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Solar PV Corporate News Release
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Hanwha SolarOne Reports Third Quarter 2014 Results

SHANGHAI, Nov. 21, 2014 /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 three months ended September 30, 2014. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (9:00 pm Shanghai Time) on November 21, 2014. A slide presentation with details of the results will also be available on the Company website prior to the call.

THIRD QUARTER 2014 HIGHLIGHTS

2Q14

3Q14

Percentage Change[1]

(RMB)

(US$)

(RMB)

(US$)

(%)

Net Revenues (Million)

1,107.3

178.5

1,198.0

195.2

+8.2

Shipments (MW)

339.5

373.2

+9.9

Average Selling Price (/W)

4.17

0.67

3.74

0.61

-10.3

Gross profit (Million)

105.1

16.9

81.0

13.2

-22.9

Gross margin (%)

9.5

6.8

-270 basis points

Operating loss (Million)

(39.9)

(6.4)

(72.8)

(11.9)

-82.7

Operating margin (%)

-3.6

-6.1

-250 basis points

Net loss (Million)

(54.8)

(8.8)

(234.3)

(38.2)

Increased 327.5

Net loss per basic ADS

(0.60)

(0.10)

(2.56)

(0.42)

Increased 326.7

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

Mr. Seong-woo Nam, Chairman and CEO of Hanwha SolarOne, commented, Our third quarter results reflect the prevalent industry trends in place: record shipments due to strong demand, lower average selling prices reflecting an increasing proportion of business in China and the negative impact of a strong U.S. dollar in relation to the Yen and Euro. Our revenues improved over 8% quarter-to-quarter in spite of lower pricing. We achieved more than a 3% reduction in production costs quarter-to-quarter, which was not fully reflected in profitability due to the more rapid decline in product pricing.

Noticeable progress was made in penetrating the large and growing domestic market in China. Shipments to China reached 30% of our total volume, over a 400% quarter-over-quarter gain. We signed several substantial module supply agreements and have increased our pipeline of potential downstream projects. We continued to maintain a strong presence in the important Japanese market.

Chairman Nam noted, There were a number of accomplishments on the manufacturing front. We began commercial production of our next generation S Series modules, fully automated a number of existing module lines, and made significant progress towards installing up to 500 MW of new capacity for both cells and modules. We continue to upgrade the manufacturing equipment at our ingot and wafer plant, which has improved efficiency and lowered costs.

Chairman Nam concluded, The outlook for the fourth quarter is good. We expect a new record in module shipments, stable to improving average selling prices due to strong module demand and tight supply, and an increase in the proportion of modules sold to higher-priced markets, such as the EU and U.S. We also aim to further reduce manufacturing costs, which should further increase profitability. We also expect to begin development of our first IPP project.

THIRD QUARTER 2014 RESULTS

  • Total net revenues were RMB1, 198.0 million (US$195.2 million), an increase of 8.2% from RMB1, 107.3 million in 2Q14, and an increase of 5.5% from RMB1, 135.1 million in 3Q13. The increase in total net revenues in 3Q14 compared with 2Q14 was primarily due to higher shipments. Module processing services accounted for approximately 10% of revenues.
  • PV module shipments, including module processing services, were 373.2 MW, a 9.9% increase from 339.5 MW in 2Q14, and a 17.4% increase from 317.8 MW in 3Q13.

