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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Solarfun Power Holdings CO., Ltd. ADS, Each Representing Five Ordinary Shares (MM) | NASDAQ:SOLF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.14 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
SHANGHAI, May 26 /PRNewswire-FirstCall/ -- Solarfun Power Holdings Co., Ltd. ( "Solarfun" or the "Company") (Nasdaq: SOLF), 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, 2010.
FIRST QUARTER 2010 HIGHLIGHTS
Peter Xie, President of Solarfun, commented, "We are very pleased with our strong performance in the first quarter of 2010. Quarterly revenues for the first time in the Company's history exceeded $200 million, and net income per diluted ADS on a non-GAAP basis reached US$0.40, a substantial increase of over 63.9% compared to the fourth quarter of 2009. The strong performance was attributable to our ability to take advantage of favorable industry demand while keeping a keen focus on cost control and risk management.
To keep up our momentum, we plan to ramp up our internal cell capacity to 500MW by July, and our module capacity to 900MW by August of this year. This progress, along with our ongoing efforts to reduce our manufacturing costs and increase our cell efficiencies while expanding our R&D efforts, makes us optimistic about our future."
FIRST QUARTER 2010 RESULTS
FINANCIAL POSITION
As of March 31, 2010, the Company had cash and cash equivalents of RMB 936.3 million (US$137.2 million) and net working capital of RMB 1,978.1 million (US$289.8 million). Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB 930.6 million (US$136.3 million), compared to RMB 494.8 million as of December 31, 2009. The increase in short-term borrowings was because the Company drew down some additional short-term bank borrowings in anticipation of financing needs as the Company expands its manufacturing capacity and R&D capabilities to meet robust demand.
As of March 31, 2010, the Company had total long-term debt of RMB 977.7 million (US$143.2 million), which comprises both long-term bank borrowings and convertible notes payable. The Company's long-term bank borrowings are to be repaid in installments until their maturity in 2011 and 2012. The first maturity of the convertible notes payable is in 2015.
Net cash from operating activities in 1Q10 was negative RMB 85.2 million (US$12.5 million), compared to RMB 336.9 million in 4Q09 and RMB 82.5 million in 1Q09. The net cash outflow to operating activities was primarily due to the increase in account receivables which resulted from the increase in the total net revenues.
As of March 31, 2010, accounts receivable increased to RMB 849.0 million (US$124.4 million) from RMB 587.5 million as of December 31, 2009. Days sales outstanding was 47 days in 1Q10, which was consistent with 4Q09.
As of March 31, 2010, inventories decreased to RMB 720.9 million (US$105.6 million) from RMB 784.0 million as of December 31, 2009. Days inventory outstanding improved to 57 days in 1Q10 from 71 days in 4Q09 and 106 days in 1Q09 as the Company continues to improve its supply chain management.
Capital expenditures were RMB 65.0 million (US$9.5 million) in 1Q10.
CAPACITY EXPANSION
The Company has already reached its previously announced module capacity target of 700 MW. Due to anticipated demand from customers for the second half of 2010, the Company plans to further expand module capacity to 900 MW by August 30, 2010.
The Company recently acquired a cell production line with an annual capacity of 25MW from a wholly owned subsidiary of Semiconductor Manufacturing International Corporation and began operations in May 2010. Including the previously announced cell capacity expansion plan of 120 MW, the Company is expected to have a total cell capacity of 500 MW by July 1, 2010.
The Company also plans to expand its annual ingot production capacity from 300 MW to 360 MW and annual wire saw capacity from 300 MW to 400 MW by May 31, 2010. This is to be achieved primarily through improvements in production technique without incurring any significant capital expenditures.
Details on the Company's production capacities and expected production capacities:
Capacity (MW) | March 31, 2009 | December 31, 2009 | March 31, 2010 | December 31, 2010E | |
Ingots | 300 | 300 | 300 | 360 | |
Wiresaw | 300 | 300 | 300 | 400 | |
Cells | 360 | 360 | 360 | 500 | |
Modules | 450 | 550 | 600 | 900 | |
BUSINESS OUTLOOK
The Company provides the following guidance based on current operating trends and market conditions.
For 2Q10, the Company expects:
For 2010 full year shipment, the Company is raising its guidance from 600MW to 650MW based on strong demand from customers for 2010. Module processing services is expected to represent approximately 20-30% of the total shipments.
