,463)
(564)
(19,226)
-
145
(880,293)
(4,436)
(549)
(19,089)
-
150
(875,029)
(4,409)
(533)
(18,952)
-
113
(920,809)
(4,630)
(697)
(19,214)
-
(942,360)
(936,912)
(931,464)
(926,015)
(920,567)
(915,119)
(909,670)
(904,222)
(898,774)
(945,237)
CONS
Jan 2022
157
958,705
13,468
945,237
Feb 2022
158
958,705
13,468
945,237
Mar 2022
159
958,705
13,468
945,237
Apr 2022
160
958,705
13,468
945,237
May 2022
161
958,705
13,468
945,237
Jun 2022
162
958,705
13,468
945,237
Jul 2022
163
958,705
13,468
945,237
Aug 2022
164
958,705
13,468
945,237
Sep 2022
165
958,705
13,468
945,237
Oct 2022
166
958,705
13,468
945,237
Nov 2022
167
958,705
13,468
945,237
Dec 2022
168
945,237
28,971
916,266
ABC Blank.xls
DUM
1,123,324
124,814
97,680
10,853
1,356,671
78,250
5,580
1,800
10,440
4,140
11,160
23,580
3,600
8,640
147,190
657,707
167,603
3,011
7,300
835,622
57,491
Apr 2010
16
27
10
58
23
62
131
20
48
379
39,852
6,122
1,250
47,224
-
May 2010
17
27
10
58
23
62
131
20
48
379
99,629
6,122
1,000
106,751
-
Jun 2010
18
39
10
58
23
62
131
20
48
391
105,233
6,122
1,000
112,355
-
Jul 2010
19
27
10
58
23
62
131
20
48
379
89,043
18,165
107,209
-
Aug 2010
20
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-
Sep 2010
21
39
10
58
23
62
131
20
48
391
84,685
18,165
102,850
-
Oct 2010
22
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-
Nov 2010
23
1,770
197
154
17
2,138
125
27
10
58
23
62
131
20
48
504
7,472
7,472
-
Dec 2010
24
3,658
406
318
35
4,418
250
39
10
58
23
62
131
20
48
641
-
Jan 2011
25
5,487
610
477
53
6,626
375
27
10
58
23
62
131
20
48
754
-
Feb 2011
26
6,607
734
575
64
7,980
500
27
10
58
23
62
131
20
48
879
-
Mar 2011
27
7,315
813
636
71
8,835
500
39
10
58
23
62
131
20
48
891
-
ABC Blank.xls
DUM
1
1
1
1
1
1
1
1,356,671
1
1
1
1
1
1
147,190
835,622
57,491
Apr 2010
16
39
10
58
23
62
131
20
48
391
39,852
6,122
1,250
47,224
-
May 2010
17
27
10
58
23
62
131
20
48
379
99,629
6,122
1,000
106,751
-
Jun 2010
18
27
10
58
23
62
131
20
48
379
105,233
6,122
1,000
112,355
-
Jul 2010
19
39
10
58
23
62
131
20
48
391
89,043
18,165
107,209
-
Aug 2010
20
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-
Sep 2010
21
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-
Oct 2010
22
39
10
58
23
62
131
20
48
391
84,685
18,165
102,850
-
Nov 2010
23
27
10
58
23
62
131
20
48
379
7,472
7,472
-
Dec 2010
24
1,770
197
154
17
2,138
125
27
10
58
23
62
131
20
48
504
-
Jan 2011
25
3,658
406
318
35
4,418
250
39
10
58
23
62
131
20
48
641
-
Feb 2011
26
5,487
610
477
53
6,626
375
27
10
58
23
62
131
20
48
754
-
Mar 2011
27
6,607
734
575
64
7,980
500
27
10
58
23
62
131
20
48
879
-
ABC Blank.xls
DUM
1
1
1
1
1
1
1
1,356,671
147,190
835,622
4
57,491
Apr 2010
16
39
10
58
23
62
131
20
48
391
39,852
6,122
1,250
47,224
-
(47,615)
May 2010
17
27
10
58
23
62
131
20
48
379
99,629
6,122
1,000
106,751
-
(107,130)
Jun 2010
