SHANGHAI, Sept. 9, 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 June 30, 2013. The Company will host a conference call to discuss the results at 9:00 am Eastern Time (9:00 pm Shanghai Time) onSeptember 9, 2013. A slide presentation with details of the results will also be available on the Company's website prior to the call.
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Second QUARTER 2013 HIGHLIGHTS
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1Q13
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2Q13
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Percentage
change1
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(RMB)
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(US$)
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(RMB)
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(US$)
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(%)
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Net Revenues
(Million)
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1,112.90
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179.2
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1,182.8
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192.7
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+6.3
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Shipments (MW)
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289.1
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321.2
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+11.1
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ASP (/W)
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4.12
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0.66
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4.03
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0.66
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-2.2
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Gross profit
(Million)
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28.9
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4.7
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65.3
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10.6
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+126
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Gross margin (%)
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2.6
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5.5
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+290 basis points
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Operating loss
(Million)
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(128.2)
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(20.6)
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(122.1)
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(19.9)
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+4.8
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Operating margin (%)
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-11.5
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-10.3
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+120 basis points
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Net loss (Million)
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(225.9)
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(36.4)
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(166.0)
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(27.0)
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+26.5
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Net loss per basic
ADS on a GAAP basis
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(2.67)
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(0.43)
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(1.96)
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(0.32)
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+26.6
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1 Percentage changes are calculated based on RMB amounts to eliminate fluctuations in the exchange rate of the dollar.
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Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "We recorded a solid performance for the second quarter ending June including further gross margin improvement reflecting an improved cost structure and better factory utilization, an 11% quarter-over quarter shipment gain and a return to positive operating cash flow. Shipments of 321 MW were the highest quarterly level since Hanwha's purchase of the predecessor company in September 2010. Our presence in emerging markets such as Japan and South Africa remained strong. We also strengthened our liquidity position with a US$100 million long-term loan from the Export-Import Bank of Korea."
Chairman HONG continued, "Solar industry conditions continue to improve and we remain optimistic for the remainder of 2013 and beyond. We should continue to enjoy success in Japan and we expect to see improved volumes in the important China market. With the EU and China having reached agreement on import duties, we believe our market allocation and higher pricing will lead to good opportunity there. We look towards improving our presence in other emerging markets including South America, the Middle East and Southeast Asia. Our manufacturing module services business with Hanwha Q CELLS should see improved volumes during the second half of this year. We are also continuing to make progress in innovation with the planned introduction of our second-stage E Star module later this year with improved performance and lower manufacturing costs".
SECOND QUARTER 2013 RESULTS
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Total net revenues were RMB1,182.8 million (US$192.7 million), an increase of 6.3% from RMB1,112.9 million in 1Q13, and an increase of 10.4% from RMB1,071.7 million in 2Q12. The increase in total net revenues in 2Q13 compared with 1Q13 was primarily due to higher shipments, lower costs and stable ASP.
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PV module shipments, including module processing services, were 321.2 MW, an increase from 289.1 MW in 1Q13, and an increase from 230.7 MW in 2Q12.
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