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Solar PV Corporate News Release
Hanwha Q CELLS Reports
May 25, 2017
JA Solar Announces First Quarter 2017 Results
May 24, 2017
Yingli Green Energy Reports Fourth Quarter and Full Year 2016 Results
Apr 13, 2017
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results
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SunPower Reports Third Quarter 2016 Results
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First Solar, Inc. Announces Third Quarter 2016 Financial Results
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Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
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Canadian Solar Reports Second Quarter 2016 Results
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JA Solar Announces Second Quarter 2016 Results
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SunPower Reports Second Quarter 2016 Results
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First Solar, Inc. Announces Second Quarter 2016 Financial Results
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SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
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Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
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Hanwha Q CELLS Reports Third Quarter 2015 Results
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JinkoSolar Announces Third Quarter 2015 Financial Results
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JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
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Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
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Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
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JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
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First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
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Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
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First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
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Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
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JA Solar Launching 1500V PV Module
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Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
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JA Solar Makes Breakthrough in South Pacific Market in 2014
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First Solar Achieves Efficiency, Durability Milestones
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JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
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JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
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Motech and Topcell Announced the Signing of Merger Agreement
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JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
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JA Solar Announces Third Quarter 2014 Results
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Jan 01, 1970

Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results

 

SEOUL, South Korea, March 23, 2017 - Hanwha Q CELLS Co., Ltd. ("Hanwha Q CELLS" or the "Company") (NASDAQ: HQCL), a global leading photovoltaic manufacturer of high-performance, high-quality solar modules, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2016. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (9:00 pm Korea Standard Time) on March 23, 2017.

Fourth Quarter 2016 Highlights

  • Net revenues were $565.9 million, compared with $707.8 million in the third quarter of 2016 and $702.1 million in the fourth quarter of 2015.
  • Gross margin was 9.5%, compared with 19.9% in the third quarter of 2016 and 19.1% in the fourth quarter of 2015.
  • Operating loss was $6.1 million, compared with operating income of $72.4 million in the third quarter of 2016 and operating income of $53.8 million in the fourth quarter of 2015.
  • Net loss attributable to Company's ordinary shareholders was $25.5 million, compared with net income of $41.7 million in the third quarter of 2016 and net income of $26.0 million in the fourth quarter of 2015.
  • Loss per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) was $0.31, compared with earnings per fully diluted ADS of $0.50 in the third quarter of 2016 and earnings per fully diluted ADS of $0.31 in the fourth quarter of 2015.

Full Year 2016 Highlights

  • Total revenue-recognized module shipments in 2016 were 4,583 MW for the full year 2016, an increase of 55.0% from 2,956 MW for the full year 2015.
  • Total net revenues were $2,426.6 million for the full year 2016, an increase of 34.8% from $1,800.8 million for the full year 2015.
  • Gross margin rate was 18.7% for the full year 2016, compared with 18.5% for the full year 2015.
  • Operating income was $207.5 million in the full year 2016, compared with $77.9 million in the full year 2015.
  • Net income attributable to Company's ordinary shareholders was $120.5 million for the full year 2016, compared with $43.8 million for the full year 2015.
  • Earnings per fully diluted ADS were $1.45 for the full year 2016, compared with $0.53 for the full year 2015.

Mr. Seong-woo Nam, Chairman and CEO of Hanwha Q CELLS, remarked "We achieved record high total module shipment and revenue in the full year 2016 while establishing solid market positioning in key strategic markets in both mature and emerging countries. In 2016, we have also successfully ramped up a world leading PERC cell in-house production capability, now having produced over 3 GW1 of both mono and multi PERC cells since 2015, positioning Hanwha Q CELLS as a global leader in production of advanced cells."

"Despite the market's concern for global solar demands, we have started 2017 with a strong momentum," Mr. Nam continued. "Hanwha Q CELLS was awarded the tender to construct the region's largest 1 GW solar power plant in Turkey, which will help us establish a stronger foothold in the region with great growth potentials, and we have also entered into several large module supply contracts strengthening our sales backlog for the year."

Mr. Jay Seo, CFO of Hanwha Q CELLS, said "Our fourth quarter results came in weaker than anticipated due to certain project schedule delays, which prevented us from recognizing certain revenues in the year 2016, and several other one-time accounting adjustments, such as measurement of inventory at the lower of cost or market and asset impairments." Mr. Seo added, "We will continue to execute on reducing manufacturing costs and augmenting operating expense controls, while diligently managing our balance sheet and cash management."

1 Also includes PERC cells produced by Hanwha Q CELLS Korea Corporation, an affiliate of the Company

Fourth Quarter 2016 Financial Results

Net Revenues

  • Total net revenues were $565.9 million, down 20.0% from $707.8 million in the third quarter of 2016 and down 19.4% from $702.1 million in the fourth quarter of 2015.