18
27
10
58
23
62
131
20
48
379
105,233
6,122
1,000
112,355
-
(112,734)
Jul 2010
19
39
10
58
23
62
131
20
48
391
89,043
18,165
107,209
-
(107,600)
Aug 2010
20
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-
(103,229)
Sep 2010
21
27
10
58
23
62
131
20
48
379
84,685
18,165
102,850
-
(103,229)
Oct 2010
22
39
10
58
23
62
131
20
48
391
84,685
18,165
102,850
-
(103,241)
Nov 2010
23
27
10
58
23
62
131
20
48
379
7,472
7,472
-
(7,851)
Dec 2010
24
125
27
10
58
23
62
131
20
48
504
-
(504)
Jan 2011
25
1,770
197
154
17
2,138
250
39
10
58
23
62
131
20
48
641
-
Feb 2011
26
3,658
406
318
35
4,418
375
27
10
58
23
62
131
20
48
754
-
Mar 2011
27
5,487
610
477
53
6,626
500
27
10
58
23
62
131
20
48
879
-
1,497
3,664
5,747
211,046
AAAnet
BBBO1
BBBE1
BBBI1
GE Capital2 OB
GE Capital2 EB
GE Capital2 Interest Expense
BBBnet
CCCO1 HSBC1 OB
CCCE1 HSBC1 EB
CCCI1 HSBC1 Interest Expense
Roads
1,047
CCCnet
DDDO1 HSBC2 OB
DDDE1 HSBC2 EB
DDDI1 HSBC2 Interest Expense
Buildings
565
DDDnet
EEEO1
EEEE1
EEEI1
RBC1 OB
RBC1 EB
RBC1 Interest Expense
Transmission Lines
21,296
EEEnet
FFFO1
FFFE1
FFFI1
RBC2 OB
RBC2 EB
RBC2 Interest Expense
FFFnet
Interest Expense
ABC Blank.xls
DUM
Apr 2010
16
39,678
63,854
265
May 2010
17
63,854
124,147
515
Jun 2010
18
124,147
188,067
780
Jul 2010
19
188,067
242,500
1,006
Aug 2010
20
242,500
294,532
1,222
Sep 2010
21
294,532
346,782
1,439
Oct 2010
22
346,782
399,250
1,657
Nov 2010
23
399,250
405,415
1,682
23,911
59,777
63,140
53,426
50,811
50,811
50,811
4,483
(2,676)
(2,676)
(2,676)
(2,676)
603
1,208
5
1,208
1,815
8
1,815
2,425
10
2,425
2,419
10
2,419
2,413
10
2,413
2,407
10
2,407
2,401
10
2,401
2,395
10
2,395
2,389
10
2,389
2,383
10
2,383
2,377
10
2,377
2,371
10
600
600
600
3,518
3,495
15
3,495
3,471
15
3,471
3,448
14
(16)
3,448
3,425
14
(16)
3,425
3,401
14
(16)
3,401
3,378
14
3,378
3,354
14
3,354
3,330
14
3,330
3,306
14
3,306
3,282
14
3,282
3,258
14
3,258
3,234
14
638
781
3
781
825
3
825
868
4
868
912
4
912
957
4
957
1,001
4
1,001
1,045
4
140
40
40
40
40
40
40
27,574
30,107
125
30,107
32,652
135
32,652
35,206
146
35,206
42,609
177
42,609
50,043
208
50,043
57,507
239
57,507
65,003
270
2,409
2,409
2,409
7,226
7,226
7,226
7,226
27,022
62,788
66,151
60,638
58,023
58,023
58,023
3,774
(3,385)
(3,385)
(3,385)
(3,385)
413
676
955
1,211
1,458
1,706
1,955
1,981
1,987
1,981
1,975
1,969
(46,961)
(45,206)
(45,206)
(45,218)
(4,077)
(3,889)
(1,888)
279
2,362
(7)
65,003
64,625
271
(649)
1,040
1,038
4
(7)
64,625
64,246
269
(649)
(38)
(16)
(38)
1,043
1,040
4
(38)
(16)
(38)
1,045
1,043
4
(38)
(16)
Mar 2011
27
402,444
401,445
1,677
(38)
(46,583)
(38)
(16)
Feb 2011
26
403,438
402,444
1,681
(38)
(44,342)
(38)
(16)
Jan 2011
25
404,429
403,438
1,685
(38)
(20,593)
(38)
(16)
Dec 2010
24
405,415
404,429
1,689
1,038
1,035
4
(7)
64,246
63,865
268
(649)
(38)
1,035
1,032
4
(7)
63,865
