United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the
month of March 2009
Commission
File Number: 001-33911
RENESOLA
LTD
No. 8
Baoqun Road, YaoZhuang
Jiashan,
Zhejiang 314117
People’s
Republic of China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):________________
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):________________
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No
x
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-
N/A
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
RENESOLA
LTD
|
|||
|
By:
|
/s/Xianshou Li | ||
| Name: Xianshou Li | |||
| Title: Chief Executive Officer | |||
Date:
March 13, 2009
2
Exhibit
Index
| Page | ||||
|
Exhibit
99.1 – Press Release
|
4 |
3
 |
Exhibit
99.1
|
ReneSola
Ltd Announces Fourth Quarter and Full Year 2008 Results
--
Fourth Quarter Revenues Increase 65.2% Year-Over-Year;
--
Full Year Revenues Increase 169.3% Year-Over-Year;
--
Production Capacity Reaches 645 MW
JIASHAN, China, March 12, 2009
– ReneSola Ltd (“ReneSola” or the “Company”), a leading global manufacturer of
solar wafers, today announced its unaudited financial results for the fourth
quarter and full year ended December 31, 2008.
Fourth
Quarter 2008 Financial and Operating Highlights
|
·
|
Fourth
quarter 2008 net revenues were US$158.6 million, an increase of 65.2% from
US$96.0 million in the fourth quarter of
2007.
|
|
·
|
Fourth
quarter 2008 gross loss and gross margin were US$130.1 million and
negative 82%, respectively. Excluding the US$137.0 million inventory
write-down1,
gross profit and gross margin were US$6.9 million and positive 4.4%,
respectively.
|
|
·
|
Fourth
quarter 2008 net loss was US$126.6 million, or US$6.8 million excluding
the inventory write-down.
|
|
·
|
Fourth
quarter 2008 basic and diluted loss per share was US$0.92, and basic and
diluted loss per ADS was US$1.84. Fourth quarter 2008 basic and diluted
loss per share, excluding the inventory write-down, was US$0.05, while
basic and diluted loss per ADS was US$0.10. Each ADS represents two
shares.
|
|
·
|
Fourth
quarter 2008 wafer shipment was 101 MW, of which 58 MW was from wafer and
ingot sales and 43 MW was from tolling services. The average wafer ASP was
US$2.16 per watt in the fourth quarter of
2008.
|
|
·
|
Silicon
consumption rate decreased to 6.05 grams per watt in the fourth quarter of
2008 from 6.1 grams per watt in the third quarter of
2008.
|
|
·
|
Average
processing cost decreased to US$0.39 per watt in the fourth quarter of
2008 compared to US$0.43 per watt in the third quarter of
2008.
|
|
·
|
The
Company completed and commissioned 50 MW of multicrystalline ingot and
wafer capacity in the fourth quarter of 2008, achieving its annualized
ingot production capacity target of 645 MW and significantly exceeding its
annualized wafer production capacity target of 585 MW. Approximately 325
MW of the current capacity is monocrystalline and 320 MW is
multicrystalline.
|
Full
Year 2008 Financial and Operating Highlights
|
·
|
Full
year 2008 net revenues were US$670.4 million, an increase of 169.3% from
US$249.0 million in the full year
2007.
|
|
1
|
In the fourth quarter of 2008,
the Company had a US$137.0 million inventory write-down against the net
realizable value of inventories as a result of the rapid decrease in the
market price and value of feedstock such as polysilicon and scrap silicon
materials, work in progress materials and finished solar
wafers.
|
4
|
·
|
Full
year 2008 gross loss was US$14.3 million. Excluding the inventory
write-down, gross profit for the full year 2008 was US$124.1 million.
