2014

Hanwha SolarOne Reports First Quarter 2013 Results

SHANGHAI, May 30, 2013 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. ( "SolarOne" or the "Company") (Nasdaq: HSOL), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic ("PV") cells and modules in China, today reported its unaudited financial results for the quarter ended March 31, 2013. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (8:00 pm Shanghai Time) on May 30, 2013. A slide presentation with details of the results will also be available on the Company's website prior to the call.

FIRST QUARTER 2013 HIGHLIGHTS


4Q12

1Q13

Percentage
change


(RMB)

(US$)

(RMB)

(US$)

(%)

Net Revenues

836.7 million

134.3 million

1,112.9 million

179.2 million

+33.4

Shipments (MW)

198.9

289.1

+45.3

ASP

3.75/W

0.60/W

4.12/W

0.66/W

+10.0

Gross profit/(loss)

(261.8) million

(42) million

28.9 million

4.7 million

+111.2

Gross margin

-31.30%

2.60%

+108.3

Operating loss

(625.8) million

(100.4) million

(128.2) million

(20.6) million

+79.5

Operating margin

-74.80%

-11.50%

+84.6

Net loss

670.4 million

(107.6) million

(225.9) million

(36.4) million

+66.2

Net loss per basic
ADS on a GAAP
basis

(7.93)

(1.27)

(2.67)

(0.43)

+66.1

Mr. Ki-Joon Hong, Chairman and CEO of Hanwha SolarOne, commented, "The first quarter was an important inflection point for both the solar industry and the Company, with a number of positive signs developing for further progress ahead. Both revenues (+33%) and shipments (+45%) rose sharply, prices improved from the prior quarter and appear to have now stabilized, we returned to positive gross profit, our plants are running at full utilization favorably impacting our cost structure, and although we still recorded negative operating income and cash flow, the amounts were relatively small and substantially improved from prior periods. Our investment in new technology and innovation is beginning to deliver commercial results with the introduction of the new HSL Series of smaller, lighter and higher-efficiency modules. Our effort to diversify business outside traditionally large markets in Europe, to large new emerging markets such as China, Japan, and South Africa, is well underway. And, the continued synergies with our parent Hanwha and its portfolio of solar investments are growing."

Chairman Hong continued, "There are a number of positive developments underway in the overall solar industry which increase our confidence for a gradually improving business environment in 2013, and a much more positive industry upturn from 2014 to 2015. These include: a large number of inefficient players have shut down operations or become financially insolvent resulting in reduced industry overcapacity, average selling prices for solar modules have improved in most markets and new emerging markets like Japan and South Africa currently enjoy above average pricing, input prices (including polysilicon) remain low, utilization rates of Tier 1 players are much improved and inventory levels reduced helping stabilize pricing, the credit environment, particularly in China, has become more disciplined leading to financially-leveraged companies facing a challenged to survive, and a growing number of financing options (including leasing) are supporting investment in solar." He concluded, "The proposed import tariff in the EU against solar products manufactured in China is an unfortunate process as it will ultimately harm competitive pricing in Europe, as well as, hinder solar development through reduced project returns, and reduce solar jobs. We are well-prepared to handle this challenge as we have already diversified our business aggressively outside the EU (shipments to the EU are now below 30% of total shipments compared to over 70% historically), but we hope that negotiations between governments of both regions will ultimately reach a more rational and productive outcome."

FIRST QUARTER 2013 RESULTS

  • Total net revenues were RMB1,112.9 million (US$179.2 million), an increase of 33.0% from RMB836.7 million in 4Q12, and an increase of 38.4% from RMB803.9 million in 1Q12. The increase in total net revenues in 1Q13 compared with 4Q12 was primarily due to higher shipments and increased
  • PV module shipments, including module processing services, were 289.1 MW, an increase from 198.9 MW in 4Q12, and an increase from 160.7 MW in 1Q12.

