WEB NEWS Comments & Business Outlook
(Formerly known as Hanwha SolarOne Co., Ltd.)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions of US dollars, except share data and net income per share)
For the year ended December 31,
Note
2013
2014
2015
Net revenues
Third parties
241.1
308.1
1,134.2
Related parties
27
289.0
465.0
666.6
Total net revenues
530.1
773.1
1,800.8
Cost of revenues
Third parties
205.4
260.3
923.8
Related parties
246.3
392.9
543.0
Total cost of revenues
451.7
653.2
1,466.8
Gross profit
78.4
119.9
334.0
Operating expenses:
Selling expenses
32.6
31.6
94.1
General and administrative expenses
48.5
48.0
91.7
Research and development expenses
30.8
27.4
48.3
Restructuring charges
4
-
-
22.0
Total operating expenses
111.9
107.0
256.1
Operating income (loss)
(33.5
)
12.9
77.9
Interest expense
(16.6
)
(18.1
)
(66.9
)
Interest income
0.5
1.7
10.9
Exchange gains (losses)
2.0
7.0
(23.6
)
Changes in fair value of derivative contracts
18
-
0.9
9.6
Investment loss
26
-
-
(1.3
)
Share of losses of equity method investments
12
-
-
(0.6
)
Reversal of litigation accruals
30
-
-
48.5
Other income (expense) - net
-
-
(0.6
)
Income (loss) before income taxes
(47.6
)
4.4
53.9
Income tax expenses
25
0.4
1.4
10.1
Net income (loss)
(48.0
)
3.0
43.8
Net income (loss) loss per share:
Basic
32
$
(0.03
)
$
0.00
$
0.01
Diluted
32
$
(0.03
)
$
0.00
$
0.01
Number of shares used in computation of net income (loss) per share:
Basic
32
1,693,522,340
3,701,145,330
4,120,369,328
Diluted
32
1,693,522,340
3,701,145,330
4,120,689,668
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment
22
1.2
(40.6
)
(34.6
)
Comprehensive income (loss) attributable to Hanwha Q CELLS Co., Ltd.’s shareholders
(46.8
)
(37.6
)
9.2
Comments & Business Outlook
SEOUL, South Korea , April 20, 2015 /PRNewswire / -- Hanwha Q CELLS Co. Ltd ("Hanwha Q CELLS") (NASDAQ: HQCL) today announced the signing of a major solar module supply agreement with NextEra Energy Resources, LLC, a subsidiary of one of the world's largest clean energy companies, U.S.-based NextEra Energy, Inc. (NYSE: NEE).
A subsidiary of Hanwha Q CELLS will provide more than 1.5 GW of solar modules to NextEra Energy Resources and its affiliates between 4Q 2015 and 4Q 2016 to help power its continued solar expansion in the U.S.
Seong-woo Nam, Chief Executive Officer of Hanwha Q CELLS, said, "We are proud to become a strategic partner with NextEra Energy Resources, a worldwide renewable-energy leader. This agreement is a testament to the quality, value and competiveness of Hanwha Q CELLS' advanced solar cell and module technology," Mr. Nam also added, "This supply deal will enable Hanwha Q CELLS to become the market share leader among global manufacturers in two of the three world's largest solar markets, the U.S. and Japan ."
"As the world's largest generator of renewable energy from the wind and sun, we continue to invest in large-scale solar projects," saidArmando Pimentel , president and chief executive officer of NextEra Energy Resources. "Hanwha Q CELLS shares our vision of an affordable clean energy future. We look forward to Hanwha Q CELLS delivering solar cells and modules that will provide reliability, efficiency and durability."
Hanwha Q CELLS will supply these shipment to NextEra Energy Resourses from its fully automated and highly-efficient cell and module production facilities in Malaysia and Korea. These solar modules will use the company's newest, proprietary Q.ANTUM cell architecture, which supercharges ordinary crystalline cells enabling them to absorb more sunlight and produce more power than the industry's standard solutions. Hanwha Q CELLS is the first company that successfully commercialized multi c-Si PERC cell in mass production.
This large-scale supply agreement follows Hanwha Q CELLS' recent, successful combination with Hanwha SolarOne Co., Ltd. to form a global leader in solar power. The combined entity has the world's largest solar cell manufacturing capacity, and it is one of the largest solar module manufacturers. Its broad international footprint covers the largest and fastest-growing solar markets worldwide.
"This 1.5 GW supply agreement is early evidence of the effectiveness of the transformational merger between Hanwha SolarOne and Hanwha Q CELLS," added Mr. Nam of Hanwha Q CELLS. "The financial stability, advanced technology and manufacturing leadership of the new company made this historic supply deal possible. This transaction positions us for longer term growth and contributes to enhanced shareholder value."
Comments & Business Outlook
SHANGHAI , February 6, 2015 /PR Newswire / -- Hannah Solar One Co., Ltd. (the "Company", or "Hannah Solar One"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has acquired 100% of the outstanding share capital of Hanwha Q CELLS Investment Co., Ltd ("Q CELLS") from Hanwha Solar Holdings Co., Ltd. ("HSH") in an all-stock transaction.
The transaction was approved by shareholders at the extraordinary general meeting of Hanwha SolarOne held on February 4, 2015 , and was consummated today, February 6 , 2015. Hanwha SolarOne has issued approximately 3.7 billion of its ordinary shares (the equivalent of approximately 740.2 million American Depositary Shares of Hanwha SolarOne) to HSH, as described in the shareholder circular furnished to the United States Securities and Exchange Commission dated December 24, 2014 , as supplemented on January 23, 2015 (the "Circular").
In addition, the Company has obtained the necessary corporate approvals to change its name to "Hanwha Q CELLS Co., Ltd." and its NASDAQ trading symbol to "HQCL". Both will become effective on NASDAQ February 9, 2015 . The company's headquarters will now be located in Seoul, South Korea .
Mr. Seongwoo Nam , chairman and chief executive officer of Hanwha SolarOne commented, "We believe the merger of Hanwha SolarOne and Hanwha Q CELLS will create a number of synergies and provide us with a much strengthened presence and competitive position in the global PV market. We plan to carefully manage the integration of the two companies, which have been benefitting in recent years from Hanwha's strategic support and the larger Hanwha culture."