Gross margin for the full year 2008 was negative 2.1%, or positive 18.5%
excluding the inventory
write-down.
|
|
·
|
Full
year 2008 net loss was US$53.3 million. Excluding the inventory
write-down, full year 2008 net income was US$67.9 million, an increase of
58.2% from $42.9 million in the full year
2007.
|
|
·
|
Full
year 2008 basic and diluted loss per share was US$0.42, and basic and
diluted loss per ADS was US$0.84. Full year 2008 basic and diluted
earnings per share, excluding the inventory write-down, was US$0.53 and
US$0.52, respectively, while basic and diluted earnings per ADS was
US$1.06 and US$1.04,
respectively.
|
|
·
|
The
Company’s wafer shipment for full year 2008 was 350 MW, of which
approximately 228 MW was from wafer and ingot sales and 122 MW was from
tolling services. The ASP was US$2.52 per watt in the full year
2008.
|
|
·
|
The
Company had US$112.3 million in cash and cash equivalents on its balance
sheet as of December 31,
2008.
|
|
Three
months
ended
12/31/07
|
Twelve
months
ended
12/31/07
|
Three
months
ended
9/30/08
|
Three
months
ended
12/31/08
|
Three
months
ended
12/31/08*
|
Twelve
months
ended
12/31/08
|
Twelve
months
ended
12/31/08*
|
|||||||||||||||||||||||
|
Net revenue
(US$000)
|
96,046 | 248,973 | 215,754 | 158,623 | 158,623 | 670,366 | 670,366 | ||||||||||||||||||||||
|
Gross profit (loss)
(US$000)
|
19,619 | 53,496 | 45,809 | (130,139 | ) | 6,916 | (14,310 | ) | 124,119 | ||||||||||||||||||||
|
Gross margin
(%)
|
20.4 | % | 21.5 | % | 21.2 | % | (82.0 | %) | 4.4 | % | (2.1 | %) | 18.5 | % | |||||||||||||||
|
Operating profit (loss)
(US$000)
|
15,000 | 43,433 | 36,888 | (141,108 | ) | (4,053 | ) | (46,498 | ) | 91,931 | |||||||||||||||||||
|
Foreign exchange loss
(US$000)
|
(1,174 | ) | (4,047 | ) | (1,192 | ) | (1,052 | ) | (1,052 | ) | (3,097 | ) | (3,097 | ) | |||||||||||||||
|
Profit (loss) for the period
(US$000)
|
17,471 | 42,936 | 32,385 | (126,620 | ) | (6,839 | ) | (53,251 | ) | 67,904 | |||||||||||||||||||
|
*
Figures noted exclude the US$137.0 million fourth quarter 2008 inventory
write-down.
|
|||||||||||||||||||||||||||||
“We
delivered a solid operating performance in 2008 and exceeded our net revenue,
production output and capacity expansion targets despite extremely challenging
market conditions during the fourth quarter,” commented Mr. Xianshou Li,
ReneSola’s chief executive officer. “Our strong and continuously improving
operational capabilities, long-term relationships with leading global solar
customers and our increasing brand recognition were key drivers in us exceeding
our targets.”
Mr. Li
continued, “In 2008, we achieved
several operational milestones through a keen focus on execution and cost
reduction. With our significant increase in ingot and wafer production
capacity we strengthened
our position as one of the world’s leading solar wafer producers and increased our market share across
key global markets. Our R&D investment contributed to further reductions in
our silicon consumption rate and processing costs and, as a result, we
generated positive operating cash flows in the fourth quarter despite the
difficulties in the market. We
have also made good progress in the development of our wholly-owned 3,000
metric tonne (MT) polysilicon project in Sichuan, with Phase 1 scheduled to be
operational by mid-2009 and Phase 2 expected to be operational by the end of the
third quarter of 2009. The addition of in-house polysilicon manufacturing will
further enhance our competitiveness and our position as a leading, low-cost
wafer producer.”
5
“Looking
ahead to 2009 and beyond, we believe that although the solar industry is
experiencing short term demand weakness, the declining ASPs and other production
costs along the solar value chain are improving end-user affordability and
should ultimately increase demand for solar generated electricity. We remain
confident that we can continue to reduce production costs while improving
operational efficiency to stay ahead of the competition.”
Financial
Results for the Fourth Quarter and Full Year 2008
Net
Revenues
Net
revenues for the fourth quarter of 2008 were US$158.6 million, an increase of
65.2% year-over-year and a decrease of 26.5% sequentially. For the full year
2008, ReneSola reported net revenues of US$670.4 million, representing a 169.3%
increase year-over-year from US$249.0 million in 2007. The rise in full year
2008 revenues was primarily attributable to increases in production capacities
and wafer ASPs during the first three quarters of the year.