Module revenue by shipping destination Q1 13


Module revenue by shipping destination Q4 12




Country

1Q13


Country

4Q12

Japan

33%


Japan

20%

South Africa

21%


Greece

16%

Germany

13%


China

15%

US

9%


Germany

8%

UK

5%


Thailand

8%

Portugal

4%


US

6%

China

3%


India

6%

Others

12%


Others

21%

  • Module shipments to Japan, a market that values quality and brand, grew from 20% in 4Q12 to 33% in 1Q13 at a good pricing level. Shipments to South Africa commenced this quarter, representing 21% of revenues. The US market remained solid for the Company and increased from 6% in 4Q12 to 9% of module shipments in 1Q13. The dispersion of shipments this quarter saw relatively new and potentially attractive markets come to the forefront with sizeable contributions from the UK (5%) and Portugal (4%), as well as South Africa. Historically strong markets accounted for a smaller proportion of shipments as a result of the aforementioned; however shipments to Germany rebounded to 13% from 8% in 4Q12. The Company shipped PV modules to 23 countries during 1Q13. Shipments to Europe and Africa (EA) contributed 48% to total module shipments (shipments to the EU were below 30% of total shipments) and Asian Pacific (AP) accounted for 43% and North America (NA) 9%.
  • Average selling price ("ASP"), excluding module processing services, increased to RMB4.12 per watt (US$0.66) from RMB3.75 per watt in 4Q12 and from RMB5.30 per watt in 1Q12. 
  • Gross profit for 1Q13 was RMB28.9 million (US$4.7 million), compared with a gross loss of RMB261.8 million in 4Q12 and a gross loss of RMB75.2 million in 1Q12. 
  • Gross margin was positive 2.6%, compared with negative 31.3% in 4Q12. Gross loss in 4Q12 included non-cash charges from inventory write-down and provisions for advanced payments associated with long-term supply contracts. Gross margin excluding the aforementioned provisions was negative 2.6% in 4Q12. The improvement in gross margin was primarily due to higher ASP and decreased idle capacity loss. Gross margin in 1Q12 was negative 9.4%.
  • The blended cost of goods sold ("COGS") per watt, excluding module processing services, was US$0.65, representing a 1.6% increase from US$0.64 in 4Q12, which excluded non-cash charges. The blended COGS takes into account the production cost (silicon and non-silicon) using internally sourced wafers, purchase costs and additional processing costs of externally sourced wafers and cells.
  • Operating loss of 1Q13 was RMB128.2 million (US$20.6 million), compared with an operating loss of RMB625.8 million in 4Q12 and an operating loss of RMB220.9 million in 1Q12. Operating margin increased to negative 11.5% from negative 74.8% in 4Q12, compared to negative 27.5% in 1Q12. Operating expenses for the 4Q12 included $22.1 million in non-cash provisions.
  • Operating expenses as a percentage of total net revenues were 14.1% in 1Q13, compared with 43.5% in 4Q12 and 18.1% in 1Q12.
  • Interest expense was RMB75.8 million (US$12.2 million), compared with RMB73.9 million in 4Q12 and RMB69.1 million in 1Q12.
  • The Company recorded a net loss of RMB23.8 million (US$3.8 million), which included a foreign exchange loss with a gain from the change in fair value of derivatives. The Company recorded a net gain of RMB19.0 million in 4Q12 and a net gain of RMB11.4 million in 1Q12 for the foreign exchange gain and the loss/gain from change in fair value of derivatives.
  • Gain from the change in fair value of the conversion feature of the Company's convertible bonds was RMB2.1 million (US$0.3 million), compared with RMB1.4 million in 4Q12 and a loss of RMB9.5 million in 1Q12. The fluctuations resulting from the adoption of ASC 815-40 on January 1, 2009, were primarily due to changes in the Company's ADS price during the quarter. This line item has fluctuated, and is expected to continue to fluctuate quarter-to-quarter. The Company has no direct control over the fluctuations.
  • Income tax expense in 1Q13 was RMB0.5 million (US$0.1 million), compared with an income tax benefit of RMB9.1 million in 4Q12 and RMB37.7 million in 1Q12.
  • Net loss attributable to shareholders on a non-GAAP basis  was RMB202.9 million (US$32.7 million), compared with a net loss attributable to shareholders of RMB650.6 million in 4Q12 and a net loss attributable to shareholders of RMB269.9 million in 1Q12.
  • Net loss per basic ADS on a non-GAAP[1] basis was RMB2.40 (US$0.39), compared with net loss per basic ADS on a non-GAAP basis of RMB7.70 in 4Q12 and net loss per basic ADS on a non-GAAP basis of RMB3.20 in 1Q12.
  • Net loss attributable to shareholders on a GAAP basis was RMB225.9 million (US$36.4 million), compared with net loss attributable to shareholders of RMB670.4 million in 4Q12 and net loss attributable to shareholders of RMB303.7 million in 1Q12.
  • Net loss per basic ADS on a GAAP basis was RMB2.67 (US$0.43), compared with net loss per basic ADS of RMB7.93 in 4Q12 and net loss per basic ADS of RMB3.60 in 1Q12.
  • Annualized ROE on a non-GAAP basis was negative 36.2% in 1Q13, compared with negative 97.6% in 4Q12 and negative 29.4% in 1Q12.
  • Annualized ROE on a GAAP basis was negative 34.3% in 1Q13, compared with negative 87.0% in 4Q12 and negative 29.2% in 1Q12.

