SHANGHAI, August 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) on August 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
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 | 22% | ||
UK | 9% | US | 8% | ||
Korea | 9% | Korea | 7% | ||
Canada | 7% | India | 3% | ||
China | 6% | Canada | 3% | ||
Turkey | 1% | Guatemala | 2% | ||
Others | 4% | Others | 4% |
[1] All non-GAAP numbers used in this press release exclude the accounting impact from the adoption of ASC 815-40, which relates to the accounting treatment for the convertible bonds. Please refer to the attached financial statements for the reconciliation between the GAAP and non-GAAP financial results. |
FINANCIAL POSITION
As of June 30 2014, the Company had cash and cash equivalents of RMB981.5 million (US$158.2 million) and net working capital of negative RMB1,204.7 million (US$194.2 million), compared with cash and cash equivalents of RMB1,078.6 million and net working capital of RMB140.1 million as of March 31, 2014. The decline in net working capital results from the reclassification of a term loan from a long term to a short term liability. Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB2, 918.8 million (US$470.5 million) as of June 30, 2014, compared with RMB1, 519.5 million as of March 31, 2014. As of June 30, 2014 the Company's convertible bonds were classified as a current liability and totaled RMB462.1 million (US$74.5 million). Holders of the convertible bonds have the option to require the Company to redeem the notes on January 15, 2015. The Company has from time to time been buying back its convertible bonds since January 1, 2012. The Company has repurchased convertible bonds to the value of approximately US$86.4 million out of US$172.5 million in face value as of June 30, 2014. As of June 30, 2014, the Company had total long-term debt of RMB1, 619.4 million (US$261.0 million), which is comprised of long-term bank borrowings and long-term notes. The Company's long-term bank borrowings are to be repaid in installments until their maturities ranging from 1 to 3 years. The Company's long-term notes are to be repaid in 2 years.
Net cash provided in operating activities in 2Q14 was RMB130.6 million (US$21.0 million), compared with net cash used in operating activities of RMB209.5 million in 1Q14 and net cash provided in operating activities of RMB497.7 million in 2Q13. As of June 30, 2014, accounts receivable were RMB641.0 million (US$103.3 million), compared with RMB824.5 million as of March 31, 2014 and RMB1, 163.6 million as of June 30, 2013. Days sales outstanding ("DSO") were unchanged in 2Q14 from 1Q14 at 116 days in and decreased from 124 days in 2Q13. As of June 30, 2014, inventories increased to RMB852.9 million (US$137.5 million) from RMB779.6 million as of March 31, 2014 and RMB686.6 million as of June 30, 2013. Day's inventory was 73 days in 2Q14 compared with 70 days in 1Q14 and 59 days in 2Q13.
Capital expenditures were RMB84.6 million (US$13.6 million) in 2Q14.
CAPACITY STATUS
As of June 30, 2014, the Company had production capacity of 800 MW for ingot and wafer, 1.3 GW for cell and 1.5 GW for module. The Company is aiming to expand cell and module capacities to at least 1.5 GW and 2.0 GW, respectively, by the end of 2014.
BUSINESS OUTLOOK
The Company provides the following guidance based on current operating trends and market conditions.
For the third quarter 2014 the Company expects:
For the full year 2014, the Company expects:
CONFERENCE CALL
The Company will host a conference call to discuss the second quarter results at 8:00 AM Eastern Time (8:00 PM Shanghai Time) on August 28, 2014.
Mr. Seong-woo Nam, Chairman and CEO; Mr. Jung Pyo SEO, Chief Financial Officer; and Mr. Paul Combs, Vice President of Investor Relations, will discuss the results and take questions following the prepared remarks.
The dial-in details for the live conference call are as follows:
- U.S. Toll Free Number: | 18665194004 |
- International dial-in Number: | +65 67239381 |
- China Toll Free Numbers: | 4006208038 |
8008190121 | |
Passcode: HSOL |
A live webcast of the conference call will be available on the investor relations section of the Company's website at: http://www.hanwha-solarone.com. A replay of the webcast will be available for one month.
A telephone replay of the call will be available for seven days after the conclusion of the conference call. The dial-in details for the replay are as follows:
- U.S. Toll Free Number: | 18554525696 |
- International dial-in Number: | +61 2 8199 0299 |
- China Domestic Toll Free Numbers: | 4006022065 (Mandarin) |
8008700205 | |
Conference ID 84707308 |
Encore Dates: 28/08/2014 11:00 ET - 05/09/2014 09:59 ET
FOREIGN CURRENCY CONVERSION
The conversion in this release of Renminbi into U.S. dollars is made solely for the convenience of the reader, and is based on the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board as of June 30, 2014, which was RMB6.2036 to US$1.00, except for the conversion of Renminbi into U.S. dollars for 1Q14 which is based on the exchange rate of RMB6.2164 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of March 31, 2014 and the conversion of Renminbi into U.S. dollars for 2Q13 which is based on the exchange rate of RMB6.1374 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of June 28, 2013 . No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2014 or at any other date. Percentage changes stated in this press release are calculated based on Renminbi amounts.
