SHANGHAI, Nov. 12, 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 September 30, 2013. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (9:00 pm Shanghai Time) onNovember 12, 2013. A slide presentation with details of the results will also be available on the Company's website prior to the call.
Third QUARTER 2013 HIGHLIGHTS
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|
2Q13
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|
|
3Q13
|
|
Percentage Change1
|
|
(RMB)
|
|
(US$)
|
(RMB)
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|
(US$)
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(%)
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|
|
|
|
|
|
|
|
|
Net Revenues
(Million)
|
1,182.8
|
|
192.7
|
1,135.1
|
|
185.5
|
-4.0
|
|
Shipments (MW)
|
|
321.2
|
|
|
317.8
|
|
-1.1
|
|
ASP (/W)
|
4.03
|
|
0.66
|
4.16
|
|
0.68
|
+3.2
|
|
Gross profit
(Million)
|
65.3
|
|
10.6
|
57.8
|
|
9.4
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-11.5
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Gross margin (%)
|
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5.5
|
|
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5.1
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-40 basis points
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Operating loss
(Million)
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(122.1)
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|
(19.9)
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(132.7)
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|
(21.7)
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-8.7
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Operating margin
(%)
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-10.3
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|
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-11.7
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|
-140 basis points
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Net loss (Million)2
|
(166)
|
|
(27.0)
|
(460.4)
|
|
(75.2)
|
-177.3
|
|
Net loss per basic
ADS on a GAAP
basis2
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(1.96)
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|
(0.32)
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(5.44)
|
|
(0.89)
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-177.6
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|
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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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2 This figure changed significantly between 2Q13 and 3Q13 due to the Company recording total non-cash charges of RMB283.4 million (US$46.3 million) from valuation allowance against deferred tax assets this quarter.
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Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "Our third quarter results came in largely as expected, with shipment volumes falling at the high end of our forecasted range, average selling prices continuing to improve and gross margins remaining stable before a one-time provision for EU tariffs. Our presence in three of the world's most important markets improved with China, Japan and North America all accounting for larger percentages of our shipment volumes".
Chairman HONG continued, "Our outlook for the final quarter of 2013 is good, with some highlights being:
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shipment volumes should increase in a range of 13-19% quarter-to-quarter
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average selling prices are stable to up and gross margins are improving
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we have made significant recent progress in improving our internal ingot and wafer utilization and manufacturing efficiencies
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we are seeing momentum in our penetration of the China market and are approaching the roll out of our downstream business (including the evaluation of a number of strategic partnerships)
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North America is showing positive signs including a 40 MW project in Canada
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our next-generation E Star II cell will begin commercial production".
THIRD QUARTER 2013 RESULTS
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Total net revenues were RMB1,135.1 million (US$185.5 million), a decrease of 4.0% from RMB1,182.8 million in 2Q13, and an increase of 17.5% from
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