Module revenue by shipping destination 3Q 14

Module revenue by shipping destination 2Q 14

Country

3Q14

Country

2Q14

Japan

43%

Japan

53%

China

30%

US

11%

Korea

8%

UK

9%

US

5%

Korea

9%

UK

4%

Canada

7%

Canada

3%

China

6%

Turkey

2%

Turkey

1%

Others

5%

Others

4%

  • The Company continues to preserve a strong position in the Japanese market this quarter, representing 43% of module shipments worldwide in 3Q14. Shipments to China increased to almost one third of shipments in response to strong demand in light of the Government policy change and as a result of the Company heightened focus on this market. We expect this trend to continue in the fourth quarter. Penetration in the Korean market was sustained with the support of the wider Hanwha Group, accounting for 8% of modules shipped. Third quarter shipments to the U.S. declined due to the uncertainty created by the ongoing regulatory changes. Deliveries to Europe were subdued partly due to the weakening of the Euro, as well as continued difficulty caused by the price undertaking mechanism. In the three months ended September 30, 2014 deliveries to Canada and Turkey remained fairly constant at 3% and 2%, respectively. The Company broadened its global footprint by shipping PV modules to 25 separate countries during 3Q14, including a number of notable new markets. Shipments to Europe and Africa (EA) contributed 9% to total module shipments, Asia Pacific (AP) accounted for 83% and North America (NA) 8%.
  • The average selling price of modules, excluding module processing services, decreased to RMB3.74 per watt (US$0.61), from RMB4.17 per watt in 2Q14 and decreased from RMB4.16 per watt in 3Q13. This is primarily attributable to a greater percentage of business in China, which has lower market prices.
  • Gross profit in 3Q14 was RMB81.0 million (US$13.2 million), compared with a gross profit of RMB105.1 million in 2Q14 and a gross profit of RMB57.8 million in 3Q13. The increase in gross profit in 3Q14 was primarily due to higher shipments.
  • Gross margin was positive 6.8%, compared with positive 9.5% in 2Q14 and positive 5.1% in 3Q13. The decline in gross margins is the result of lower average selling price.
  • The blended cost of goods sold (COGS) per watt, excluding module processing services, was US$0.57, representing a 3.4% decrease from 2Q14. The blended COGS takes into account the production cost (silicon and non-silicon) using internally sourced wafers, and purchase costs and additional processing costs of externally sourced wafers and cells. The Company cost structure improved in light of increased utilization and improved manufacturing efficiencies at our ingot and wafer production facilities, lower polysilicon costs, increased automation, and new product introductions that use fewer raw materials.
  • Operating loss in 3Q14 was RMB72.8 million (US$11.9 million), compared with an operating loss of RMB39.9 million in 2Q14 and an operating loss of RMB132.7 million in 3Q13. Operating margin decreased to negative 6.1% from negative 3.6% in 2Q14 and increased from negative 11.7% in 3Q13.
  • Operating expenses as a percentage of total net revenues were 12.8% in 3Q14, compared with 13.1% in 2Q14 and 16.8% in 3Q13. The Company continues to maintain tight control over operating expenses.
  • Interest expense was RMB90.5 million (US$14.8 million), compared with RMB83.7 million in 2Q14 and RMB89.3 million in 3Q13.
  • The Company recorded a net loss of RMB71.0 million (US$11.6 million), which included a foreign exchange loss and a gain from the change in fair value of derivatives in hedging activities. The Company recorded a net gain of RMB37.3 million in 2Q14 and a net gain of RMB40.3 million in 3Q13 for the foreign exchange gain/loss and the gain/loss from change in fair value of derivatives in hedging activities.
  • Gain from the change in fair value of the conversion feature of the Company convertible bonds was RMB4.4 million (US$0.7 million), compared with a gain of RMB3.4 million in 2Q14 and a loss of RMB29.5 million in 3Q13. This line item has fluctuated, and is expected to continue to fluctuate quarter-to-quarter, based primarily on changes in the Company ADS price. The Company has no direct control over the fluctuations.
  • Net loss attributable to shareholders on a non-GAAP basis[1] was RMB203.7 million (US$33.2 million), compared with a net loss attributable to shareholders of RMB54.0 million in 2Q14 and a net loss attributable to shareholders of RMB401.6 million in 3Q13.
  • Net loss per basic ADS on a non-GAAP basis was RMB2.23 (US$0.36), compared with net loss per basic ADS on a non-GAAP basis of RMB0.59 in 2Q14 and net loss per basic ADS on a non-GAAP basis of RMB4.74 in 3Q13.
  • Net loss attributable to shareholders on a GAAP basis was RMB234.3 million (US$38.2 million), compared with net loss attributable to shareholders of RMB54.8 million in 2Q14 and net loss attributable to shareholders of RMB460.4 million in 3Q13.
  • Net loss per basic ADS on a GAAP basis was RMB2.56 (US$0.42), compared with net loss per basic ADS of RMB0.60 in 2Q14 and net loss per basic ADS of RMB5.44 in 3Q13.
  • Annualized ROE on a non-GAAP basis was negative 55.9% in 3Q14, compared with negative 13.6% in 2Q14 and negative 88.8% in 3Q13.
  • Annualized ROE on a GAAP basis was negative 55.2% in 3Q14, compared with negative 11.9% in 2Q14 and negative 86.6% in 3Q13.

