SHANGHAI, May 14, 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 March 31, 2014. The Company will host a conference call to discuss the results at 8:00 am Eastern Time (8:00 pm Shanghai Time) on May 14, 2014. A slide presentation with details of the results will also be available on the Company's website prior to the call.
FIRST QUARTER 2014 HIGHLIGHTS
4Q13 | 1Q14 | Percentage Change1 | ||||
(RMB) | (US$) | (RMB) | (US$) | (%) | ||
Net Revenues (Million) | 1,294.9 | 213.9 | 1,138.4 | 183.1 | -12.1 | |
Shipments (MW) | 352.2 | 323.6 | -8.1 | |||
ASP (/W) | 4.09 | 0.68 | 4.27 | 0.69 | +4.4 | |
Gross profit (Million) | 183.0 | 30.2 | 158.1 | 25.4 | -13.6 | |
Gross margin (%) | 14.1 | 13.9 | -20 basis points | |||
Operating (loss)/profit (Million) | (23.7) | (3.9) | 21.9 | 3.5 | N/M | |
Operating margin (%) | -1.8 | 1.9 | + 370 basis points | |||
Net loss (Million) | (21.8) | (3.6) | (133.4) | (21.5) | -512.0 | |
Net loss per basic ADS | (0.26) | (0.04) | (1.47) | (0.24) | -465.4 | |
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, "Our first quarter results were primarily impacted by (1) a slowdown in demand in China due to seasonality and delayed project installation, as customers anticipated more lucrative government subsidies later this year, and (2) the unexpected devaluation of the Renminbi, which resulted in a foreign exchange loss for the quarter. Our core business remained strong. We continued to maintain our strong position in the Japanese market and made good progress towards filling our allocation in the EU. Our average selling prices remained firm at the high end of peer averages, and we continued to effectively manage operating expenses."
Chairman Nam noted, "Beginning in the second quarter and for the remainder of the year, demand and shipment volumes look promising. We anticipate up to a 14% increase in shipments from the first quarter to the second quarter. China demand is beginning to warm and a strong second half of the year is expected in this market as the government increases incentives and improves the availability of credit for select companies. We expect business opportunities to develop further in China with cooperation from our strategic partners, including downstream project development."
Chairman Nam concluded, "There is good potential for cost reduction for the remainder of this year, especially as we increase utilization and reduce costs at our internal ingot and wafer operation. Conversion of existing module lines to full automation beginning mid-year will also cut costs and improve quality. Synergies with Hanwha Q CELLS remain strong, as the companies exchange technology, share manufacturing expertise, integrate supply chains, in each case where practical and appropriate, and continue a meaningful toll arrangement. Finally, we are now prepared to increase cell and module capacity to 1.5 GW and 2.0 GW respectively, positioning us to enter 2015 with higher capacity to meet a significant anticipated increase in demand."
FIRST QUARTER 2014 RESULTS
Module revenue by shipping destination 1Q 14 | Module revenue by shipping destination 4Q 13 | |||
Country | 1Q14 | Country | 4Q13 | |
Japan | 51% | Japan | 44% | |
UK | 22% | China | 16% | |
US | 8% | US | 11% | |
Korea | 7% | Germany | 7% | |
India | 3% | Korea | 7% | |
Canada | 3% | Canada | 5% | |
Guatemala | 2% | Spain | 2% | |
Others | 4% | Others | 8% |
[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 March 31, 2014, the Company had cash and cash equivalents of RMB1,078.6 million (US$173.5 million) and net working capital of RMB140.1 million (US$22.5 million), compared with cash and cash equivalents of RMB1,249.5 million and net working capital of RMB591.1 million as of December 31, 2013. Total short-term bank borrowings (including the current portion of long-term bank borrowings) were RMB1, 519.5 million (US$244.4 million) as of March 31, 2014, compared with RMB1, 339.7 million as of December 31, 2013. As of March 31 2014 the Company's convertible bonds are classified as a current liability and totaled RMB509.2 million (US$81.9 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 and may do so in the future, subject to market conditions and other factors. The Company has repurchased convertible bonds to the value of approximately US$72 million out of US$172.5 million in face value as of March 31, 2014. Following the close of 1Q14, the Company repurchased an additional US$9.5 million of convertible bonds.