Gross Profit and Margin

  • Gross profit in the fourth quarter of 2016 was $54.0 million, compared with $140.5 million in the third quarter of 2016 and $134.2 million in the fourth quarter of 2015.
  • Gross margin in the fourth quarter of 2016 was 9.5%, compared with 19.9% in the third quarter of 2016 and 19.1% in the fourth quarter of 2015.

Operating Expense, Income and Margin

  • Total operating expenses were $60.1 million in the fourth quarter of 2016, down 11.7% from $68.1 million in the third quarter of 2016 and down 25.2% from $80.4 million in the fourth quarter of 2015.
  • Selling and marketing expenses were $27.9 million in the fourth quarter of 2016, down 23.4% from $36.4 million in the third quarter of 2016 and down 23.1% from $36.3 million in the fourth quarter of 2015.
  • General and administrative expenses were $20.3 million in the fourth quarter of 2016, up 3.0% from $19.7 million in the third quarter of 2016 and down 32.8% from $30.2 million in the fourth quarter of 2015.
  • Research and development expenses were $11.9 million in the fourth quarter of 2016, down 0.8% from $12.0 million in the third quarter of 2016 and down 14.4% from $13.9 million in the fourth quarter of 2015.

Net Interest Expense

  • Net interest expense was $12.2 million in the fourth quarter of 2016, compared with $12.4 million in the third quarter of 2016 and $18.4 million in the fourth quarter of 2015.

Foreign Currency Exchange Gain (Loss)

  • Net foreign currency exchange loss was $7.5 million in the fourth quarter of 2016, compared with a net loss of $2.3 million in the third quarter of 2016 and net loss of $6.6 million in the fourth quarter of 2015.

Gain (loss) on change in Fair Value of Derivative Contracts

  • The Company recorded a net gain of $7.0 million in the fourth quarter of 2016 from the change in fair value of derivatives in hedging activities, compared with a net loss of $2.1 million in the third quarter of 2016 and a net loss of $0.7 million in the fourth quarter of 2015.

Income Tax Expense (Benefit)

  • Income tax benefit was $5.4 million in the fourth quarter of 2016, compared with an income tax expense of $10.3 million in the third quarter of 2016 and an income tax expense of $4.6 million in the fourth quarter of 2015.

Net Income (Loss) and Earnings (Loss) per ADS

  • Net loss attributable to Company's ordinary shareholders was $25.5 million in the fourth quarter of 2016, compared with net income of $41.7 million in the third quarter of 2016 and net income of $26.0 million in the fourth quarter of 2015.
  • Loss per fully diluted ADS on a GAAP basis was $0.31 in the fourth quarter of 2016, compared with earnings per fully diluted ADS of $0.50 in the third quarter of 2016 and earnings per fully diluted ADS of $0.31 in the fourth quarter of 2015.

Financial Positions

As of December 31, 2016, the Company had cash and cash equivalents of $390.9 million, compared with $254.8 million as of September 30, 2016. The restricted cash as of December 31, 2016 was $108.1 million, compared with $147.2 million as of September 30, 2016.

As of December 31, 2016, accounts receivable was $415.1 million, compared with $453.1 million as of September 30, 2016. Inventories were $333.5 million as of December 31, 2016, compared with $451.7 million as of September 30, 2016.

Total short-term bank borrowings (including the current portion of long-term bank borrowings) were $527.9 million as of December 31, 2016, an increase of $113.0 million from the third quarter of 2016. As of December 31, 2016, the Company had total long-term debt (net of current portion and long-term notes) of $643.7 million, a decrease of $153.2 million from the third quarter of 2016. The Company's long-term bank and government borrowings are to be repaid in installments until their maturities, which range from one to fourteen years.

Net cash provided by operating activities was $94.8 million in the fourth quarter of 2016.

Capital expenditures were $25.1 million in the fourth quarter of 2016.

Full Year 2016 Financial Results

Net Revenues

  • Total net revenues were $2,426.6 million, up 34.8% from $1,800.8 million for the full year 2015.

Gross Profit and Margin

  • Gross profit was $454.7 million, compared with $334.0 million for the full year 2015.
  • Gross margin was 18.7%, compared with 18.5% for the full year 2015.

Operating Expense, Income and Margin

  • Total operating expenses were $247.2 million, down 3.5% from $256.1 million for the full year 2015.
  • Selling and marketing expenses were $120.2 million, up 27.7% from $94.1 million for the full year 2015.
  • General and administrative expenses were $77.6 million, down 15.4% from $91.7 million for the full year 2015.
  • Research and development expenses were $49.4 million, up 2.3% from $48.3 million for the full year 2015.

Net Interest Expense

  • Net interest expense was $46.7 million, compared with $56.0 million for the full year 2015.