CONFERENCE CALL
Management will host a conference call to discuss Solarfun's 2010 first quarter results on May 26, 2010 at 8:00 am Eastern Daylight Time ( 8:00 pm Shanghai time ) and take questions following the prepared remarks.
The dial-in details for the live conference call are as follows:
US Toll Free | 1.800.659.2037 | |
International Toll Free | 1.617.614.2713 | |
South China Toll Free North China Toll Free | 10 800 130 0399 10 800 152 1490 | |
Participant Code SOLF | ||
A live webcast of the conference call will be available on the investor relations section of the Company's website at: http://www.solarfun-power.com. A replay of the webcast will be available for one month.
Telephone replay of the call will be available for seven days after the conclusion of the call. The dial-in details for the replay are as follows:
US Toll Free | 1.888.286.8010 | |
International Toll | 1.617.801.6888 | |
Passcode | 16751627 | |
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 31, 2010, which was RMB 6.8258 to US$1.00. 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, 2010 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 the adoption 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 2010 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. Solarfun disclaims any obligation to update or correct any forward-looking statements.
About Solarfun
Solarfun manufactures silicon ingots, wafers, PV cells and PV modules and provides PV module processing services to convert PV cells into PV modules. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules. Solarfun sells its products through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards.
SOLF-G
(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.
For further information, please contact: | |
Solarfun Power Holdings Co., Ltd. | |
Paul Combs | |
V.P. Strategic Planning | |
26F BM Tower | |
218 Wusong Road | |
Shanghai, 200080 | |
P. R. China | |
Tel: 86-21-26022833 / Mobile: 86 138 1612 2768 | |
E-mail: IR@solarfun-power.com | |
Christensen | |
Kathy Li | |
Tel: +1 480 614 3036 | |
E-mail: kli@ChristensenIR.com | |
Roger Hu | |
Tel: +86 158 1049 5326 | |
E-mail: rhu@ChristensenIR.com | |
SOLARFUN POWER HOLDINGS CO., LTD. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), | ||||||
except for number of shares and per share data) | ||||||
March 31 | December 31 | March 31 | March 31 | |||
2009 | 2009 | 2010 | 2010 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
RMB | RMB | RMB | USD | |||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 466,276 | 645,720 | 936,313 | 137,173 | ||
Restricted cash | 270,398 | 60,539 | 83,440 | 12,224 | ||
Derivative contracts | 63,079 | 7,360 | 47,275 | 6,926 | ||
Accounts receivable, net | 202,096 | 587,488 | 848,959 | 124,375 | ||
Inventories, net | 747,587 | 783,973 | 720,860 | 105,608 | ||
Advance to suppliers, net | 1,154,252 | 979,762 | 995,542 | 145,850 | ||
Other current assets | 425,131 | 180,315 | 224,420 | 32,878 | ||
Deferred tax assets | 68,872 | 63,115 | 69,460 | 10,176 | ||
Amount due from related parties | 19 | 12,458 | 86,730 | 12,706 | ||
Total current assets | 3,397,710 | 3,320,730 | 4,012,999 | 587,916 | ||
Non-current assets | ||||||
Fixed assets – net | 1,629,544 | 1,586,283 | 1,599,247 | 234,294 | ||
Intangible assets – net | 211,559 | 208,563 | 209,042 | 30,625 | ||
Goodwill | 134,735 | 134,735 | 134,735 | 19,739 | ||
Deferred tax assets | 13,653 | 13,789 | 14,417 | 2,112 | ||
Long-term deferred expenses | 37,097 | 33,157 | 31,527 | 4,619 | ||
Total non-current assets | 2,026,588 | 1,976,527 | 1,988,968 | 291,389 | ||
TOTAL ASSETS | 5,424,298 | 5,297,257 | 6,001,967 | 879,305 | ||