Gross
Profit (Loss)
Gross
loss for the fourth quarter of 2008 was US$130.1 million, compared to gross
profit of US$45.8 million for the third quarter of 2008 and US$19.6 million for
the fourth quarter of 2007. Gross profit for the fourth quarter of 2008 was
US$6.9 million excluding the inventory write-down. Gross margin for the fourth
quarter of 2008 was negative 82.0%, compared to positive 21.2% and 20.4% for the
third quarter of 2008 and fourth quarter of 2007, respectively. Gross margin for
the fourth quarter of 2008 was positive 4.4% excluding the inventory
write-down.
Gross
loss for the full year 2008 was US$14.3 million, compared to gross profit of
US$53.5 million for the full year 2007. Gross profit for the full year 2008 was
US$124.1 million excluding the inventory write-down. Gross margin for the full
year 2008 was negative 2.1%, compared to positive 21.5% for the full year 2007.
Gross margin for the full year 2008 was positive 18.5% excluding the inventory
write-down. The decrease in gross margin was primarily attributable to
reductions in ASPs and the inventory write-down during the fourth quarter of
2008.
Operating
Profit (Loss)
Operating
loss for the fourth quarter of 2008 was US$141.1 million, compared to operating
profit of US$36.9 million in the third quarter of 2008 and US$15.0 million in
the fourth quarter of 2007. Operating loss for the fourth quarter of 2008 was
US$4.1 million excluding the inventory write-down.
Operating
margin for the fourth quarter of 2008 was negative 89.0%, compared to positive
17.1% and 15.6% for the third quarter of 2008 and fourth quarter of 2007,
respectively. Operating margin for the fourth quarter of 2008 was negative 2.6%
excluding the inventory write-down. Total operating expenses in the fourth
quarter of 2008 were US$11.0 million, up from US$8.9 million in the third
quarter of 2008. Of the total operating expenses in the fourth quarter of 2008,
US$7.1 million was attributable to general and administrative expenses, up from
US$5.5 million in the third quarter of 2008 and US$3.6 million in the fourth
quarter of 2007.
Operating
loss for the full year 2008 was US$46.5 million, compared to operating profit of
US$43.4 million for the full year 2007. Operating profit for the full year 2008
was US$91.9 million excluding the inventory write-down. Operating margin for the
full year 2008 was negative 6.9%, compared to positive 17.4% for the full year
2007. Operating margin for the full year 2008 was positive 13.7% excluding the
inventory write-down. The change in operating margin was primarily attributable
to the inventory write-down during the fourth quarter of 2008 along with rapid
reductions in ASPs. Total operating expenses for the full year 2008 were US$32.2
million, up from US$10.1 million for the full year 2007. The increase in
operating expenses for the full year 2008 was primarily due to increased general and administrative
expenses reflecting higher salary and benefit payments as a result of the
need for a greater number of employees to meet the Company’s fast growing business, as well as an increase in R&D costs,
professional fees and compliance expenses.
6
Earnings
(Loss) Before Income Tax, Minority Interest and Equity in Earnings of
Investee
Loss
before income tax, minority interest and equity in earnings of investee for the
fourth quarter of 2008 was US$144.9 million, compared to earnings of US$32.7
million in the third quarter of 2008 and US$12.4 million in the fourth quarter
of 2007. Loss before income tax, minority interest and equity in earnings of
investee for the fourth quarter of 2008 was US$7.9 million excluding the
inventory write-down. Loss before income tax, minority interest and equity in
earnings of investee for the full year 2008 was US$59.7 million, compared to
earnings of US$36.8 million in the full year 2007. Earnings before income tax,
minority interest and equity in earnings of investee for the full year 2008 were
US$78.7 million excluding the inventory write-down. Finance costs increased by
12.6% sequentially, reflecting the rise in bank borrowings to US$224.8 million
as of December 31, 2008. The fourth quarter 2008 foreign exchange
loss was approximately US$1.1 million compared to a foreign exchange loss of
US$1.2 million in the third quarter of 2008.
Taxation
A tax
benefit of US$17.9 million was recognized in the fourth quarter of 2008, with
US$17.3 million of the total tax benefit arising from the inventory write-down.