[1] All non-GAAP numbers used in this press release exclude the accounting impact from the adoption of ASC 815-40, which relates to the accounting treatment for the convertible bonds.  Please refer to the attached financial statements for the reconciliation between the GAAP and non-GAAP financial results.

FINANCIAL POSITION

As of March 31, 2013, the Company had cash and cash equivalents of RMB1,005.0 million (US$161.8 million) and net working capital of RMB345.7 million (US$55.7 million), compared with cash and cash equivalents of RMB676.5 million and net working capital of RMB44.3 million as of December 31, 2012. Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB1,776.9 million (US$286.1 million), compared with RMB1,629.6 million as of December 31, 2012.   

As of March 31, 2013, the Company had total long-term debt of RMB3,130.9 million (US$504.1 million), which is comprised of long-term bank borrowings, long-term notes payable and convertible bonds. The Company's long-term bank borrowings are to be repaid in installments until their maturities ranging from 2 to 4 years. The Company's notes payable are to be repaid in 3 years.  Holders of the convertible bonds have the option to require the Company to redeem the notes beginning on January 15, 2015. Net cash used in operating activities in 1Q13 was RMB54.4 million (US$8.8 million), compared with net cash used in operating activities of RMB440.7 million in 4Q12 and net cash generated from operating activities of RMB46.0 million in 1Q12.

As of March 31, 2013, accounts receivable were RMB1,131.6 million (US$182.2 million), compared with RMB957.0 million as of December 31, 2012 and RMB603.9 million as of March 31, 2012.  Day's sales outstanding ("DSO") decreased to 127 days in 1Q13 from 164 days in 4Q12, compared with 64 days in 1Q12. The increase in receivables from 4Q12 to 1Q13 reflects higher shipments and revenues. As of March 31, 2013, inventories decreased to RMB776.9 million (US$125.1 million) from RMB838.7 million as of December 30, 2012, and from RMB659.1 million as of March 31, 2012. Day's inventory was 67 days in 1Q13 compared with 65 days in 4Q12 and 69 days in 1Q12.

Capital expenditures were RMB201.3 million (US$32.4 million) in 1Q13. 

The Company has from time to time been buying back its convertible bonds since January 1, 2012 and may do so in the future, subject to market conditions and other factors. The Company has repurchased convertible bonds to the value of approximately $72 million out of US$172.5 million in face value as of March 31, 2013.

CAPACITY EXPANSION

As of March 31, 2013, the Company had production capacities of 800 MW for ingot and wafer, 1.3 GW for cell and 1.5 GW for module. The Company currently has no near-term plan to add additional capacities. Management will review expansion needs in the future in line with changes in overall market demand.