USE OF NON-GAAP FINANCIAL MEASURES
The Company has included in this press release certain non-GAAP financial measures, including certain line items presented on the basis that the accounting impact of ASC 815-40 had not been recorded. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements. These statements 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. These forward-looking statements include 3Q and full-year 2014 estimates for PV product shipments, production capacities and other results of operations. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Hanwha SolarOne disclaims any obligation to update or correct any forward-looking statements.
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is a vertically-integrated manufacturer of silicon ingots, wafers, PV cells and modules. Hanwha SolarOne offers high-quality, reliable products and services at competitive prices. Partnering with third-party distributors, OEM manufacturers, and systems integrators, Hanwha SolarOne serves the utility, commercial, government, and residential markets. The Company maintains a strong presence worldwide, with employees located throughout Europe, North America and Asia, and embraces environmental responsibility and sustainability, with an active role in the voluntary photovoltaic recycling program. Hanwha Group, Hanwha SolarOne's largest shareholder, is active in solar project development and financing, and the production of polysilicon. For more information, please visit: http://www.hanwha-solarone.com.
Hanwha SolarOne Co., Ltd. | |||||||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | |||||||||||||||||||||||||||||||||
June 30 | March 31 | June 30 | June 30 | ||||||||||||||||||||||||||||||
2013 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||
RMB'000 | RMB'000 | RMB'000 | US$'000 | ||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,418,559 | 1,078,644 | 981,490 | 158,213 | |||||||||||||||||||||||||||||
Restricted cash | 116,171 | 239,361 | 434,943 | 70,111 | |||||||||||||||||||||||||||||
Derivative contracts | 4,050 | - | - | - | |||||||||||||||||||||||||||||
Accounts receivable - net | 1,163,606 | 824,512 | 640,962 | 103,321 | |||||||||||||||||||||||||||||
Notes receivable | 50 | 10,490 | 7,437 | 1,199 | |||||||||||||||||||||||||||||
Inventories - net | 686,570 | 779,604 | 852,947 | 137,492 | |||||||||||||||||||||||||||||
Advance to suppliers - net | 181,160 | 167,870 | 202,213 | 32,596 | |||||||||||||||||||||||||||||
Other current assets - net | 295,363 | 258,363 | 250,772 | 40,424 | |||||||||||||||||||||||||||||
Deferred tax assets - net | 136,205 | - | - | - | |||||||||||||||||||||||||||||
Amount due from related parties - net | 347,379 | 589,477 | 562,483 | 90,671 | |||||||||||||||||||||||||||||
Total current assets | 4,349,113 | 3,948,321 | 3,933,247 | 634,027 | |||||||||||||||||||||||||||||
Non-current assets | |||||||||||||||||||||||||||||||||
Fixed assets - net | 4,655,408 | 4,387,922 | 4,359,730 | 702,774 | |||||||||||||||||||||||||||||
Intangible assets - net | 275,390 | 270,946 | 269,546 | 43,450 | |||||||||||||||||||||||||||||
Deferred tax assets - net | 127,209 | 2,946 | 2,946 | 475 | |||||||||||||||||||||||||||||
Long-term deferred expenses | 17,415 | 6,557 | 4,247 | 685 | |||||||||||||||||||||||||||||
Long-term prepayments | 154,278 | 118,124 | 75,322 | 12,142 | |||||||||||||||||||||||||||||
Total non-current assets | 5,229,700 | 4,786,495 | 4,711,791 | 759,526 | |||||||||||||||||||||||||||||
TOTAL ASSETS | 9,578,813 | 8,734,816 | 8,645,038 | 1,393,553 | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Derivative contracts | 11,141 | 17,489 | 17,659 | 2,847 | |||||||||||||||||||||||||||||
Short-term bank borrowings | 1,063,858 | 1,283,269 | 1,343,676 | 216,596 | |||||||||||||||||||||||||||||
Long-term bank borrowings, current portion | 111,217 | 236,241 | 1,575,117 | 253,904 | |||||||||||||||||||||||||||||