[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 September 30, 2014, the Company had cash and cash equivalents of RMB877.0 million (US$142.9 million) and negative net working capital of RMB1, 573.3 million (US$256.3 million), compared with cash and cash equivalents of RMB981.5 million and negative net working capital of RMB1, 204.7 million as of June 30, 2014. Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB2, 961.4 million (US$482.5 million) as of September 30, 2014, compared with RMB2, 918.8 million as of June 30, 2014. As of September 30, 2014 the Company convertible bonds were classified as a current liability and totaled RMB492.6 million ( US$80.3 million). Holders of the convertible bonds have the option to require the Company to redeem the notes on January 15, 2015. Since January 1, 2012, the Company has been buying back its convertible bonds from time to time. The Company has repurchased convertible bonds to the value of approximately US$86.4 million out of US$172.5 million in face value as of September 30, 2014. As of September 30, 2014, the Company had total long-term debt of RMB1, 520.9 million (US$247.8 million), which is comprised of long-term bank borrowings and long-term notes. The Company long-term bank borrowings are to be repaid in installments until their maturities, which range from 1 to 2 years. The Company long-term notes are to be repaid in 2 years.

Net cash used in operating activities in 3Q14 was RMB247.2 million (US$40.3 million), compared with net cash provided in operating activities of RMB130.6 million in 2Q14 and net cash used in operating activities of RMB315.9 million in 3Q13. As of September 30, 2014, accounts receivable were RMB992.1 million (US$161.6 million), compared with RMB641.0 million as of June 30, 2014 and RMB744.7 million, as of December 31, 2013. Days sales outstanding (DSO) decreased to 107 days in 3Q14 from 116 days in 2Q14, compared with 125 days in 3Q13. As of September 30, 2014, inventories increased to RMB932.7 million (US$152.0 million) from RMB852.9 million as of June 30, 2014 and RMB752.3 million as of December 31, 2013. Inventories were increased in preparation for higher shipment volumes. Day inventory was 72 days in 3Q14 compared with 73 days in 2Q14 and 62 days in 3Q13.

Capital expenditures were RMB129.2 million (US$21.0 million) in 3Q14.

CAPACITY STATUS

As of September 30, 2014, the Company had production capacity of 800 MW for ingot and wafer, 1.3 GW for cell and 1.5 GW for module. The Company is on plan to expand cell and module capacities to at least 1.5 GW and 2.0 GW, respectively, by the end of 2014.

ADDITIONAL DISCLOSURE

On June 8, 2012, we submitted an arbitration request to Guangzhou Arbitration Commission requiring Guangdong Guo Hua New Energy Investment Co., Ltd., or Guo Hua, owner of a PV project for which we acted as an engineering, procurement and construction contractor, or an EPC contractor, to pay a total amount of RMB92 million including, among others, overdue payment of the EPC contract price, accrued interest, damages and legal costs in accordance with the EPC contract. On August 5, 2012, Guo Hua filed a counterclaim to Guangzhou Arbitration Commission alleging that we have substantially breached the EPC contract, and Guo Hua requested to terminate the EPC contract and demanded that we pay a total amount of RMB187 million for breach of contract. On September 11, 2014, Guangzhou Arbitration Commission issued their arbitral award which dismisses Guo Hua counterclaim for approximately RMB187 million and supports the Company claim for payment of approximately RMB78.2 million plus interests for late payment at the rate of 8.33% per month since December 20, 2010 until the RMB78.2 million is fully paid.

On September 30, 2014, a European customer initiated arbitration proceedings against Hanwha SolarOne (Qidong) Co., Ltd., or SolarOne Qidong, a subsidiary of Hanwha SolarOne Co., Ltd., under the rules of the London Court of International Arbitration. In its initial pleading, the European customer alleged that certain solar modules it purchased from SolarOne Qidong between 2009 and 2011 were defective, claiming total damages of approximately US$240 million, comprised of purchase price adjustments and damages, as well as indemnification against any liability arising from the European customer sale of such modules to end customers. SolarOne Qidong intends to vigorously defend against the claims. On November 7, 2014, SolarOne Qidong filed its Response to the European customer Request for Arbitration, denying all liability for the claims asserted and reserving the right to assert any defense or counterclaim it deems appropriate. The arbitral tribunal is currently being constituted.

BUSINESS OUTLOOK

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

For the fourth quarter 2014 the Company expects:

  • Module shipments of 400 - 425 MW

For the full year 2014, the Company expects:

  • Module shipments to be between 1.43 GW to 1.46 GW of which about 25 to 30% will be for PV module processing services
  • Capital expenditures of $80 million largely for automation of existing manufacturing lines, as well as cell and module capacity expansions

CONFERENCE CALL

The Company will host a conference call to discuss the third quarter results at 8:00 AM Eastern Time (9:00 PM Shanghai Time) on November 21, 2014.