63,483
266
(649)
(7)
63,483
63,098
265
(649)
Cash Requirements
Jan 2009
1
Feb 2009
2
113,767
113,388
111,785
108,965
(5,228)
Jul 2009
7
103,737
(5,228)
Aug 2009
8
Sep 2009
9
Oct 2009
10
Nov 2009
11
Dec 2009
12
98,508
93,268
89,043
84,818
80,581
75,757
(5,240)
(4,225)
(4,225)
(4,237)
(4,825)
(7,763)
10
10
10
10
10
10
10
10
10
10
10
113,767
(2,820)
Jun 2009
6
(379)
113,999
(1,603)
May 2009
5
10
1,139,991
Apr 2009
4
(232)
Maximum Tranches
Mar 2009
3
103,737
98,508
93,268
89,043
84,818
80,581
75,757
67,994
(10,263)
(10,263)
(10,031)
(9,652)
(8,048)
(5,228)
-
(15,491)
(15,491)
(15,259)
(14,880)
(13,277)
(10,457)
(5,228)
-
(20,731)
(20,731)
(20,499)
(20,120)
(18,517)
(15,697)
(10,469)
(5,240)
-
(24,956)
(24,956)
(24,724)
(24,345)
(22,742)
(19,922)
(14,694)
(9,465)
(4,225)
-
(29,181)
(29,181)
(28,949)
(28,570)
(26,966)
(24,147)
(18,918)
(13,690)
(8,450)
(4,225)
-
(33,418)
(33,418)
(33,186)
(32,807)
(31,203)
(28,383)
(23,155)
(17,927)
(12,686)
(8,462)
(4,237)
-
(38,242)
(38,242)
(38,010)
(37,631)
(36,028)
(33,208)
(27,980)
(22,751)
(17,511)
(13,286)
(9,062)
(4,825)
-
(46,005)
(46,005)
(45,773)
(45,394)
(43,791)
(40,971)
(35,743)
(30,514)
(25,274)
(21,049)
(16,824)
(12,587)
(7,763)
-
113,388
111,785
108,965
CONS
(1,139,991)
(1,139,991)
(1,139,759)
(1,139,380)
(1,137,777)
(1,134,957)
(1,129,728)
(1,124,500)
(1,119,260)
(1,115,035)
(1,110,810)
(1,106,573)
(1,101,749)
(1,093,986)
(1,082,230)
(1,069,839)
(1,056,840)
(1,028,405)
(983,194)
(936,477)
(882,918)
(835,847)
(790,507)
(745,167)
(710,088)
(705,883)
(700,702)
(694,737)
(686,801)
-
(232)
(232)
-
(611)
(611)
(379)
-
(2,214)
(2,214)
(1,982)
(1,603)
-
(5,034)
(5,034)
(4,802)
(4,423)
(2,820)
-
Cash Requirements
Jan 2010
13
1,139,991
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
67,994
56,238
43,847
30,848
2,413
59,802
13,084
51,864
4,793
790,507
745,167
(11,756)
(12,391)
(12,999)
(28,435)
(45,211)
(46,717)
(53,559)
(47,071)
(45,340)
(45,340)
(35,079)
10
10
10
10
10
10
10
100
100
Maximum Tranches
Finance Fees (% of Equity Raised)
Feb 2010
14
Dec 2010
24
710,088
(4,206)
100
100
100
102,599
92,339
831,053
56,238
43,847
30,848
2,413
59,802
13,084
51,864
4,793
790,507
745,167
710,088
705,883
(57,761)
(57,761)
(57,529)
(57,150)
(55,547)
(52,727)
(47,499)
(42,271)
(37,030)
(32,805)
(28,581)
(24,344)
(19,519)
(11,756)
-
(70,152)
(70,152)
(69,920)
(69,541)
(67,938)
(65,118)
(59,890)
(54,661)
(49,421)
(45,196)
(40,972)
(36,735)
(31,910)
(24,147)
(12,391)
-
(83,151)
(83,151)
(82,919)
(82,540)
(80,937)
(78,117)
(72,889)
(67,660)
(62,420)
(58,195)
(53,970)
(49,734)
(44,909)
(37,146)
(25,390)
(12,999)
-
(156,797)
(156,797)
(156,565)
(156,186)
(154,582)
(151,762)
(146,534)
(141,306)
(136,065)
(131,841)
(127,616)
(123,379)
(118,554)
(110,792)
(99,035)
(86,644)
(73,645)
(45,211)
-
(203,514)
(203,514)
(203,282)
(202,903)
