2014

Hanwha SolarOne Reports Second Quarter 2013 Results

SHANGHAI, Sept. 9, 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 June 30, 2013. The Company will host a conference call to discuss the results at 9:00 am Eastern Time (9:00 pm Shanghai Time) on September 9, 2013. A slide presentation with details of the results will also be available on the Company's website prior to the call.   

Second QUARTER 2013 HIGHLIGHTS








 

1Q13



2Q13


Percentage

change1


(RMB)


(US$)

(RMB)


(US$)

(%)

Net Revenues

(Million)

1,112.90


179.2

1,182.8


192.7

+6.3

Shipments (MW)


289.1



321.2


+11.1

ASP (/W)

4.12


0.66

4.03


0.66

-2.2

Gross profit

(Million)

28.9


4.7

65.3


10.6

+126

Gross margin (%)


2.6



5.5


+290 basis points

Operating loss

(Million)

(128.2)


(20.6)

(122.1)


(19.9)

+4.8

Operating margin (%)


-11.5



-10.3


+120 basis points

Net loss (Million)

(225.9)


(36.4)

(166.0)


(27.0)

+26.5

Net loss per basic

ADS on a GAAP basis

(2.67)


(0.43)

(1.96)


(0.32)

+26.6









1 Percentage changes are calculated based on RMB amounts to eliminate fluctuations in the exchange rate of the dollar.

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "We recorded a solid performance for the second quarter ending June including further gross margin improvement reflecting an improved cost structure and better factory utilization, an 11% quarter-over quarter shipment gain and a return to positive operating cash flow. Shipments of 321 MW were the highest quarterly level since Hanwha's purchase of the predecessor company in September 2010. Our presence in emerging markets such as Japan and South Africa remained strong. We also strengthened our liquidity position with a US$100 million long-term loan from the Export-Import Bank of Korea."

Chairman HONG continued, "Solar industry conditions continue to improve and we remain optimistic for the remainder of 2013 and beyond. We should continue to enjoy success in Japan and we expect to see improved volumes in the important China market. With the EU and China having reached agreement on import duties, we believe our market allocation and higher pricing will lead to good opportunity there. We look towards improving our presence in other emerging markets including South America, the Middle East and Southeast Asia. Our manufacturing module services business with Hanwha Q CELLS should see improved volumes during the second half of this year. We are also continuing to make progress in innovation with the planned introduction of our second-stage E Star module later this year with improved performance and lower manufacturing costs".  

SECOND QUARTER 2013 RESULTS

  • Total net revenues were RMB1,182.8 million (US$192.7 million), an increase of 6.3% from RMB1,112.9 million in 1Q13, and an increase of 10.4% from RMB1,071.7 million in 2Q12. The increase in total net revenues in 2Q13 compared with 1Q13 was primarily due to higher shipments, lower costs and stable ASP.
  • PV module shipments, including module processing services, were 321.2 MW, an increase from 289.1 MW in 1Q13, and an increase from 230.7 MW in 2Q12.