Foreign Currency Exchange Gain (Loss)

  • Net foreign currency exchange loss was $4.0 million, compared with a net loss of $23.6 million for the full year 2015.

Gain (loss) on change in Fair Value of Derivative Contracts

  • The Company recorded a net loss of $24.1 million from the change in fair value of derivatives in hedging activities, compared with a net gain of $9.6 million for the full year 2015.

Income Tax Expense (Benefit)

  • Income tax expense was $0.8 million, compared with an income tax expense of $10.1 million for the full year 2015.

Net Income (Loss) and Earnings (Loss) per ADS

  • Net income attributable to Company's ordinary shareholders was $120.5 million, compared with net income of $43.8 million for the full year 2015.
  • Earnings per fully diluted ADS on a GAAP basis was $1.45, compared with earnings per fully diluted ADS of $0.53 for the full year 2015.

Financial Positions

As of December 31, 2016, the Company had cash and cash equivalents of $390.9 million, compared with $200.0 million as of December 31, 2015. The restricted cash as of December 31, 2016 was $108.1 million, compared with $172.2 million in the previous year.

As of December 31, 2016, accounts receivable was $415.1 million, compared with $641.9 million as of December 31, 2015. Inventories were $333.5 million, compared with $406.1 million as of December 31, 2015.

Total short-term bank borrowings (including the current portion of long-term bank borrowings) were $527.9 million as of December 31, 2016, an increase of $111.2 million from the full year of 2015. As of December 31, 2016, the Company had total long-term debt (net of current portion and long-term notes) of $643.7 million, a decrease of $9.8 million from the full year of 2015. The Company's long-term bank and government borrowings are to be repaid in installments until their maturities, which range from one to fourteen years.

Net cash provided by operating activities was $125.5 million in the full year 2016.

Capital expenditures were $137.7 million in the full year 2016.

Operations Updates

Production Capacity

As of December 31, 2016, the Company's in-house, annualized production capacities were 1,550 MW for ingot, 950 MW for wafer, 4,150 MW for cell and 4,150 MW for module.

Additionally, the Company has an access of module supply of up to 1,550 MW (annualized) as of December 31, 2016 from Hanwha Q CELLS Korea Corporation, an affiliate of the Company.

Business Outlook

First Quarter and Full Year 2017 Guidance

For the first quarter of 2017, the Company estimates net revenues in the range of $410 to 430 million.

For the full year 2017, the Company estimates:

  • Total module shipments in the range of 5,500 to 5,700 MW
  • Revenue-recognized module shipments in the range of 5,300 to 5,500 MW
  • Capital expenditures of approximately $50 million for manufacturing technology upgrades and certain R&D related expenditures

About Hanwha Q CELLS

Hanwha Q CELLS Co., Ltd. (NASDAQ: HQCL) is one of the world´s largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar cells and modules. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ), with diverse international manufacturing facilities in Malaysia and China. Hanwha Q CELLS offers the full spectrum of photovoltaic products, applications and solutions, from modules to kits to systems to large scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, the company provides excellent services and long-term partnership to its customers in the utility, commercial, government and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top 10 business enterprise in South Korea. For more information, visit: http://www.hanwha-qcells.com/.

Safe Harbor Statement

This report contains forward-looking statements that are not statements of historical fact. 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 can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements, particularly statements about our guidance for performance in the first quarter and the full year 2017, involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Hanwha Q CELLS' filings with the Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, Hanwha Q CELLS does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Hanwha Q CELLS Co., Ltd.

Unaudited Condensed Consolidated Balance Sheets

(in millions of US dollars, except share data)

December 31,
2016

September 30,
2016

December 31,
2015

ASSETS

(unaudited)

(unaudited)

(audited)

Current assets

Cash and cash equivalents

390.9

254.8

200.0

Restricted cash

108.1

147.2

172.2

Accounts and notes receivable - net

330.8

327.0

365.1

Receivables from related parties

84.3

126.1

276.8

Inventories

333.5

451.7

406.1

Loans to related parties

13.0

120.0

47.8

Other current assets

80.1

101.4

102.7

     Total current assets

1,340.7

1,528.2

1,570.7

Long-term prepayments

-

1.9

2.6

Fixed assets - net

758.4

822.6

877.3

Intangible assets - net

12.2

18.5

14.8

Land use rights - net

52.3

49.7

51.8

Deferred tax assets - net

0.6

(0.4)

