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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 Aug 2019 to Aug 2024
Solarfun Power Holdings Co., Ltd. (“Solarfun” or “the Company” ) (NASDAQ:SOLF), a vertically integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2008.
FOURTH QUARTER 2008 RESULTS
FULL YEAR 2008 RESULTS
Harold Hoskens, Chief Executive Officer of Solarfun, commented, “Our current results reflect the global environment in which we operate. In the fourth quarter, funding for solar projects remained tight, excess inventories existed in many markets, and normal seasonal factors exacerbated softer demand. In this context, the industry is in a transition from a polysilicon supply-driven environment, to a demand-driven environment, and currently demand has been affected by the global economic situation. We see that module prices have declined at the same time as the cost of polysilicon, with the cost of polysilicon falling somewhat faster than module prices. We are confident that after turning over our higher cost inventories and with the further ramp-up of our internal ingot and wafer making facilities, we will be able to further expand business volumes, increase margins and return to profitability. We have contracts and good relations with key global customers. We recognize that this short-term turbulence requires close cooperation with these customers to create a mutually sustainable future. As we head into the coming year, we will continue to focus diligently on maintaining liquidity, strengthening customer relationships and expanding our geographic footprint, adjusting our raw material costs to reflect the current environment, and enhancing the efficiency and consistency of our manufacturing capabilities, including leveraging our vertical integration strategy.”
FINANCIAL POSITION
As of December 31, 2008, the Company had cash and cash equivalents of RMB 410.9 million (US$ 60.2 million) and working capital of RMB 1.61 billion (US$ 236.2 million). Total bank borrowings were RMB 1.30 billion (US$ 190.4 million), which was up from RMB 1.20 billion (US$ 177.3 million) as of September 30, 2008.
The Company continued to focus on working capital management and held days sales outstanding constant at 27 days.
The Company spent US$ 31 million in capital expenditures and US$ 49 million on supply prepayments related to long-term contracts in the fourth quarter of 2008.
Q-CELLS CONTRACT FINALIZED
The Company executed its manufacturing services agreement with Q-Cells AG, the world’s largest independent manufacturer of solar cells. Beginning in the second quarter of 2009, Solarfun will supply on a fixed-price, fixed quantity basis no less than 100 MW of photovoltaic modules per annum using PV cells supplied by Q-Cells. The agreement has fixed terms for the first two years and Q-Cells has the option to extend for a third year.
Solarfun CEO Harold Hoskens noted, “This contract is the beginning of what we believe will be a growing and long-term relationship between our two companies and we are honored that a company of Q-Cells stature has selected us as their first module supplier in China. We think this is a testament to our product quality, manufacturing reliability, and competitive cost structure. It provides us with a good return on invested capital, supports module capacity expansion during an otherwise soft market, and will contribute to our profitability going forward.”
CHANGES IN MANAGEMENT
Appointment of Dr. Peter Xie as President, China
The Company announces the appointment of Dr. Peter Xie as President, China.
Dr. Xie joins Solarfun from NeoPhotonics Corporation, a Shenzhen, China-based provider of integrated optics products that use standard semiconductor silicon wafer technology. He most recently worked as Global Chief Technology Officer and General Manager, China, where he was responsible for the company’s overall operations in China and its world-wide product development programs. During his six years at the company, he also held various engineering, product development, sales and business development roles. Earlier in his career, Dr. Xie acquired a broad range of experience in both management and research, including working at Bookham Inc., JDS Uniphase and Los Alamos National Lab. He received a Ph.D. in applied physics and an M.S. in physics from the University of Michigan, Ann Arbor and a B.S. in electrical engineering from Tsinghua University in Beijing.
Yonghua Lu, Chairman of Solarfun, commented, “We are very fortunate to attract an executive of Dr. Xie’s caliber. He has a unique skill set that combines an excellent education, strong grounding in technology and cross-border managerial experience that will further strengthen our management team. We look forward to his excellent performance.”
Dr Xie added, “I am extremely excited to be joining Solarfun. While the solar industry is clearly going through a turbulent period, I am a firm believer in the long-term opportunity of solar energy, and I am quite confident in Solarfun’s ability to emerge as a key player in the industry.”
Terry McCarthy, Chair Audit Committee, named Interim CFO
Effective March 31, 2009, Ms. Amy Liu will leave her position as Chief Financial Officer to pursue other interests. We thank her for her dedicated service to the Company and wish her well in her future endeavors. Replacing her will be Mr. Terry McCarthy, former Chairman of the Audit Committee, who has been named Interim CFO. Mr. McCarthy has served as independent Director of Solarfun since November 2006. From 1985 to 2006, Mr. McCarthy worked for Deloitte LLP in San Jose, California in various roles, including as Office Managing Partner, Tax Partner-in-charge and client services Partner. Beginning in 1999, he worked extensively with companies entering the China market and, from 2003 to 2006, he was Associate Managing Partner of the Deloitte US Chinese Services Group. Previously, Mr. McCarthy owned his own accounting firm and held various audit positions for a national accounting firm. He has an MBA from the University of Southern California and a BS in Business from Pennsylvania State University.