Module revenue by shipping destination Q2 13


Module revenue by shipping destination Q1 13






Country

2Q13


Country

1Q13

Japan

34%


Japan

33%

South Africa

20%


South Africa

21%

Germany

12%


Germany

13%

US

7%


US

9%

Korea

5%


UK

5%

China

4%


Portugal

4%

UK

3%


China

3%

Others

15%


Others

12%

  • Module shipments to Japan, a market that values quality and brand, remained stable at 34% in 2Q13 at a good pricing level. Shipments to South Africa continued this quarter, representing 20% of revenues. The German market remained solid for the Company and made up 12% of total module shipments in 2Q13.The US (7%), China (4%) and the UK (3%) continued to be a mainstay of the Company's dispersion of shipments. Korea came to the forefront this quarter as a notable new market for the Company accounting for 5% of shipments in 2Q13. The Company continues to actively diversify its business outside the EU in order to minimize the risk from the ongoing trade dispute with the region; therefore shipments to Europe declined to 26% of total shipments. The Company shipped PV modules to 29 countries during 2Q13, further diversifying the geographic spread. Shipments to Europe and Africa (EA) contributed 46% to total module shipments, Asian Pacific (AP) accounted for 46% and North America (NA) 8%.
  • Average selling price ("ASP"), excluding module processing services, decreased to RMB4.03 per watt (US$0.66) from RMB4.12 per watt in 1Q13 and from RMB4.85 per watt in 2Q12. 
  • Gross profit for 2Q13 was RMB65.3 million (US$10.6 million), compared with a gross profit of RMB28.9 million in 1Q13 and a gross profit of RMB67.5 million in 2Q12. 
  • Gross margin was positive 5.5%, compared with positive 2.6% in 1Q13. The improvement in gross margin was primarily due to stable ASP, lower cost, higher revenues and decreased idle capacity loss. Gross margin in 2Q12 was positive 6.3%.
  • The blended cost of goods sold ("COGS") per watt, excluding module processing services, was US$0.62, representing a 4.6% decrease from US$0.65 in 1Q13, 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 2Q13 was RMB122.1 million (US$19.9 million), compared with an operating loss of RMB128.2 million in 1Q13 and an operating loss of RMB82.8 million in 2Q12. Operating margin increased to negative 10.3% from negative 11.5% in 1Q13, compared to negative 7.7% in 2Q12.
  • Operating expenses as a percentage of total net revenues were 15.8% in 2Q13, compared with 14.1% in 1Q13 and 14.0% in 2Q12. The increase in operating expenses is primarily due to an increase in sales commission and freight, which is a reflection of the increase in shipments this quarter.
  • Interest expense was RMB73.3 million (US$11.9 million), compared with RMB75.8 million in 1Q13 and RMB76.6 million in 2Q12. 
  • The Company recorded a net gain of RMB47.2 million (US$7.7 million), which included a foreign exchange gain and a gain from the change in fair value of derivatives in hedging activities. The Company recorded a net loss of RMB23.8 million in 1Q13 and a net loss of RMB34.3 million in 2Q12 for the foreign exchange loss and the gain from change in fair value of derivatives in hedging activities.
  • Loss from the change in fair value of the conversion feature of the Company's convertible bonds was RMB11.2 million (US$1.8 million), compared with a gain of RMB2.1 million in 1Q13 and a gain of RMB1.2 million in 2Q12. The fluctuations 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 2Q13 was RMB3.1 million (US$0.5 million), compared with an income tax expense of RMB0.5 million in 1Q13 and RMB77.8 million in 2Q12.
  • Net loss attributable to shareholders on a non-GAAP basis1 was RMB130.0 million (US$21.2 million), compared with a net loss attributable to shareholders of RMB202.9 million in 1Q13 and a net loss attributable to shareholders of RMB245.9 million in 2Q12.
  • Net loss per basic ADS on a non-GAAP basis was RMB1.54 (US$0.25), compared with net loss per basic ADS on a non-GAAP basis of RMB2.40 in 1Q13 and net loss per basic ADS on a non-GAAP basis of RMB2.91 in 2Q12. 
  • Net loss attributable to shareholders on a GAAP basis was RMB166.0 million (US$27.0 million), compared with net loss attributable to shareholders of RMB225.9 million in 1Q13 and net loss attributable to shareholders of RMB266.7 million in 2Q12.
  • Net loss per basic ADS on a GAAP basis was RMB1.96 (US$0.32), compared with net loss per basic ADS of RMB2.67 in 1Q13 and net loss per basic ADS of RMB3.16 in 2Q12.
  • Annualized ROE on a non-GAAP basis was negative 25.1% in 2Q13, compared with negative 36.2% in 1Q12 and negative 28.8% in 2Q12.
  • Annualized ROE on a GAAP basis was negative 27.2% in 2Q13, compared with negative 34.3% in 1Q13 and negative 27.6% in 2Q12.

[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 June 30, 2013, the Company had cash and cash equivalents of RMB1,418.6 million (US$231.1 million) and net working capital of RMB884.2 million (US$144.1 million), compared with cash and cash equivalents of RMB1,005.0 million and net working capital of RMB345.7 million as of March 31, 2013. Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB1,175.1 million (US$191.5 million) as of June 30, 2013, compared with RMB1,776.9 million as of March 31, 2013.    

As of June 30, 2013, the Company had total long-term debt of RMB3,683.9 million (US$600.2 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.

The Company returned to positive operating cash flow as net cash provided in operating activities in 2Q13 was RMB494.8 million (US$80.6 million), compared with net cash used in operating activities of RMB54.4 million in 1Q13 and net cash used in operating activities of RMB335.5 million in 2Q12.

As of June 30, 2013, accounts receivable were RMB1,163.6 million (US$189.6 million), compared with RMB1,131.6 million as of March 31, 2013 and RMB802.9 million as of June 30, 2012. Days sales outstanding ("DSO") decreased to 124 days in 2Q13 from 127 days in 1Q13, compared with 77 days in 2Q12. The increase in receivables from 1Q13 to 2Q13 reflects higher shipments and revenues. As of June 30, 2013, inventories decreased to RMB686.8 million (US$111.9 million) from RMB776.9 million as of March 31, 2013, and increased from RMB684.9 million as of June 30, 2012. Day's inventory was 59 days in 2Q13 compared with 67 days in 1Q13 and 60 days in 2Q12.

