Solarfun Reports Second Quarter 2010 Results
SHANGHAI, Aug 03, 2010 /PRNewswire via COMTEX News Network/ -- 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 June 30, 2010.
SECOND QUARTER 2010 HIGHLIGHTS
-
Total net revenues were RMB 1,752.7 million (US$258.5 million), an increase of 18.8% from 1Q10 and an increase of 105% from 2Q09.
-
PV module shipments, including module processing services, reached 204.6 MW, an increase from 150.6 MW in 1Q10 and from 64.3 MW in 2Q09.
-
Average selling price ("ASP"), excluding module processing services, declined by 6.8% to RMB 11.19 per watt (US$1.65) from RMB 12.01 per watt in 1Q10.
-
Gross profit increased 35.4% quarter-over-quarter to RMB 368.8 million (US$ 54.4 million) from RMB 272.5 million in 1Q10.
-
Despite the decline in ASP, gross margin increased to 21.0% from 18.5% in 1Q10, primarily due to a continued reduction in manufacturing costs.
-
Despite the continued volatility in the currency market between Euro and RMB , the Company recorded a net currency gain of RMB 15.1 million (US$ 2.2 million).
-
Net income attributable to shareholders on a GAAP basis was RMB 272.8 million (US$ 40.2 million), an increase of 96.4% from RMB 138.9 million in 1Q10.
-
Net income attributable to shareholders on a non-GAAP basis(1) was RMB 231.7 million (US$ 34.2 million), an increase of 46.5% from RMB 158.1 million in 1Q10.
-
Net income per basic ADS on a GAAP basis was RMB 4.71 (US$ 0.69), an increase of 96.2% from the previous quarter.
-
Net income per basic ADS on a non-GAAP basis was RMB 4.00 (US$ 0.59), an increase of 46.5% from the previous quarter.
-
Annualized ROE on a non-GAAP basis significantly improved to 35.9% in 2Q10 from 26.6% in 1Q10 and negative 38.3% in 2Q09.
-
The Company generated RMB 417.5 million (US$ 61.6 million) in cash from operating activities during the quarter.
Peter Xie, President of Solarfun, commented, "We are pleased to announce another quarter of outstanding performance. For the first six months of 2010, the Company shipped a total of 355 MW of PV modules and achieved net income per basic ADS of US$1.05 on a GAAP basis and US$0.99 on a non-GAAP basis. The strong results can be attributed to continued strong end-market demand as well as consistent execution by the management team. We expect robust demand for the rest of 2010, and are raising our 2010 full year shipment guidance from 650 MW to approximately 750 MW. Based on early demand indications from our key customers for 2011, we are increasingly optimistic about the Company's future performance."
SECOND QUARTER 2010 RESULTS
-
Total net revenues were RMB 1,752.7 million (US$ 258.5 million), an increase of 18.8% from 1Q10 and an increase of 105.1% from 2Q09. The increase in net revenues in 2Q10 was primarily due to significantly higher shipment volumes which reflect improved industry demand as well as growth in the Company's production capacity.
-
Revenue contribution from PV module processing services as a percentage of total net revenues was 11.9% as compared to 7.8% in 1Q10.
-
PV module shipments, including module processing services, reached 204.6 MW, an increase from 150.6 MW in 1Q09 and from 64.3 MW in 2Q09.
-
The revenue breakdowns by shipment destination and by invoiced location in 2Q10 are as follows:
-
Starting next quarter, the Company will disclose only revenue breakdown by shipment destination as the management team believes this more accurately reflects the Company's geographic diversification.
-
ASP, excluding module processing services, declined by 6.8% to RMB 11.19 (US$ 1.65) per watt from RMB 12.01 per watt in 1Q10. The decline in ASP in 2Q10 was primarily due to the depreciation of the Euro against the Renminbi.
-
Gross profit grew 35.4% quarter-on-quarter to RMB 368.8 million (US$ 54.4 million) from RMB 272.5 million in 1Q10. Despite the decline in ASP, gross margin increased to 21.0% from 18.5% in 1Q10, primarily due to a continued reduction in manufacturing costs.
-
The blended COGS per watt, excluding module processing services, was US$ 1.31, representing a 7.7% decrease from US$ 1.42 per watt in 1Q10. The blended COGS takes into account the processing cost (silicon and non-silicon) using internally-sourced wafers, purchase cost and additional processing cost of externally-sourced wafers and cells, as well as freight costs.
