We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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, Nov. 9, 2010 /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 September 30, 2010. The Company will host a conference call to discuss the results at 7:00 am Eastern Time (8:00 pm Shanghai Time) on November 9, 2010. A slide presentation with details of the results will also be available on the Company's website prior to the call.
THIRD QUARTER 2010 HIGHLIGHTS
Peter Xie, President of Solarfun, commented, "We are pleased with the results we achieved in the third quarter, particularly our record shipments and revenues as well as our increased gross margin, operating cost control and continued strong return on equity. In the first nine months of 2010, we have achieved non-GAAP earnings per basic ADS of US$1.70. We continue to see healthy market demand in the fourth quarter and beyond, and with increased scale and further vertical integration in 2011, we believe we will continue to be well-positioned for further profitable growth"
STRATEGIC PARTNERSHIP WITH THE HANWHA GROUP
As previously announced, the strategic investment in Solarfun by the Hanwha Group, through Hanwha Solar Holdings Co., Ltd., was completed in September 2010. The net proceeds to Solarfun totaled approximately US$78 million, which Solarfun expects to use to fund its expansion plans and for general corporate purposes. Hanwha also purchased shares from Good Energies II LP and Yonghua Solar Power Investment Holding Ltd. in separate transactions. These transactions resulted in Hanwha holding a 49.99% interest in Solarfun . Three representatives of Hanwha were appointed to Solarfun's Board, which comprises four independent directors and three appointees from Hanwha. (For full details of these transactions and the biographies of new Board members, see Solarfun's press release issued on October 8, 2010 ).
Solarfun believes that the strategic partnership with Hanwha provides a number of synergies and growth opportunities for Solarfun, including:
THIRD QUARTER 2010 RESULTS
(Photo: http://photos.prnewswire.com/prnh/20101109/LA97768-a)
(Photo: http://www.newscom.com/cgi-bin/prnh/20101109/LA97768-a)
(Photo: http://photos.prnewswire.com/prnh/20101109/LA97768-b)
(Photo: http://www.newscom.com/cgi-bin/prnh/20101109/LA97768-b)
(Photo: http://photos.prnewswire.com/prnh/20101109/LA97768-c)
(Photo: http://www.newscom.com/cgi-bin/prnh/20101109/LA97768-c)
(Photo: http://photos.prnewswire.com/prnh/20101109/LA97768-d)
(Photo: http://www.newscom.com/cgi-bin/prnh/20101109/LA97768-d)
FINANCIAL POSITION
As of September 30, 2010, the Company had cash and cash equivalents of RMB 1,296.7 million (US$193.8 million) and net working capital of RMB 2,681.6 million (US$400.8 million), compared with cash and cash equivalents of RMB 885.4 million and net working capital of RMB 2,002.4 million as of June 30, 2010. Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB 950.5 million (US$142.1 million), compared with RMB 706.0 million as of June 30, 2010. The increase in short-term borrowings was because the Company accessed short-term credit facilities to fund working capital needs.
As of September 30, 2010, the Company had total long-term debt of RMB 1,128.4 million (US$168.7 million), which comprised 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. Holders of the convertible notes have the option to require the Company to purchase the notes on January 15, 2015.
Net cash from operating activities in 3Q10 was negative RMB 194.0 million (US$29.0 million), compared with RMB 417.5 million in 2Q10 and RMB 160.3 million in 3Q09. The decrease from 2Q10 was primarily due to the increase in accounts receivables as well as advances to suppliers.
As of September 30, 2010, accounts receivable increased to RMB 1,289.9 million (US$192.8 million) from RMB 828.9 million as of June 30, 2010 and RMB 707.2 million as of September 30, 2009. Days sales outstanding decreased slightly to 46 days in 3Q10 from 48 days in 2Q10 and 56 days in 3Q09.
As of September 30, 2010, inventories increased to RMB 689.6 million (US$103.1 million) from RMB 591.6 million as of June 30, 2010 but decreased from RMB 808.4 million as of September 30, 2009. Days inventory outstanding improved to 35 days in 3Q10 from 43 days in 2Q10 and from 88 days in 3Q09, primarily because of continued improvements in the Company's supply chain management.
Capital expenditures were RMB 113.5 million (US$17.0 million) in 3Q10. In the first nine months of 2010, the total capital expenditures were RMB 386.8 million (US$57.8 million).