For the full year 2008, a tax benefit of US$2.1 million was recognized, down
from US$6.2 million in 2007, due to the promulgation of the new taxation law
which ceased the granting of tax credit for the purchase of domestic equipment
after January 1, 2008.
Net
Profit (Loss)
Net loss
for the fourth quarter of 2008 was US$126.6 million, compared to net profit of
US$32.4 million in the third quarter of 2008 and US$17.5 million in the fourth
quarter of 2007. Net loss for the fourth quarter of 2008 was US$6.8 million
excluding the inventory write-down. Fourth quarter 2008 basic and diluted loss
per share was US$0.92, and basic and diluted loss per ADS was US$1.84. Fourth
quarter 2008 basic and diluted loss per share, excluding the inventory
write-down, was US$0.05, while basic and diluted loss per ADS was
US$0.10.
Net loss
for the full year 2008 was US$53.3 million, compared to net profit of US$42.9
million for the full year 2007. Net profit for the full year 2008 was US$67.9
million excluding the inventory write-down. Full year 2008 basic and diluted
loss per share was US$0.42, and basic and diluted loss per ADS was US$0.84. Full
year 2008 basic and diluted earnings per share, excluding the inventory
write-down, was US$0.53 and US$0.52, respectively, while basic and diluted
earnings per ADS was US$1.06 and US$1.04, respectively.
2009
Outlook
As
announced on March 3, 2009, ReneSola currently estimates net revenues for 2009
to be in the range of US$650 million to US$700 million and full year wafer
shipment of between 620 MW to 670 MW. The Company has pre-sold output of
approximately 550 MW of wafers out of the 620 MW to 670 MW projected output for
2009. The Company expects to achieve wafer manufacturing capacity of 825 MW by
July 2009 with the implementation of additional production capacity expansion to
be determined by market demand.
7
Construction
of the Sichuan polysilicon facility remains on schedule with many facets nearing
or having reached completion. Piping, wiring and equipment installation is in
progress with much of it in testing phase. Pipe rack transmission systems are
complete and ready for testing. Construction of the trichlorosilane distillation
towers and the control building is complete. Phase 1 of the facility is expected
to reach mechanical completion in the middle of 2009 and Phase 2 mechanical
completion is expected around the end of third quarter of 2009. Each phase will
have annualized production capacity of 1,500 MT of polysilicon.
Senior Management
Changes
Dr.
Panjian (Paul) Li, ReneSola’s chief strategy officer, was recently appointed as
the Company’s chief operating officer. Dr. Li will step down as chief strategy
officer to focus on his duties as chief operating officer. The Company has no
immediate plan to appoint a new chief strategy officer. Dr. Li had been the
Company’s chief strategy officer since April 2008 and before that was vice
president of business development beginning in November 2006. Dr. Li was
the president of the International Society for Bioceramics in 2004. He worked as
the research and development manager from 2002 to 2006 and as a senior and then
principal scientist from 1996 to 2002 at Johnson & Johnson. He received both
his bachelor’s degree in metallurgy and his master’s degree in ceramics from
Zhejiang University in 1984 and 1986, respectively. Dr. Li worked in Kyoto
University in Japan in 1991 before he moved to Leiden University in the
Netherlands where he received his Ph.D. in biomaterials in 1993. Dr. Li spent
two years as a postdoctoral research fellow at the University of Pennsylvania
before he joined the Medical Device Group of Johnson & Johnson in 1996.
Dr. Li is the inventor or co-inventor of seven U.S. patents in material
chemistry and has published numerous papers in international journals. He was
the recipient of Jean Leray Award of European Society for
Biomaterials.
Julia Xu
recently joined ReneSola as vice president of investor relations. Julia has over
10 years of experience in the financial industry. After obtaining her bachelor
degree in Biology from Cornell University, she worked in various divisions at
Bankers Trust and Lehman Brothers in New York, Tokyo and Hong Kong. She then
joined Deutsche Bank after receiving her MBA from the Johnson School of Cornell
University. At Deutsche Bank, she was an equity analyst covering consumer
companies and also worked in the Debt Capital Markets corporate coverage
team.
Conference
Call Information
ReneSola’s
management will host an earnings conference call on Thursday, March 12, 2009 at
8 am U.S. Eastern Time / 8 pm Beijing/Hong Kong time / 12 pm Greenwich Mean
Time.