-
The production cost (including both silicon and non-silicon costs) using internal wafers was US$ 1.12 per watt, representing a 5.9% decrease from US$ 1.19 per watt in 1Q10.
-
Operating profit was RMB 269.2 million (US$ 39.7 million), representing an increase of 42.4% from RMB 189.1 million in 1Q10. The Company had an operating loss of RMB 121.9 million in 2Q09. Operating margin for 2Q10 was 15.4% which compares to 12.8% in 1Q10 and negative 14.3% in 2Q09. Operating expenses as a percentage of total net revenues stayed flat at 5.7% in 2Q10 as compared to the previous quarter.
-
Interest expense of 2Q10 was RMB 40.2 million (US$ 5.9 million) and has not fluctuated significant compared to 1Q10 of RMB 40.9 million.
-
Although Solarfun is not immune to currency fluctuations, especially the depreciation of the Euro against the US dollar, its active hedging program reduces the Company's exposure. For 2Q10, the Company recorded a net foreign exchange gain of RMB 15.1 million (US$ 2.2 million), representing foreign exchange losses that were more than offset by a gain from the change in fair value of foreign currency derivatives. The Company recorded a net foreign exchange gain of RMB 3.7 million in 1Q10.
-
Gain from the change in fair value of the conversion feature of the Company's convertible bonds was RMB 57.8 million (US$8.5 million), as compared to a loss of RMB 2.5 million in 1Q10 and a loss of RMB 113.4 million in 2Q09. The fluctuations, from the adoption of ASC 815-40 since January 1, 2010 were primarily due to changes in the Company's share price during the quarter. This line item has fluctuated, and is expected to continue to fluctuate quarter-to-quarter. The Company has no direct control over the fluctuations.
-
On a GAAP basis, net income attributable to shareholders was RMB 272.8 million (US$40.2 million), compared to net income attributable to shareholders of RMB 138.9 million in 1Q10 and net loss attributable to shareholders of RMB 319.9 million in 2Q09. Net income per basic ADS was RMB 4.71 (US$0.69) in 2Q10, compared to RMB 2.40 in 1Q10 and net loss per basic ADS of RMB 5.95 in 2Q09.
-
On a non-GAAP basis, net income attributable to shareholders was RMB 231.7 million (US$34.2 million), as compared to RMB 158.1 million in 1Q10 and net loss attributable to shareholders of RMB 196.6 million in 2Q09. Net income per basic ADS, on a non-GAAP basis, was RMB 4.00 (US$0.59) in 2Q10, as compared to RMB 2.73 in 1Q10 and net loss per basic ADS of RMB 3.66 in 2Q09.
-
On a GAAP basis, the Company had an annualized return on equity of 35.2% in 2Q10, as compared to 19.2% in 1Q10 and negative 48.3% in 2Q09.
-
On a non-GAAP basis, the Company had an annualized return on equity of 35.9% in 2Q10, as compared to 26.6% in 1Q10 and negative 38.3% in 2Q09.
FINANCIAL POSITION
As of June 30, 2010, the Company had cash and cash equivalents of RMB 885.4 million (US$130.6 million) and net working capital of RMB 2,002.4 million (US$295.3 million). Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB 706.0 million (US$104.1 million), as compared to RMB 930.6 million as of March 31, 2010. The reduction in short-term borrowings was because the Company used additional cash generated from operations to reduce short-term bank borrowings.
As of June 30, 2010, the Company had total long-term debt of RMB 884.7 million (US$130.5 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 may require the Company to purchase the notes on January 15, 2015.
Net cash from operating activities in 2Q10 was RMB 417.5 million (US$61.6 million), compared to negative RMB 5.4 million in 1Q10 and RMB140.8 million in 2Q09. The net cash inflow from operating activities was primarily due to the increase in net income and the reductions in accounts receivables and inventories.
As of June 30, 2010, accounts receivable declined to RMB 828.9 million (US$122.2 million) from RMB 849.0 million as of March 31, 2010. Days sales outstanding stayed relatively flat at 48 days in 2Q10, as compared to 47 days in 1Q10.
As of June 30, 2010, inventories decreased to RMB 591.6 million (US$87.2 million) from RMB 720.9 million as of March 31, 2010. Days inventory outstanding improved to 43 days in 2Q10 from 57 days in 1Q10 and from 71 days in 4Q09, primarily because of continued improvements in the Company's supply chain management.
