SHANGHAI, Aug. 28, 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 ended June 30, 2014. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (8:00 pm Shanghai Time) onAugust 28, 2014. A slide presentation with details of the results will also be available on the Company's website prior to the call.
SECOND QUARTER 2014 HIGHLIGHTS
|
1Q14
|
2Q14
|
Percentage Change1
|
|
(RMB)
|
(US$)
|
(RMB)
|
(US$)
|
(%)
|
|
Net Revenues (Million)
|
1,138.4
|
|
183.1
|
1,107.3
|
178.5
|
-2.7
|
|
Shipments (MW)
|
323.6
|
339.5
|
+4.9
|
|
Average Selling Price (/W)
|
4.27
|
|
0.69
|
4.17
|
0.67
|
-2.3
|
|
Gross profit (Million)
|
158.1
|
|
25.4
|
105.1
|
16.9
|
-33.5
|
|
Gross margin (%)
|
13.9
|
9.5
|
-440 basis points
|
|
Operating (loss)/profit (Million)
|
21.9
|
|
3.5
|
(39.9)
|
(6.4)
|
N/M
|
|
Operating margin (%)
|
1.9
|
-3.6
|
-550 basis points
|
|
Net loss (Million)
|
(133.4)
|
|
(21.5)
|
(54.8)
|
(8.8)
|
Reduced 58.9
|
|
Net loss per basic ADS
|
(1.47)
|
|
(0.24)
|
(0.60)
|
(0.10)
|
Reduced 59.2
|
|
1 Percentage changes are calculated based on RMB amounts to eliminate fluctuations in the exchange rate of the dollar.
|
Mr. Seong-woo Nam, Chairman and CEO of Hanwha SolarOne commented, "The second quarter of 2014 showed an increase in shipments and a significant reduction in our net loss position. Our gross margins were driven down by a lower average selling price, reflecting a decreasing proportion of sales from the higher-priced EU market, particularly the UK, and an increasing proportion from the relatively lower priced China market. We maintained our strong position in Japan and began shipments to several newer emerging markets. We continued to maintain tight control over operating expenses."
Chairman Nam noted, " We see a number of positive developments for our business for the remainder of this year, including 1) strong growth in quarterly shipment volumes beginning in the third quarter, driven especially by good visibility in China 2) opportunities for cost reduction due to increased efficiency and improved utilization for our ingot and wafer manufacturing lines, 3) the introduction of new four busbar cell technology, 4) reduced processing costs from decreased use of raw materials 5) increased automation of our production lines and 6) the addition of new cell and module lines. Module manufacturers continue to compete intensely on price and we expect to continue to see decreasing average selling prices near term that make gross margin expansion challenging in the near term."
SECOND QUARTER 2014 RESULTS
-
Total net revenues were RMB1, 107.3 million (US$178.5 million), a decrease of 2.7% from RMB1,138.4 million in 1Q14, and a decrease of 6.4% from RMB1,182.8 million in 2Q13. The decrease in total net revenues in 2Q14 compared with 1Q14 was primarily due to a lower average selling price. Module processing services accounted for approximately 13% of revenues.
-
PV module shipments, including module processing services, were 339.5 MW, a 4.9% increase from 323.6 MW in 1Q14, and a 5.7% increase from 321.2 MW in 2Q13.
Module revenue by shipping destination 2Q 14 Module revenue by shipping destination 1Q 14
|
Country
|
2Q14
|
|
|
Country
|
1Q14
|
|
Japan
|
53%
|
|
|
Japan
|
51%
|
|
US
|
11%
|
|
|
UK
|
|
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