Dial-in
details for the earnings conference call are as follows:
|
U.S.
/ International:
|
+1-617-614-3923
|
|
|
United
Kingdom:
|
+44-207-365-8426
|
|
|
Hong
Kong:
|
+852-3002-1672
|
Please
dial in 10 minutes before the call is scheduled to begin and provide the
passcode to join the call. The passcode is “ReneSola Call.”
A replay
of the conference call may be accessed by phone at the following number until
March 31, 2009:
| International: | +1-617-801-6888 | |
| Passcode: | 74786263 |
8
Additionally,
a live and archived webcast of the conference call will be available on the
Investor Relations section of ReneSola’s website at http://www.renesola.com.
About
ReneSola
ReneSola
Ltd (“ReneSola”) is a leading global manufacturer of solar wafers based in
China. Capitalizing on proprietary technologies and technical know-how, ReneSola
manufactures monocrystalline and multicrystalline solar wafers. In addition,
ReneSola strives to enhance its competitiveness through upstream integration
into virgin polysilicon manufacturing. ReneSola possesses a global network of
suppliers and customers that include some of the leading global manufacturers of
solar cells and modules. ReneSola’s shares are currently traded on the New York
Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA).
For more information about ReneSola, please visit www.renesola.com.
Safe
Harbor Statement
This
press release contains statements that constitute ''forward-looking” statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation Reform Act of
1995. Whenever you read a statement that is not simply a statement of historical
fact (such as when we describe what we “believe,” “expect” or “anticipate” will
occur, what “will” or “could” happen, and other similar statements), you must
remember that our expectations may not be correct, even though we believe that
they are reasonable. We do not guarantee that the forward-looking statements
will happen as described or that they will happen at all. Further information
regarding risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements is included in our
filings with the U.S. Securities and Exchange Commission, including our annual
report on Form 20-F. We undertake no obligation, beyond that required by law, to
update any forward-looking statement to reflect events or circumstances after
the date on which the statement is made, even though our situation may change in
the future.
For
investor and media inquiries, please contact:
In
China:
Ms. Julia
Xu
ReneSola
Ltd
Tel: +86-573-8477-3372
E-mail: julia.xu@renesola.com
Mr. Derek
Mitchell
Ogilvy
Financial, Beijing
Tel: +86-10-8520-6284
E-mail: derek.mitchell@ogilvy.com
In the
United States:
Mr.
Thomas Smith
Ogilvy
Financial, New York
Tel: +1-212-880-5269
E-mail: thomas.smith@ogilvypr.com
In the
UK:
Mr. Tim
Feather / Mr. Richard Baty
Hanson
Westhouse Limited
Tel: +44-20-7601-6100
E-mail: tim.feather@hansonwesthouse.com
/ richard.baty@hansonwesthouse.com
9
|
CONSOLIDATED BALANCE
SHEET
|
|
As
at
|
As
at
|
As
at
|
||||||||||
|
December
31, 2007
|
September
30, 2008
|
December
31, 2008
|
||||||||||
|
US$000
|
US$000
|
US$000
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
and cash equivalents
|
53,137 | 99,441 | 112,333 | |||||||||
|
Restricted
cash
|
- | 25,755 | 5,958 | |||||||||
|
Accounts
receivable, net of allowances for doubtful receivables