BUSINESS OUTLOOK

  • The Company provides the following guidance based on current operating trends and market conditions.

For the second quarter 2013 the Company expects:

  • Module shipments of 330- 350MW.

For the full year 2013, the Company expects:

  • Module shipments between 1.3-1.5GW of which about 30-35% will be for PV module processing services.
  • Capital expenditures of $50 million depending on demand and other market conditions.

CONFERENCE CALL

The Company will host a conference call to discuss the first quarter results at 8:00 AM Eastern Time (8:00 PM Shanghai Time) on May 30, 2013.

Mr. Ki-Joon HONG, Chairman and CEO; Mr. Min-Su KIM, President; Mr. Jung Pyo SEO, Chief Financial Officer; and Mr. Paul Combs, Vice President of Investor Relations, will discuss the results and take questions following the prepared remarks. 

The dial-in details for the live conference call are as follows:

  • U.S. Toll Free Number: 18665194004
  • U.S. New York local number: 17183541231
  • International dial-in number: +65 67239381
  • China Toll Free Number: 4006208038 / 8008190121

      Passcode: HSOL

A live webcast of the conference call will be available on the investor relations section of the Company's website at: http://www.hanwha-solarone.com. A replay of the webcast will be available for one month.

A telephone replay of the call will be available for seven days after the conclusion of the conference call. The dial-in details for the replay are as follows:

  • U.S. Toll Free Number: 18554525696
  • International dial-in number: +61 2 8199 0299

      Pass code: 71724756

      Encore Dates: 30/05/2013 11:00AM ET - 07/06/2013 9:59AM ET

FOREIGN CURRENCY CONVERSION

The conversion in this release of Renminbi into U.S. dollars is made solely for the convenience of the reader, and is based on the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board as of March 29, 2013, which was RMB6.2108 to US$1.00, except for the conversion of Renminbi into U.S. dollars for 4Q12 in "FIRST QUARTER 2013 HIGHLIGHTS" which is based on the exchange rate of RMB6.2301 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of December 31, 2012. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2012 or at any other date.  The percentages stated in this press release are calculated based on Renminbi amounts.

USE OF NON-GAAP FINANCIAL MEASURES

The Company has included in this press release certain non-GAAP financial measures, including certain line items presented on the basis that the accounting impact of ASC 815-40 had not been recorded.  The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements.  These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include 2Q and full-year 2013 estimates for PV product shipments, ASPs, production capacities and other results of operations. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions.  Hanwha SolarOne disclaims any obligation to update or correct any forward-looking statements.

About Hanwha SolarOne

Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is a vertically-integrated manufacturer of silicon ingots, wafers, PV cells and modules. Hanwha SolarOne offers high-quality, reliable products and services at competitive prices. Partnering with third-party distributors, OEM manufacturers, and systems integrators, Hanwha SolarOne serves the utility, commercial, government, and residential markets. The Company maintains a strong presence worldwide, with employees located throughout Europe, North America and Asia, and embraces environmental responsibility and sustainability, with an active role in the voluntary photovoltaic recycling program. Hanwha Group, Hanwha SolarOne's largest shareholder, is active in solar project development and financing, and plans to produce polysilicon in the future. For more information, please visit: http://www.hanwha-solarone.com.

 

Hanwha SolarOne Co., Ltd.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$")












March 31

December 31

March 31

March 31


2012

2012

2013

2013


 (Unaudited) 

(Audited)

 (Unaudited) 

(Unaudited)