LIABILITIES | ||||||
Current liabilities | ||||||
Derivative contracts | 5,273 | 1,148 | 1,131 | 166 | ||
Short-term bank borrowings | 1,435,000 | 404,764 | 783,132 | 114,731 | ||
Long-term bank borrowings, current portion | 45,000 | 90,000 | 147,500 | 21,609 | ||
Accounts payable | 187,987 | 441,768 | 416,885 | 61,075 | ||
Notes payable | 76,377 | 186,921 | 266,650 | 39,065 | ||
Accrued expenses and other liabilities | 129,392 | 191,895 | 212,716 | 31,163 | ||
Customer deposits | 2,956 | 59,685 | 141,426 | 20,719 | ||
Deferred tax liability | 3,263 | - | - | - | ||
Unrecognized tax benefit | 27,385 | 27,385 | 27,385 | 4,012 | ||
Amount due to related parties | 10,109 | 16,765 | 38,074 | 5,578 | ||
Total current liabilities | 1,922,742 | 1,420,331 | 2,034,899 | 298,118 | ||
Non-current liabilities | ||||||
Long-term bank borrowings, non-current portion | 147,500 | 380,000 | 300,000 | 43,951 | ||
Convertible notes payable | 519,365 | 658,653 | 677,738 | 99,291 | ||
Deferred tax liability | 27,008 | 26,566 | 26,419 | 3,870 | ||
Total non-current liabilities | 693,873 | 1,065,219 | 1,004,157 | 147,112 | ||
TOTAL LIABILITIES | 2,616,615 | 2,485,550 | 3,039,056 | 445,230 | ||
Redeemable ordinary shares | 54 | 54 | 55 | 8 | ||
EQUITY | ||||||
Shareholders' equity | ||||||
Ordinary shares | 214 | 227 | 227 | 33 | ||
Additional paid-in capital | 2,151,026 | 2,331,797 | 2,344,050 | 343,410 | ||
Statutory reserves | 47,638 | 69,564 | 83,281 | 12,201 | ||
Retained earnings | 604,653 | 410,065 | 535,298 | 78,423 | ||
Total shareholders' equity | 2,803,531 | 2,811,653 | 2,962,856 | 434,067 | ||
Noncontrolling interest | 4,098 | - | - | - | ||
TOTAL EQUITY | 2,807,629 | 2,811,653 | 2,962,856 | 434,067 | ||
TOTAL LIABILITIES, MEZZAINNE EQUITY AND SHAREHOLDERS' EQUITY | 5,424,298 | 5,297,257 | 6,001,967 | 879,305 | ||
SOLARFUN POWER HOLDINGS CO., LTD. | ||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), | ||||||
except for number of shares and per share data) | ||||||
For the three months ended | ||||||
March 31 | December 31 | March 31, | March 31, | |||
2009 | 2009 | 2010 | 2010 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
RMB | RMB | RMB | USD | |||
Net revenues | 684,197 | 1,252,711 | 1,475,832 | 216,214 | ||
Cost of revenues | (634,751) | (1,017,141) | (1,203,334) | (176,292) | ||
Gross profit | 49,446 | 235,570 | 272,498 | 39,922 | ||
Operating expenses | ||||||
Selling expenses | (16,328) | (46,114) | (29,481) | (4,319) | ||
G&A expenses | (40,233) | (50,866) | (38,027) | (5,571) | ||
R&D expenses | (8,185) | (12,843) | (15,916) | (2,332) | ||
Total operating expenses | (64,746) | (109,823) | (83,424) | (12,222) | ||
Operating profit / (losses) | (15,300) | 125,747 | 189,074 | 27,700 | ||
Interest expenses | (41,397) | (39,662) | (40,919) | (5,995) | ||
Interest income | 494 | 1,298 | 544 | 80 | ||
Exchange losses | (32,849) | (14,694) | (47,011) | (6,887) | ||
Investment income | - | - | ||||
Gain on change in fair value of derivative | 71,086 | 15,397 | 50,756 | 7,436 | ||
Gain / (losses) on change in conversion feature fair value of convertible bond | 28,458 | (71,279) | (2,505) | (367) | ||
Other income | 3,533 | 1,265 | 3,008 | 441 | ||
Other expenses | (3,584) | (2,046) | (1,996) | (292) | ||
Government grant | 1,907 | 2,000 | 9,365 | 1,372 | ||
Net income before income tax | 12,348 | 18,026 | 160,316 | 23,488 | ||
Income tax benefit / (expenses) | 15,002 | (7,338) | (21,367) | (3,130) | ||
Net income | 27,350 | 10,688 | 138,949 | 20,358 | ||
Net income / (losses) attributable to noncontrolling interest | (85) | 67 | - | - | ||