|
8,755 | 3,367 | 43,160 | |||||||||
|
Inventories
|
110,630 | 319,744 | 193,036 | |||||||||
|
Advances
to suppliers
|
53,727 | 123,955 | 37,573 | |||||||||
|
Amounts
due from related parties
|
17,213 | 5,954 | 457 | |||||||||
|
Value
added tax recoverable
|
117 | 982 | 15,498 | |||||||||
|
Prepaid
expenses and other current assets
|
9,654 | 15,048 | 15,158 | |||||||||
|
Deferred
tax assets
|
10,487 | 1,330 | 18,616 | |||||||||
|
Total
current assets
|
263,720 | 595,576 | 441,789 | |||||||||
|
Property,
plant and equipment, net
|
136,598 | 260,864 | 341,427 | |||||||||
|
Prepaid
land rent, net
|
7,502 | 7,900 | 13,472 | |||||||||
|
Deferred
tax assets
|
284 | 227 | 2,340 | |||||||||
|
Deferred
convertible bond issue costs
|
3,336 | 2,384 | 1,970 | |||||||||
|
Advances
to suppliers over one year
|
- | - | 41,462 | |||||||||
|
Advances
for purchases of property, plant and equipment
|
29,648 | 182,586 | 161,705 | |||||||||
|
Equity
investment
|
- | 23,423 | - | |||||||||
|
Other
long-term assets
|
- | 760 | 1,011 | |||||||||
|
Total
assets
|
441,088 | 1,073,720 | 1,005,176 | |||||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Short-term
borrowings
|
71,691 | 167,225 | 191,987 | |||||||||
|
Accounts
payable
|
13,147 | 20,177 | 37,942 | |||||||||
|
Advances
from customers
|
59,626 | 152,189 | 49,284 | |||||||||
|
Amount
due to related party
|
- | - | 11,863 | |||||||||
|
Other
current liabilities
|
13,912 | 28,283 | 42,060 | |||||||||
|
Total
current liabilities
|
158,376 | 367,874 | 333,136 | |||||||||
|
Convertible
bond payable
|
128,265 | 139,173 | 138,904 | |||||||||
|
Long-term
borrowings
|
17,797 | 44,773 | 32,833 | |||||||||
|
Advances
from customers
|
- | - | 105,203 | |||||||||
|
Other
long-term liabilities
|
1,246 | 7,875 | 11,357 | |||||||||
|
Total
liabilities
|
305,684 | 559,695 | 621,433 | |||||||||
|
Minority
interest:
|
9,696 | 775 | 279 | |||||||||
|
Shareholders'
equity
|
||||||||||||
|
Common
shares
|
36,266 | 330,666 | 330,666 | |||||||||
|
Additional
paid-in capital
|
14,827 | 17,674 | 17,769 | |||||||||
|
Retained
earnings
|
66,200 | 139,569 | 12,949 | |||||||||
|
Accumulated
other comprehensive income
|
8,415 | 25,341 | 22,080 | |||||||||
|
Total
shareholders' equity
|
125,708 | 513,250 | 383,464 | |||||||||
|
Total liabilities and
shareholders' equity
|
441,088 | 1,073,720 | 1,005,176 | |||||||||
10
|
CONSOLIDATED INCOME
STATEMENT
|
|
Three
months ended
|
Three
months ended
|
Three months
ended
|
Year
ended
|
Year
ended
|
||||||||||||||||
|
December
31, 2007
|
September
30, 2008
|
December
31, 2008
|
December
31, 2007
|
December
31, 2008
|
||||||||||||||||
|
US$000
|
US$000
|
US$000
|
US$000
|
US$000
|
||||||||||||||||
|
Net
revenues
|
96,046 |
215,754
|
158,623 | 248,973 | 670,366 | |||||||||||||||
|
Cost
of revenues
|
-76,427 | -169,945 | -288,762 | -195,477 | -684,676 | |||||||||||||||
|
Gross
profit (loss)
|
19,619 | 45,809 | -130,139 | 53,496 | -14,310 | |||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||
|
Sales
and marketing
|
-169 | -79 | -43 | -584 | -620 | |||||||||||||||
|
General
and administrative
|
-3,635 | -5,471 | -7,142 | -8,754 | -20,871 | |||||||||||||||
|
Research
and development
|
-898 | -2,997 | -2,771 | -1,143 | -9,714 | |||||||||||||||
|
Impairment
loss on property, plant and equipment
|