Capital expenditures were RMB58.0 million (US$9.5 million) in 2Q13. 

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 June 30, 2013.

CAPACITY EXPANSION

As of June 30, 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 third quarter 2013 the Company expects:

  • Module shipments of 300-325MW.

For the full year 2013, the Company expects:

  • Module shipments between 1.2-1.4GW of which about 30-35% will be for PV module processing services.
  • Capital expenditures of $75 million depending on demand and other market conditions.

CONFERENCE CALL

The Company will host a conference call to discuss the first quarter results at 9:00 AM Eastern Time (9:00 PM Shanghai Time) on September 9, 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: +1 8456750437
  • International dial-in number: +65 67239381
  • China Toll Free Number: 8008190121 / 4006208038

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

Conference ID 40762003

Encore Dates: 10/09/2013 12:00 ET - 17/09/2013 9:59 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 June 28, 2013, which was RMB6.1374 to US$1.00, except for the conversion of Renminbi into U.S. dollars for 1Q13 which is based on the exchange rate of RMB6.2108 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of March 29, 2013. 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 June 30, 2013 or at any other date. Percentage changes 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 3Q 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$")







December 31

March 31

June 30

June 30


2012

2013

2013

2013


(Audited)

(Unaudited)

 (Unaudited) 

(Unaudited)


 RMB'000 

 RMB'000 

 RMB'000 

US$'000

ASSETS





Current assets





Cash and cash equivalents

676,476

1,004,954

1,418,559

231,134

Restricted cash

150,462

161,649

116,171

18,928

Derivative contracts

-

4,020

4,050

660

Accounts receivable - net

956,969

1,131,593

1,163,606

189,593

Notes receivable

2,681

550

50

8

Inventories - net

838,727

776,865

686,570

111,867

Advance to suppliers, net

166,838

178,684

181,160

29,517

Other current assets - net

356,784

268,670

295,363

48,125

Deferred tax assets - net

150,297

139,179

136,205

22,193

Amount due from related parties - net

420,610

418,798

347,379

56,600






    Total current assets

3,719,844

4,084,962

4,349,113

708,625






Non-current assets





Fixed assets – net

4,779,873

4,728,164

4,655,408

758,531

Intangible assets – net

335,047

333,274

275,390

44,871

Deferred tax assets - net

107,304

125,742

127,209

20,727

Long-term deferred expenses

25,200

21,743

17,415

2,838

Long-term prepayment

184,065

172,150

154,278

25,137






    Total non-current assets

5,431,489

5,381,073

5,229,700

852,104






TOTAL ASSETS

9,151,333

9,466,035

9,578,813

1,560,729






LIABILITIES





Current liabilities





Derivative contracts

17,311

7,845

11,141

1,815

Short-term bank borrowings

1,162,372

1,279,312

1,063,858

173,340

Long-term bank borrowings, current portion

467,204

497,605

111,217

18,121

Accounts payable

1,061,723

942,143

1,139,431

185,654

Notes payable

314,517

294,642

422,275

68,804

Accrued expenses and other liabilities

400,537

355,737

400,878

65,317

Customer deposits

36,314

26,995

51,531

8,396

Unrecognized tax benefit

143,473

143,473

143,473

23,377

Amount due to related parties

72,045

191,473

121,158

19,741






    Total current liabilities

3,675,496

3,739,225

3,464,962

564,565






Non-current liabilities





Long-term bank borrowings

2,285,106

2,112,483

2,632,126

428,867

Long-term notes payable

-

627,821

630,722

102,767

Convertible bonds

368,590

390,594

421,018

68,599

Long term payable

50,000

50,000

50,000

8,147

Deferred tax liabilities

24,798

24,651

24,504

3,993






    Total non-current liabilities

2,728,494

3,205,549

3,758,370

612,373






TOTAL LIABILITIES

6,403,990

6,944,774

7,223,332

1,176,938






Redeemable ordinary shares

24

24

24

4






EQUITY





Shareholders' equity





Ordinary shares

316

316

316

51

Additional paid-in capital

4,004,199

4,004,639

4,005,732

652,676

Statutory reserves

174,456

174,456

174,456

28,425

Accumulated deficit

(1,430,433)

(1,656,346)

(1,822,340)

(296,924)

Accumulated other comprehensive loss

(1,219)

(1,828)

(2,707)

(441)






