SHANGHAI, May 30, 2013 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. ( "SolarOne" or the "Company") (Nasdaq: HSOL), 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, 2013. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (8:00 pm Shanghai Time) on May 30, 2013. A slide presentation with details of the results will also be available on the Company's website prior to the call.

FIRST QUARTER 2013 HIGHLIGHTS

Mr. Ki-Joon Hong, Chairman and CEO of Hanwha SolarOne, commented, "The first quarter was an important inflection point for both the solar industry and the Company, with a number of positive signs developing for further progress ahead. Both revenues (+33%) and shipments (+45%) rose sharply, prices improved from the prior quarter and appear to have now stabilized, we returned to positive gross profit, our plants are running at full utilization favorably impacting our cost structure, and although we still recorded negative operating income and cash flow, the amounts were relatively small and substantially improved from prior periods. Our investment in new technology and innovation is beginning to deliver commercial results with the introduction of the new HSL Series of smaller, lighter and higher-efficiency modules. Our effort to diversify business outside traditionally large markets in Europe, to large new emerging markets such as China, Japan, and South Africa, is well underway. And, the continued synergies with our parent Hanwha and its portfolio of solar investments are growing."

Chairman Hong continued, "There are a number of positive developments underway in the overall solar industry which increase our confidence for a gradually improving business environment in 2013, and a much more positive industry upturn from 2014 to 2015. These include: a large number of inefficient players have shut down operations or become financially insolvent resulting in reduced industry overcapacity, average selling prices for solar modules have improved in most markets and new emerging markets like Japan and South Africa currently enjoy above average pricing, input prices (including polysilicon) remain low, utilization rates of Tier 1 players are much improved and inventory levels reduced helping stabilize pricing, the credit environment, particularly in China, has become more disciplined leading to financially-leveraged companies facing a challenged to survive, and a growing number of financing options (including leasing) are supporting investment in solar." He concluded, "The proposed import tariff in the EU against solar products manufactured in China is an unfortunate process as it will ultimately harm competitive pricing in Europe, as well as, hinder solar development through reduced project returns, and reduce solar jobs. We are well-prepared to handle this challenge as we have already diversified our business aggressively outside the EU (shipments to the EU are now below 30% of total shipments compared to over 70% historically), but we hope that negotiations between governments of both regions will ultimately reach a more rational and productive outcome."

FIRST QUARTER 2013 RESULTS

• Total net revenues were RMB1,112.9 million (US$179.2 million), an increase of 33.0% from RMB836.7 million in 4Q12, and an increase of 38.4% from RMB803.9 million in 1Q12. The increase in total net revenues in 1Q13 compared with 4Q12 was primarily due to higher shipments and increased
• PV module shipments, including module processing services, were 289.1 MW, an increase from 198.9 MW in 4Q12, and an increase from 160.7 MW in 1Q12.

Module revenue by shipping destination Q1 13

Module revenue by shipping destination Q4 12

Country

1Q13

Country

4Q12

Japan

33%

Japan

20%

South Africa

21%

Greece

16%

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