Capital expenditures were RMB 204.5 million (US$ 30.2 million) in 2Q10. In the first 6 months of 2010, the total capital expenditures were 265.4 million (US$ 39.1 million).
CAPACITY EXPANSION
The Company recently announced the next phase of its cell line expansion. It plans to add another 50 MW to cell capacity from manufacturing process improvements and debottlenecking, to reach 550MW of cell capacity by early first quarter of 2011. The Company is on track to expand its module capacity to 900 MW by August 30, 2010.
In addition, the Company recently announced that it plans to convert 160 MW of its cell capacity to high efficiency cell capacity through the introduction of selective emitter technologies. The high efficiency cell capacity is expected to realize efficiency targets exceeding 18.5% and 17.0 % for monocrystalline and multicrystalline cells, respectively.
Details on the Company's production capacities and expected production capacities as follows:
Capacity ramp-up plan
Dec 31, 2010
Jun 30, 2009 Mar 31, 2010 Jun 30, 2010 (Estimated)
------------ ------------ ------------ ------------
Ingot MW 300 300 360 360
Wire saw MW 300 300 400 400
Cell MW 360 360 400 500
Module MW 550 600 700 900
------ --- --- --- --- ---
BUSINESS OUTLOOK
The Company provides the following guidance based on current operating trends and market conditions.
For 3Q10, the Company expects:
-
Total module shipments to be 210 MW to 220 MW, of which approximately 30% will be for PV module processing services.
-
ASP excluding PV module processing services to increase by approximately 3% from 2Q10 on the assumption that the Euro/US dollar exchange rate stays at approximately 1.28 during the third quarter of 2011.
In view of the continued robust demand from the Company's customers for the remainder of 2010, the Company is raising its full-year 2010 shipment guidance from 650MW to approximately 750MW. Module processing services are expected to represent approximately 30% of the total shipments.
CONFERENCE CALL
Management will host a conference call to discuss Solarfun's 2010 second quarter results on Aug 3, 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:
- U.S. Toll Free Number: +1 800 510 0219
- International dial-in number: +1 617 614 3451
- China Toll Free Number (North): +10 800 152 1490
- China Toll Free Number (South): +10 800 130 0399
Passcode: 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:
- U.S. Toll Free Number: +1 888 286 8010
- International dial-in number: +1 617 801 6888
Passcode: 88957192
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 June 30, 2010, which was RMB 6.7815 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 June 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 3Q 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. For more information, visit: www.solarfun-power.com.
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)
December
31 March 31
2009 2010
(Unaudited) (Unaudited)
RMB RMB
ASSETS
Current assets
Cash and cash equivalents 645,720 936,313
Restricted cash 60,539 83,440
Derivative contracts 7,360 47,275
Accounts receivable, net 587,488 848,959
Inventories, net 783,973 720,860
Advance to suppliers, net 979,762 995,542
Other current assets 180,315 224,419
Deferred tax assets 63,115 69,460
Amount due from related parties 12,458 86,730
------ ------
Total current assets 3,320,730 4,012,998
- -
Non-current assets
Fixed assets - net 1,586,283 1,599,247
Intangible assets - net 208,563 209,042
Goodwill 134,735 134,735
Deferred tax assets 13,789 14,417
Long-term deferred expenses 33,158 31,527
------ ------
Total non-current assets 1,976,528 1,988,968
- -
TOTAL ASSETS 5,297,258 6,001,966
========= =========
LIABILITIES
Current liabilities
Derivative contracts 1,148 1,131
Short-term bank borrowings 404,764 783,132
Long-term bank borrowings, current
portion 90,000 147,500
Accounts payable 441,768 416,885
Notes payable 186,921 266,650
Accrued expenses and other liabilities 191,895 212,716
Customer deposits 59,685 141,426
Deferred tax liability - -