(201,299)
(198,480)
(193,251)
(188,023)
(182,783)
(178,558)
(174,333)
(170,096)
(165,271)
(157,509)
(145,752)
(133,361)
(120,362)
(91,928)
(46,717)
-
(257,073)
(257,073)
(256,841)
(256,462)
(254,859)
(252,039)
(246,811)
(241,582)
(236,342)
(232,117)
(227,892)
(223,655)
(218,831)
(211,068)
(199,312)
(186,921)
(173,922)
(145,487)
(100,276)
(53,559)
-
(349,484)
(349,484)
(349,252)
(348,873)
(347,270)
(344,450)
(339,222)
(333,993)
(328,753)
(324,528)
(320,303)
(316,067)
(311,242)
(303,479)
(291,723)
(279,332)
(266,333)
(237,898)
(192,688)
(145,970)
(92,411)
(45,340)
-
(394,824)
(394,824)
(394,592)
(394,213)
(392,610)
(389,790)
(384,562)
(379,333)
(374,093)
(369,868)
(365,643)
(361,406)
(356,582)
(348,819)
(337,063)
(324,672)
(311,673)
(283,238)
(238,027)
(191,310)
(137,751)
(90,680)
(45,340)
-
(429,903)
(429,903)
(429,671)
(429,292)
(427,688)
(424,869)
(419,640)
(414,412)
(409,171)
(404,947)
(400,722)
(396,485)
(391,660)
(383,898)
(372,141)
(359,750)
(346,751)
(318,317)
(273,106)
(226,389)
(172,830)
(125,758)
(80,418)
(35,079)
-
(434,108)
(434,108)
(433,876)
(433,497)
(431,894)
(429,074)
(423,846)
(418,617)
(413,377)
(409,152)
(404,927)
(400,691)
(395,866)
(388,103)
(376,347)
(363,956)
(350,957)
(322,522)
(277,312)
(230,594)
(177,035)
(129,964)
(84,624)
(39,284)
(4,206)
-
CONS
(1,139,991)
(1,139,991)
(1,139,759)
(1,139,380)
(1,137,777)
(1,134,957)
(1,129,728)
(1,124,500)
(1,119,260)
(1,115,035)
(1,110,810)
(1,106,573)
(1,101,749)
(1,093,986)
(1,082,230)
(1,069,839)
(1,056,840)
(1,028,405)
(983,194)
(936,477)
(882,918)
(835,847)
(790,507)
(745,167)
(710,088)
(705,883)
(700,702)
(694,737)
(686,801)
-
(111,586)
(111,586)
(111,354)
(110,975)
(109,371)
(106,552)
(101,323)
(96,095)
(90,855)
(86,630)
(82,405)
(78,168)
(73,343)
(65,581)
(53,824)
(41,433)
(28,435)
-
(304,144)
(304,144)
(303,912)
(303,533)
(301,930)
(299,110)
(293,882)
(288,653)
(283,413)
(279,188)
(274,964)
(270,727)
(265,902)
(258,139)
(246,383)
(233,992)
(220,993)
(192,559)
(147,348)
(100,631)
(47,071)
-
EOM
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
176
177
178
179
180
CONS
Jan 2009
1
Feb 2009
2
Mar 2009
3
Apr 2009
4
May 2009
5
Jun 2009
6
Jul 2009
7
Aug 2009
8
Sep 2009
9
Oct 2009
10
Nov 2009
11
Dec 2009
12
22.57
(232)
(379)
(1,603)
(2,820)
(5,228)
(5,228)
(5,240)
(4,225)
(4,225)
(4,237)
(4,825)
(7,763)
Value
168,659
285,241
287,866
290,537
293,274
296,095
299,040
302,110
305,307
308,618
312,045
315,588
319,260
323,107
327,192
331,530
336,133
443,842
449,721
548,745
556,352
1,395,850
1,405,117
1,415,221
1,426,016
1,437,041
1,448,314
1,459,850
1,471,685
9,577,229
9,670,678
9,764,732
9,859,403
9,954,742
(229)
113,767
-
(368)
(373)
113,388
-
(1,532)
(1,555)
(1,579)
111,785
-
(2,653)
(2,694)
(2,735)
(2,777)
108,965
-
(4,846)
(4,920)
(4,995)
(5,072)
(5,150)
103,737
-
(4,773)
(4,846)