Convertible bonds | - | 509,249 | 462,126 | 74,493 | |||||||||||||||||||||||||||||
Accounts payable | 1,139,431 | 624,270 | 522,806 | 84,275 | |||||||||||||||||||||||||||||
Notes payable | 422,275 | 363,740 | 465,800 | 75,085 | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 413,730 | 341,269 | 361,661 | 58,299 | |||||||||||||||||||||||||||||
Customer deposits | 51,531 | 34,637 | 34,492 | 5,560 | |||||||||||||||||||||||||||||
Unrecognized tax benefit | 143,473 | 143,473 | 116,089 | 18,713 | |||||||||||||||||||||||||||||
Amount due to related parties | 121,158 | 254,629 | 238,529 | 38,449 | |||||||||||||||||||||||||||||
Total current liabilities | 3,477,814 | 3,808,266 | 5,137,955 | 828,221 | |||||||||||||||||||||||||||||
Non-current liabilities | |||||||||||||||||||||||||||||||||
Long-term bank borrowings | 2,632,126 | 2,369,789 | 1,004,137 | 161,864 | |||||||||||||||||||||||||||||
Long-term notes | 617,870 | 615,210 | 615,280 | 99,181 | |||||||||||||||||||||||||||||
Convertible bonds | 421,018 | - | - | - | |||||||||||||||||||||||||||||
Long term payable | 50,000 | 50,000 | 50,000 | 8,060 | |||||||||||||||||||||||||||||
Deferred tax liabilities | 24,504 | 24,062 | 23,914 | 3,855 | |||||||||||||||||||||||||||||
Total non-current liabilities | 3,745,518 | 3,059,061 | 1,693,331 | 272,960 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES | 7,223,332 | 6,867,327 | 6,831,286 | 1,101,181 | |||||||||||||||||||||||||||||
Redeemable ordinary shares | 24 | 24 | 24 | 4 | |||||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||||||
Shareholders' equity | |||||||||||||||||||||||||||||||||
Ordinary shares | 316 | 337 | 337 | 54 | |||||||||||||||||||||||||||||
Additional paid-in capital | 4,005,732 | 4,126,818 | 4,127,259 | 665,301 | |||||||||||||||||||||||||||||
Statutory reserves | 174,456 | 174,456 | 174,456 | 28,122 | |||||||||||||||||||||||||||||
Accumulated deficits | (1,822,340) | (2,437,931) | (2,492,720) | (401,818) | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (2,707) | 3,785 | 4,396 | 709 | |||||||||||||||||||||||||||||
Total shareholders' equity | 2,355,457 | 1,867,465 | 1,813,728 | 292,368 | |||||||||||||||||||||||||||||
TOTAL EQUITY | 2,355,481 | 1,867,489 | 1,813,752 | 292,372 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' EQUITY | 9,578,813 | 8,734,816 | 8,645,038 | 1,393,553 |
Hanwha SolarOne Co., Ltd. | |||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), | |||||
except for number of shares (ADS) and per share (ADS) data | |||||
For the three months ended | |||||
June 30 | March 31 | June 30 | June 30 | ||
2013 | 2014 | 2014 | 2014 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
RMB'000 | RMB'000 | RMB'000 | US$'000 | ||
Net revenues | 1,182,799 | 1,138,426 | 1,107,253 | 178,485 | |
Cost of revenues | (1,117,479) | (980,340) | (1,002,182) | (161,548) | |
--------------- | --------------- | --------------- | --------------- | ||
Gross profit | 65,320 | 158,086 | 105,071 | 16,937 | |
Operating expenses | |||||
Selling expenses | (95,466) | (52,772) | (62,952) | (10,148) | |
General and administrative expenses | (69,422) | (62,600) | (63,925) | (10,304) | |
Research and development expenses | (22,573) | (20,822) | (18,053) | (2,910) | |
--------------- |
--------------- | --------------- | --------------- | ||
Total operating expenses | (187,461) | (136,194) | (144,930) | (23,362) | |
-------------- | --------------- | --------------- | --------------- | ||
Operating loss | (122,141) | 21,892 | (39,859) | (6,425) | |
Interest expenses | (73,321) | (88,966) | (88,370) | (14,245) | |
Interest income | 6,123 | 6,511 | 11,956 | 1,927 | |
Exchange gain | 36,709 | (44,718) | 39,569 | 6,379 | |
Changes in fair value of derivative contracts | 10,491 | (27,978) | (2,226) | (359) | |
Changes in fair value of conversion feature of convertible bonds | (11,253) | (311) | 3,427 | 552 | |