Unrecognized tax benefit 27,385 27,385
Amount due to related parties 16,765 38,074
------ ------
Total current liabilities 1,420,331 2,034,899
--------- ---------
Non-current liabilities
Long-term bank borrowings, non-current
portion 380,000 300,000
Convertible notes payable 658,653 677,738
------- -------
Long term payable
Deferred tax liability 26,566 26,419
- -
Total non-current liabilities 1,065,219 1,004,157
- -
TOTAL LIABILITIES 2,485,550 3,039,056
Redeemable ordinary shares 55 55
EQUITY
Shareholders' equity
Ordinary shares 227 227
Additional paid-in capital 2,331,797 2,344,050
Statutory reserves 69,564 83,281
Retained earnings 410,065 535,297
------- -------
Total shareholders' equity 2,811,653 2,962,855
Noncontrolling interest - -
--- ---
TOTAL EQUITY 2,811,653 2,962,855
--------- ---------
TOTAL LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' EQUITY 5,297,258 6,001,966
========= =========
ASSETS
Current assets
Cash and cash equivalents 885,442 130,567
Restricted cash 100,462 14,814
Derivative contracts 66,527 9,810
Accounts receivable, net 828,939 122,236
Inventories, net 591,585 87,235
Advance to suppliers, net 954,220 140,709
Other current assets 225,340 33,230
Deferred tax assets 60,402 8,907
Amount due from related parties 96,220 14,189
------ ------
Total current assets 3,809,137 561,697
- -
Non-current assets
Fixed assets - net 1,764,560 260,202
Intangible assets - net 207,949 30,664
Goodwill 134,735 19,868
Deferred tax assets 15,013 2,214
Long-term deferred expenses 30,289 4,466
------ -----
Total non-current assets 2,152,546 317,414
- -
TOTAL ASSETS 5,961,683 879,111
========= =======
LIABILITIES
Current liabilities
Derivative contracts 739 109
Short-term bank borrowings 530,985 78,299
Long-term bank borrowings, current
portion 175,000 25,806
Accounts payable 410,061 60,468
Notes payable 209,590 30,906
Accrued expenses and other liabilities 270,674 39,914
Customer deposits 122,743 18,100
Deferred tax liability - -
Unrecognized tax benefit 27,385 4,038
Amount due to related parties 59,578 8,785
------ -----
Total current liabilities 1,806,755 266,425
--------- -------
Non-current liabilities
Long-term bank borrowings, non-current
portion 250,000 36,865
Convertible notes payable 634,666 93,588
------- ------
Long term payable
Deferred tax liability 26,271 3,874
- -
Total non-current liabilities 910,937 134,327
- -
TOTAL LIABILITIES 2,717,692 400,752
Redeemable ordinary shares 55 8
EQUITY
Shareholders' equity
Ordinary shares 227 33
Additional paid-in capital 2,352,293 346,869
Statutory reserves 104,467 15,405
Retained earnings 786,949 116,044
------- -------
Total shareholders' equity 3,243,936 478,351
Noncontrolling interest - -
--- ---
TOTAL EQUITY 3,243,936 478,351
--------- -------
TOTAL LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' EQUITY 5,961,683 879,111
========= =======
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
June 30 March 31 June 30 June 30
2009 2010 2010 2010
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB USD
--- --- --- ---
Net revenues 854,610 1,475,832 1,752,708 258,455
------- --------- --------- -------
Cost of revenues (907,645) (1,203,334) (1,383,868) (204,065)
-------- ---------- ---------- --------
- - - -
Gross profit /
(loss) (53,035) 272,498 368,840 54,390
Operating
expenses
Selling expenses (18,206) (29,481) (39,238) (5,786)
G&A expenses (47,002) (38,027) (42,092) (6,207)
R&D expenses (3,673) (15,916) (18,290) (2,697)
Total operating
expenses (68,881) (83,424) (99,620) (14,690)
Operating profit
(loss) (121,916) 189,074 269,220 39,700
Interest
expenses (36,091) (40,919) (40,230) (5,932)
Interest income 1,060 544 1,285 189
Exchange gain
(loss) 15,590 (47,011) (82,258) (12,130)
Gain (loss) on
change in fair
value of
derivative (49,423) 50,756 97,312 14,350
Gain (loss) on
change in
conversion
feature fair
value of
convertible
bond (113,423) (2,505) 57,765 8,518
Other income 276 3,008 9,196 1,356
Other expenses (4,302) (1,996) (484) (71)
Government grant 1,797 9,365 13,195 1,946
----- ----- ------ -----
Net income
(loss) before