 RMB'000 

 RMB'000 

 RMB'000 

US$'000

ASSETS





Current assets





Cash and cash equivalents

1,908,859

676,476

1,004,954

161,807

Restricted cash

217,841

150,462

161,649

26,027

Derivative contracts

3,198

-

4,020

647

Accounts receivable - net

603,860

956,969

1,131,593

182,198

Notes receivable

7,799

2,681

550

89

Inventories - net

659,116

838,727

776,865

125,083

Advance to suppliers, net

573,587

166,838

178,684

28,770

Other current assets - net

382,416

356,784

268,670

43,258

Deferred tax assets - net

306,988

150,297

139,179

22,408

Amount due from related parties - net

96,568

420,610

418,798

67,431






    Total current assets

4,760,232

3,719,844

4,084,962

657,718






Non-current assets





Fixed assets – net

4,899,072

4,779,873

4,728,164

761,281

Intangible assets – net

340,336

335,047

333,274

53,660

Deferred tax assets - net

11,915

107,304

125,742

20,246

Long-term deferred expenses

34,136

25,200

21,743

3,501

Long-term prepayment

204,570

184,065

172,150

27,718






    Total non-current assets

5,490,029

5,431,489

5,381,073

866,406






TOTAL ASSETS

10,250,261

9,151,333

9,466,035

1,524,124






LIABILITIES





Current liabilities





Derivative contracts

6,094

17,311

7,845

1,263

Short-term bank borrowings

2,103,536

1,162,372

1,279,312

205,982

Long-term bank borrowings, current portion

623,492

467,204

497,605

80,119

Accounts payable

1,133,379

1,061,723

942,143

151,694

Notes payable

316,105

314,517

294,642

47,440

Accrued expenses and other liabilities

338,331

400,537

355,737

57,278

Customer deposits

37,998

36,314

26,995

4,346

Unrecognized tax benefit

143,473

143,473

143,473

23,101

Amount due to related parties

11,921

72,045

191,473

30,829






    Total current liabilities

4,714,329

3,675,496

3,739,225

602,052






Non-current liabilities





Long-term bank borrowings

1,075,722

2,285,106

2,112,483

340,131

Long-term notes payable

-

-

627,821

101,085

Convertible bonds

382,922

368,590

390,594

62,889

Long term payable

50,000

50,000

50,000

8,050

Deferred tax liabilities

25,240

24,798

24,651

3,969






    Total non-current liabilities

1,533,884

2,728,494

3,205,549

516,124






TOTAL LIABILITIES

6,248,213

6,403,990

6,944,774

1,118,176






Redeemable ordinary shares

24

24

24

4






EQUITY





Shareholders' equity





Ordinary shares

315

316

316

51

Additional paid-in capital

3,998,485

4,004,199

4,004,639

644,786

Statutory reserves

174,456

174,456

174,456

28,089

Accumulated deficit

(171,232)

(1,430,433)

(1,656,346)

(266,688)

Accumulated other comprehensive loss

-

(1,219)

(1,828)

(294)






    Total shareholders' equity

4,002,024

2,747,319

2,521,237

405,944






TOTAL EQUITY

4,002,048

2,747,343

2,521,261

405,948






TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES
AND SHAREHOLDERS' EQUITY

10,250,261

9,151,333

9,466,035

1,524,124

 

 

 

Hanwha SolarOne Co., Ltd.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),

except for number of shares (ADS) and per share (ADS) data







For the three months ended


March 31

 December 31 

March 31

March 31


2012

2012

2013

2013


(Unaudited)

(Unaudited)

 (Unaudited) 

(Unaudited)


RMB'000

RMB'000

 RMB'000 

US$'000






Net revenues

803,873

836,663

1,112,898

179,187






Cost of revenues

(879,111)

(1,098,413)

(1,083,999)

(174,534)






Gross profit / (loss)

(75,238)

(261,750)

28,899

4,653






Operating expenses





Selling expenses

(58,695)

(115,663)

(82,122)

(13,222)

G&A expenses

(63,329)

(221,653)

(55,070)

(8,867)

R&D expenses

(23,596)

(26,709)

(19,927)

(3,207)






    Total operating expenses

(145,620)

(364,025)

(157,119)

(25,296)






Operating loss

(220,858)

(625,775)

(128,220)

(20,643)






Interest expenses

(69,111)

(73,927)

(75,755)

(12,197)

Interest income

2,668

3,237

2,337

376

Exchange gain (loss)

2,630

21,669

(28,800)

(4,637)

Gain (loss) on change in fair value of derivative

8,742

(2,688)