    Total shareholders' equity

2,747,319

2,521,237

2,355,457

383,787






TOTAL EQUITY

2,747,343

2,521,261

2,355,481

383,791






TOTAL LIABILITIES, REDEEMABLE ORDINARY

SHARES AND SHAREHOLDERS' EQUITY

9,151,333

9,466,035

9,578,813

1,560,729

 

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


June 30

 March 31 

June 30

June 30


2012

2013

2013

2013


(Unaudited)

(Unaudited)

 (Unaudited) 

(Unaudited)


RMB'000

RMB'000

 RMB'000 

US$'000






Net revenues

1,071,715

1,112,898

1,182,799

192,720






Cost of revenues

(1,004,179)

(1,083,999)

(1,117,479)

(182,077)






Gross profit 

67,536

28,899

65,320

10,643






Operating expenses





Selling expenses

(75,888)

(82,122)

(95,466)

(15,555)

G&A expenses

(56,918)

(55,070)

(69,422)

(11,311)

R&D expenses

(17,514)

(19,927)

(22,573)

(3,678)






    Total operating expenses

(150,320)

(157,119)

(187,461)

(30,544)


-




Operating loss

(82,784)

(128,220)

(122,141)

(19,901)






Interest expenses

(76,601)

(75,755)

(73,321)

(11,947)

Interest income

4,447

2,337

6,123

998

Exchange gain / (loss)

(41,207)

(28,800)

36,709

5,982

Gain on change in fair value of derivative

6,939

5,021

10,491

1,709

Gain / (loss) on change in conversion feature fair value

of convertible bonds

1,150

2,113

(11,253)

(1,834)

Loss on extinguishment of debt

2,455

-

-

-

Other income

2,367

1,517

1,616

263

Other expenses

(5,651)

(3,587)

(11,148)

(1,816)






Net loss before income tax

(188,885)

(225,374)

(162,924)

(26,546)






Income tax expenses

(77,772)

(539)

(3,070)

(500)






Net loss

(266,657)

(225,913)

(165,994)

(27,046)






Net loss attributable





to shareholders

(266,657)

(225,913)

(165,994)

(27,046)






Other comprehensive income / (loss), net of tax





Foreign currency translation adjustment

6

(609)

(879)

(143)






Comprehensive loss atributable to ordinary

shareholders

(266,651)

(226,522)

(166,873)

(27,189)






Net loss per share





Basic

(0.63)

(0.53)

(0.39)

(0.06)

Diluted

(0.63)

(0.53)

(0.39)

(0.06)






Shares used in computation





Basic

422,023,107

422,857,465

423,111,372

423,111,372

Diluted

422,023,107

422,857,465

423,111,372

423,111,372











Net loss per ADS





Basic

(3.16)

(2.67)

(1.96)

(0.32)

Diluted

(3.16)

(2.67)

(1.96)

(0.32)






ADSs used in computation





Basic

84,404,621

84,571,493

84,622,274

84,622,274

Diluted

84,404,621

84,571,493

84,622,274

84,622,274

 

Hanwha SolarOne Co., Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

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














June 30, 2012

March 31, 2013

June 30, 2013

June 30, 2013




(Unaudited)

(Unaudited) 

(Unaudited) 

(Unaudited)




RMB'000

RMB'000 

RMB'000 

US$'000








Cash flow from operating activities






Net loss

(266,657)

(225,913)

(165,994)

(27,046)









Adjustments to reconcile net loss to net cash

       provided by (used in) operating activities:







Unrealised loss / (gain) from derivative contracts

27

(13,486)

3,266

532



Amortization of convertible bonds discount

23,728

24,117

19,171

3,124



Changes in fair value of conversion feature of convertible bonds

(1,140)

(2,113)

11,253

1,834



Loss on extinguishment of debt

(2,455)

-

-

-



Loss from disposal of fixed assets

3,884

1,161

7,394

1,205



Gain from disposal of intangible asset

-

-

(342)

(56)



Depreciation and amortization

88,299

106,477

108,209

17,631



Amortization of long-term deferred expenses

11,015

4,656

8,409

1,370



Reversal of doubtful debt for amount due from related parties

-

-

(7,980)

(1,300)



Write down of inventories

20,395

35,171

37,043

6,036



Stock compensation expense

1,737

440

1,093

178



Warranty provision

9,812

10,023

10,875

1,772



Warranty reversal

(686)

(1,277)

(2,918)

(475)



Deferred tax benefit / (expense)

76,477

(7,467)

1,360

221


Changes in operating assets and liabilities







Restricted cash

(40,184)

2,758

(23,970)

(3,906)



Inventory

(46,166)

26,691

53,252

8,677



Account and notes receivables

(198,484)

(173,102)

(32,392)