- | - | -763 | - | -763 | |||||||||||||||
|
Other
general income (expenses)
|
83 | -374 | -250 | 418 | -220 | |||||||||||||||
|
Total
operating expenses
|
-4,619 | -8,921 | -10,969 | -10,063 | -32,188 | |||||||||||||||
|
Income
(loss) from operations
|
15,000 | 36,888 | -141,108 | 43,433 | -46,498 | |||||||||||||||
|
Non-operating
(expenses) income:
|
||||||||||||||||||||
|
Interest
income
|
229 | 314 | 929 | 1,934 | 1,783 | |||||||||||||||
|
Interest
expenses
|
-1,690 | -3,278 | -3,692 | -4,512 | -11,869 | |||||||||||||||
|
Foreign
exchange (loss) gain
|
-1,174 | -1,192 | -1,052 | -4,047 | -3,097 | |||||||||||||||
|
Total
non-operating (expenses) income
|
-2,635 | -4,156 | -3,815 | -6,625 | -13,183 | |||||||||||||||
|
Income
(loss) before income tax , minority interest and equity in earnings of
investee
|
12,365 | 32,732 | -144,923 | 36,808 | -59,681 | |||||||||||||||
|
Income
tax benefit (expenses)
|
5,171 | -5,454 | 17,915 | 6,155 | 2,057 | |||||||||||||||
|
Minority
interest
|
-65 | -68 | 388 | -27 | -802 | |||||||||||||||
|
Equity
in earnings of investee
|
- | 5,175.00 | - | - | 5,175 | |||||||||||||||
|
Net
income (loss)
|
17,471 | 32,385 | -126,620 | 42,936 | -53,251 | |||||||||||||||
|
Earnings
(Loss) per share
|
||||||||||||||||||||
|
Basic
|
0.17 | 0.24 | -0.92 | 0.43 | -0.42 | |||||||||||||||
|
Diluted
|
0.17 | 0.23 | -0.92 | 0.43 | -0.42 | |||||||||||||||
|
Weighted
average number of shares used in computing earnings per
share:
|
||||||||||||||||||||
|
Basic
shares
|
100,000,032 | 137,624,912 | 137,624,912 | 100,000,032 | 127,116,062 | |||||||||||||||
|
Diluted
shares
|
110,645,584 | 148,480,310 | 137,624,912 | 108,221,480 | 127,116,062 | |||||||||||||||
11
|
CONSOLIDATED
CASH FLOW STATEMENT
|
|
Three
months ended
|
Twelve
months ended
|
Three
months ended
|
Three
months ended
|
Twelve months
ended
|
||||||||||||||||
|
December
31, 2007
|
December
31, 2007
|
September
30, 2008
|
December
31, 2008
|
December
31, 2008
|
||||||||||||||||
|
US$000
|
US$000
|
US$000
|
US$000
|
US$000
|
||||||||||||||||
|
Cash
flows from operating activities:
|
||||||||||||||||||||
|
Net
income (loss)
|
17,471 | 42,936 | 32,385 | -126,620 | -53,251 | |||||||||||||||
|
Adjustments
for:
|
||||||||||||||||||||
|
Minority
interest
|
65 | 27 | 68 | -388 | 802 | |||||||||||||||
|
Equity
in earnings of investee
|
- | - | -5,175 | - | -5,175 | |||||||||||||||
|
Provision
for inventory write-down
|
- | - | 1,374 | 131,193 | 132,567 | |||||||||||||||
|
Provision
for purchase commitment
|
- | - | - | 5,862 | 5,862 | |||||||||||||||
|
Depreciation
and amortization
|
1,733 | 4,170 | 4,273 | 5,133 | 15,518 | |||||||||||||||
|
Amortization
of deferred convertible bond issue costs and premium
|
728 | 2,181 | 797 | 797 | 3,122 | |||||||||||||||
|
Allowances
for doubtful receivables
|
378 | 469 | 942 | 814 | 2,009 | |||||||||||||||
|
Prepaid
land rent expensed
|
46 | 147 | 51 | 89 | 257 | |||||||||||||||
|
Loss
on change in fair value of derivatives
|
525 | 525 | - | - | -573 | |||||||||||||||
|
Share-based
compensation
|
670 | 929 | 1,064 | 178 | 3,087 | |||||||||||||||
|
Impairment
loss on property, plant and equipment
|
- | - | - | 763 | 763 | |||||||||||||||
|
Loss
of disposal of property, plant and equipment
|
- | - | - | 6 | 6 | |||||||||||||||
|
Deferred
taxes
|
-5,234 | -6,422 | 4,203 | -18,835 | -9,252 | |||||||||||||||