As of March 31, 2014, the Company had total long-term debt of RMB2, 985.0 million (US$480.2 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 used in operating activities in 1Q14 was RMB290.5 million (US$46.7 million), compared with net cash provided in operating activities of RMB258.9 million in 4Q13 and net cash used in operating activities of RMB54.1 million in 1Q13. The change in operating cash flow was primarily due to an increase in net loss, as well as, a negative change in restricted cash and accounts and notes payable.
As of March 31, 2014, accounts receivable were RMB824.5million (US$132.6 million), compared with RMB744.7 million as of December 31, 2013 and RMB1, 131.6 million as of March 31, 2013. Days sales outstanding ("DSO") increased to 116 days in 1Q14 from 103 days in 4Q13 and 127 days in 1Q13. As of March 31, 2014, inventories increased to RMB779.6 million (US$125.4 million) from RMB752.3 million as of December 31, 2013 and RMB776.9 million as of March 31, 2013. Day's inventory was 70 days in 1Q14 compared with 63 days in 4Q13 and 67 days in 1Q13.
Capital expenditures were RMB31.6 million (US$5.1 million) in 1Q14.
CAPACITY STATUS
As of March 31, 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 1.5 GW and 2.0 GW, respectively, by the end of 2014.
SUBSEQUENT EVENTS
Following the close of the first quarter, several changes were announced to the management team and board of directors. Chairman and CEO Ki-Joon HONG retired from his various roles within the Hanwha organization, including his management and board capacities at Hanwha SolarOne. Seong-woo Nam was named his replacement as both Chairman and CEO. Mr. Nam joins Hanwha SolarOne from Samsung Electronics where he most recently led their large and growing IT Solutions Business. Also, Min-Su KIM resigned as President and member of the board. His board seat was filled by Jay SEO, current Chief Financial Officer and Head of China Business for Hanwha SolarOne.
BUSINESS OUTLOOK
The Company provides the following guidance based on current operating trends and market conditions.
For the second 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 May 14, 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: | 8008190121 |
4006208038 | |
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: | 8008700205 (Mandarin) |
4006022065 | |
Conference ID: 38616442 | |
Encore Dates: 14/05/2014 11:00 ET - 22/05/2014 23:59 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 March 31, 2014, which was RMB6.2164 to US$1.00, except for the conversion of Renminbi into U.S. dollars for 4Q13 which is based on the exchange rate of RMB6.0537 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of December 31, 2013 and the conversion of Renminbi into U.S. dollars for 1Q13 which is based on the exchange rate of RMB6.2108 to US$1.00 as set forth in the H.10 statistical release of the Federal Reserve Board as of March 29, 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 March 31, 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 2Q and full-year 2014 estimates for PV product shipments, average selling prices, 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 plans to produce polysilicon in the future. 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$") | |||||
March 31 | December 31 | March 31 | March 31 | ||
2013 | 2013 | 2014 | 2014 | ||
(Unaudited) | (Audited) | (Unaudited) | (Unaudited) | ||
RMB'000 | RMB'000 | RMB'000 | US$'000 | ||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 1,004,954 | 1,249,481 | 1,078,644 | 173,516 | |
Restricted cash | 161,649 | 163,948 | 239,361 | 38,505 | |
Derivative contracts | 4,020 | 26,632 | - | - | |
Accounts receivable - net | 1,131,593 | 744,739 | 824,512 | 132,635 | |
Notes receivable | 550 | 10,780 | 10,490 | 1,687 | |
Inventories - net | 776,865 | 752,291 | 779,604 | 125,411 | |
Advance to suppliers - net | 178,684 | 182,129 | 167,870 | 27,004 | |
