Valeant_rolling_solvency_calculation

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE
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7	For the Fiscal Period Ending	3 months Q1 Mar-31-2007	3 months Q2 Jun-30-2007	3 months Q3 Sep-30-2007	3 months Q4 Dec-31-2007	3 months Q1 Mar-31-2008	3 months Q2 Jun-30-2008	3 months Q3 Sep-30-2008	3 months Q4 Dec-31-2008	3 months Q1 Mar-31-2009	3 months Q2 Jun-30-2009	3 months Q3 Sep-30-2009	3 months Q4 Dec-31-2009	3 months Q1 Mar-31-2010	3 months Q2 Jun-30-2010	3 months Q3 Sep-30-2010	3 months Q4 Dec-31-2010	3 months Q1 Mar-31-2011	Restated 3 months Q2 Jun-30-2011	3 months Q3 Sep-30-2011	3 months Q4 Dec-31-2011	3 months Q1 Mar-31-2012	3 months Q2 Jun-30-2012	3 months Q3 Sep-30-2012	3 months Q4 Dec-31-2012	Restated 3 months Q1 Mar-31-2013	Restated 3 months Q2 Jun-30-2013	3 months Q3 Sep-30-2013	3 months Q4 Dec-31-2013	3 months Q1 Mar-31-2014	3 months Q2 Jun-30-2014
8	Currency	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD
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10	Cash from ops	119.8	98.3	43.4	79.3	92.7	67.1	(62.4)	107.0	47.0	97.1	89.2	127.6	44.8	108.9	110.9	(1.4)	86.3	190.7	173.7	189.8	167.2	254.6	166.8	67.9	255.3	305.1	201.7	279.9	484.3	376.0
11	Cash from ops - trailing four quarters				340.9	313.7	282.5	176.7	204.3	158.6	188.6	340.2	360.9	358.7	370.5	392.2	263.2	304.8	386.5	449.3	640.5	721.4	785.3	778.4	656.6	744.6	795.1	830.0	1,042.0	1,271.0	1,341.9
12	net debt	(463.0)	(474.1)	(416.5)	(437.5)	(512.8)	(354.1)	(226.6)	(318.3)	(301.4)	392.1	322.2	202.1	217.8	136.4	2,637.3	3,194.9	4,310.3	4,304.9	4,969.4	6,480.6	6,671.9	7,161.3	7,382.2	10,110.1	10,203.4	8,254.7	16,808.4	16,779.4	16,787.4	16,763.1
13	net debt - averaged last 4 Qs				(447.8)	(460.2)	(430.2)	(382.8)	(353.0)	(300.1)	(113.6)	23.6	153.7	283.5	219.6	798.4	1,546.6	2,569.7	3,611.9	4,194.9	5,016.3	5,606.7	6,320.8	6,924.0	7,831.4	8,714.2	8,987.6	11,344.1	13,011.5	14,657.5	16,784.6
14	Average annual debt/cash from ops				-1.3	-1.5	-1.5	-2.2	-1.7	-1.9	-0.6	0.1	0.4	0.8	0.6	2.0	5.9	8.4	9.3	9.3	7.8	7.8	8.0	8.9	11.9	11.7	11.3	13.7	12.5	11.5	12.5
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17	Capital expenditure	(5.7)	(7.4)	(10.6)	(11.4)	(9.7)	(7.7)	(3.9)	(0.7)	(0.8)	(0.8)	(1.1)	(4.7)	(3.6)	(2.9)	(1.0)	(9.3)	(21.5)	(12.5)	(9.6)	(15.0)	(11.1)	(13.6)	(57.1)	(25.9)	(14.0)	(12.8)	(24.9)	(63.6)	(58.1)	(113.5)
18	Free cash (ie cash from ops less capex)	114.1	90.9	32.8	67.9	83.0	59.4	(66.3)	106.3	46.2	96.3	88.1	122.9	41.2	106.0	109.9	(10.7)	64.8	178.2	164.1	174.8	156.1	241.0	109.7	42.0	241.3	292.3	176.8	216.3	426.2	262.5
19	Free cash, trailing twelve months				305.8	274.6	243.1	144.0	182.3	145.5	182.4	336.8	353.5	348.5	358.2	380.0	246.4	270.1	342.2	396.4	581.9	673.2	736.0	681.6	548.9	634.0	685.3	752.4	926.7	1,111.6	1,081.8
20	net debt - averaged over last 4Qs				(447.8)	(460.2)	(430.2)	(382.8)	(353.0)	(300.1)	(113.6)	23.6	153.7	283.5	219.6	798.4	1,546.6	2,569.7	3,611.9	4,194.9	5,016.3	5,606.7	6,320.8	6,924.0	7,831.4	8,714.2	8,987.6	11,344.1	13,011.5	14,657.5	16,784.6
21	Average net debt/cash from ops				-1.5	-1.7	-1.8	-2.7	-1.9	-2.1	-0.6	0.1	0.4	0.8	0.6	2.1	6.3	9.5	10.6	10.6	8.6	8.3	8.6	10.2	14.3	13.7	13.1	15.1	14.0	13.2	15.5
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