Net income attributable | ||||||
to shareholders | 27,435 | 10,621 | 138,949 | 20,358 | ||
Net income per share | ||||||
Basic | 0.10 | 0.04 | 0.48 | 0.07 | ||
Diluted | 0.10 | 0.04 | 0.48 | 0.07 | ||
Shares used in computation | ||||||
Basic | 268,848,771 | 287,982,207 | 289,674,891 | 289,674,891 | ||
Diluted | 268,848,771 | 288,210,311 | 290,187,034 | 290,187,034 | ||
Net income per ADS | ||||||
Basic | 0.51 | 0.18 | 2.40 | 0.35 | ||
Diluted | 0.51 | 0.18 | 2.39 | 0.35 | ||
ADSs used in computation | ||||||
Basic | 53,769,754 | 57,596,441 | 57,934,978 | 57,934,978 | ||
Diluted | 53,769,754 | 57,642,062 | 58,037,407 | 58,037,407 | ||
SOLARFUN POWER HOLDINGS CO., LTD. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), | |||||||
except for number of shares and per share data) | |||||||
For the three months ended | |||||||
March 31, 2009 | December 31, 2009 | March 31, 2010 | March 31, 2010 | ||||
RMB | RMB | RMB | USD | ||||
Cash flow from operating activities | |||||||
Net (loss) income | 27,350 | 10,688 | 138,949 | 20,356 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||
Unrealised financial derivative | (23,933) | (47,701) | (39,932) | (5,850) | |||
Amortization of convertible bonds discount | 13,666 | 13,933 | 16,580 | 2,429 | |||
Fair value change of conversion feature | (28,458) | 71,279 | 2,505 | 367 | |||
Loss from disposal of fixed assets | 567 | 96 | 580 | 85 | |||
Depreciation and amortization | 30,173 | 43,072 | 43,134 | 6,319 | |||
Amortization of long-term deferred expense | 1,702 | 1,570 | 1,780 | 261 | |||
Provision for doubtful debt of advance to suppliers | - | 163 | 163 | 24 | |||
Reversal of doubtful debt for accounts receivable | 12402 | 3,723 | (278) | (41) | |||
Provision for doubtful debt of accounts receivable | - | - | 1,005 | 147 | |||
Write down of inventory | (27,200) | 40,341 | 37,844 | 5,544 | |||
Stock compensation expense | (18,091) | 8,509 | 7,149 | 1,047 | |||
Warranty provision | 2,744 | 13,562 | 1,987 | ||||
Deferred tax benefit | 6,952 | (854) | (7,120) | (1,043) | |||
Unrecognized tax benefit | - | (1,082) | - | - | |||
Changes in operating assets and liabilities | |||||||
Restricted cash | (35,575) | 5,166 | (17,761) | (2,602) | |||
Inventory | 11,321 | (15,899) | 25,269 | 3,702 | |||
Account receivables | 117,441 | 116,024 | (262,198) | (38,413) | |||
Advances to suppliers | (8,638) | (152,045) | (15,943) | (2,336) | |||
Prepaid expense | 1,541 | 18,663 | 12,865 | 1,885 | |||
Other current assets | 55,077 | 84,065 | (56,967) | (8,346) | |||
Amount due from related parties | 30,132 | (74,272) | (10,881) | ||||
Accounts payable | (39,967) | 51,946 | (22,375) | (3,278) | |||
Accrued expenses and other liabilities | (10,983) | 10,811 | 7,259 | 1,063 | |||
Customer deposits | (6,538) | 38,339 | 81,741 | 11,975 | |||
Amount due to related parties | 3,706 | 3,201 | 21,309 | 3,122 | |||
Net cash provided (used) in operating activities | 82,515 | 336,884 | (85,152) | (12,477) | |||
Cash flows from investing activities | |||||||
Acquisition of fixed assets | (156,771) | (27,468) | (63,418) | (9,291) | |||
Change of restricted cash | (146,686) | 65,832 | - | - | |||
Acquisition of intangible assets | (419) | (125) | (1,538) | (225) | |||
Acquisition of subsidiaries | (88,968) | (850) | - | - | |||
Net cash provided (used) in investing activities | (392,844) | 37,389 | (64,956) | (9,516) | |||
Cash flows from financing activities | |||||||
Proceeds from exercise of stock option | - | 22 | 5,104 | 748 | |||
Proceeds from issuance of ordinary shares | - | 70,387 | - | - | |||
Proceeds from short-term bank borrowings | 617,000 | 65,097 | 508,368 | 74,477 | |||