|
Changes
in operating assets and liabilities:
|
||||||||||||||||||||
|
Accounts
receivable
|
-3,040 | -7,839 | -600 | -39,863 | -34,937 | |||||||||||||||
|
Inventories
|
-13,621 | -60,437 | -113,726 | -6,750 | -204,846 | |||||||||||||||
|
Advances
to suppliers
|
-17,818 | -34,276 | -23,045 | 58,981 | -7,705 | |||||||||||||||
|
Amounts
due from related parties
|
991 | -6,934 | 22,037 | 6,368 | 29,308 | |||||||||||||||
|
Value
added tax recoverable
|
3,899 | 5,040 | 1,049 | -14,366 | -13,312 | |||||||||||||||
|
Prepaid
expenses and other current assets
|
5,211 | -6,561 | -10,406 | -2,769 | -16,891 | |||||||||||||||
|
Prepaid
land rent
|
-25 | -2,985 | -1 | -48 | -1,628 | |||||||||||||||
|
Accounts
payable
|
2,960 | 7,598 | -1,722 | 17,431 | 23,185 | |||||||||||||||
|
Advances
from customers
|
22,259 | 21,898 | 56,561 | 2,593 | 89,948 | |||||||||||||||
|
Other
liabilities
|
7,366 | 7,873 | 3,801 | -2,918 | 4,882 | |||||||||||||||
|
Net
cash provided by (used in) operating activities
|
24,564 | -31,661 | -26,070 | 17,651 | -36,254 | |||||||||||||||
|
Cash
flows from investing activities:
|
||||||||||||||||||||
|
Purchases
of property, plant and equipment
|
-38,870 | -101,398 | -71,126 | -64,188 | -208,312 | |||||||||||||||
|
Advances
for purchases of property, plant and equipment
|
-5,947 | -13,121 | -91,379 | 19,659 | -128,974 | |||||||||||||||
|
Purchase
of other long-term assets
|
- | - | - | -1,038 | -1,038 | |||||||||||||||
|
Cash
received from government subsidy income
|
- | - | 6,126 | -95 | 6,031 | |||||||||||||||
|
Proceeds
from disposal of investment
|
- | - | - | 7,775 | 7,775 | |||||||||||||||
|
Restricted
cash
|
- | - | -25,755 | 19,927 | -5,828 | |||||||||||||||
|
Cash
provided to related party
|
-3,681 | -3,681 | - | - | - | |||||||||||||||
|
Cash
decreased due to deconsolidation
|
- | - | - | - | -4,416 | |||||||||||||||
|
Net
cash used in investing activities
|
-48,498 | -118,200 | -182,134 | -17,960 | -334,762 | |||||||||||||||
|
Cash
flows from financing activities:
|
||||||||||||||||||||
|
Net
proceeds from short-term borrowings
|
6,292 | 70,895 | 32,058 | 14,119 | 126,767 | |||||||||||||||
|
Proceeds
from capital contribution
|
- | 2,133 | - | - | - | |||||||||||||||
|
Contribution
from minority shareholder of subsidiaries
|
- | 361 | - | - | - | |||||||||||||||
|
Proceeds
from issuance of common shares
|
- | - | - | - | 315,779 | |||||||||||||||
|
Share
issuance costs
|
- | - | - | - | -21,524 | |||||||||||||||
|
Net
proceeds from issuance of convertible bond
|
- | 115,770 | - | - | - | |||||||||||||||
|
Dividend
paid
|
- | - | - | -103 | -103 | |||||||||||||||
|
Cash
received from related parties
|
269 | 111 | - | - | 15 | |||||||||||||||
|
Cash
paid to related parties
|
-277 | -733 | - | -15 | -15 | |||||||||||||||
|
Net
cash provided by financing activities
|
6,284 | 188,537 | 32,058 | 14,001 | 420,919 | |||||||||||||||
|
Effect
of exchange rate changes
|
1,852 | 4,599 | 1,434 | -800 | 9,293 | |||||||||||||||
|
Net
increase in cash and cash equivalents
|
-15,798 | 43,275 | -174,712 | 12,892 | 59,196 | |||||||||||||||
|
Cash
and cash equivalents, beginning of year
|
68,935 | 9,862 | 274,153 | 99,441 | 53,137 | |||||||||||||||
|
Cash
and cash equivalents, end of year
|
53,137 | 53,137 | 99,441 | 112,333 | 112,333 | |||||||||||||||
12