0.8

Loans to related parties

3.0

3.0

9.3

Other long-term assets

31.5

24.0

20.2

     Total assets

2,198.7

2,447.5

2,547.5

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

199.8

142.2

226.1

Notes payable

107.2

140.0

129.0

Payables to related parties

128.7

247.4

169.0

Loans from related parties

-

-

32.4

Deferred revenue

18.9

24.9

402.1

Accrued expenses

36.6

41.9

41.8

Other payables

22.7

20.4

25.0

Tax payables

16.0

20.2

0.2

Short-term debt

407.4

404.1

255.6

Current portion of long-term debt

120.5

10.8

161.1

Customer deposits

17.3

31.9

7.0

Unrecognized tax benefit

-

-

17.9

Derivative contracts

-

10.6

0.8

Litigation accruals

0.2

1.7

5.9

Deferred tax liabilities

2.4

1.1

5.7

Warranty provision

42.2

43.8

43.6

Other current liabilities

6.3

4.7

7.3

     Total current liabilities

1,126.2

1,145.7

1,530.5

Long-term debt

643.7

796.9

653.5

Long-term warranty provision

19.0

20.7

17.4

Deferred tax liabilities

7.2

6.7

5.9

     Total liabilities

1,796.1

1,970.0

2,207.3

Redeemable ordinary shares

-

-

-

Stockholders' equity

Ordinary shares

0.4

0.4

0.4

Additional paid-in capital

431.7

431.8

431.1

Accumulated income (deficit)

99.8

125.7

(20.2)

Accumulated other comprehensive loss

(129.3)

(80.4)

(71.1)

     Total stockholders' equity

402.6

477.5

340.2

     Total liabilities, redeemable ordinary shares and stockholders' equity

2,198.7

2,447.5

2,547.5

 

 

Hanwha Q CELLS Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in millions of US dollars, except share data and net income (loss) per share)

For the three months ended 

For the twelve months ended 

 Dec 31, 2016 

 Sep 30, 2016 

  Dec 31, 2015 

 Dec 31, 2016 

 Dec 31, 2015 

 (unaudited) 

 (unaudited) 

  (unaudited)  

  (unaudited)  

  (audited)  

Net sales

565.9

707.8

702.1

2,426.6

1,800.8

Cost of goods sold

511.9

567.3

567.9

1,971.9

1,466.8

           Gross profit

54.0

140.5

134.2

454.7

334.0

Selling and marketing expenses

27.9

36.4

36.3

120.2

94.1

General and administrative expenses

20.3

19.7

30.2

77.6

91.7

Research and development expenses

11.9

12.0

13.9

49.4

48.3

Restructuring charges

-

-

-

-

22.0

           Operating income (loss)

(6.1)

72.4

53.8

207.5

77.9

Other income (expenses)

     Interest income

3.1

0.1

4.5

8.1

10.9

     Interest expense

(15.3)

(12.5)

(22.9)

(54.8)

(66.9)

     Foreign exchange gain (loss)

(7.5)

(2.3)

(6.6)

(4.0)

(23.6)

     Gain (loss) on change in fair value of derivative contracts 

7.0

(2.1)

(0.7)

(24.1)

9.6

     Investment income (loss)

0.8

(0.6)

(0.4)

(1.2)

(1.9)

     Other income (expense) - net

(12.9)

(3.0)

2.9

(10.2)

(0.6)

     Reversal of litigation accruals

-

-

-

-

48.5

     Other expense, net

(24.8)

(20.4)

(23.2)

(86.2)

(24.0)

           Income (loss) before income tax

(30.9)

52.0

30.6

121.3

53.9

Income tax expense (benefit)

(5.4)

10.3

4.6

0.8

10.1

           Net income (loss)

(25.5)

41.7

26.0

120.5

43.8

Net income (loss) attributable to Hanwha Q CELLS Co., Ltd.'s stockholders per share:

Basic

(US$0.01)

US$0.01

US$0.01

US$0.03

US$0.01

Diluted

(US$0.01)

US$0.01

US$0.01

US$0.03

US$0.01

Net income (loss) attributable to Hanwha Q CELLS Co., Ltd.'s stockholders per ADS:

Basic

(US$0.31)

US$0.50

US$0.31

US$1.45

US$0.53

Diluted

(US$0.31)

US$0.50

US$0.31

US$1.45

US$0.53

Number of shares used in computation of net income (loss) per share:

Basic

4,159,051,773

4,159,051,773

4,158,755,035

4,158,984,882

4,120,369,328

Diluted

4,159,287,244

4,159,514,634

4,159,506,708

4,159,297,541

4,120,689,668

Number of shares used in computation of net income (loss) per ADS:

Basic

83,181,035

83,181,035

83,175,101

83,179,698

82,407,387

Diluted

83,185,745

83,190,293

83,190,134

83,185,951

82,413,793

Other comprehensive income (loss)

     Foreign currency translation adjustment

(48.9)

(2.0)

39.0

(58.2)

(34.6)

Comprehensive income (loss)

(74.4)

39.7

65.0

62.3

9.2

SOURCE Hanwha Q CELLS Co., Ltd.

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