(4,920)
(4,995)
(5,072)
(5,150)
98,508
-
(4,712)
(4,784)
(4,857)
(4,931)
(5,007)
(5,084)
(5,161)
93,268
-
(3,741)
(3,799)
(3,857)
(3,916)
(3,976)
(4,037)
(4,098)
(4,161)
89,043
-
(3,685)
(3,741)
(3,799)
(3,857)
(3,916)
(3,976)
(4,037)
(4,098)
(4,161)
84,818
-
(3,640)
(3,695)
(3,752)
(3,809)
(3,868)
(3,927)
(3,987)
(4,048)
(4,110)
(4,173)
80,581
-
(4,082)
(4,145)
(4,208)
(4,273)
(4,338)
(4,404)
(4,472)
(4,540)
(4,610)
(4,680)
(4,752)
75,757
-
(6,469)
(6,568)
(6,669)
(6,771)
(6,874)
(6,980)
(7,086)
(7,195)
(7,305)
(7,417)
(7,530)
(7,646)
67,994
-
EOM
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
176
177
178
179
180
CONS
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
22.57
(11,756)
(12,391)
(12,999)
(28,435)
(45,211)
(46,717)
(53,559)
(47,071)
(45,340)
(45,340)
(35,079)
(4,206)
Value
168,659
285,241
287,866
290,537
293,274
296,095
299,040
302,110
305,307
308,618
312,045
315,588
319,260
323,107
327,192
331,530
336,133
443,842
449,721
548,745
556,352
1,395,850
1,405,117
1,415,221
1,426,016
1,437,041
1,448,314
1,459,850
1,471,685
9,577,229
9,670,678
9,764,732
9,859,403
9,954,742
(9,649)
(9,797)
(9,947)
(10,099)
(10,254)
(10,411)
(10,570)
(10,732)
(10,896)
(11,063)
(11,233)
(11,404)
(11,579)
56,238
-
(10,017)
(10,170)
(10,326)
(10,484)
(10,644)
(10,807)
(10,973)
(11,141)
(11,311)
(11,485)
(11,660)
(11,839)
(12,020)
(12,204)
43,847
-
(10,350)
(10,508)
(10,669)
(10,832)
(10,998)
(11,167)
(11,338)
(11,511)
(11,687)
(11,866)
(12,048)
(12,232)
(12,420)
(12,610)
(12,803)
30,848
-
(22,298)
(22,640)
(22,986)
(23,338)
(23,695)
(24,058)
(24,427)
(24,800)
(25,180)
(25,566)
(25,957)
(26,354)
(26,758)
(27,168)
(27,583)
(28,006)
2,413
-
(34,920)
(35,454)
(35,997)
(36,548)
(37,108)
(37,676)
(38,252)
(38,838)
(39,433)
(40,036)
(40,649)
(41,272)
(41,903)
(42,545)
(43,196)
(43,858)
(44,529)
59,802
-
(35,539)
(36,083)
(36,635)
(37,196)
(37,766)
(38,344)
(38,931)
(39,527)
(40,132)
(40,747)
(41,370)
(42,004)
(42,647)
(43,300)
(43,963)
(44,636)
(45,319)
(46,013)
13,084
-
(40,130)
(40,744)
(41,368)
(42,001)
(42,644)
(43,297)
(43,960)
(44,633)
(45,316)
(46,010)
(46,714)
(47,429)
(48,155)
(48,893)
(49,641)
(50,401)
(51,173)
(51,956)
(52,752)
51,864
-
(34,737)
(35,268)
(35,808)
(36,357)
(36,913)
(37,478)
(38,052)
(38,635)
(39,226)
(39,827)
(40,436)
(41,055)
(41,684)
(42,322)
(42,970)
(43,628)
(44,296)
(44,974)
(45,663)
(46,362)
4,793
-
(32,954)
(33,459)
(33,971)
(34,491)
(35,019)
(35,555)
(36,100)
(36,652)
(37,213)
(37,783)
(38,362)
(38,949)
(39,545)
(40,151)
(40,765)
(41,389)
(42,023)
(42,666)
(43,320)
(43,983)
(44,656)
790,507
-
(32,457)
(32,954)
(33,459)
(33,971)
(34,491)
(35,019)
(35,555)
(36,100)
(36,652)
(37,213)
(37,783)
(38,362)
(38,949)
(39,545)
(40,151)
(40,765)
(41,389)
(42,023)
(42,666)
(43,320)
(43,983)
(44,656)
745,167
-
(24,733)
(25,112)
(25,496)
(25,886)
