XINYU CITY, China and SUNNYVALE, Calif., May 15, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. (NYSE: LDK) ("LDK Solar"), today announced that its Annual Report on Form 20-F, which includes audited financial statements for its fiscal year ended December 31, 2012 ("Form 20-F"), has been filed with the U.S. Securities and Exchange Commission. The Form 20-F has been posted on the Company's website at investor.ldksolar.com. The Form 20-F is also available online at www.sec.gov. Shareholders may receive a hard copy of the filing upon request from LDK Solar Investor Relations. Requests should be directed to: LDK Solar Co., Ltd., 1290 Oakmead Parkway, Suite 306, Sunnyvale, CA 94085, USA.
During the course of the preparation of LDK Solar's 2012 annual report, LDK Solar's management determined that an additional provision for warranty and long-term contract termination penalty of approximately $14.8 million and a reversal of previously recognized gain on restructuring of payables of approximately $21.0 million were required to properly adjust previously announced preliminary unaudited financial results for the fourth quarter ended December 31, 2012.
The additional provision for warranty and long-term contract termination penalty was based on updates in LDK Solar's negotiation with relevant counterparties regarding the settlement plan for the contractual obligations under certain contracts. The reversal of previously recognized gain on restructuring of payables was adjusted to reflect the increased risk of reversal of previously agreed discount, because of recent non-performance of certain contractual terms under a payable restructuring contract.
Additional information about LDK Solar's audited consolidated financial statements for the fiscal year ended December 31, 2012, including the notes thereto, can be found in the annual report on Form 20-F filed by LDK Solar with the SEC.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement for LDK Solar
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.