5,021

808

Gain (loss) on change in conversion feature fair value of
convertible bond

(9,472)

1,411

2,113

340

Loss on extinguishment of debt

(56,114)

-

-

-

Other income

1,900

2,739

1,517

244

Other expenses

(1,710)

(6,150)

(3,587)

(578)


-

-



Net loss before income tax

(341,325)

(679,484)

(225,374)

(36,287)






Income tax expenses

37,667

9,074

(539)

(87)






Net loss

(303,658)

(670,410)

(225,913)

(36,374)






Net loss attributable

to shareholders

 

(303,658)

 

(670,410)

 

(225,913)

 

(36,374)






Other comprehensive loss, net of tax





Foreign currency translation adjustment

-

(358)

(609)

(98)






Comprehensive loss atributable to ordinary
shareholders

(303,658)

(670,768)

(226,522)

(36,472)






Net loss per share





Basic

(0.72)

(1.59)

(0.53)

(0.09)

Diluted

(0.72)

(1.59)

(0.53)

(0.09)






Shares used in computation





Basic

421,816,336

422,565,284

422,857,465

422,857,465

Diluted

421,816,336

422,565,284

422,857,465

422,857,465











Net loss per ADS





Basic

(3.60)

(7.93)

(2.67)

(0.43)

Diluted

(3.60)

(7.93)

(2.67)

(0.43)






ADSs used in computation





Basic

84,363,267

84,513,057

84,571,493

84,571,493

Diluted

84,363,267

84,513,057

84,571,493

84,571,493

 

Hanwha SolarOne Co., Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$")







For the three months ended


March 31, 2012

December 31, 2012

March 31, 2013

March 31, 2013


(Unaudited)

(Unaudited)

 (Unaudited) 

(Unaudited)


RMB'000

RMB'000

 RMB'000 

US$'000






Cash flow from operating activities





Net loss                                                                                                          

(303,658)

(670,410)

(225,913)

(36,374)






Adjustments to reconcile net loss to net cash

      provided by (used in) operating activities:





      Unrealised loss/(gain) from derivative contracts

1,317

3,477

(13,486)

(2,171)

      Amortization of convertible bonds discount

24,102

18,223

24,117

3,883

      Changes in fair value of conversion feature of convertible bonds

9,472

(1,411)

(2,113)

(340)

      Loss on extinguishment of debt

56,114

-

-

-

      Loss from disposal of fixed assets

263

1,364

1,161

187

      Depreciation and amortization

84,855

107,232

106,477

17,144

      Amortization of long-term deferred expenses

1,395

4,616

4,656

750

      Provision for doubtful debt of advance to suppliers

-

170,012

-

-

      Provision for doubtful debt of other receivables

-

50,048

-

-

      Provision for amount due from related party

-

15,960

-

-

      Provision for doubtful debt of accounts receivable

-

87,626

-

-

      Write down of inventories

206,814

53,926

35,171

5,663

      Stock compensation expense

2,067

1,781

440

71

      Warranty provision

4,432

6,788

10,023

1,614

      Warranty reversal

(2,195)

(389)

(1,277)

(206)

      Deferred tax benefit

(37,967)

(375)

(7,467)

(1,202)

Changes in operating assets and liabilities





      Restricted cash

12,290

84,390

2,758

444

      Inventory

(181,881)

(135,687)

26,691

4,298

      Account and notes receivables

(13,911)

(112,392)

(173,102)

(27.871)

      Advance to suppliers and long-term prepayments

(97,942)

57,644

69

11

      Intangible assets

(7,104)

-

-

-

      Other current assets

156,713

(62,079)

90,543

14,578

      Amount due from related parties

144,885

(14,365)

1,812

292

      Accounts and notes payable

102,350

(377,764)

15,824

2,548

      Accrued expenses and other liabilities

(39,144)

32,706

(52,764)

(8,496)

      Customer deposits

(46,873)

(10,176)

(9,319)

(1,501)

      Amount due to related parties

(30,421)

26,254

111,274

17,916

      Long-term payable

-

(2,450)