Payment of short term bank borrowings | (280,832) | (674,071) | (130,000) | (19,045) | |||
Proceeds from long term bank borrowings | (7,500) | - | - | - | |||
Payment for long term bank borrowings | - | (7,500) | (22,500) | (3,296) | |||
Utilization of notes payables | 37,036 | 27,726 | 266,650 | 39,065 | |||
Payment of notes payables | - | - | (186,921) | (27,384) | |||
Profit distribution | - | (3,400) | - | - | |||
Net cash provided (used) by financing activities | 365,704 | (521,739) | 440,701 | 64,565 | |||
Unrealised foreign exchange gain/loss | - | - | - | - | |||
Net increase in cash and cash equivalents | 55,375 | (147,466) | 290,593 | 42,573 | |||
Cash and cash equivalents at the beginning of period | 410,901 | 793,186 | 645,720 | 94,600 | |||
Cash and cash equivalents at the end of period | 466,276 | 645,720 | 936,313 | 137,173 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | 17,764 | 21,268 | 39,438 | 5,778 | |||
Income tax paid | 3,146 | 30,978 | 8,404 | 1,231 | |||
Realized gain from derivative contracts | 71,086 | (32,305) | 10,823 | 1,586 | |||
Supplemental schedule of non-cash activities: | |||||||
Acquisition of fixed assets included in accounts payable, accrued expenses and other liabilities | (10,928) | (2,803) | 19,333 | 2,832 | |||
Conversion of CB into ordinary shares | - | - | - | - | |||
Transfer of unamortized debt issurance costs to equity upon conversion of CB into ordinary shares | - | - | - | - | |||
For the three months ended | For the three months ended | |||||||
March 31, 2009 | December 31, 2009 | March 31, 2010 | March 31, 2010 | |||||
(RMB million) | (RMB million) | (RMB million) | (US$ million) | |||||
Non-GAAP net income/(loss) | 12.4 | 95.9 | 158.1 | 23.2 | ||||
Fair value changes of the conversion features of the Convertible bonds | 28.5 | (71.3) | (2.5) | (0.4) | ||||
Accretion of interest of the Convertible bonds | (13.5) | (14.0) | (16.7) | (2.4) | ||||
GAAP net income/(loss) | 27.4 | 10.6 | 138.9 | 20.4 | ||||
For the three months ended | For the three months ended | |||||||
March 31, 2009 | December 31, 2009 | March 31, 2010 | March 31, 2010 | |||||
(RMB) | (RMB) | (RMB) | (USD) | |||||
Non GAAP net income per ADS - diluted | 0.23 | 1.66 | 2.72 | 0.40 | ||||
Fair value changes of the conversion features of the Convertible bonds | 0.53 | (1.24) | (0.04) | (0.01) | ||||
Accretion of interest of the Convertible bonds | (0.25) | (0.24) | (0.29) | (0.04) | ||||
Net profit contributed to Solarfun Power Holdings Co., Ltd shareholders per diluted ADS | 0.51 | 0.18 | 2.39 | 0.35 | ||||
ADS (Diluted) | 53,769,754 | 57,642,062 | 58,037,407 | 58,037,407 | ||||
For the three months ended | Annualised for the first | Annualised for the fourth quarter 2009 | Annualised for the first quarter of 2010 | |||||||||
March 31, 2009 | December 31, 2009 | March 31, 2010 | March 31, 2009 | December 31, 2009 | March 31, 2010 | |||||||
Non-GAAP Return on Equity | 0.58% | 4.35% | 6.65% | 2.32% | 17.40% | 26.60% | ||||||
Fair value changes of the conversion features of the Convertible bonds | -0.48% | -0.51% | -0.58% | -1.94% | -2.02% | -2.31% | ||||||
Accretion of interest of the Convertible bonds | 0.89% | -3.46% | -1.26% | 3.58% | -13.86% | -5.05% | ||||||
GAAP Return on equity | 0.99% | 0.38% | 4.81% | 3.96% | 1.52% | 19.24% | ||||||
SOURCE Solarfun Power Holdings Co., Ltd.
Copyright y 26 PR Newswire
1 Year Solarfun Power Holdings CO., Ltd. ADS, Each Representing Five Ordinary Shares (MM) Chart |
1 Month Solarfun Power Holdings CO., Ltd. ADS, Each Representing Five Ordinary Shares (MM) Chart |
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