(5,278)



Advance to suppliers and long-term prepayments

173,510

69

15,396

2,508



Long-term deferred expenses

(1,484)

-

(505)

(82)



Intangible assets

-

-

56,677

9,235



Other current assets

31,340

90,543

(23,719)

(3,865)



Amount due from related parties

(227,260)

1,812

79,399

12,937



Accounts and notes payable

(40,690)

15,824

333,477

54,335



Accrued expenses and other liabilities

(7,603)

(52,764)

43,977

7,165



Customer deposits

25,906

(9,319)

24,536

3,998



Amount due to related parties

31,230

111,274

(62,161)

(10,128)








Net cash provided by (used in) operating activities

(335,449)

(54,425)

494,806

80,622















Cash flows from investing activities







Acquisition of fixed assets

(39,615)

(201,281)

(58,008)

(9,452)



Change of restricted cash

15,989

(2,202)

4,550

741

Net cash used in investing activities

(23,626)

(203,483)

(53,458)

(8,711)















Cash flows from financing activities







Change of restricted cash

(361,121)

(11,743)

64,898

10,574



Proceeds from short-term bank borrowings

495,694

826,398

374,417

61,006



Proceeds from long-term bank borrowings

1,258,676

-

617,970

100,689



Proceeds from long-term notes payable

-

627,821

2,901

473



Payment of short term bank borrowings

(1,078,660)

(709,458)

(589,871)

(96,111)



Payment for long term bank borrowings

(61,605)

(142,222)

(484,715)

(78,977)



Payment of arrangement fee of long-term loans and

long-term notes payable

(10,571)

(2,638)

(10,514)

(1,713)



Payment of arrangement fee of short-term loans

(2,932)

(1,772)

(2,829)

(461)








Net cash provided by (used in) financing activities

239,481

586,386

(27,743)

(4,520)








Unrealised foreign exchange gain/loss












Net increase (decrease) in cash and cash equivalents

(119,594)

328,478

413,605

67,391








Cash and cash equivalents at the beginning of period

1,908,859

676,476

1,004,954

163,743








Cash and cash equivalents at the end of period

1,789,265

1,004,954

1,418,559

231,134















Supplemental disclosure of cash flow information:






Interest paid

47,116

46,594

29,838

4,862


Income tax paid / (refunded)

30,610

362

(18,728)

(3,051)


Realized gain / (loss) from derivative contracts

6,967

(8,465)

13,757

2,242

Supplemental schedule of non-cash activities:






Acquisition of fixed assets included in accounts payable,

accrued expenses and other liabilities

(19,837)

(147,125)

(16,710)

(2,723)


For the three months ended





June 30, 2012

March 31, 2013

June 30, 2013

June 30, 2013





(RMB million)

(RMB million)

(RMB million)

(US$ milllion)












Non-GAAP net loss

(245.9)

(202.9)

(130.0)

(21.2)












Fair value changes of the conversion features

of the Convertible bonds

1.1

2.1

(11.3)

(1.8)












Accretion of interest of the Convertible bonds

(21.9)

(25.1)

(24.7)

(4.0)












GAAP net loss

(266.7)

(225.9)

(166.0)

(27.0)





























For the three months ended





June 30, 2012

March 31, 2013

June 30, 2013

June 30, 2013





(RMB)

(RMB)

(RMB)

(US$)












Non GAAP net loss per ADS - Basic

(2.91)

(2.40)

(1.54)

(0.25)












Fair value changes of the conversion features

of the Convertible bonds

0.01

0.03

(0.13)

(0.02)












Accretion of interest of the Convertible bonds

(0.26)

(0.30)

(0.29)

(0.05)












Net loss contributed to shareholders per ADS -

Basic

(3.16)

(2.67)

(1.96)

(0.32)












ADS (Basic)

84,404,621

84,571,493

84,622,274

84,622,274





















For three months ended


Annualized for the three months ended


June 30, 2012

March 31, 2013

June 30, 2013


June 30, 2012

March 31, 2013

June 30, 2013









Non-GAAP Return on Equity 

-7.21%

-9.06%

-6.27%


-28.84%

-36.24%

-25.08%









Fair value changes of the conversion features

of the Convertible bonds

0.89%

1.43%

0.47%


3.56%

5.72%

1.88%









Accretion of interest of the Convertible bonds

-0.57%

-0.95%

-1.01%


-2.28%

-3.80%

-4.04%









GAAP Return on equity

-6.89%

-8.58%

-6.81%


-27.56%

-34.32%

-27.24%

 

SOURCE Hanwha SolarOne Co., Ltd.



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http://www.hanwha-solarone.com

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