BUSINESS OUTLOOK
The Company is well aware of the unpredictable nature of the current operating environment and, as a result, will offer less specific quantitative guidance than previously provided for the full year 2009. We do note the following:
For the first quarter of 2009, management expects:
For the full year of 2009:
The Company currently has signed contracts with key customers totaling 200 MW. Excluding the aforementioned manufacturing services agreement with Q-Cells, Solarfun has an ongoing dialogue with these customers to ensure that both partners find a sustainable way forward on these contracts. The Company expects full-year demand to exceed these levels as markets rebound and gain momentum beginning in the second quarter or 2009.
Management expects:
Harold Hoskens concluded, “We believe the year 2009 will remain challenging, particularly during the first half, but we remain confident in the long-term promise of PV solar energy and the competitive positioning of Solarfun. A better operating environment is on the horizon; supply/demand imbalances for modules are being reset, raw material costs and inventories are being adjusted to reflect real time costs, and customers are becoming more optimistic as we enter the second quarter.”
Conference Call
Mr. Harold Hoskens, Chief Executive Officer, Mr. Terry McCarthy, Interim Chief Financial Officer, and Paul Combs, Vice President of Strategic Planning, will discuss the results and take questions following the prepared remarks on a conference call that will take place at 8:00 am U.S. Eastern Time (8:00 pm Shanghai time) on March 25, 2009.
The dial-in details for the live conference call are as follows:
- U.S. Toll Free Number: +1 866 713 8562 - International dial-in number: +1 617 597 5310 - China Toll Free Number (North): +10 800 152 1490 - China Toll Free Number (South): +10 800 130 0399 Passcode: SOLFA live webcast of the conference call will be available on the investor relations section of the Company’s website at: http://www.solarfun.com.cn. 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: +1 888 286 8010 - International dial-in number: +1 617 801 6888 Passcode: 24572746
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 noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2008, which was RMB6.8225 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on Dec 30, 2008, or at any other date. The percentages stated in this press release are calculated based on Renminbi amounts.
Safe Harbor Statement
This news release contains forward-looking statements, as defined under the Private Securities Litigation Reform Act of 1995, such as the Company’s business outlook for 2009, including first quarter and full year 2009 estimates for PV product shipments, raw materials and product pricing trends, PV cell production capacity and gross margins. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Solarfun disclaims any obligation to update or correct this information.
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G
http://www.solarfun.com.cn
Financial Statements
SOLARFUN POWER HOLDINGS CO., LTD. CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares and per share data) December 31 September 30 December 31 December 31 2007 2008 2008 2008 (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB RMB RMB USD ASSETS Current assets Cash and cash equivalents 272,928 511,393 410,901 60,227 Restricted cash 42,253 390,660 88,137 12,919 Financial assets - 35,877 39,665 5,814 Accounts receivable, net 430,692 347,955 319,537 46,835 Inventories, net 728,480 751,739 731,708 107,249 Advance to suppliers, net 640,118 1,355,451 1,355,597 198,695 Other current assets 214,478 249,136 256,108 37,539 Deferred tax assets 3,026 18,881 51,035 7,480 Amount due from related parties 920 9,344 19 3
Total current assets 2,332,895 3,670,436 3,252,707 476,761
Non-current assets Fixed assets – net 702,884 1,298,874 1,492,575 218,772 Intangible assets – net 94,282 169,333 212,736 31,182 Goodwill - 134,735 134,735 19,749 Deferred tax assets 4,767 9,195 10,029 1,470 Long-term deferred expenses 214,385 218,070 37,444 5,488 Long-term investment 300 - - -
Total non-current assets 1,016,618 1,830,207 1,887,519 276,661
TOTAL ASSETS 3,349,513 5,500,643 5,140,226 753,422