Other current assets - net | 268,670 | 301,561 | 258,363 | 41,562 | |
Deferred tax assets - net | 139,179 | - | - | - | |
Amount due from related parties - net | 418,798 | 530,732 | 589,477 | 94,827 | |
Total current assets | 4,084,962 | 3,962,293 | 3,948,321 | 635,147 | |
Non-current assets | |||||
Fixed assets - net | 4,728,164 | 4,482,656 | 4,387,922 | 705,862 | |
Intangible assets - net | 333,274 | 272,444 | 270,946 | 43,586 | |
Deferred tax assets - net | 125,742 | 2,946 | 2,946 | 474 | |
Long-term deferred expenses | 21,743 | 9,594 | 6,557 | 1,055 | |
Long-term prepayments | 172,150 | 132,011 | 118,124 | 19,002 | |
Total non-current assets | 5,381,073 | 4,899,651 | 4,786,495 | 769,979 | |
TOTAL ASSETS | 9,466,035 | 8,861,944 | 8,734,816 | 1,405,126 | |
LIABILITIES | |||||
Current liabilities | |||||
Derivative contracts | 7,845 | 6,513 | 17,489 | 2,813 | |
Short-term bank borrowings | 1,279,312 | 1,105,575 | 1,283,269 | 206,433 | |
Long-term bank borrowings, current portion | 497,605 | 234,121 | 236,241 | 38,003 | |
Convertible bonds | - | - | 509,249 | 81,920 | |
Accounts payable | 942,143 | 695,530 | 624,270 | 100,423 | |
Notes payable | 294,642 | 494,462 | 363,740 | 58,513 | |
Accrued expenses and other liabilities | 355,737 | 388,747 | 341,269 | 54,898 | |
Customer deposits | 26,995 | 47,763 | 34,637 | 5,572 | |
Unrecognized tax benefit | 143,473 | 143,473 | 143,473 | 23,080 | |
Amount due to related parties | 191,473 | 255,033 | 254,629 | 40,961 | |
Total current liabilities | 3,739,225 | 3,371,217 | 3,808,266 | 612,616 | |
Non-current liabilities | |||||
Long-term bank borrowings | 2,112,483 | 2,446,076 | 2,369,789 | 381,216 | |
Long-term notes | 627,821 | 609,690 | 615,210 | 98,966 | |
Convertible bonds | 390,594 | 470,357 | - | - | |
Long term payable | 50,000 | 50,000 | 50,000 | 8,043 | |
Deferred tax liabilities | 24,651 | 24,209 | 24,062 | 3,871 | |
Total non-current liabilities | 3,205,549 | 3,600,332 | 3,059,061 | 492,096 | |
TOTAL LIABILITIES | 6,944,774 | 6,971,549 | 6,867,327 | 1,104,712 | |
Redeemable ordinary shares | 24 | 24 | 24 | 4 | |
EQUITY | |||||
Shareholders' equity | |||||
Ordinary shares | 316 | 321 | 337 | 54 | |
Additional paid-in capital | 4,004,639 | 4,022,147 | 4,126,818 | 663,860 | |
Statutory reserves | 174,456 | 174,456 | 174,456 | 28,064 | |
Accumulated deficits | (1,656,346) | (2,304,523) | (2,437,931) | (392,177) | |
Accumulated other comprehensive income (loss) | (1,828) | (2,030) | 3,785 | 609 | |
Total shareholders' equity | 2,521,237 | 1,890,371 | 1,867,465 | 300,410 | |
TOTAL EQUITY | 2,521,261 | 1,890,395 | 1,867,489 | 300,414 | |
TOTAL LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' EQUITY | 9,466,035 | 8,861,944 | 8,734,816 | 1,405,126 |
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 | |||||
March 31 | December 31 | March 31 | March 31 | ||
2013 | 2013 | 2014 | 2014 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
RMB'000 | RMB'000 | RMB'000 | US$'000 | ||
Net revenues | 1,112,898 | 1,294,915 | 1,138,426 | 183,132 | |
Cost of revenues | (1,083,999) | (1,111,928) | (980,340) | (157,702) | |
---------------- | ----------------- | ----------------- | ----------------- | ||
Gross profit | 28,899 | 182,987 | 158,086 | 25,430 | |
Operating expenses | |||||
Selling expenses | (82,122) | (74,101) | (52,772) | (8,489) | |
General and administrative expenses | (55,070) | (108,420) | (62,600) | (10,070) | |
Research and development expenses | (19,927) | (24,159) | (20,822) | (3,350) | |
----------------- | ----------------- | ----------------- | ----------------- | ||
Total operating expenses | (157,119) | (206,680) | (136,194) | (21,909) | |
------------------ | ----------------- | ----------------- | ----------------- | ||
Operating loss | (128,220) | (23,693) | 21,892 | 3,521 | |
Interest expenses | (75,755) | (85,413) | (88,966) | (14,311) | |
Interest income | 2,337 | 8,128 | 6,511 | 1,047 | |