-

-






Net cash provided by (used in) operating activities

45,973

(440,667)

(54,425)

(8,762)






Cash flows from investing activities





      Acquisition of fixed assets

(406,888)

(71,423)

(201,281)

(32,408)

      Change of restricted cash

51,495

(5,495)

(2,202)

(355)






Net cash used in investing activities

(355,393)

(76,918)

(203,483)

(32,763)






Cash flows from financing activities





      Payment for repurchase of convertible bonds

(199,831)

-

-

-

      Change of restricted cash

-

(1,225)

(11,743)

(1,891)

      Proceeds from short-term bank borrowings

1,096,384

100,627

826,398

133,058

      Proceeds from long-term bank borrowings

104,237

-

-

-

      Proceeds from long-term notes payable

-

-

627,821

101,085

      Payment of short term bank borrowings

(757,299)

(398,245)

(709,458)

(114,230)

      Payment for long term bank borrowings

-

(111,536)

(142,222)

(22,899)

      Payment of arrangement fee of long-term loans

-

(2,596)

(2,638)

(425)

      Payment of arrangement fee of short-term loans

(1,967)

(128)

(1,772)

(285)






Net cash provided by (used in) financing activities

(241,724)

(413,103)

(586,386)

(94,413)






Net increase (decrease) in cash and cash equivalents

(67,696)

(930,688)

328,478

52,888






Cash and cash equivalents at the beginning of period

1,976,555

1,607,164

676,476

108,919






Cash and cash equivalents at the end of period

1,908,859

676,476

1,004,954

161,807











Supplemental disclosure of cash flow information:

      Interest paid

39,151

26,421

46,594

7,502

      Income tax paid

26,384

549

362

58

      Realized gain/(loss) from derivative contracts

10,059

790

(8,465)

(1,363)

Supplemental schedule of non-cash activities:





      Acquisition of fixed assets included in accounts payable, accrued 
           expenses and other liabilities

(140,415)

30,816

(147,125)

(23,689)

 


For the three months ended


March 31, 2012

December 31, 2012

March 31, 2013

March 31, 2013


(RMB million)

(RMB million)

(RMB million)

(US$ milllion)






Non-GAAP net loss

(269.9)

(650.6)

(202.9)

(32.7)






Fair value changes of the conversion features
of the Convertible bonds

(9.5)

1.4

2.1

0.3






Accretion of interest of the Convertible bonds

(24.3)

(21.2)

(25.1)

(4.0)






GAAP net loss

(303.7)

(670.4)

(225.9)

(36.4)



For the three months ended


March 31, 2012

December 31, 2012

March 31, 2013

March 31, 2013


(RMB)

(RMB)

(RMB)

(US$)






Non GAAP net loss per ADS - Basic

(3.20)

(7.70)

(2.40)

(0.39)






Fair value changes of the conversion features
of the Convertible bonds

(0.11)

0.02

0.03

0.01






Accretion of interest of the Convertible bonds

(0.29)

(0.25)

(0.30)

(0.05)






Net loss contributed to shareholders per ADS
- Basic

(3.60)

(7.93)

(2.67)

(0.43)






ADS (Basic)

84,363,267

84,513,057

84,571,493

84,571,493






For three months ended


Annualized for the three months ended


March 31, 2012

December 31, 2012

March 31, 2013


March 31, 2012

December 31, 2012

March 31, 2013









Non-GAAP Return on Equity 

-7.36%

-24.41%

-9.06%


-29.44%

-97.64%

-36.24%









Fair value changes of the conversion features
of the Convertible bonds

0.64%

3.35%

1.43%


2.56%

13.40%

5.72%









Accretion of interest of the Convertible bonds

-0.59%

-0.69%

-0.95%


-2.36%

-2.76%

-3.80%









GAAP Return on equity

-7.31%

-21.75%

-8.58%


-29.24%

-87.00%

-34.32%

 

 

 

 

SOURCE Hanwha SolarOne Co., Ltd.



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http://www.hanwha-solarone.com

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