CAPACITY EXPANSION
Details on the Company's production capacities and expected production capacities are as follows:
Capacity ramp-up plan | |||||||
Sept 30, 2009 | June 30, 2010 | Sept 30, 2010 | Dec 31, 2010 (Estimated) | 2011 (Projected) | |||
Ingot | MW | 300 | 360 | 360 | 360 | 800 | |
Wire saw | MW | 300 | 400 | 400 | 400 | 800 | |
Cell | MW | 360 | 400 | 500 | 500 | 1300 | |
Module | MW | 550 | 700 | 900 | 900 | 1500 | |
The Company announced on October 12, 2010 that it plans to complete the following expansion by the third quarter of 2011:
The Company plans to further expand the production capacity as stated in above table. The ramp-up of the additional capacity will commence in the second quarter of 2011 and be completed by the end of the fourth quarter 2011.
BUSINESS OUTLOOK
The Company provides the following guidance based on current operating trends and market conditions.
For 4Q10, the Company expects:
For the full year 2010, the Company will also raise the shipment guidance from 750 MW to approximately 785 MW.
For the fourth quarter of 2010, the Company expects a slight decline in module shipments compared with the previous quarter. This does not reflect the strength of market demand nor the Company's competitive position. The decline in the forecast module shipments is due to the following reasons:
CONFERENCE CALL
The Company will host a conference call to discuss the 3Q2010 results at 7:00 am Eastern Time (8:00 pm Shanghai Time) on November 9, 2010.
Mr. Peter Xie, CEO and President, Mr. Gareth Kung, Chief Financial Officer, and Mr. Paul Combs, Vice President of Strategic Planning, will discuss the results and take questions following the prepared remarks. A representative of Hanwha Chemical Corporation will participate on the call and comment on the recent investment in Solarfun.
The dial-in details for the live conference call are as follows:
Passcode: SOLF
A live webcast of the conference call will be available on the investor relations section of the Company's website at: http://investors.solarfun-power.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:
Passcode: 36339192
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, 2010, which was RMB 6.6905 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 September 30, 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 4Q 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 Power Holdings Ltd. (NASDAQ: SOLF) is a leading manufacturer of solar PV cells and modules in China, focusing on delivering high quality and reliable products at competitive prices. Solarfun produces its monocrystalline and polycrystalline products at its internationally certified, vertically-integrated manufacturing facilities. Solarfun partners with third-party distributors, OEM manufacturers, and system integrators to sell its modules into large-scale utility, commercial and governmental, and residential/small commercial markets. Solarfun maintains a strong global presence with local staff throughout Europe, North America, and Asia. Solarfun embraces environmental responsibility and sustainability by taking an active role in the photovoltaic cycle voluntary recycling program.
(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. | |
Investor Contact: | |
Paul Combs | |
V.P. Strategic Planning | |
Building 1, 18th Floor | |
1199 Minsheng Road, Shanghai, PRC 200135 | |
P. R. China | |
Tel: 86-21-3852 1533 / Mobile: 86 138 1612 2768 | |
E-mail: paul.combs@solarfun-power.com | |
Christensen | |
Kathy Li | |
Tel: +1 480 614 3036 | |
E-mail: kli@ChristensenIR.com | |
Tip Fleming | |
Tel: +852 9212 0684 | |
E-mail: tfleming@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) | ||||||
December 31 | June 30 | September 30 | September 30 | |||
2009 | 2010 | 2010 | 2010 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
RMB | RMB | RMB | USD | |||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 645,720 | 885,442 | 1,296,734 | 193,817 | ||