(26,283)
(26,685)
(27,094)
(27,509)
(27,930)
(28,357)
(28,791)
(29,232)
(29,680)
(30,134)
(30,595)
(31,064)
(31,539)
(32,022)
(32,512)
(33,010)
(33,516)
(34,029)
(34,550)
710,088
-
(2,921)
(2,965)
(3,011)
(3,057)
(3,104)
(3,151)
(3,199)
(3,248)
(3,298)
(3,348)
(3,400)
(3,452)
(3,505)
(3,558)
(3,613)
(3,668)
(3,724)
(3,781)
(3,839)
(3,898)
(3,958)
(4,018)
(4,080)
(4,142)
705,883
-
Corporate Finance
Jan 2009
1
Feb 2009
2
Mar 2009
3
Apr 2009
4
Preferred Shares
Cash received (CAD) ('000's)
Number of Shares Issued
Common Shares
OB Cash received (CAD) ('000's)
113,999
114,016
114,033
114,050
114,067
114,087
114,108
114,128
114,148
114,169
114,190
17
17
17
17
20
20
20
20
21
21
21
113,999
Shares Issued
OB Shares Issued
CONS
Jun 2009
6
Jul 2009
7
Aug 2009
8
Sep 2009
9
Oct 2009
10
Nov 2009
11
Dec 2009
12
20
Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% of OB Mo.1
# Months
IPO shareholders (calc'd)
May 2009
5
113,999
113,999
17
114,016
17
114,033
17
114,050
17
114,067
20
114,087
20
114,108
20
114,128
20
114,148
21
114,169
21
114,190
21
114,211
50,000,000
105,804,166
105,845,833
105,887,500
105,929,166
105,970,833
106,012,500
106,054,166
106,095,833
106,137,500
106,179,166
106,220,833
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
2,500,000
5
60
55,804,166
55,804,166
105,804,166
41,667
105,845,833
41,667
105,887,500
41,667
105,929,166
41,667
105,970,833
41,667
106,012,500
41,667
106,054,166
41,667
106,095,833
41,667
106,137,500
41,667
106,179,166
41,667
106,220,833
41,667
106,262,500
Corporate Finance
Preferred Shares
Cash received (CAD) ('000's)
Number of Shares Issued
Common Shares
OB Cash received (CAD) ('000's)
Cash received (CAD) ('000's)
Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% Market Price
Net Proceeds from IPO (calc'd)
Shares Issued
OB Shares Issued
CONS
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
114,211
114,232
114,253
114,275
114,297
216,918
216,941
309,303
309,327
1,140,404
1,140,423
1,140,443
21
21
22
22
22
23
23
23
23
19
20
20
20
Founders
Employees
Consultants
Angel Investors
Stock Based Comp
% of OB Mo.1
# Months
IPO shareholders (calc'd)
Jan 2010
13
2,500,000
5
60
102,599
92,339
831,053
21
114,232
21
114,253
22
114,275
22
114,297
102,622
216,918
23
216,941
92,362
309,303
23
309,327
831,077
1,140,404
19
1,140,423
20
1,140,443
20
1,140,462
106,262,500
106,304,166
106,345,833
106,387,500
106,429,166
144,035,692
144,077,358
177,262,576
177,304,242
533,154,564
533,196,231
533,237,898
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
41,667
106,304,166
41,667
106,345,833
41,667
106,387,500
41,667
106,429,166
37,564,859
37,606,525
144,035,692
41,667
144,077,358
33,143,551
33,185,217
177,262,576
41,667
177,304,242
355,808,655
355,850,322
533,154,564
41,667
533,196,231
41,667
533,237,898
41,667
533,279,564
by Earnings