Loss on extinguishment of debt | - | - | (9,939) | (1,602) | |
Other income | 1,616 | 2,540 | 2,066 | 333 | |
Other expenses | (11,148) | (2,906) | (2,382) | (384) | |
--------------- | --------------- | --------------- | --------------- | ||
Net loss before income tax | (162,924) | (133,936) | (85,758) | (13,824) | |
Income tax benefit (expenses) | (3,070) | 528 | 30,969 | 4,992 | |
--------------- | --------------- | --------------- | --------------- | ||
Net loss | (165,994) | (133,408) | (54,789) | (8,832) | |
--------------- | --------------- | --------------- | --------------- | ||
Net loss attributable | |||||
to shareholders | (165,994) | (133,408) | (54,789) | (8,832) | |
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustment | (879) | 5,815 | 611 | 98 | |
Comprehensive loss atributable to ordinary shareholders | |||||
Net loss per share | |||||
Basic | (0.39) | (0.29) | (0.12) | (0.02) | |
Diluted | (0.39) | (0.29) | (0.12) | (0.02) | |
Shares used in computation | |||||
Basic | 423,111,372 | 454,560,163 | 457,277,047 | 457,277,047 | |
Diluted | 423,111,372 | 454,560,163 | 457,277,047 | 457,277,047 | |
Net loss per ADS | |||||
Basic | (1.96) | (1.47) | (0.60) | (0.10) | |
Diluted | (1.96) | (1.47) | (0.60) | (0.10) | |
ADSs used in computation | |||||
Basic | 84,622,274 | 90,912,033 | 91,455,409 | 91,455,409 | |
Diluted | 84,622,274 | 90,912,033 | 91,455,409 | 91,455,409 |
Hanwha SolarOne Co., Ltd. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | |||||||
For the three months ended | |||||||
June 30, 2013 | March 31, 2014 | June 30, 2014 | June 30, 2014 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
RMB'000 | RMB'000 | RMB'000 | US$'000 | ||||
Cash flow from operating activities | |||||||
Net loss | (165,994) | (133,408) | (54,789) | (8,832) | |||
Adjustments to reconcile net loss to net cash | |||||||
provided by (used in) operating activities: | |||||||
Unrealised loss from derivative contracts | 3,266 | 37,608 | 170 | 27 | |||
Amortization of convertible bonds discount | 19,171 | 38,581 | 31,752 | 5,118 | |||
Changes in fair value of conversion feature of convertible bonds | 11,253 | 311 | (3,427) | (552) | |||
Loss on extinguishment of debt | - | - | 9,939 | 1,602 | |||
Loss from disposal of fixed assets | 7,394 | 127 | 43 | 7 | |||
Depreciation and amortization | 108,209 | 110,024 | 109,492 | 17,650 | |||
Amortization of long-term deferred expenses | 8,409 | 3,210 | 4,411 | 711 | |||
Reversal of doubtful debt for amount due from related parties | (7,980) | - | - | - | |||
Write down of inventories | 37,043 | 8,858 | 7,911 | 1,275 | |||
Stock compensation expense | 1,093 | 320 | 441 | 71 | |||
Warranty provision / utilization | 10,875 | (16,428) | 5,457 | 880 | |||
Warranty reversal | (2,918) | (6,177) | (2,957) | (477) | |||
Deferred tax benefit (expense) | 1,360 | (147) | (148) | (24) | |||
Foreign currency exchange gains (losses) | (9,951) | 5,520 | 70 | 11 | |||
Reversal of unrecognized tax benefit | - | - | (27,384) | (4,414) | |||
Changes in operating assets and liabilities | |||||||
Restricted cash | (23,970) | (34,190) | (128,243) | (20,672) | |||
Inventories | 53,252 | (36,171) | (81,254) | (13,098) | |||
Accounts and notes receivable | (32,392) | (73,668) | 187,214 | 30,178 | |||
Advance to suppliers and long-term prepayments | 15,396 | 28,146 | 8,459 | 1,364 | |||
Long-term deferred expenses | (505) | - | - | - | |||
Intangible assets | 56,335 | - | - | - | |||
Other current assets | (23,719) | 46,546 | 16,557 | 2,669 | |||
Amount due from related parties | 79,399 | (58,745) | 26,994 | 4,351 | |||
Accounts and notes payable | 333,477 | (182,531) | 5,243 | 845 | |||
Accrued expenses and other liabilities | 56,829 | (24,873) | 24,642 | 3,972 | |||
Customer deposits | 24,536 | (13,126) | (145) | (23) | |||
Amount due to related parties | (62,161) | 9,712 | (9,893) | (1,594) | |||
Long-term payable | - | - | - | ||||