Mr. Seong-woo Nam, Chairman and CEO; 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

International dial-in Number:

+65 67239381

China Toll Free Numbers:

4006208038

8008190121

Passcode:

HSOL

A live webcast of the conference call will be available on the investor relations section of the Company 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

China Domestic Toll Free Numbers:

4006022065 (Mandarin)

8008700205

Conference ID:

34576148

Encore Dates: November 21, 2014 11:00 AM ET - November 29, 2014 7:59 AM 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 September 30, 2014, which was RMB6.1380 to US$1.00, except for the conversion of Renminbi into U.S. dollars for 2Q14 which is based on the exchange rate of RMB6.2036 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of June 30, 2014. 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 September 30, 2014 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 4Q and full-year 2014 estimates for PV product shipments, 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 largest shareholder, is active in solar project development and financing, and the production of polysilicon. 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

June 30

September 30

September 30

2013

2014

2014

2014

(Audited)

(Unaudited)

 (Unaudited) 

(Unaudited)

 RMB'000 

 RMB'000 

 RMB'000 

US$'000

ASSETS

Current assets

Cash and cash equivalents

1,249,481

981,490

877,012

142,882

Restricted cash

163,948

434,943

622,926

101,487

Derivative contracts

26,632

-

10,766

1,754

Accounts receivable - net

744,739

640,962

992,105

161,633

Notes receivable

10,780

7,437

10,014

1,631

Inventories

752,291

852,947

932,721

151,958

Advance to suppliers - net

182,129

202,213

177,272

28,881

Other current assets - net

301,561

250,772

286,049

46,603

Amount due from related parties - net

530,732

562,483

434,807

70,839

 Total current assets

3,962,293

3,933,247

4,343,672

707,668

Non-current assets

Fixed assets - net

4,482,656

4,359,730

4,389,089

715,068

Land use rights - net

272,444

269,546

267,761

43,623

Long-term investment

-

-

5,241

854

Deferred tax assets - net

2,946

2,946

2,835

462

Long-term deferred expenses

9,594

4,247

3,358

547

Long-term prepayments

132,011

75,322

84,302

13,734

 Total non-current assets

4,899,651

4,711,791

4,752,586

774,288

TOTAL ASSETS

8,861,944

8,645,038

9,096,258

1,481,956

LIABILITIES

Current liabilities

Derivative contracts

6,513

17,659

6,005

978

Short-term bank borrowings

1,105,575

1,343,676

1,386,314

225,858

Long-term bank borrowings, current portion

234,121

1,575,117

1,575,040

256,605

Convertible bonds

-

462,126

492,581

80,251

Accounts payable

695,530

522,806

764,661

124,578

Notes payable

494,462

465,800

610,930

99,532

Accrued expenses and other liabilities

388,747

361,661

381,995

62,234

Customer deposits

47,763

34,492

26,021

4,239

Unrecognized tax benefit

143,473

116,089

116,089

18,913

Amount due to related parties

255,033

238,529

557,310

90,797

 Total current liabilities

3,371,217

5,137,955

5,916,946

963,985

Non-current liabilities

Long-term bank borrowings

2,446,076

1,004,137

905,648

147,548

Long-term notes

609,690

615,280

615,250

100,236

Convertible bonds

470,357

-

-

-

Long term payable

50,000

50,000

50,000

8,146

Deferred tax liabilities

24,209

23,914

23,767

3,872

 Total non-current liabilities

3,600,332

1,693,331

1,594,665

259,802

TOTAL LIABILITIES

6,971,549

6,831,286

7,511,611

1,223,787

Redeemable ordinary shares

24

24

24

4

EQUITY

Shareholders equity

Ordinary shares

321

337

337

55

Additional paid-in capital

4,022,147

4,127,259

4,126,872

672,348

Statutory reserves

174,456

174,456

174,456

28,422

Accumulated deficits

(2,304,523)

(2,492,720)

(2,726,970)

(444,277)

Accumulated other comprehensive income (loss)

(2,030)

4,396

9,928

1,617

 Total shareholders equity

1,890,371

1,813,728

1,584,623

258,165

TOTAL EQUITY

1,890,395

1,813,752

1,584,647

258,169

TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS EQUITY

8,861,944

8,645,038

9,096,258

1,481,956

 

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

 September 30 

 June 30 

September 30

September 30

2013

2014

2014

2014

(Unaudited)