Forward Multiple on Annual Earnings (rolling)
Weighting (%)
10.0
15.0
(6,830)
(68,299)
113,767
45,468
by EBITDA
Forward Multiple on Annual EBITDA (rolling)
Weighting (%)
5.0
10.0
(4,596)
(22,980)
113,767
90,787
Feb 2009
2
10.0
15.0
(7,388)
(73,877)
113,405
39,528
5.0
10.0
(4,606)
(23,028)
113,405
90,377
Mar 2009
3
10.0
15.0
(8,097)
(80,971)
111,819
30,848
5.0
10.0
(4,615)
(23,077)
111,819
88,742
Apr 2009
4
10.0
15.0
(9,055)
(90,550)
109,016
18,466
5.0
10.0
(4,720)
(23,600)
109,016
85,416
May 2009
5
10.0
15.0
(10,389)
(103,889)
103,805
-
5.0
10.0
(4,825)
(24,123)
103,805
79,682
Jun 2009
6
10.0
15.0
(12,342)
(123,421)
98,597
-
5.0
10.0
(4,941)
(24,707)
98,597
73,890
Jul 2009
7
10.0
15.0
(14,883)
(148,834)
93,376
-
5.0
10.0
(5,046)
(25,230)
93,376
68,146
Aug 2009
8
10.0
15.0
(18,100)
(181,004)
89,172
-
5.0
10.0
(5,151)
(25,753)
89,172
63,419
Sep 2009
9
10.0
15.0
(21,912)
(219,117)
84,967
-
5.0
10.0
(5,267)
(26,336)
84,967
58,631
Oct 2009
10
10.0
15.0
(26,269)
(262,690)
80,751
-
5.0
10.0
(5,372)
(26,860)
80,751
53,892
Nov 2009
11
10.0
15.0
(31,185)
(311,852)
75,947
-
5.0
10.0
(5,477)
(27,383)
75,947
48,564
Dec 2009
12
10.0
15.0
(36,580)
(365,800)
68,205
-
5.0
10.0
(5,593)
(27,966)
68,205
40,239
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
285,241
287,866
290,537
293,274
296,095
299,040
302,110
305,307
308,618
312,045
315,588
319,260
by Book Value
Multiple on Book Value
Weighting (%)
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
113,620
113,620
113,258
113,258
112,883
112,883
112,508
112,508
112,110
112,110
111,650
111,650
111,169
111,169
110,654
110,654
110,095
110,095
109,515
109,515
108,900
108,900
109,711
109,711
100
100
100
100
100
100
100
100
100
100
100
100
221,248
222,136
222,521
222,228
259,812
261,529
263,353
265,400
267,530
269,760
272,015
274,107
OK
Jan 2009
1
Feb 2009
2
Mar 2009
3
Apr 2009
4
May 2009
5
Jun 2009
6
Jul 2009
7
Aug 2009
8
Sep 2009
9
Oct 2009
10
Nov 2009
11
Dec 2009
12
Pre-Money
2.04
2.05
2.06
2.05
2.40
2.42
2.43
2.45
2.47
2.49
2.51
2.53
Post Money
2.04
2.05
2.05
2.05
2.40
2.41
2.43
2.45
2.47
2.49
2.51
2.53
Check
OK
CONS
by Earnings
Forward Multiple on Annual Earnings (rolling)
Weighting (%)
10.0
15.0
(31,734)
(317,344)
56,470
-
by EBITDA
Forward Multiple on Annual EBITDA (rolling)
Weighting (%)
5.0
10.0
Feb 2010
14
10.0
15.0
(32,644)
(326,441)
44,101
-
Mar 2010
15
10.0
15.0
(31,956)
(319,555)
31,123
-
Apr 2010
16
10.0
15.0
(28,317)
(283,168)
2,711
-
May 2010
17
10.0
15.0
(24,702)
(247,022)
60,122
-
Jun 2010
18
10.0
15.0
(20,371)
(203,712)
13,427
-
Jul 2010
19
10.0
15.0
(16,035)
(160,353)
52,230
-
Aug 2010
20
10.0
15.0
(11,297)
(112,971)
5,182
-
Sep 2010
21
10.0
15.0
(6,547)
(65,466)
790,919
725,453
Oct 2010
22
10.0
15.0
(2,114)
(21,137)
745,599
724,462
Nov 2010
23
Dec 2010
24
10.0
15.0
10.0
15.0
2,680
26,804