Net cash provided by (used in) operating activities | 497,707 | (290,501) | 130,555 | 21,045 | |||
Cash flows from investing activities | |||||||
Acquisition of fixed assets | (60,505) | (31,570) | (84,643) | (13,643) | |||
Disposal of fixed assets | 2,497 | 388 | - | - | |||
Change of restricted cash | 4,550 | 4,504 | (71,070) | (11,456) | |||
Net cash used in investing activities | (53,458) | (26,678) | (155,713) | (25,099) | |||
Cash flows from financing activities | |||||||
Proceeds from issuance of ordinary shares | 104,367 | - | - | ||||
Payment for repurchase of convertible bonds | - | - | (84,999) | (13,702) | |||
Change of restricted cash | 64,898 | (45,727) | 3,731 | 601 | |||
Proceeds from short-term borrowings | 374,417 | 913,419 | 464,637 | 74,898 | |||
Proceeds from long-term borrowings | 617,970 | - | - | - | |||
Payment of short term borrowings | (589,871) | (748,029) | (410,384) | (66,153) | |||
Payment for long term borrowings | (484,715) | (74,167) | (26,776) | (4,316) | |||
Arrangement fee and other related costs for long-term |
(6,793) |
- |
(6,750) |
(1,088) | |||
Arrangement fee and other related costs for long-term notes | (3,721) | - | (3,695) | (596) | |||
Arrangement fee and other related costs for short-term bank |
(2,829) |
(3,521) |
(7,760) |
(1,251)
| |||
Net cash provided by (used in) financing activities | (30,644) | 146,342 | (71,996) | (11,607) | |||
Net increase (decrease) in cash and cash equivalents | 413,605 | (170,837) | (97,154) | (15,661) | |||
Cash and cash equivalents at the beginning of period | 1,004,954 | 1,249,481 | 1,078,644 | 173,874 | |||
Cash and cash equivalents at the end of period | 1,418,559 | 1,078,644 | 981,490 | 158,213 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | 29,838 | 42,749 | 39,947 | 6,439 | |||
Income tax paid (refunded) | (18,728) | (932) | 1,592 | 257 | |||
Realized gain (loss) from derivative contracts | 13,757 | 9,630 | (2,056) | (332) | |||
Supplemental schedule of non-cash activities: | |||||||
Acquisition of fixed assets included in accounts payable, | (16,710) | (17,263) | (4,700) | (758) |
For the three months ended | |||||||
June 30, 2013 | March 31, 2014 | June 30, 2014 | June 30, 2014 | ||||
(RMB million) | (RMB million) | (RMB million) | (US$ milllion) | ||||
Non-GAAP net loss | (130.0) | (98.8) | (54.0) | (8.7) | |||
Fair value changes of the conversion features of the Convertible bonds | (11.3) | (0.3) | 3.4 | 0.6 | |||
Accretion of interest of the Convertible bonds | (24.7) | (34.3) | (31.6) | (5.1) | |||
Unrecognized tax benefit | - | - | 27.4 | 4.4 | |||
GAAP net loss | (166.0) | (133.4) | (54.8) | (8.8) | |||
For the three months ended | |||||||
June 30, 2013 | March 31, 2014 | June 30, 2014 | June 30, 2014 | ||||
(RMB) | (RMB) | (RMB) | (US$) | ||||
Non GAAP net loss per ADS - Basic | (1.54) | (1.09) | (0.59) | (0.10) | |||
Fair value changes of the conversion features of the Convertible bonds | (0.13) | - | 0.04 | 0.03 | |||
Accretion of interest of the Convertible bonds | (0.29) | (0.38) | (0.35) | (0.07) | |||
Unrecognized tax benefit | - | - | 0.30 | 0.04 | |||
GAAP net loss contributed to shareholders per ADS - Basic | (1.96) | (1.47) | (0.60) | (0.10) | |||
ADS (Basic) | 84,622,274 | 90,912,033 | 91,455,409 | 91,455,409 | |||
For three months ended | Annualized for the three months ended | ||||||
June 30, 2013 | March 31, 2014 | June 30, 2014 | June 30, 2013 | March 31, 2014 | June 30, 2014 | ||
Non-GAAP Return on Equity | -6.27% | -6.16% | -3.41% | -25.08% | -24.64% | -13.64% | |
Fair value changes of the conversion features of the Convertible bonds | 0.47% | 0.89% | 0.66% | 1.88% | 3.56% | 2.64% | |
Accretion of interest of the Convertible bonds | -1.01% | -1.83% | -1.72% | -4.04% | -7.32% | -6.88% | |
Unrecognized tax benefit | - | - | 1.49% | - | - | 5.96% | |
GAAP Return on equity | -6.81% | -7.10% | -2.98% | -27.24% | -28.40% | -11.92% |