 (Unaudited) 

 (Unaudited) 

(Unaudited)

RMB'000

 RMB'000 

 RMB'000 

US$'000

Net revenues

1,135,080

1,107,253

1,197,984

195,175

Cost of revenues

(1,077,312)

(1,002,182)

(1,116,951)

(181,973)

Gross profit 

57,768

105,071

81,033

13,202

Operating expenses

Selling expenses

(73,733)

(62,952)

(59,599)

(9,710)

General and administrative expenses

(91,132)

(63,925)

(70,054)

(11,413)

Research and development expenses

(25,597)

(18,053)

(24,184)

(3,940)

 Total operating expenses

(190,462)

(144,930)

(153,837)

(25,063)

Operating loss

(132,694)

(39,859)

(72,804)

(11,861)

Interest expenses

(89,331)

(83,687)

(90,539)

(14,751)

Interest income

4,624

7,273

3,660

596

Exchange gain (loss)

27,114

39,569

(95,670)

(15,586)

Changes in fair value of derivative contracts

13,191

(2,226)

24,703

4,025

Changes in fair value of conversion feature of convertible bonds

(29,522)

3,427

4,383

714

Loss on extinguishment of debt

-

(9,939)

-

-

Other income

1,142

2,066

2,024

330

Other expenses

(810)

(2,382)

(7,439)

(1,212)

Net loss before income tax

(206,286)

(85,758)

(231,682)

(37,745)

Income tax benefit (expenses)

(254,067)

30,969

(2,568)

(418)

Net loss

(460,353)

(54,789)

(234,250)

(38,163)

Net loss attributable to shareholders

(54,789)

(38,163)

(460,353)

(234,250)

Other comprehensive income (loss), net of tax

Foreign currency translation adjustment

1,267

611

5,532

901

Comprehensive loss attributable to ordinary shareholders

(459,086)

(54,178)

(228,718)

(37,262)

Net loss per share

Basic

(1.09)

(0.12)

(0.51)

(0.08)

Diluted

(1.09)

(0.12)

(0.51)

(0.08)

Shares used in computation

Basic

423,373,456

457,277,047

457,420,084

457,420,084

Diluted

423,373,456

457,277,047

457,420,084

457,420,084

Net loss per ADS

Basic

(5.44)

(0.60)

(2.56)

(0.42)

Diluted

(5.44)

(0.60)

(2.56)

(0.42)

ADSs used in computation

Basic

84,674,691

91,455,409

91,484,017

91,484,017

Diluted

84,674,691

91,455,409

91,484,017

91,484,017

 

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

September 30, 2013

June 30, 2014

September 30, 2014

September 30, 2014

(Unaudited) 

(Unaudited) 

(Unaudited) 

(Unaudited) 

RMB'000 

RMB'000 

RMB'000 

US$'000

Cash flow from operating activities

Net loss

(460,353)

(54,789)

(234,250)

(38,163)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Unrealised loss from derivative contracts

(4,094)

170

(22,420)

(3,653)

Amortization of convertible bonds discount

27,095

31,752

34,838

5,676

Changes in fair value of conversion feature of convertible bonds

29,522

(3,427)

(4,383)

(714)

Loss on extinguishment of debt

-

9,939

-

-

Loss from disposal of fixed assets

506

43

5,899

961

Depreciation and amortization

110,651

109,492

112,107

18,264

Amortization of long-term deferred expenses

4,043

4,411

3,746

610

Provision for doubtful debt for other current assets

11,854

-

-

-

Write down of inventories

30,772

7,911

15,066

2,455

Stock compensation expense

756

441

746

122

Warranty provision / utilization

(14,085)

5,457

9,505

1,549

Warranty reversal

(5,410)

(2,957)

-

-

Deferred tax expense (benefit)

260,320

(148)

(36)

(6)

Foreign currency exchange losses (gains)

(3,070)

70

(30)

(5)

Reversal of unrecognized tax benefit

-

(27,384)

-

-

Changes in operating assets and liabilities

Restricted cash

(281,247)

(128,243)

(221,050)

(36,013)

Inventories

(137,302)

(81,254)

(94,840)

(15,451)

Accounts and notes receivable

136,721

187,214

(348,188)

(56,727)

Advance to suppliers and long-term prepayments

16,442

8,459

15,961

2,600

Other current assets

51,656

16,557

(30,973)

(5,047)

Amount due from related parties

(92,986)

26,994

127,676

20,801

Accounts and notes payable

(76,459)