710,540
737,344
7,198
71,982
706,354
778,336
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
5.0
10.0
655
3,274
44,101
47,374
6,320
31,600
31,123
62,724
14,912
74,561
2,711
77,272
23,206
116,032
60,122
176,154
31,704
158,519
13,427
171,946
39,903
199,514
52,230
251,745
48,388
241,941
5,182
247,123
56,885
284,427
790,919
1,075,346
65,085
325,423
745,599
1,071,022
73,570
367,849
710,540
1,078,389
81,769
408,845
706,354
1,115,199
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
20.0
10.0
70.0
323,107
327,192
331,530
336,133
443,842
449,721
548,745
556,352
1,395,850
1,405,117
1,415,221
1,426,016
by Book Value
Multiple on Book Value
Weighting (%)
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
1.0
5.0
108,855
108,855
107,848
107,848
106,579
106,579
104,935
104,935
205,249
205,249
202,310
202,310
291,014
291,014
286,752
286,752
1,112,952
1,112,952
1,107,514
1,107,514
1,101,563
1,101,563
1,107,278
1,107,278
100
100
100
100
100
100
100
100
100
100
100
100
277,051
281,370
286,673
292,079
398,314
402,488
498,643
504,113
1,249,095
1,254,729
1,264,173
1,281,845
(3,542)
(17,712)
56,470
38,759
OK
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
Pre-Money
2.56
2.60
2.65
2.70
2.73
2.76
2.79
2.82
2.34
2.35
2.36
2.40
Post Money
2.56
2.60
2.65
2.70
2.73
2.76
2.79
2.82
2.34
2.35
2.36
2.40
Check
OK
CONS
Jan 2009
1
Feb 2009
2
Mar 2009
3
Apr 2009
4
May 2009
5
Jun 2009
6
Jul 2009
7
Aug 2009
8
Sep 2009
9
Oct 2009
10
Nov 2009
11
Dec 2009
12
300
300
300
300
300
300
300
300
300
300
300
OK
60
60
Opening Balance
10,000
10,000
10,300
10,600
10,900
Ending Balance
10,000
10,300
10,600
10,900
11,200
167
172
177
182
187
10,000
10,133
10,262
10,385
9,833
9,962
10,085
10,203
CONS
60
60
60
60
60
60
60
60
60
60
11,200
11,500
11,500
11,800
11,800
12,100
12,400
12,700
13,000
12,100
12,400
12,700
13,000
13,300
192
197
202
207
212
217
222
10,503
10,317
10,617
10,725
10,828
10,927
11,020
11,108
11,192
10,425
10,528
10,627
10,720
10,808
10,892
10,970
Jan 2010
13
Feb 2010
14
Mar 2010
15
Apr 2010
16
May 2010
17
Jun 2010
18
Jul 2010
19
Aug 2010
20
Sep 2010
21
Oct 2010
22
Nov 2010
23
Dec 2010
24
300
300
300
300
300
300
300
300
300
300
300
300
OK
60
60
60
60
60
60
60
60
60
60
60
60
Opening Balance
13,300
13,600
13,900
14,200
14,500
14,800
15,100
15,400
15,700
16,000
16,300
16,600
Ending Balance
13,600
13,900
14,200
14,500
14,800
15,100
15,400
15,700
16,000
16,300
16,600
16,900
227
232
237
242
247
252
257
262
267
272
277
282
11,270
11,343
11,412
11,475
11,533
11,587
11,635
11,678
11,717
11,750
11,778
11,802
11,043
11,112
11,175
11,233
11,287
11,335
11,378
11,417
11,450
11,478
11,502
11,520
CONS
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a resort development co. (resort economic analysis incl IS BS CF - 2004 to 2019)
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