Restricted cash | 60,539 | 100,462 | 63,858 | 9,545 | ||
Derivative contracts | 7,360 | 66,527 | 1,910 | 285 | ||
Accounts receivable, net | 587,488 | 828,939 | 1,289,932 | 192,800 | ||
Inventories, net | 783,973 | 591,585 | 689,566 | 103,066 | ||
Advance to suppliers, net | 979,762 | 954,220 | 1,246,336 | 186,284 | ||
Other current assets | 180,315 | 225,340 | 236,285 | 35,318 | ||
Deferred tax assets | 63,115 | 60,402 | 75,734 | 11,320 | ||
Amount due from related parties | 12,458 | 96,220 | - | - | ||
Total current assets | 3,320,730 | 3,809,137 | 4,900,355 | 732,435 | ||
Non-current assets | ||||||
Fixed assets – net | 1,586,283 | 1,764,560 | 1,829,395 | 273,432 | ||
Intangible assets – net | 208,563 | 207,949 | 206,856 | 30,918 | ||
Goodwill | 134,735 | 134,735 | 134,735 | 20,138 | ||
Deferred tax assets | 13,789 | 15,013 | 16,239 | 2,427 | ||
Long-term deferred expenses | 33,158 | 30,289 | 29,639 | 4,430 | ||
Total non-current assets | 1,976,528 | 2,152,546 | 2,216,864 | 331,345 | ||
TOTAL ASSETS | 5,297,258 | 5,961,683 | 7,117,219 | 1,063,780 | ||
LIABILITIES | ||||||
Current liabilities | ||||||
Derivative contracts | 1,148 | 739 | 70,605 | 10,553 | ||
Short-term bank borrowings | 404,764 | 530,985 | 748,010 | 111,802 | ||
Long-term bank borrowings, current portion | 90,000 | 175,000 | 202,500 | 30,267 | ||
Accounts payable | 441,768 | 410,061 | 528,902 | 79,053 | ||
Notes payable | 186,921 | 209,590 | 142,509 | 21,300 | ||
Accrued expenses and other liabilities | 191,895 | 270,674 | 356,860 | 53,338 | ||
Customer deposits | 59,685 | 122,743 | 127,498 | 19,057 | ||
Deferred tax liability | 0 | 0 | 766 | 115 | ||
Unrecognized tax benefit | 27,385 | 27,385 | 27,385 | 4,093 | ||
Amount due to related parties | 16,765 | 59,578 | 13,767 | 2,058 | ||
Total current liabilities | 1,420,331 | 1,806,755 | 2,218,802 | 331,636 | ||
Non-current liabilities | ||||||
Long-term bank borrowings, non-current portion | 380,000 | 250,000 | 200,000 | 29,893 | ||
Convertible notes payable | 658,653 | 634,666 | 928,369 | 138,759 | ||
Long term payable | 0 | 0 | 0 | 0 | ||
Deferred tax liability | 26,566 | 26,271 | 26,124 | 3,905 | ||
Total non-current liabilities | 1,065,219 | 910,937 | 1,154,493 | 172,557 | ||
TOTAL LIABILITIES | 2,485,550 | 2,717,692 | 3,373,295 | 504,193 | ||
Redeemable ordinary shares | 55 | 55 | 55 | 8 | ||
EQUITY | ||||||
Shareholders’ equity | ||||||
Ordinary shares | 227 | 227 | 252 | 38 | ||
Additional paid-in capital | 2,331,797 | 2,352,293 | 2,877,447 | 430,079 | ||
Statutory reserves | 69,564 | 104,467 | 151,541 | 22,650 | ||
Retained earnings | 410,065 | 786,949 | 714,629 | 106,812 | ||
Total shareholders’ equity | 2,811,653 | 3,243,936 | 3,743,869 | 559,579 | ||
Noncontrolling interest | 0 | 0 | 0 | 0 | ||
TOTAL EQUITY | 2,811,653 | 3,243,936 | 3,743,869 | 559,579 | ||
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 5,297,258 | 5,961,683 | 7,117,219 | 1,063,780 | ||
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 | |||||||
September 30 | March 31 | June 30 | September 30 | September 30 | |||
2009 | 2010 | 2010 | 2010 | 2010 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
RMB | RMB | RMB | RMB | USD | |||
Net revenues | 986,798 | 1,475,832 | 1,752,708 | 2,185,749 | 326,695 | ||
Cost of revenues | (782,399) | (1,203,334) | (1,383,868) | (1,689,393) | (252,506) | ||
Gross profit / (loss) | 204,399 | 272,498 | 368,840 | 496,356 | 74,189 | ||
Operating expenses | |||||||
Selling expenses | (24,806) | (29,481) | (39,238) | (44,195) | (6,606) | ||
G&A expenses | (42,888) | (38,027) | (42,092) | (55,716) | (8,328) | ||
R&D expenses | (7,324) | (15,916) | (18,290) | (4,672) | (698) | ||
Total operating expenses | (75,018) | (83,424) | (99,620) | (104,583) | (15,632) | ||
Operating profit (loss) | 129,381 | 189,074 | 269,220 | 391,773 | 58,557 | ||
Interest expenses | (40,757) | (40,919) | (40,230) | (39,870) | (5,959) | ||