5,243

373,290

60,816

Accrued expenses and other liabilities

(3,948)

24,642

10,829

1,764

Customer deposits

27,112

(145)

(8,471)

(1,380)

Amount due to related parties

55,624

(9,893)

7,795

1,270

Net cash provided by (used in) operating activities

(315,880)

130,555

(247,183)

(40,271)

Cash flows from investing activities

Acquisition of fixed assets

(65,234)

(84,643)

(129,196)

(21,048)

Disposal of fixed assets

-

-

3

-

Change of restricted cash

(5,520)

(71,070)

11,879

1,935

Acquision in long-term investment

-

-

(5,241)

(854)

Proceeds from disposal of a subsidiary

Net cash used in investing activities

(70,754)

(155,713)

(122,555)

(19,967)

Cash flows from financing activities

Proceeds from (payments for) issuance of ordinary shares

-

-

(1,133)

(185)

Payment for repurchase of convertible bonds

-

(84,999)

-

-

Change of restricted cash

(14,786)

3,731

21,188

3,452

Proceeds from short-term borrowings

643,764

464,637

1,135,137

184,936

Repayment of short-term borrowings

(588,809)

(410,384)

(784,205)

(127,762)

Repayment of long-term borrowings

(13,631)

(26,776)

(98,566)

(16,058)

Arrangement fee and other related costs for long-term bank borrowings

(6,662)

(6,750)

-

-

Arrangement fee and other related costs for long-term notes

-

(3,695)

-

-

Arrangement fee and other related costs for short-term bank borrowings

(2,041)

(7,760)

(7,161)

(1,167)

Net cash provided by (used in) financing activities

17,835

(71,996)

265,260

43,216

Net decrease in cash and cash equivalents

(368,799)

(97,154)

(104,478)

(17,022)

Cash and cash equivalents at the beginning of period

1,418,559

1,078,644

981,490

159,904

Cash and cash equivalents at the end of period

1,049,760

981,490

877,012

142,882

Supplemental disclosure of cash flow information:

Interest paid

56,441

39,947

49,117

8,002

Income tax paid (refunded)

(24,817)

1,592

(457)

(74)

Realized gain (loss) from derivative contracts

9,097

(2,056)

2,283

372

Supplemental schedule of non-cash activities:

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

(50,439)

(4,700)

16,387

2,670

 

For the three months ended

September 30, 2013

June 30, 2014

September 30, 2014

September 30, 2014

(RMB million)

(RMB million)

(RMB million)

(US$ milllion)

Non-GAAP net loss

(401.6)

(54.0)

(203.7)

(33.2)

Fair value changes of the conversion features of the Convertible bonds

(29.5)

3.4

4.4

0.7

Accretion of interest of the Convertible bonds

(29.3)

(31.6)

(35.0)

(5.7)

Unrecognized tax benefit

-

27.4

-

-

GAAP net loss

(460.4)

(54.8)

(234.3)

(38.2)

For the three months ended

September 30, 2013

June 30, 2014

September 30, 2014

September 30, 2014

(RMB)

(RMB)

(RMB)

(US$)

Non GAAP net loss per ADS - Basic

(4.74)

(0.59)

(2.23)

(0.36)

Fair value changes of the conversion features of the Convertible bonds

(0.35)

0.04

0.05

0.01

Accretion of interest of the Convertible bonds

(0.35)

(0.35)

(0.38)

(0.07)

Unrecognized tax benefit

0.30

-

-

GAAP net loss contributed to shareholders per ADS - Basic

(5.44)

(0.60)

(2.56)

(0.42)

ADS (Basic)

84,674,691

91,455,409

91,484,017

91,484,017

For three months ended

Annualized for the three months ended

September 30, 2013

June 30, 2014

September 30, 2014

September 30, 2013

June 30, 2014

September 30, 2014

Non-GAAP Return on Equity 

-22.21%

-3.41%

-13.98%

-88.84%

-13.64%

-55.92%

Fair value changes of the conversion features of the Convertible bonds

1.94%

0.66%

2.25%

7.76%

2.64%

9.00%

Accretion of interest of the Convertible bonds

-1.38%

-1.72%

-2.06%

-5.52%

-6.88%

-8.24%

Unrecognized tax benefit

-

1.49%

-

-

5.96%

-

GAAP Return on equity

-21.65%

-2.98%

-13.79%

-86.60%

-11.92%

-55.16%

 

SOURCE Hanwha SolarOne Co., Ltd.

 

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