Exchange gain | (28,800) | 8,664 | (44,718) | (7,194) | |
Changes in fair value of derivative contracts | 5,021 | 35,036 | (27,978) | (4,501) | |
Changes in fair value of conversion feature of convertible bonds | 2,113 | 32,557 | (311) | (50) | |
Other income | 1,517 | 3,530 | 2,540 | 409 | |
Other expenses | (3,587) | (649) | (2,906) | (467) | |
----------------- | ----------------- | ----------------- | ----------------- | ||
Net loss before income tax | (225,374) | (21,840) | (133,936) | (21,546) | |
Income tax benefit (expenses) | (539) | 10 | 528 | 85 | |
----------------- | ----------------- | ----------------- | ----------------- | ||
Net loss | (225,913) | (21,830) | (133,408) | (21,461) | |
----------------- | ----------------- | ----------------- | ----------------- | ||
Net loss attributable | |||||
to shareholders | (225,913) | (21,830) | (133,408) | (21,461) | |
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustment | (609) | (590) | 5,815 | 935 | |
Comprehensive loss atributable to ordinary shareholders | (226,522) | (22,420) | (127,593) | (20,526) | |
Net loss per share | |||||
Basic | (0.53) | (0.05) | (0.29) | (0.05) | |
Diluted | (0.53) | (0.05) | (0.29) | (0.05) | |
Shares used in computation | |||||
Basic | 422,857,465 | 425,359,422 | 454,560,163 | 454,560,163 | |
Diluted | 422,857,465 | 425,359,422 | 454,560,163 | 454,560,163 | |
Net loss per ADS | |||||
Basic | (2.67) | (0.26) | (1.47) | (0.24) | |
Diluted | (2.67) | (0.26) | (1.47) | (0.24) | |
ADSs used in computation | |||||
Basic | 84,571,493 | 85,071,884 | 90,912,033 | 90,912,033 | |
Diluted | 84,571,493 | 85,071,884 | 90,912,033 | 90,912,033 |
Hanwha SolarOne Co., Ltd. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | |||||||
For three months ended | |||||||
March 31, 2013 | December 31, 2013 | March 31 | March 31 | ||||
(Unaudited) | (Unaudited) | 2014 | 2014 | ||||
RMB'000 | RMB'000 | RMB'000 | US$'000 | ||||
Cash flow from operating activities | |||||||
Net loss | (225,913) | (21,830) | (133,408) | (21,461) | |||
Adjustments to reconcile net loss to net cash | |||||||
provided by (used in) operating activities: | |||||||
Unrealised loss (gain) from derivative contracts | (13,486) | (23,116) | 37,608 | 6,050 | |||
Amortization of convertible bonds discount | 24,117 | 25,279 | 38,581 | 6,206 | |||
Changes in fair value of conversion feature of convertible bonds | (2,113) | (32,557) | 311 | 50 | |||
Loss from disposal of fixed assets | 1,161 | 616 | 127 | 20 | |||
Depreciation and amortization | 106,477 | 110,737 | 110,024 | 17,699 | |||
Amortization of long-term deferred expenses | 4,656 | 3,956 | 3,210 | 516 | |||
Provision for doubtful debt of advance to suppliers | - | 15,565 | - | - | |||
Provision for doubtful debt of other receivables | - | 28,562 | - | - | |||
Write down of inventories | 35,171 | 10,250 | 8,858 | 1,425 | |||
Stock compensation expense | 440 | 371 | 320 | 51 | |||
Warranty provision / utilization | 10,023 | 9,599 | (16,428) | (2,643) | |||
Warranty reversal | (1,277) | (3,270) | (6,177) | (994) | |||
Deferred tax benefit (expense) | (7,467) | (147) | (147) | (24) | |||
Foreign currency exchange gains (losses) | - | - | 5,520 | 888 | |||
Changes in operating assets and liabilities | |||||||
Restricted cash | 2,758 | 235,644 | (34,190) | (5,500) | |||
Inventories | 26,691 | 30,559 | (36,171) | (5,819) | |||
Accounts and notes receivable | (173,102) | 238,421 | (73,669) | (11,851) | |||
Advance to suppliers and long-term prepayments | 69 | (10,709) | 28,146 | 4,528 | |||
Other current assets | 90,543 | (61,920) | 46,546 | 7,488 | |||
Amount due from related parties | 1,812 | (90,367) | (58,744) | (9,448) | |||
Accounts and notes payable | 15,824 | (177,625) | (182,531) | (29,363) | |||
Accrued expenses and other liabilities | (52,764) | 3,327 | (24,873) | (4,001) | |||
Customer deposits | (9,319) | (30,880) | (13,126) | (2,112) | |||
