Hanwha SolarOne Reports Fourth Quarter and Full Year 2013 Results
SHANGHAI, March 13, 2014 /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 three months and full year ended December 31, 2013. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (8:00 pmShanghai Time) on March 13, 2014. A slide presentation with details of the results will also be available on the Company's website prior to the call.
FOURTH QUARTER 2013 HIGHLIGHTS
|
|
GAAP
|
Ex-Provision
|
|
3Q13
|
4Q13
|
Percentage
Change1
|
4Q132
|
|
(RMB)
|
(US$)
|
(RMB)
|
(US$)
|
(%)
|
(RMB)
|
(US$)
|
|
Net Revenues (Million)
|
1,135.1
|
185.5
|
1,294.9
|
213.9
|
+14.1
|
-
|
|
Shipments (MW)
|
317.8
|
352.2
|
+10.8
|
-
|
|
ASP (/W)
|
4.16
|
0.68
|
4.09
|
0.68
|
-1.7
|
-
|
|
Gross profit (Million)
|
57.8
|
9.4
|
183.0
|
30.2
|
+216.6
|
208.9
|
34.5
|
|
Gross margin (%)
|
5.1
|
14.1
|
+900 basis points
|
16.1
|
|
Operating (loss)/profit (Million)
|
(132.7)
|
(21.7)
|
(23.7)
|
(3.9)
|
+82.1
|
30.8
|
5.1
|
|
Operating margin (%)
|
-11.7
|
-1.8
|
+990 basis points
|
2.4
|
|
Net (loss)/profit (Million)
|
(460.4)
|
(75.2)
|
(21.8)
|
(3.6)
|
+95.3
|
32.7
|
5.4
|
|
Net (loss)/profit per basic ADS
|
(5.44)
|
(0.89)
|
(0.26)
|
(0.04)
|
+95.2
|
0.38
|
0.06
|
|
|
|
1 Percentage changes are calculated based on RMB amounts to eliminate fluctuations in the exchange rate of the dollar.
|
|
2 This column is shown to illustrate the operating performance of the Company excluding total non-cash charges of RMB54.5 million (US$9.0 million), including RMB10.3 million (US$1.7 million) from inventory write-down as a result of lower cost or market assessment and a regular provision for obsolescence, RMB15.6 million (US$2.6 million) from provisions for advanced payments associated with long-term supply contracts and RMB28.6 million (US$4.7 million) from provisions for doubtful debt of accounts receivable.
|
Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne commented, "The final quarter of 2013 was marked by significantly improved financial results, and when excluding year-end non-cash charges and other non-GAAP accounting treatments unrelated to the operations of our business we would have recorded profitability. This financial progress was achieved through increased revenues and shipments, reductions in our manufacturing cost structure, and continued diligence in controlling operating expenses. We maintained a strong presence in Japan and increased our penetration of the fast-growing domestic market in China." Chairman HONG noted, "We are optimistic that 2014 will prove to be a much stronger year for the Company with further shipment growth and additional reductions in our cost structure including notably better operating metrics at our internal ingot and wafer facility. We intend to establish a downstream presence in China and grow our China business by leveraging several recently established strategic partnerships. We plan to expand capacity to meet growing global demand, as well as automate existing manufacturing to reduce cost and improve product consistency and quality."
FOURTH QUARTER 2013 RESULTS
-
Total net revenues were RMB1,294.9 million (US$213.9 million), an increase of 14.1% from RMB1,135.1 million in 3Q13, and an increase of 54.8% from RMB836.7 million in 4Q12. The increase in total net revenues in 4Q13 compared with 3Q13 was primarily due to greater shipments.
-
PV module shipments, including module processing services, were 352.2 MW, a 10.8% increase from 317.3 MW in 3Q13, and a 77.1% increase from 198.9 MW in 4Q12.
-
The Company recorded total non-cash charges of RMB54.5 million (US$9.0 million), including RMB10.3 million (US$1.7 million) from an inventory write-down as a result of lower cost or market assessment and a regular provision for obsolescence, RMB15.6 million (US$2.6 million) from provisions for advance payments associated with long-term supply contracts and RMB28.6 million (US$4.7 million) from provisions for doubtful debt of accounts receivable.
|
Module revenue by shipping destination Q4 13
|
|
Module revenue by shipping destination Q3 13
|
|
Country
|
4Q13
|
|
Country
|
3Q13
|
|
Japan
|
44%
|
|
Japan
|
46%
|
|
China
|
16%
|
|
US
|
12%
|
|
US
|
11%
|
|
China
|
11%
|
|
Germany
|
7%
|
|
South Africa
|
10%
|
|
Korea
|
7%
|
|
Canada
|
5%
|
|
Canada
|
5%
|
|
Korea
|
4%
|
|
Spain
|
2%
|
|
Germany
|
4%
|
|
Others
|
8%
|
|
Others
|
8%
|
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