Interest income | 2,150 | 544 | 1,285 | 1,962 | 293 | ||
Exchange gain (loss) | 8,139 | (47,011) | (82,258) | 76,220 | 11,392 | ||
Gain (loss) on change in fair value of derivative | (27,466) | 50,756 | 97,312 | (108,042) | (16,149) | ||
Gain (loss) on change in conversion feature fair value of convertible bond | 82,357 | (2,505) | 57,765 | (279,228) | (41,735) | ||
Other income | 1,212 | 3,008 | 9,196 | 5,086 | 760 | ||
Other expenses | (1,903) | (1,996) | (484) | (1,291) | (193) | ||
Government grant | 1,957 | 9,365 | 13,195 | 3,669 | 548 | ||
Net income (loss) before income tax | 155,070 | 160,316 | 325,001 | 50,279 | 7,514 | ||
Income tax expenses | (18,117) | (21,367) | (52,163) | (75,525) | (11,288) | ||
Net income (loss) | 136,953 | 138,949 | 272,838 | (25,246) | (3,774) | ||
Net loss attributable to non-controlling interest | 331 | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable | |||||||
to shareholders | 136,622 | 138,949 | 272,838 | (25,246) | (3,774) | ||
Net income (loss) per share | |||||||
Basic | 0.51 | 0.48 | 0.94 | (0.09) | (0.01) | ||
Diluted | 0.51 | 0.48 | 0.73 | (0.09) | (0.01) | ||
Shares used in computation | |||||||
Basic | 270,304,495 | 289,674,891 | 289,851,889 | 296,202,329 | 296,202,329 | ||
Diluted | 270,503,158 | 290,187,034 | 335,514,967 | 296,202,329 | 296,202,329 | ||
Net income (loss) per ADS | |||||||
Basic | 2.53 | 2.40 | 4.71 | (0.43) | (0.06) | ||
Diluted | 2.53 | 2.39 | 3.63 | (0.43) | (0.06) | ||
ADSs used in computation | |||||||
Basic | 54,060,899 | 57,934,978 | 57,970,378 | 59,240,466 | 59,240,466 | ||
Diluted | 54,100,632 | 58,037,407 | 67,102,993 | 59,240,466 | 59,240,466 | ||
For the three months ended | For the three months ended | |||||||
September | June 30, | September | September | |||||
(RMB million) | (RMB million) | (RMB million) | (US$ million) | |||||
Non-GAAP net income/(loss) | 68.2 | 231.7 | 273.7 | 40.9 | ||||
Fair value changes of the conversion features of the Convertible bonds | 82.4 | 57.8 | (279.2) | (41.7) | ||||
Accretion of interest of the Convertible bonds | (14.0) | (16.7) | (19.7) | (2.9) | ||||
GAAP net income/(loss) | 136.6 | 272.8 | (25.2) | (3.8) | ||||
For the three months ended | For the three months ended | |||||||
September | June 30, | September | September | |||||
(RMB) | (RMB) | (RMB) | (USD) | |||||
Non GAAP net income per ADS - Basic | 1.26 | 4.00 | 4.62 | 0.69 | ||||
Fair value changes of the conversion features of the Convertible bonds | 1.52 | 1.00 | (4.71) | (0.70) | ||||
Accretion of interest of the Convertible bonds | (0.26) | (0.29) | (0.33) | (0.05) | ||||
Net profit contributed to Solarfun Power Holdings Co., Ltd shareholders per ADS - Basic | 2.53 | 4.71 | (0.43) | (0.06) | ||||
ADS (Basic) | 54,060,899 | 57,970,378 | 59,240,466 | 59,240,466 | ||||
For the three months ended | Annualized | Annualized | Annualized for the | |||||||||
September | June 30, | September | September | June 30, 2010 | September 30, 2010 | |||||||
Non-GAAP Return on Equity | 3.34% | 8.97% | 8.82% | 13.36% | 35.88% | 35.28% | ||||||
Fair value changes of the conversion features of the Convertible bonds | 2.43% | 0.36% | -8.98% | 9.70% | 1.44% | -35.90% | ||||||
Accretion of interest of the Convertible bonds | -0.54% | -0.54% | -0.56% | -2.14% | -2.16% | -2.26% | ||||||
GAAP Return on equity | 5.23% | 8.79% | -0.72% | 20.92% | 35.16% | -2.88% | ||||||
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 three months | For three months ended | |||||||
September | June 30, | September | September | |||||
RMB | RMB | RMB | USD | |||||
Cash flow from operating activities | ||||||||
Net income (loss) | 136,953 | 272,838 | (25,246) | (3,774) | ||||
Adjustments to reconcile net income (loss) to net cash | ||||||||
provided (used) in operating activities: | ||||||||
Unrealised financial derivative | 27,967 | (19,644) | 134,483 | 20,101 | ||||
Loss from disposal of a subsidiary | 0 | 0 | ||||||