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Financial liabilities - 6,254 5,792 849 Short-term bank borrowings 965,002 996,974 1,098,832 161,060 Long-term bank borrowings, current portion 15,000 29,500 30,000 4,397 Accounts payable 141,709 176,975 217,025 31,810 Notes payable - 3,104 39,341 5,766 Accrued expenses and other liabilities 135,395 306,230 173,370 25,412 Customer deposits 27,628 32,612 9,494 1,392 Unrecognized tax benefit - - 27,385 4,014 Amount due to related parties 92,739 12,587 39,766 5,829
Total current liabilities 1,377,473 1,564,236 1,641,005 240,529
Non-current liabilities Long-term bank borrowings, non-current portion - 177,500 170,000 24,918 Convertible notes payable - 1,176,157 1,178,969 172,806 Long term payable - 13,500 - - Deferred tax liability 9,038 28,019 27,155 3,980
Total non-current liabilities 9,038 1,395,176 1,376,124 201,704 Minority interests 100,420 12,975 4,183 613
Redeemable ordinary shares - 32 32 5
Shareholders’ equity Ordinary shares 194 214 214 32 Additional paid-in capital 1,601,853 2,129,128 2,138,624 313,465 Statutory reserves 37,548 59,546 47,638 6,982
Retained earnings (deficit)
222,987 339,336 (67,594 ) (9,908 )
Total shareholders’ equity 1,862,582 2,528,224 2,118,882 310,571
TOTAL LIABILITIES, MEZZAINNE EQUITY AND SHAREHOLDERS’ EQUITY
3,349,513 5,500,643 5,140,226 753,422
0.00 0.00 0.00 0.00
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 For the years ended December 31 September 30 December 31 December 31 December 31 December 31 2007 2008 2008 2007 2008 2008 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB RMB RMB RMB RMB USD Net revenue Photovoltaic modules 804,164 1,146,900 1,094,498 2,209,514 4,626,423 678,113 Photovoltaic cells 50,025 90,923 28,199 52,019 253,074 37,094 PV cells processing - - - - 3,229 473 PV modules processing 5,876 - - 5,876 - - Raw materials 127,706 37,025 - 127,726 66,342 9,724
Total net revenue 987,771 1,274,848 1,122,697 2,395,135 4,949,068 725,404
Cost of revenue Photovoltaic modules (653,667 ) (1,103,612 ) (1,466,831 ) (1,835,886 ) (4,592,945 ) (673,206 ) Photovoltaic cells (47,476 ) (83,053 ) (33,666 ) (49,332 ) (241,882 ) (35,454 ) PV cells processing - - - - (1,208 ) (177 ) PV modules processing (2,014 ) - - (2,014 ) - - Raw materials (110,110 ) (42,077 ) - (110,123 ) (69,112 ) (10,130 )
Total cost of revenue (813,267 ) (1,228,742 ) (1,500,497 ) (1,997,355 ) (4,905,147 ) (718,967 )
Gross profit / (losses) 174,504 46,106 (377,800 ) 397,780 43,921 6,437
Operating expenses Selling expenses (23,167 ) (20,174 ) (20,202 ) (62,777 ) (87,913 ) (12,886 ) G&A expenses (50,153 ) (46,057 ) (39,811 ) (113,756 ) (143,340 ) (21,010 ) R&D expenses (8,506 ) (5,765 ) (1,433 ) (27,440 ) (19,679 ) (2,884 )
Total operating expenses (81,826 ) (71,996 ) (61,446 ) (203,973 ) (250,932 ) (36,780 )
Operating profit / (losses) 92,678 (25,890 ) (439,246 ) 193,807 (207,011 ) (30,343 ) Interest expenses (11,293 ) (21,559 ) (26,769 ) (25,978 ) (103,146 ) (15,119 ) Interest income (1,805 ) 4,280 1,974 16,244 10,004 1,466 Exchange gain / (losses) (3,307 ) (30,001 ) (28,794 ) (25,628 ) (35,230 ) (5,164 ) Investment income - - (384 ) - (384 ) (56 ) Gain on change in fair value of derivative - 32,782 50,307 - 83,089 12,179 Other income (7,552 ) 3,996 4,629 1,507 15,018 2,201 Other expenses (2,032 ) (3,896 ) (2,860 ) (9,670 ) (25,220 ) (3,697 ) Government grant 1,369 221 3,020 2,089 3,479 510
Net income / (losses) before income tax and minority interest 68,058 (40,067 ) (438,123 ) 152,371 (259,401 ) (38,023 )
Income tax benefit / (expenses) (3,814 ) 1,224 19,270 (7,458 ) (6,519 ) (956 ) Minority interest 2,199 (5,463 ) 16 3,124 (14,573 ) (2,136 )
Net income / (losses) 66,443 (44,306 ) (418,837 ) 148,037 (280,493 ) (41,115 )
Net income / (losses) attributable to ordinary shareholders 66,443 (44,306 ) (418,837 ) 148,037 (280,493 ) (41,115 )
Net income / (losses) per share Basic 0.28 (0.17 ) (1.56 ) 0.62 (1.11 ) (0.16 ) Diluted 0.28 (0.17 ) (1.56 ) 0.62 (1.11 ) (0.16 ) Shares used in computation Basic 240,807,142 258,503,644 268,717,524 240,054,686 252,659,614 252,659,614 Diluted 240,807,142 258,503,644 268,717,524 240,054,686 252,659,614 252,659,614 Net income / (losses) per ADS Basic 1.38 (0.86 ) (7.79 ) 3.08 (5.55 ) (0.81 ) Diluted 1.38 (0.86 ) (7.79 ) 3.08 (5.55 ) (0.81 ) ADSs used in computation Basic 48,161,428 51,700,729 53,743,505 48,010,937 50,531,923 50,531,923 Diluted 48,161,428 51,700,729 53,743,505 48,010,937 50,531,923 50,531,923
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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