Amount due to related parties | 111,274 | (1,520) | 9,712 | 1,562 | |||
Net cash provided by (used in) operating activities | (54,425) | 258,945 | (290,501) | (46,733) | |||
Cash flows from investing activities | |||||||
Acquisition of fixed assets | (201,281) | (99,274) | (31,570) | (5,079) | |||
Disposal of fixed assets | - | 66 | 388 | 62 | |||
Change of restricted cash | (2,202) | 5,553 | 4,504 | 725 | |||
Net cash used in investing activities | (203,483) | (93,655) | (26,678) | (4,292) | |||
Cash flows from financing activities | |||||||
Proceeds from issuance of ordinary shares | - | 15,293 | 104,367 | 16,789 | |||
Payment for repurchase of convertible bonds | - | - | - | - | |||
Change of restricted cash | (11,743) | 12,579 | (45,727) | (7,356) | |||
Proceeds from short-term borrowings | 826,398 | 387,872 | 913,419 | 146,938 | |||
Proceeds from the issuance of long-term notes | 627,821 | - | - | - | |||
Payment of short term borrowings | (709,458) | (321,339) | (748,029) | (120,331) | |||
Payment for long term borrowings | (142,222) | (49,515) | (74,167) | (11,931) | |||
Arrangement fee and other related costs for long-term bank borrowings | (782) | (4,534) | - | - | |||
Arrangement fee and other related costs for long-term notes | (1,856) | - | - | - | |||
Arrangement fee and other related costs for short-term bank borrowings | (1,772) | (5,925) | (3,521) | (566) | |||
Net cash provided by (used in) financing activities | 586,386 | 34,431 | 146,342 | 23,543 | |||
Net increase (decrease) in cash and cash equivalents | 328,478 | 199,721 | (170,837) | (27,482) | |||
Cash and cash equivalents at the beginning of period | 676,476 | 1,049,760 | 1,249,481 | 200,998 | |||
Cash and cash equivalents at the end of period | 1,004,954 | 1,249,481 | 1,078,644 | 173,516 | |||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | 46,594 | 33,643 | 42,749 | 6,877 | |||
Income tax paid (refunded) | 362 | (2,681) | (932) | (150) | |||
Realized gain (loss) from derivative contracts | (8,465) | 11,920 | 9,630 | 1,549 | |||
Supplemental schedule of non-cash activities: | |||||||
Acquisition of fixed assets included in accounts payable, accrued expenses and other liabilities | (147,125) | (67,191) | (17,263) | (2,777) | |||
For the three months ended | |||||||
March 31, 2013 | December 31, 2013 | March 31, 2014 | March 31, 2014 | ||||
(RMB million) | (RMB million) | (RMB million) | (US$ milllion) | ||||
Non-GAAP net loss | (202.9) | (25.4) | (98.8) | (15.9) | |||
Fair value changes of the conversion features of the Convertible bonds | 2.1 | 32.6 | (0.3) | (0.1) | |||
Accretion of interest of the Convertible bonds | (25.1) | (29.0) | (34.3) | (5.5) | |||
GAAP net loss | (225.9) | (21.8) | (133.4) | (21.5) | |||
For the three months ended | |||||||
March 31, 2013 | December 31, 2013 | March 31, 2014 | March 31, 2014 | ||||
(RMB) | (RMB) | (RMB) | (US$) | ||||
Non GAAP net loss per ADS - Basic | (2.40) | (0.30) | (1.09) | (0.17) | |||
Fair value changes of the conversion features of the Convertible bonds | 0.03 | 0.38 | - | - | |||
Accretion of interest of the Convertible bonds | (0.30) | (0.34) | (0.38) | (0.07) | |||
GAAP net loss contributed to shareholders per ADS - Basic | (2.67) | (0.26) | (1.47) | (0.24) | |||
ADS - Basic | 84,571,493 | 85,071,884 | 90,912,033 | 90,912,033 |
For thee months ended | Annualized for the three months ended | ||||||
March 31, 2013 | September 30, 2013 | March 31, 2014 | March 31, 2013 | December 31, 2013 | March 31, 2014 | ||
Non-GAAP Return on Equity | -9.06% | -22.21% | -6.16% | -36.24% | -6.32% | -24.64% | |
Fair value changes of the conversion features of the Convertible bonds | 1.43% | 1.94% | 0.89% | 5.72% | 7.84% | 3.56% | |
Accretion of interest of the Convertible bonds | -0.95% | -1.38% | -1.83% | -3.80% | -6.12% | -7.32% | |
GAAP Return on equity | -8.58% | -21.65% | -7.10% | -34.32% | -4.60% | -28.40% |