income tax (306,432) 160,316 325,001 47,926
-------- ------- ------- ------
- - - -
Income tax
expenses (13,475) (21,367) (52,163) (7,692)
------- ------- ------- ------
- - - -
Net income
(loss) (319,907) 138,949 272,838 40,234
-------- ------- ------- ------
Net income
(loss)
attributable
to shareholders (319,905) 138,949 272,838 40,234
======== ======= ======= ======
Net income
(loss) per
share
Basic (1.19) 0.48 0.94 0.14
Diluted (1.19) 0.48 0.73 0.11
Shares used in
computation
Basic 268,981,409 289,674,891 289,851,889 289,851,889
Diluted 268,981,409 290,187,034 335,514,967 335,514,967
Net income
(loss) per ADS
Basic (5.95) 2.40 4.71 0.69
Diluted (5.95) 2.39 3.63 0.53
ADSs used in
computation
Basic 53,796,282 57,934,978 57,970,378 57,970,378
Diluted 53,796,282 58,037,407 67,102,993 67,102,993
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
June 30, March 31, June 30, June 30,
2009 2010 2010 2010
RMB RMB RMB USD
Cash flow from operating
activities
Net income (loss) (319,905) 138,949 272,838 40,233
Adjustments to reconcile net
income (loss) to net cash
provided (used) in operating
activities:
Unrealised financial
derivative 71,328 (39,932) (19,644) (2,897)
Amortization of convertible
bonds discount 10,243 16,580 14,693 2,167
Fair value change of
convertion feature 113,423 2,505 (57,765) (8,518)
Loss from disposal of fixed
assets 36 580 105 15
Depreciation and amortization 38,526 43,134 44,900 6,621
Amortization of long-term
deferred expense 1,762 1,780 1,796 265
Provision for doubtful debt
of advance to suppliers 236,515 163 0
Reversal of doubtful debt for
accounts receivable (115) (278) 0
Provision for doubtful debt
of accounts receivable 1,005 0
Write down of inventory 66,144 37,844 19,881 2,932
Stock compensation expense 11,905 7,149 7,492 1,105
Warranty provision 6,869 13,562 13,038 1,923
Deferred tax benefit 7,574 (7,120) 8,314 1,226
Unrecognized tax benefit 814 0 0 0
Changes in operating assets
and liabilities
Restricted cash 45,516 (17,761) (16,022) (2,363)
Inventory (14,300) 25,269 109,394 16,131
Account receivables (312,117) (262,198) 20,019 2,952
Advances to suppliers 39,827 (15,943) 41,322 6,093
Prepaid expense 31,401 12,865 (6,819) (1,006)
Other current assets 17,451 (56,967) 5,898 868
Amount due from related
parties (24,416) (74,272) (9,489) (1,399)
Accounts payable 114,088 57,354 (80,216) (11,828)
Accrued expenses and other
liabilities (130) 7,259 44,919 6,624
Customer deposits 390 81,741 (18,683) (2,755)
Amount due to related parties (2,006) 21,309 21,504 3,171
------ ------ ------ -----
Net cash provided (used) in
operating activities 140,823 (5,423) 417,475 61,560
------- ------ ------- ------
Cash flows from investing
activities
Acquisition of fixed assets (29,086) (63,418) (188,170) (27,748)
Change of restricted cash (35,867) 0 (6,140) (905)
Acquisition of intangible
assets (1,538) (140) (21)
------ ---- ---
Net cash provided (used) in
investing activities (64,953) (64,956) (194,450) (28,674)
------- ------- -------- -------
Cash flows from financing
activities
Proceeds from exercise of
stock option 1,080 5,104 751 111
Proceeds from short-term
bank borrowings 587,014 508,368 97,143 14,325
Payment of short term bank
borrowings (628,000) (130,000) (349,290) (51,506)
Proceeds from long term bank
borrowings (7,500) 0 0
Payment for long term bank
borrowings (22,500) (22,500) (3,318)
------- ------- ------
Net cash provided (used) by
financing activities (47,406) 360,972 (273,896) (40,388)
------- ------- -------- -------
Unrealised foreign exchange
gain/loss
Net increase (decrease) in
cash and cash equivalents 28,464 290,593 (50,871) (7,502)
Cash and cash equivalents at
the beginning of period 466,276 645,720 936,313 138,069
Cash and cash equivalents at
the end of period 494,740 936,313 885,442 130,567
======= ======= ======= =======
Supplemental disclosure of
cash flow information:
Interest paid 16,699 33,066 13,731 2,025
Income tax paid 5,035 8,404 31,542 4,651
Realized gain from derivative
contracts (2,029) 10,82
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