Amortization of convertible bonds discount | 12,946 | 14,693 | 14,475 | 2,164 | ||||
Changes in fair value of conversion feature of convertible bonds | (82,357) | (57,765) | 279,228 | 41,735 | ||||
Loss from disposal of fixed assets | 20 | 105 | 133 | 20 | ||||
Depreciation and amortization | 41,403 | 44,900 | 48,064 | 7,184 | ||||
Amortization of long-term deferred expense | 1,636 | 1,796 | 1,802 | 269 | ||||
Provision for doubtful debt of advance to suppliers | (1,954) | (46) | (7) | |||||
Reversal of doubtful debt for accounts receivable | 115 | 0 | 0 | |||||
Write down of inventory | 71,971 | 19,881 | 41,498 | 6,203 | ||||
Stock compensation expense | 9,855 | 7,492 | 10,586 | 1,582 | ||||
Warranty provision | 8,259 | 13,038 | 21,705 | 3,244 | ||||
Deferred tax benefit | (4,421) | 8,314 | (15,939) | (2,382) | ||||
Unrecognized tax benefit | 268 | 0 | 0 | 0 | ||||
Changes in operating assets and liabilities | ||||||||
Restricted cash | (13,096) | (16,022) | 37,044 | 5,537 | ||||
Inventory | (184,643) | 109,394 | (139,479) | (20,847) | ||||
Account receivables | (193,022) | 20,019 | (460,992) | (68,902) | ||||
Advances to suppliers | 51,984 | 41,322 | (292,070) | (43,654) | ||||
Prepaid expense | 34,770 | (6,819) | 52,510 | 7,848 | ||||
Other current assets | 58,464 | 5,898 | (63,457) | (9,487) | ||||
Amount due from related parties | (18,155) | (9,489) | 96,219 | 14,381 | ||||
Accounts payable | 143,970 | (80,216) | 42,067 | 6,288 | ||||
Accrued expenses and other liabilities | 33,950 | 44,919 | 64,461 | 9,635 | ||||
Customer deposits | 18,000 | (18,683) | 4,755 | 711 | ||||
Amount due to related parties | 5,461 | 21,504 | (45,811) | (6,847) | ||||
Net cash provided (used) in operating activities | 160,344 | 417,475 | (194,010) | (28,998) | ||||
Cash flows from investing activities | ||||||||
Acquisition of fixed assets | (46,623) | (188,170) | (103,397) | (15,454) | ||||
Change of restricted cash | 142,308 | (6,140) | (440) | (66) | ||||
Acquisition of intangible assets | (140) | 0 | 0 | |||||
Net cash provided (used) in investing activities | 95,685 | (194,450) | (103,837) | (15,520) | ||||
Cash flows from financing activities | ||||||||
Proceeds from share lending arrangement with Hanwha | 21 | 3 | ||||||
Proceeds from exercise of stock option | 751 | 4,263 | 637 | |||||
Proceeds from issuance of ordinary shares | 78,607 | 510,330 | 76,277 | |||||
Proceeds from short-term bank borrowings | 631,564 | 97,143 | 460,713 | 68,861 | ||||
Payment of short term bank borrowings | (1,011,840) | (349,290) | (243,688) | (36,423) | ||||
Proceeds from long term bank borrowings | 300,000 | 0 | 0 | 0 | ||||
Payment for long term bank borrowings | (7,500) | (22,500) | (22,500) | (3,363) | ||||
Utilization of notes payables | 51,586 | 0 | 0 | |||||
Net cash provided (used) by financing activities | 42,417 | (273,896) | 709,139 | 105,992 | ||||
Net increase (decrease) in cash and cash equivalents | 298,446 | (50,871) | 411,292 | 61,474 | ||||
Cash and cash equivalents at the beginning of period | 494,740 | 936,313 | 885,442 | 132,343 | ||||
Cash and cash equivalents at the end of period | 793,186 | 885,442 | 1,296,734 | 193,817 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | 100,412 | 13,731 | 31,438 | 4,699 | ||||
Income tax paid | 31,542 | 41,589 | 6,216 | |||||
Realized gain from derivative contracts | 503 | 77,668 | 26,443 | 3,952 | ||||
Supplemental schedule of non-cash activities: | ||||||||
Acquisition of fixed assets included in accounts payable, accrued expenses and other liabilities | 33,702 | 16,332 | 9,694 | 1,449 | ||||
Conversion of CB into ordinary shares | ||||||||
Transfer of unamortized debt issuance costs to equity | ||||||||
upon conversion of CB into ordinary shares | ||||||||
SOURCE Solarfun Power Holdings Co., Ltd.
Copyright 2010 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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions