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 Hanwha Solarone C (NASDAQ:HSOL)

Tuesday, September 9, 2014
Contract Awards

SHANGHAI, September 9, 2014 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has signed its second supply agreement with Baotou Shansheng New Energy Co., Ltd. for delivery of 50 MW of Hanwha SolarOne's PV modules. Deliveries will begin in October and are scheduled for completion by the end of November. The modules will be used in ground-mounted projects in Hohhot and Baotou, Inner Mongolia. The Company had previously announced a similar 50 MW module supply agreement with Baotou New Energy on August 9, 2014.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's China business commented, "We are pleased to strengthen our relationship with Baotou New Energy in developing renewable energy sources in northern China. We have now signed 100 MW in module supply agreements with deliveries taking place between August and November this year, alone representing approximately a four-fold increase in volumes shipped to China during the first half of 2014.We anticipate further momentum in our China business as the Chinese government has formalized its 13 GW target for solar installations in 2014 and outlined last week some critical steps to support distributed generation. These measures should have a meaningful impact on market demand in China beginning no later than the fourth quarter and have a lasting effect on demand for years to come."


Thursday, August 28, 2014
Comments & Business Outlook
Second Quarter 2014 Financial 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% fromRMB1,182.8 million in 2Q13.
  • Net loss per basic ADS on a GAAP basis was RMB0.60 (US$0.10), compared with net loss per basic ADS of RMB1.47 in 1Q14 and net loss per basic ADS ofRMB1.96 in 2Q13.

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."

 BUSINESS OUTLOOK

The Company provides the following guidance based on current operating trends and market conditions.

For the third quarter 2014 the Company expects:

  • Module shipments of approximately 400MW

For the full year 2014, the Company expects:

  • Module shipments between 1.5 - 1.6 GW of which about 25-30% will be for PV module processing services
  • Capital expenditures of $80 million largely for automation of existing manufacturing lines, as well as, cell module capacity expansions to at least 1.5 GW and 2.0 GW respectively

Tuesday, August 12, 2014
Contract Awards

SHANGHAI, August 12, 2014 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a supply agreement with Baotou Shansheng New Energy Co., Ltd. for delivery of 50 MW of Hanwha SolarOne's PV modules. Deliveries began in early August and are scheduled for completion by mid-September. The modules will be used in ground-mounted projects in Hohhot and Baotou, Inner Mongolia.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's China business commented, "We are pleased to work with Baotou New Energy in developing renewable energy sources in northern China. The Chinese government has just formalized a 13 GW target for solar installations in 2014 and outlined some additional support, particularly for distributed generation projects. We are seeing a meaningful surge in business opportunities beginning in the third quarter and are increasingly optimistic that market demand in China will be robust throughout the remainder of this year."


Thursday, May 15, 2014
Comments & Business Outlook

SHANGHAI, May 15, 2014 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has completed the installation of 31 MW in a EPC commercial rooftop project in Guangdong Province, China.

Mr. Jay SEO, Chief Financial Officer and Head of China Business of Hanwha SolarOne, commented, "This attractive and profitable distributed generation project in Southern China is part of a cooperative business development agreement with a large well-established state-owned enterprise (the "SOE") signed in 2013. The agreement also sets out aims for Hanwha SolarOne and the SOE to further collaborate on the development of PV solar plants across China in the near future. We have successfully completed other large-scale EPC contracts in China and will use this track record to assist us in developing our PV project portfolio as an IPP, as well as other additional downstream activities." Mr. SEO concluded, "The Chinese central and local governments are encouraging the development of distributed generation solar projects throughout the country with new incentives and other favorable policies. We are pleased to play a meaningful role in the country's efforts to increase solar power."


Wednesday, May 14, 2014
Comments & Business Outlook

FIRST QUARTER 2014 FINANCIAL RESULTS 

  • Total net revenues were RMB1, 138.4 million (US$183.1 million), a decrease of 12.1% from RMB1, 294.9 million in 4Q13, and an increase of 2.3% from RMB1, 112.9 million in 1Q13. The decrease in total net revenues in 1Q14 compared with 4Q13 was primarily due to lower shipments.
  • Net loss per basic ADS on a non-GAAP basis was RMB1.09 (US$0.17), compared with net loss per basic ADS on a non-GAAP basis of RMB0.30 in 4Q13 and net loss per basic ADS on a non-GAAP basis of RMB2.40 in 1Q13.

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."


Tuesday, April 8, 2014
Comments & Business Outlook

ISMANING, Germany--()--Hanwha SolarOne Co. Ltd. (the "Company," or "Hanwha SolarOne") (NASDAQ: HSOL), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, will showcase polycrystalline modules from its latest generation HSL series at the solar energy and technology fair Solarex Istanbul, which will take place from April 10 to 12 in Istanbul, Turkey

Defined by their high yield, extended durability and light frame, the HSL series meet a wide range of utility, commercial and residential needs. The reliable output of the HSL module series is ensured through a combination of innovative technologies, and an optimized temperature coefficient facilitates strong performance in hot and sunny climates. In addition, the high transmission anti-reflective glass comes with an optimized self-cleaning function for greater solar exposure. Furthermore, the HSL Poly series reduced size and weight makes them more cost effective to store and transport, and easier to install.

The HSL Poly Series includes 60 cell modules for power output of up to 265Wp and 72 cell modules for up to 315Wp of power. In addition to displaying the HSL 60 Poly, the HSL 72 Poly and the HSL 60 Poly -Black Edition, Hanwha SolarOne will provide a preview of its latest solar module especially designed for hot environments; the HSL 60 Poly Hot Environment Edition.

"Hanwha SolarOne has actively contributed to Turkey�s solar power industry, including providing our high-quality modules to one of the largest PV parks in Anatolia," said Maengyoon Kim, Managing Director of Hanwha SolarOne GmbH. "Turkey has high potential for solar energy and represents an important market for our company. We look forward to growing with this region to create a brighter future in solar."

The HSL 60 Poly Module recently passed the stringent PV+ Test 2.0, administered by German safety standard authority T�V Rheinland and Solarpraxis AG, publisher of pv magazine. All polycrystalline solar modules from Hanwha SolarOne are backed by a 12 year workmanship warranty and a linear 25 year performance warranty.


Thursday, March 20, 2014
Joint Venture

SHANGHAI, March 20, 2014 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic ("PV") manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a memorandum of understanding ("MOU") with the Wuxi New District Administrative Committee (the "Wuxi Administrative Committee") to establish a long-term strategic partnership to develop downstream PV projects. The Wuxi Administrative Committee will provide rooftop space, facilitate local government approvals and grid connection, as well as, aid with obtaining preferential tax treatment and project financing. As part of the strategic partnership, Hanwha SolarOne intends to own and operate 100 MW of distributed generation projects in Wuxi New District.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business, commented, "Hanwha SolarOne has taken another important step towards developing its downstream business in China. We intend to become a significant project owner and operator in China. The Wuxi Administrative Committee will provide us access to a number of high quality rooftops, and be an instrumental partner in permit development, project development and grid connection," Mr. Seo concluded, "We feel confident that this latest business development, coupled with a number of previous announcements, serves as a solid foundation to establish a growing PV project portfolio in 2014."


Thursday, March 13, 2014
Comments & Business Outlook

FOURTH QUARTER 2013 FINANCIAL RESULTS

  • Total net revenues were RMB1,294.9 million (US$213.9 million), an increase of 14.1% from RMB1,135.1 million in 3Q13, and an increase of 54.8% from RMB836.7 million in 4Q12. 
  • Net loss per basic ADS on a non-GAAP basis was RMB0.30 (US$0.05), compared with net loss per basic ADS on a non-GAAP basis of RMB4.74 in 3Q13 and net loss per basic ADS on a non-GAAP basis of RMB7.70 in 4Q12. 

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne commented, "The final quarter of 2013 was marked by significantly improved financial results, and when excluding year-end non-cash charges and other non-GAAP accounting treatments unrelated to the operations of our business we would have recorded profitability. This financial progress was achieved through increased revenues and shipments, reductions in our manufacturing cost structure, and continued diligence in controlling operating expenses. We maintained a strong presence in Japan and increased our penetration of the fast-growing domestic market inChina." Chairman HONG noted, "We are optimistic that 2014 will prove to be a much stronger year for the Company with further shipment growth and additional reductions in our cost structure including notably better operating metrics at our internal ingot and wafer facility. We intend to establish a downstream presence in China and grow our China business by leveraging several recently established strategic partnerships. We plan to expand capacity to meet growing global demand, as well as automate existing manufacturing to reduce cost and improve product consistency and quality."

BUSINESS OUTLOOK

  • The Company provides the following guidance based on current operating trends and market conditions.

For the first quarter 2014 the Company expects:

  • Module shipments similar to the preceding quarter

For the full year 2014, the Company expects:

  • Module shipments between 1.5-1.6GW of which about 25-30% will be for PV module processing services
  • Capital expenditures of $80 million largely for maintenance and automation of existing manufacturing lines. The aforementioned capacity expansion under consideration is not included in this figure.
  • Gross margins targeted in the range of 15-20%

Tuesday, February 18, 2014
Notable Share Transactions

SHANGHAI, February 18, 2014 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, announced that the Company's at-the-market offering of American Depositary Shares, each representing five ordinary shares of par value US$0.0001 per share, (the "ADSs"), was terminated on January 29, 2014 (the "ATM Offering").

Upon the termination of the ATM Offering, the Company had sold 6,716,966 of its ADSs at an average price of US$3.20 per ADS, raising approximately US$21.5 million in gross proceeds. The ADSs were offered through Credit Suisse as sales agent. The Company received net proceeds of approximately US$21.0 million from the offering after deducting the sales agent's commissions and estimated offering expenses.

Jay Seo, the chief financial officer of Hanwha SolarOne, commented, "The Company maintained a conservative trading posture throughout the ATM Offering, in light of the lower stock price, potential shareholder dilution and availability of other financing options."


Thursday, January 30, 2014
Deal Flow

Hanwha SolarOne Co., Ltd.

We entered into a distribution agency agreement, dated November 15, 2013, with Credit Suisse Securities (USA) LLC, which we refer to as Credit Suisse or the sales agent, relating to American Depositary Shares, or ADSs, each representing five ordinary shares, par value US$0.0001 per share, of our company. The distribution agency agreement provided that we may offer and sell ADSs having an aggregate offering price of up to US$70,000,000 from time to time through Credit Suisse, acting as a sales agent, or directly to Credit Suisse, acting as principal.

Through January 29, 2014, we issued and sold 6,716,966 ADSs under the distribution agency agreement and had received proceeds as provided below:

         

Gross proceeds to us

   US$ 21,508,569   

Commissions to Credit Suisse Securities (USA) LLC

   US$ 537,714   

Proceeds to us before expenses

   US$ 20,970,855   

We have agreed to reimburse Credit Suisse for its legal expenses in connection with this offering in an aggregate amount of approximately US$250,000.

The ADSs are listed on the Nasdaq Global Select Market under the symbol “HSOL.” On January 29, 2014, the last reported sale price of the ADSs on the Nasdaq Global Select Market was US$2.73 per ADS.

This prospectus supplement should be read in conjunction with, and may not be delivered or utilized without, the prospectus dated November 13, 2013, as supplemented by the prospectus supplement dated November 15, 2013.

Before investing in ADSs, you should carefully consider the risk factors described in “Risk Factors” beginning on page 5 of the prospectus dated November 13, 2013 and on page S-3 of the prospectus supplement dated November 15, 2013.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement and the accompanying prospectus dated November 13, 2013, as supplemented by the prospectus supplement dated November 15, 2013, is truthful or complete. Any representation to the contrary is a criminal offense.


Wednesday, January 15, 2014
Joint Venture

SHANGHAI, January 15, 2014 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne") (Nasdaq: HSOL), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a memorandum of understanding ("MOU") with Shanghai HuiTianRan Investment Holding Group Co., Ltd ("HTR") stating their intention to establish a long-term strategic partnership to cooperate in the PV downstream business, leveraging HTR's existing JV project company with a large state-owned electric power company ("SOE"). The two companies also aim to jointly establish a JV company to develop and construct PV power plant projects ("EPC JV"). HTR intends to use PV modules manufactured by Hanwha SolarOne in its 700 MW power plant projects or select HSOL to be the EPC service supplier for said projects. HTR will also identify both commercial and residential rooftop resources. The two companies intend to enter into a definitive strategic cooperation agreement within 60 days following signing of this MOU.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business commented, "The MOU with HTR provides further impetus to our accelerating downstream activities in China. The contemplated cooperation on HTR's planned 700 MW PV power plant projects with a well-established SOE provides the potential for either a large module supply agreement or selection as sole EPC provider." Mr. Seo concluded, "We continue to build up our track record and project profile in EPC and plan to engage in IPP development and ownership going forward. We have now identified downstream business potential of 950 MW in China through this and other recently announced agreements."


Thursday, January 9, 2014
Contract Awards

SMANING, Germany--(BUSINESS WIRE)--Hanwha SolarOne Co., Ltd. (the “Company” or “Hanwha SolarOne”), a top-10 global photovoltaic (PV) manufacturer of high-quality, cost-competitive solar modules, today announced that it will supply 20.5 MW of its high-performing HSL-60 PV modules to vogt solar ltd. (“vogt solar”), a fully-owned subsidiary of the Germany-based company, ib vogt GmbH (“ib vogt”). The solar modules will be installed in one of the largest solar parks in the UK.

ib vogt specializes in the development, realization and operation of large scale PV power plants on a global level. Upon completion, this project will represent ib vogt’s largest solar park in the United Kingdom to date.

For the past two years, Hanwha SolarOne has consistently supplied high-quality modules to a number of large-scale solar parks realized by ib vogt. These include several projects in the United Kingdom, such as the 9.8 MW Manston PV park in Kent, the 6.2 MW Langunnett PV park in Cornwall, a 5 MW PV park in Wellow on the Isle of Wight, and a 5 MW PV park in Oving, West Sussex. In addition to these projects, Hanwha SolarOne has also supplied 9.5 MW of solar modules to ib vogt, which they used in the Thunpadel solarpark in Lower Saxony, Germany.

“We are very pleased to work with ib vogt once again, as we continue to expand our presence in the United Kingdom – one of our key markets in Europe,” said Maengyoon Kim, Managing Director of Hanwha SolarOne GmbH. “With our high-quality PV modules, flexible ordering structure and capable sales team, we are ideally positioned to meet the United Kingdom’s solar power needs. We look forward to continuing to serve this important market in the future.”

Hanwha SolarOne successfully delivered the first batch of HSL-60 modules in December 2013 and will complete the total shipment early in the first quarter of 2014. HSL-60 modules, characterized by excellent performance and extended durability, are backed by a 12 year workmanship warranty and a 25 year linear performance warranty.


Tuesday, January 7, 2014
Contract Awards

SHANGHAI, January 7, 2014 /PRNewswire/ -- Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has reached a memorandum of understanding ("MOU") with OneRoof Energy, a complete solar services provider, to supply up to 50 megawatts of Photovoltaic ("PV") modules. Hanwha SolarOne and OneRoof Energy intend to enter a supply agreement to establish a reliable supply of modules for OneRoof Energy, as well as to work together to identify and develop new and next generation products for the residential market that will enhance energy yield, improve bankability and increase residual value, and engage with downstream suppliers to improve PV system efficiencies and lower the levelized cost of energy to homeowners.

Mr. Min-Su Kim, President of Hanwha SolarOne commented, "OneRoof Energy is well positioned in the burgeoning residential rooftop financing market in the U.S. where in large markets like California, industry sources estimate about three-fourths of all solar installations were the result of third-party financing. Our high-quality, proven modules will play an important role in meeting OneRoof Energy's performance and product warranty customer guarantees."

"Hanwha SolarOne makes high-quality, reliable modules, but most importantly they offer our customers peace of mind that the panel manufacturer will be there to back the warranty for 12 years. The power of Hanwha is in their ability to deliver on that promise," stated David Field, President and Chief Executive Officer of OneRoof Energy.


Thursday, January 2, 2014
Contract Awards

ISMANING, Germany--()--Hanwha SolarOne Co., Ltd. (the �Company�, or �Hanwha SolarOne�), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced that it will supply 11.5 MW of high quality solar modules to Ikaros Solar Belgium NV (the �Ikaros Solar�). The modules are scheduled for delivery in January and February 2014. Ikaros intends to install the modules in a solar park in Norfolk County, United Kingdom. Hanwha SolarOne will supply its 72-cell module HSL-72, characterized by excellent real-life performance and extended durability.

Ikaros Solar operates as a project planner and wholesaler and is active in both large-scale and rooftop segments. Based in Belgium, Ikaros Solar has evolved into an international company with a global network of offices. Hanwha SolarOne has delivered high-quality PV modules to a number of solar projects constructed by Ikaros Solar.

"In Hanwha SolarOne, we have found a partner that can ensure both high quality and financial stability," said Yves Devis, CEO at Ikaros Solar. "The PV modules from Hanwha SolarOne have demonstrated high performance and durability in our past projects. With the improved features of the new HSL-module series providing further benefits, Hanwha SolarOne was a natural choice for our latest large-scale project."

"This project is the result of a strong, long-term collaboration with Ikaros Solar, a leading solar company in the Benelux region," said Laurent Bodin, Director Sales France and Benelux at Hanwha SolarOne. "The partnership is based on mutual respect between two reliable companies that share the highest quality requirements. We look forward to contributing to more successful Ikaros projects in the future".

Ikaros intends to start the construction of the new solar park in January 2014 and connect the new solar park to the grid by the end of March 2014. The solar park will include 38,334 modules supplied by Hanwha SolarOne.


Wednesday, December 11, 2013
Contract Awards

SHANGHAI, December 11, 2013 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a contract with Zhejiang Zhentai New Energy Development Co., Ltd. (a member of the "Chint Group") to supply modules with capacity of 12.96 MW. The modules are scheduled for delivery in December 2013 and will be installed in a utility-scale project in Yongchang, Gansu Province.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business commented, "We continue to focus on improving our competitive position in the China market and this new contract adds to our recent success."Mr. SEO added, "We now have a backlog of over 250 MW in China, have begun development of a strategic partnership with Jiangsu Zhongtian Technology, completed several sizeablemodule supply contracts, are building an EPC competency, and secured a framework credit line with Bank of Beijing for RMB 3.5 billion (approximately US$574 million) over the next three years, providing us the flexibility to fund future downstream projects (IPP) as they develop, without unnecessarily leveraging the balance sheet near-term."


Tuesday, December 10, 2013
Contract Awards

SHANGHAI, December 10, 2013 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has supplied modules for two projects with an aggregate capacity of 50 MW to one of China's largest state-owned power companies, China Huaneng Group. The modules were delivered to two separate utility-scale installations: (i) an approximately 30 MW in Qingtongxia, a city in the Ningxia Hui Autonomous Region (NHAR) and (ii) a 20 MW project in Wuchuan, Inner Mongolia Autonomous Region.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business commented, "We are pleased to have established our relationship with China Huaneng Group, one of China's largest state-owned power companies and look forward to a growing relationship on other projects in the future." Mr. SEO added, "China is driving the development of PV solar projects throughout the country with new incentives and we are pleased to play a meaningful role in the country's efforts to expand solar power." Mr. SEO concluded by noting "the company has growing momentum in the China market including module supply, EPC projects, a new strategic partnership with Jiangsu Zhongtian, and intends to participate in projects as an IPP in the future."


Wednesday, December 4, 2013
Joint Venture

SHANGHAI, December 4, 2013 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne") (Nasdaq: HSOL), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has signed a memorandum of understanding ("MOU") with Jiangsu Zhongtian Technology Co., Ltd ("ZTT") stating their intention to establish a long-term strategic partnership to cooperate in the PV downstream business. The two companies aim to cooperate in the development, construction, financing and grid-connection of PV projects. ZTT intends to use PV modules manufactured by Hanwha SolarOne in its permitted 150 MW distributed energy project in Nantong, Jiangsu Province, China. The two companies intend to enter into a definitive strategic cooperation agreement within 90 days following signing of this MOU.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne and head of Hanwha SolarOne's downstream business commented, "The MOU with ZTT is a significant step in accelerating our downstream activities in China. The contemplated cooperation on ZTT's 150 MW distributed generation project in Nantong, as part of the Government's initial National Level Demonstration Plot, will be a strong start to the relationship between our two companies, and we are confident that further synergies will result in additional business opportunities for both companies." Mr. Seo concluded, "We aim to build up our track record and project profile in EPC to include IPP development and ownership. We will actively participate in China's aggressive program to develop renewable energy."


Monday, December 2, 2013
Deal Flow

SHANGHAI, December 2, 2013 /PRNewswire/ -- Hanwha SolarOne Co. Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced it has finalized a framework agreement with the Bank of Beijing for access to up to RMB3.5 billion (approximately US$574 million) of credit over the next three years. Specific drawdowns are subject to the approval procedures of the Bank ofBeijing, including reviews of the specific applicable project information.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "We are pleased to have continued our banking relationship with the Bank of Beijing. This is an important component to support our emphasis on a strengthening downstream business in China. We currently have 250 MW in our pipeline. We expect to build up our EPC competency and project track record and develop an IPP business, including through strategic partnerships inChina now under active discussion."


Friday, November 22, 2013
Joint Venture

ISMANING, Germany--()--Hanwha SolarOne, a global photovoltaic (PV) provider of high-quality, cost competitive solar photovoltaic modules, recently supplied 12.9 MW of HSL PV modules to the Spanish/Portuguese consortium Gransolar & Hyperion. These high-durability, high-output PV modules are being installed in solar parks across the areas of Lisbon and Coimbra, Portugal

"Throughout our years of working together, Hanwha SolarOne has proven to be a trusted partner, committed to the efficient delivery of high-performing products,� said Juan Pedro Alonso, CEO of Gransolar. "In addition to this most recent project, Hanwha SolarOne has supplied modules to a number of Gransolar projects, including two in South Africa that totaled 155 MW. Together, we have achieved success on a global scale, and we look forward to working with this leading PV module provider in the future."

"We are proud to work with Gransolar & Hyperion, as we continue to bring our high-performing products to solar projects throughout Europe," said Min-Su Kim, President of Hanwha SolarOne. "Following the adoption of the rigorous price undertaking in the European solar market, solar project profitability is even more dependent upon the long-term performance of PV modules applied, which is why we are committed to providing high-quality products that translate into success for our customers."

Hanwha SolarOne continues to strengthen its leading position in the European utility-scale solar segment. In September and October, Hanwha SolarOne delivered another 17.8 MW of PV modules to six solar parks in Portugal. Furthermore, the company recently secured a contract to supply 20 MW of PV modules to solar parks in the United Kingdom in December and throughout the first quarter of 2014.


Friday, November 15, 2013
Notable Share Transactions

SHANGHAI, Nov. 15, 2013 /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 announced that it has filed a prospectus supplement to sell up to an aggregate of US$70 million of its American Depositary Shares, each representing five ordinary shares of par value US$0.0001 per share, (the "ADSs") through an at-the-market equity offering program. The ADSs will be offered through Credit Suisse as sales agent.


Thursday, November 14, 2013
Notable Share Transactions

SHANGHAI, Nov. 14, 2013 /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 announced that it has amended its Shareholder Agreement, dated as of September 16, 2010, by and among the Company and Hanwha Solar Holdings Co., Ltd. ("Holdings"), and its Share Issuance and Repurchase Agreement, dated September 16, 2010, by and among the Company and Holdings.  Both amendments are dated November 12, 2013.

The amendments eliminate certain restrictions in the Shareholder Agreement and the Share Issuance and Repurchase Agreement that limited Holdings' ability to increase its ownership in the Company above 49.9% and remove the requirement that the board be comprised of seven directors.  The amendments also allow Holdings to nominate directors to the board according to a formula based on its share ownership in the Company; however, the number of directors that Holdings may nominate will in any event be less than a majority of the board.  The amendments were considered by a special committee of the board of the Company comprised entirely of independent directors, and recommended to and approved by the board.


Tuesday, November 12, 2013
Comments & Business Outlook

THIRD QUARTER 2013 FINANCIAL RESULTS

  • Total net revenues were RMB1,135.1 million (US$185.5 million), a decrease of 4.0% from RMB1,182.8 million in 2Q13, and an increase of 17.5% from RMB966.1 million in 3Q12.
  • Net loss per basic ADS on a non-GAAP basis was RMB4.74 (US$0.78), compared with net loss per basic ADS on a non-GAAP basis of RMB1.54 in 2Q13 and net loss per basic ADS on a non-GAAP basis of RMB3.57 in 3Q12.

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "Our third quarter results came in largely as expected, with shipment volumes falling at the high end of our forecasted range, average selling prices continuing to improve and gross margins remaining stable before a one-time provision for EU tariffs. Our presence in three of the world's most important markets improved with China, Japan and North America all accounting for larger percentages of our shipment volumes".

Chairman HONG continued, "Our outlook for the final quarter of 2013 is good, with some highlights being:

  1. shipment volumes should increase in a range of 13-19% quarter-to-quarter
  2. average selling prices are stable to up and gross margins are improving
  3. we have made significant recent progress in improving our internal ingot and wafer utilization and manufacturing efficiencies
  4. we are seeing momentum in our penetration of the China market and are approaching the roll out of our downstream business (including the evaluation of a number of strategic partnerships)
  5. North America is showing positive signs including a 40 MW project in Canada
  6. our next-generation E Star II cell will begin commercial production".

BUSINESS OUTLOOK

  • The Company provides the following guidance based on current operating trends and market conditions.

For the fourth quarter 2013 the Company expects:

  • Module shipments of 360-380MW.

For the full year 2013, the Company expects:

  • Module shipments between 1.2-1.4GW of which about 30-35% will be for PV module processing services
  • Capital expenditures of $75 million depending on demand and other market conditions.

Monday, September 9, 2013
Comments & Business Outlook

SECOND QUARTER 2013 FINANCIAL RESULTS

  • Total net revenues were RMB1,182.8 million (US$192.7 million), an increase of 6.3% from RMB1,112.9 million in 1Q13, and an increase of 10.4% from RMB1,071.7 million in 2Q12.
  • Net loss per basic ADS on a GAAP basis was RMB1.96 (US$0.32), compared with net loss per basic ADS of RMB2.67 in 1Q13 and net loss per basic ADS of RMB3.16 in 2Q12.

 Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "We recorded a solid performance for the second quarter ending June including further gross margin improvement reflecting an improved cost structure and better factory utilization, an 11% quarter-over quarter shipment gain and a return to positive operating cash flow. Shipments of 321 MW were the highest quarterly level since Hanwha's purchase of the predecessor company in September 2010. Our presence in emerging markets such as Japanand South Africa remained strong. We also strengthened our liquidity position with a US$100 million long-term loan from the Export-Import Bank of Korea."

Chairman HONG continued, "Solar industry conditions continue to improve and we remain optimistic for the remainder of 2013 and beyond. We should continue to enjoy success in Japan and we expect to see improved volumes in the important China market. With the EU and China having reached agreement on import duties, we believe our market allocation and higher pricing will lead to good opportunity there. We look towards improving our presence in other emerging markets including South America, the Middle East and Southeast Asia. Our manufacturing module services business with Hanwha Q CELLS should see improved volumes during the second half of this year. We are also continuing to make progress in innovation with the planned introduction of our second-stage E Star module later this year with improved performance and lower manufacturing costs".

BUSINESS OUTLOOK

  • The Company provides the following guidance based on current operating trends and market conditions.

For the third quarter 2013 the Company expects:

  • Module shipments of 300-325MW.

For the full year 2013, the Company expects:

  • Module shipments between 1.2-1.4GW of which about 30-35% will be for PV module processing services.
  • Capital expenditures of $75 million depending on demand and other market conditions.

Thursday, June 27, 2013
Deal Flow

SHANGHAI, June 27, 2013 /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 announced that its wholly-owned subsidiary Hanwha SolarOne (Qidong) Co., Ltd., has secured a three-year US$100 million term  loan facility (the "Loan") from the Export-Import Bank of Korea (KEXIM). The loan will mature on June 25, 2016 with payment of principal to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.99 % per annum. The loan proceeds will be used primarily for working capital purposes.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "this new capital will enhance our ability to support current working capital needs, continues our shift of loans from short to longer term, and allows some flexibility in developing our business strategies for the future." Mr. SEO concluded, "We continue to be fortunate to access relatively low-cost funding from offshore sources."


Thursday, May 30, 2013
Comments & Business Outlook

FIRST QUARTER 2013 RESULTS

  • Total net revenues were RMB1,112.9 million (US$179.2 million), an increase of 33.0% from RMB836.7 million in 4Q12, and an increase of 38.4% from RMB803.9 million in 1Q12.
  • Gross profit for 1Q13 was RMB28.9 million (US$4.7 million), compared with a gross loss of RMB261.8 million in 4Q12 and a gross loss of RMB75.2 million in 1Q12.
  • Gross margin was positive 2.6%, compared with negative 31.3% in 4Q12.
  • Net loss attributable to shareholders on a non-GAAP basis was RMB202.9 million (US$32.7 million), compared with a net loss attributable to shareholders of RMB650.6 million in 4Q12 and a net loss attributable to shareholders of RMB269.9 million in 1Q12.
  • Net loss per basic ADS on a non-GAAP[1] basis was RMB2.40 (US$0.39), compared with net loss per basic ADS on a non-GAAP basis of RMB7.70 in 4Q12 and net loss per basic ADS on a non-GAAP basis of RMB3.20 in 1Q12.
  • Net loss per basic ADS on a GAAP basis was RMB2.67 (US$0.43), compared with net loss per basic ADS of RMB7.93 in 4Q12 and net loss per basic ADS of RMB3.60 in 1Q12.

Mr. Ki-Joon Hong, Chairman and CEO of Hanwha SolarOne, commented, "The first quarter was an important inflection point for both the solar industry and the Company, with a number of positive signs developing for further progress ahead. Both revenues (+33%) and shipments (+45%) rose sharply, prices improved from the prior quarter and appear to have now stabilized, we returned to positive gross profit, our plants are running at full utilization favorably impacting our cost structure, and although we still recorded negative operating income and cash flow, the amounts were relatively small and substantially improved from prior periods. Our investment in new technology and innovation is beginning to deliver commercial results with the introduction of the new HSL Series of smaller, lighter and higher-efficiency modules. Our effort to diversify business outside traditionally large markets in Europe, to large new emerging markets such as China, Japan, and South Africa, is well underway. And, the continued synergies with our parent Hanwha and its portfolio of solar investments are growing."

Chairman Hong continued, "There are a number of positive developments underway in the overall solar industry which increase our confidence for a gradually improving business environment in 2013, and a much more positive industry upturn from 2014 to 2015. These include: a large number of inefficient players have shut down operations or become financially insolvent resulting in reduced industry overcapacity, average selling prices for solar modules have improved in most markets and new emerging markets like Japanand South Africa currently enjoy above average pricing, input prices (including polysilicon) remain low, utilization rates of Tier 1 players are much improved and inventory levels reduced helping stabilize pricing, the credit environment, particularly in China, has become more disciplined leading to financially-leveraged companies facing a challenged to survive, and a growing number of financing options (including leasing) are supporting investment in solar." He concluded, "The proposed import tariff in the EU against solar products manufactured in China is an unfortunate process as it will ultimately harm competitive pricing in Europe, as well as, hinder solar development through reduced project returns, and reduce solar jobs. We are well-prepared to handle this challenge as we have already diversified our business aggressively outside the EU (shipments to the EU are now below 30% of total shipments compared to over 70% historically), but we hope that negotiations between governments of both regions will ultimately reach a more rational and productive outcome."

BUSINESS OUTLOOK

  • The Company provides the following guidance based on current operating trends and market conditions.

For the second quarter 2013 the Company expects:

  • Module shipments of 330- 350MW.

For the full year 2013, the Company expects:

  • Module shipments between 1.3-1.5GW of which about 30-35% will be for PV module processing services.
  • Capital expenditures of $50 million depending on demand and other market conditions.

Monday, March 18, 2013
Comments & Business Outlook

FOURTH QUARTER 2012 Results

  • Total net revenues were RMB836.7 million (US$134.3 million), a decrease of 13.4% from 3Q12, and a decrease of 14.5% from 4Q11.
  • Gross loss was RMB261.8 million (US$42.0 million), compared with gross loss of RMB56.1 million in 3Q12 and gross loss ofRMB604.6 million in 4Q11.
  • Net loss attributable to shareholders on a non-GAAP basis[1] was RMB650.6 million (US$104.4 million), compared with net loss of RMB301.9 million in 3Q12 and net loss of RMB862.3 million in 4Q11.
  • Net loss per basic ADS on a non-GAAP basis was RMB7.70 (US$1.24), compared with net loss per basic ADS on a non-GAAP basis of RMB3.57 in 3Q12 and net loss per ADS on a non-GAAP basis of RMB10.22 in 4Q11. 
  • Net loss attributable to shareholders on a GAAP basis was RMB670.4 million (US$107.6 million), compared with net loss attributable to shareholders on a GAAP basis of RMB322.1 million in 3Q12.  The Company recorded a non-cash gain of RMB1.4 million (US$0.2 million) from the change in fair value of the convertible feature of the Company's convertible bonds as compared to a non-cash gain of RMB1.2 million in 3Q12.  Net loss attributable to shareholders on a GAAP basis in 4Q11 was RMB832.9 million, including a non-cash gain of RMB33.2 million from the change in fair value of the convertible feature of the Company's convertible bonds.  As explained in prior quarters, the fluctuations in the fair value of the convertible feature of the Company's convertible bonds are primarily due to changes in the Company's ADS price, over which the Company has no direct control, and does not reflect the operating performance of the Company. 
  • Net loss per basic ADS on a GAAP basis was RMB7.93 (US$1.27), compared with net loss per basic ADS on a GAAP basis of RMB3.81 in 3Q12 and net loss per basic ADS on a GAAP basis of RMB9.88 in 4Q11.

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "The year 2012 will be remembered as one of tremendous challenge and change for the solar industry, with significant industry overcapacity and regulatory changes in key markets leading to a slowdown in demand, accompanied by rapidly decelerating prices. Almost all companies, including ours, found it virtually impossible to record profitability in such an operating environment. In spite of the degrading operating environment we faced, our company made significant progress in a number of areas; including  bringing greater balance between our OEM model  and branded one, diversifying our sales base into new emerging growth markets, improving our non-poly processing cost structure to be competitive with industry leaders, instituted operational efficiencies at our manufacturing sites including enhanced automation, better quality, improved product features and new product introductions,  and secured financing from a variety of sources both within and outside mainland China."

Chairman HONG continued " Our volumes in the fourth quarter did not reflect the improving demand environment of late as we chose to sacrifice sales at loss making prices and our profitability was impacted by a number of non-cash charges. However, we are well on track to achieving 50% improvement in first quarter 2013 shipment volume and over 50% for the full year. We have good visibility inSouth Africa and Japan for the first half of this year in particular, and continue to see growing opportunities in China, the US, the Middle East and other emerging markets of importance. Our funding for 2013 is proceeding as planned. Industry prices seem to have stabilized, and we see good opportunities to exploit synergies with our sister company Hanwha Q.CELLS, including a sizeable module tolling business. Profitability will remain challenging for most, if not all of 2013, but we feel confident that we are making good progress on the return to a path of profitability, aided by forecasted improvements in the operating environment and securing the company to challenge for industry leadership longer term."

BUSINESS OUTLOOK

  • The Company provides the following guidance based on current operating trends and market conditions.

For the first quarter 2013 the Company expects:

  • Module shipments 300MW or above.

For the full year 2013, the Company expects:

  • Module shipments between 1.3-1.5GW of which about 30-35% will be for PV module processing services.
  • Capital expenditures of $50 million depending on demand and other market conditions.

Monday, January 14, 2013
Deal Flow

SHANGHAI, January 14, 2013 /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 inChina, today announced that its wholly-owned subsidiary, Hanwha SolarOne Hong Kong Limited, has entered into a subscription agreement with Samsung Securities (Asia) Ltd. and Kookmin Bank Hong Kong Ltd. to issue three-yearUS$100 million floating rate notes (the "Notes") outside the United States. The notes will be guaranteed by Hanwha Chemical Corporation (the holding company of the company's largest shareholder). The notes will mature on January 15, 2016 with payment of principle to be made at maturity. The interest rate floats with the three-month LIBOR. The proceeds from the issuance will be used for general working capital purposes.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "we are pleased to continue to have access to necessary capital to grow our business and manage our way through the current industry downturn. We believe our strong presence in the market, along with the backing of our parent, allows us to source capital both in mainlandChina and offshore. This new facility, combined with the recent US$475 million credit agreement with the Bank ofBeijing to fund project development, gives us a solid foundation in required financial resources as we enter the year 2013."


Thursday, December 27, 2012
Deal Flow

SHANGHAI, December 27, 2012 /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 announced it has reached an agreement with the Bank of Beijing for access to up to RMB 3.0 Billion (approximately US$475 million) of credit over the next twelve-month period. Drawdown of specific amount is subject to approval procedures of the Bank of Beijing, including review of specific project information, as applicable.

Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, "This new credit facility provides us with access to the additional financial resources necessary to manage and grow our business to exploit downstream project opportunities in China and abroad. Additionally, we are pleased to have broadened our banking relationships within China to include another leading financial institution, the Bank of Beijing."


Tuesday, December 11, 2012
Comments & Business Outlook

Third QUARTER 2012

  • Total net revenues were RMB966.1 million (US$153.7 million), a decrease of 9.9% from 2Q12, and a decrease of 32.8% from 3Q11.
  • Net loss attributable to shareholders on a non-GAAP basis was RMB301.9 million (US$48.0 million), compared with a net loss of RMB245.9 million in 2Q12 and a net loss of RMB295.7 million in 3Q11.
  • Net loss per basic ADS on a non-GAAP basis was RMB3.57 (US$0.57), compared with a net loss per basic ADS on a non-GAAP basis of RMB2.91 in 2Q12 and a net loss per ADS on a non-GAAP basis of RMB3.51 in 3Q11.

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne commented, "In spite of a difficult operating environment, we achieved some good progress in shipment and production costs during the third quarter even though we suffered from continued ASP decline. Our shipment volumes grew nicely quarter-to-quarter, our production costs continued to decline and now are reaching our year-end target, and we are increasingly seeing synergies with our parent company, particularly in downstream activities. We also anticipate opportunities resulting from the cooperation with Q CELLS, which was recently acquired by our parent company. We remain optimistic that our presence in large new growth markets such as China, Japan and the US, will provide incremental volume potential in 2013. Challenging industry conditions remain: overcapacity, a spike in manufacturer's inventories, declining prices, and regulatory issues pertaining to duties in the US and possibly Europe. In spite of these, we continue to move forward with our long-term goals, in concert with support from our largest shareholder. We believe we have established the brand, a competitive cost structure, balance sheet and a management team to enter the next growth stage of the industry."

BUSINESS OUTLOOK

The Company provides the following guidance based on current operating trends and market conditions.

For the full year 2012, the Company expects:

  • Module shipments reduced from the previous forecast (900 MW to 1 GW) to a range of 825 to 850 MW.
  • Capital expenditures of US$100 million (Reduced from US$150 million), depending on demand and other market conditions.
  • Processing costs (excluding silicon costs) to be approximately US$0.50 per watt by the end of 2012.

Tuesday, September 11, 2012
Comments & Business Outlook

Second Quarter 2012 Results

  • Total net revenues were RMB1,071.7 million (US$168.7 million), an increase of 33.3% from 1Q12, and a decrease of 40.4% from 2Q11.
  • Net loss per basic ADS on a non-GAAP basis was RMB2.91 (US$0.46), compared with a net loss per basic ADS on a non-GAAP basis of RMB3.20 in 1Q12 and a net loss per ADS on a non-GAAP basis of RMB0.77 in 2Q11.
 

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne commented, "In spite of a difficult operating environment, we achieved some good progress during the second quarter. Our shipment volumes grew nicely quarter-to-quarter, our production costs continued to improve and now are in reach of our year-end target, and we are increasingly seeing synergies with our parent company, particularly in downstream activities. We remain optimistic that our presence in large new growth markets such as China, Japan and the US, will provide incremental volume potential in the second half of 2012. Challenging industry conditions remain: overcapacity, a spike in manufacturer's inventories, declining prices, and regulatory issues pertaining to duties in the US and possibly Europe. In spite of these, we continue to move forward with our long-term goals, in concert with support from our largest shareholder, and believe we have established the brand, competitive cost structure, balance sheet and management team to enter the next growth stage of the industry."

BUSINESS OUTLOOK 

The Company provides the following guidance based on current operating trends and market conditions.

For 3Q12, the Company expects

  • Total module shipments to be similar to those achieved in the 2Q 2012.
  • Gross margin to be positive.

For the full year 2012, the Company expects:

  • Module shipments reduced from the previous forecast of 1 GW to a range of 900 MW to 1 GW.
  • Capital expenditures of US$150 million, depending on demand and other market conditions.
  • Processing costs (excluding silicon costs) to be approximately US$0.50 per watt by the end of 2012.


Thursday, March 15, 2012
Comments & Business Outlook

Fourth Quarter 2011 Results

  • Total net revenues were RMB978.3 million (US$155.4 million), a decrease of 31.9% from 3Q11, and a decrease of 53.8% from 4Q10.
  • Net loss per basic ADS on a GAAP basis was RMB9.88 (US$1.57), compared with net loss per basic ADS on a GAAP basis of RMB2.11 in 3Q11 and a net income per basic ADS on a GAAP basis of RMB5.02 in 4Q10.

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "The year 2011 was a period of adjustment and consolidation for the industry. Excess capacity throughout the solar value chain, combined with incentive reductions in key markets, drove selling prices down at a rate faster than input costs, resulting in pressure on profitability. We believe the Company continued to make progress in a number of areas, including growing synergies with our largest shareholder Hanwha. We continued to invest in branding, technology, management systems and people. We also made progress in reducing non-poly processing costs in spite of reduced utilization, penetrated new important growth markets including the US and China, and increased shipments nearly 20%. Hanwha remains unwavering in its support for the solar market overall and for our Company. The business environment will remain challenging for much, if not all, of 2012. Our balance sheet is strong and our access to additional capital remains in place. Looking forward, we believe that lower prices will drive additional demand, the industry will consolidate at an accelerated pace, and we will exit this downturn in a strong competitive position."


Wednesday, August 24, 2011
Comments & Business Outlook

Second Quarter 2011 Results

  • Total net revenues were RMB1,791.2 million (US$277.1 million), a decrease of 18.4% from 1Q11 and an increase of 2.2% from 2Q10.
  • Net loss per basic ADS on a non-GAAP basis(1) was RMB0.77 (US$0.12), compared with net income per basic ADS on a non-GAAP basis of RMB1.84 in 1Q11 and RMB4.00 in 2Q10(US$0.61)

Mr. Ki-Joon HONG, Chairman and CEO of Hanwha SolarOne, commented, "We were not insulated from the difficult operating environment during the second quarter. Regulatory changes in Italy, rapidly falling module prices, industry overcapacity and large channel inventories all negatively affected our second quarter results. We consciously reduced our manufacturing activities for a period of time to control expenses, manage working capital, and prevent the build-up of high cost inventory. We did not retreat from our aggressive posture towards the future. We moved forward with our capacity expansion plan, invested in management systems and personnel and made good progress in branding initiatives and research and development. We expect that demand will improve for the remainder of the year."

BUSINESS OUTLOOK

The Company provides the following guidance based on current operating trends and market conditions.

For the full year 2011, the Company expects:

  • Module shipments to be at the lower end of the previously announced range of 1GW to 1.2GW, of which about 20 to 25% will be for PV module processing services.
  • Capital expenditures to be approximately US$400 million.

Sunday, June 26, 2011
Liquidity Requirements

We have financed our operations primarily through cash flows from operations and also through bank loans and related-party loans and proceeds from our initial public offering, the convertible bond offering in January 2008, the continuous ADS offerings from July 2008 to August 2008 and from September 2009 to November 2009 and our ADS offering in November 2010. We believe our working capital is sufficient for our present requirements.

Our capital expenditures were RMB1,169.0 million, RMB324.7 million and RMB670.8 million (US$101.6 million) in 2008, 2009 and 2010, respectively, all of which related primarily to the purchases of manufacturing equipment and facility construction costs. Based on the current market conditions, we expect to incur capital expenditures of US$450.0 million for 2011, which will be used primarily for purchasing manufacturing equipment and building production facilities in Nantong, Qidong and Lianyungang, Jiangsu Province. We plan to fund the balance of our capital expenditure requirements for 2011 with cash from operations, additional bank borrowings, and other forms of financing, if necessary.


Thursday, March 17, 2011
Comments & Business Outlook

Fourth Quarter Results:

  • Total net revenues were RMB2,112.7 million (US$320.1 million), a decrease of 3.3% from 3Q10, but an increase of 68.7% from 4Q09.
  • Gross profit decreased 13.6% to RMB428.7 million (US$64.9 million) from RMB496.4 million in 3Q10, but increased 82.0% from RMB235.6 million in 4Q09.  
  • Net income per basic ADS on a non-GAAP basis was RMB1.82 (US$0.28), a decrease of 60.6% from RMB4.62 in 3Q10, but an increase of 9.0% from RMB1.67 in 4Q09.

Dr. Peter Xie, President and CEO of Hanwha SolarOne, commented, " We concluded the year 2010 with another profitable quarter, a stronger balance sheet, and diversified our shipments towards new longer term growth markets. For the full year, our revenues nearly doubled to over $1 billion, our shipments rose 155%, and we returned to a healthy level of profitability. We enter 2011 with a high degree of enthusiasm and confidence: our capabilities and brand is strengthened with our strategic partnership with Hanwha, we have good visibility of orders into mid-year, new technology initiatives are progressing towards completion, and significant new capacity will come on stream soon enhancing our ability to meet customer demand and to improve our cost structure."


Thursday, February 24, 2011
Comments & Business Outlook

Preliminary Results

  • Total net revenues are expected to be between USD325 to 330 million.
  • Gross margins are expected to be approximately 20%.

Dr. Peter Xie, President and CEO of the Company, commented, "We are pleased with our operating performance during the 2010 fiscal year and expect continued growth throughout 2011.  We have good order visibility and expect to regain our momentum in shipment growth quarter-to-quarter.  We also expect to benefit from relatively stable pricing as well as improved availability of purchased wafers and cells, which we believe will help to meet incremental demand."

"In the second half of 2011, we plan to increase our production capacity with heightened vertical integration, allowing us to improve our cost structure.  We also plan to continue to make significant headway in our geographic diversification, growing beyond Germany to reach key overseas markets including China, Italy and the U.S."


Tuesday, November 9, 2010
Comments & Business Outlook

THIRD QUARTER 2010 HIGHLIGHTS

  • Total net revenues were RMB 2,185.7 million (US$326.7 million), an increase of 24.7% from 2Q10 and an increase of 121.5% from 3Q09.
  • Net income per basic ADS on a non-GAAP basis was RMB 4.62 (US$0.69), an increase of 15.6% from RMB 4.00 in 2Q10 and an increase of 266.0% from RMB 1.26 in 3Q09.  
  • On a non-GAAP basis, net income attributable to shareholders was RMB 273.7 million (US$40.9 million), compared with RMB 231.7 million in 2Q10 and RMB 68.2 million in 3Q09.
  • Net income per basic ADS, on a non-GAAP basis, was RMB 4.62 (US$0.69) in 3Q10, compared with RMB 4.00 in 2Q10 and net loss per basic ADS of RMB 1.26 in 3Q09.

Peter Xie, President of Solarfun, commented, "We are pleased with the results we achieved in the third quarter, particularly our record shipments and revenues as well as our increased gross margin, operating cost control and continued strong return on equity. In the first nine months of 2010, we have achieved non-GAAP earnings per basic ADS of US$1.70. We continue to see healthy market demand in the fourth quarter and beyond, and with increased scale and further vertical integration in 2011, we believe we will continue to be well-positioned for further profitable growth"

BUSINESS OUTLOOK

The Company provides the following guidance based on current operating trends and market conditions.

For 4Q10, the Company expects:

  • Total module shipments to be 205 MW to 215 MW, of which about 25% to 30% will be for PV module processing services.
  • ASP excluding PV module processing services to increase slightly from 3Q10, assuming that the average Euro/US dollar exchange rate stays at approximately 1.35 during 4Q10.

For the fourth quarter of 2010, the Company expects a slight decline in module shipments compared with the previous quarter.   This does not reflect the strength of market demand nor the Company's competitive position.  The decline in the forecast module shipments is due to the following reasons:

  • As previously announced, the Company will be converting some of its existing cell lines into high-efficiency cell capacity with the installation of selective emitter technology.   This will cause some temporary loss of internal cell capacity in the fourth quarter.
  • The Company has made a conscious business decision to balance customer needs with corporate profitability goals and will therefore reduce its purchase of externally sourced cells, which are more expensive than internally sourced cells.


 


Wednesday, May 26, 2010
Comments & Business Outlook

Peter Xie, President of Solarfun, commented, "We are very pleased with our strong performance in the first quarter of 2010. Quarterly revenues for the first time in the Company's history exceeded $200 million, and net income per diluted ADS on a non-GAAP basis reached US$0.40, a substantial increase of over 63.9% compared to the fourth quarter of 2009. The strong performance was attributable to our ability to take advantage of favorable industry demand while keeping a keen focus on cost control and risk management.

To keep up our momentum, we plan to ramp up our internal cell capacity to 500MW by July, and our module capacity to 900MW by August of this year. This progress, along with our ongoing efforts to reduce our manufacturing costs and increase our cell efficiencies while expanding our R&D efforts, makes us optimistic about our future."

For 2Q10, the Company expects:

  • Total module shipments to be 160MW to 170MW, of which approximately 35% will be for PV module processing services.
  • ASP for PV module shipments to stay flat in constant currency but decline by approximately 6.5% from 1Q10 on the assumption that the Euro/US dollar exchange rate stays at approximately 1.25 for the rest of the quarter.

For 2010 full year shipment, the Company is raising its guidance from 600MW to 650MW   based on strong demand from customers for 2010.  Module processing services is expected to represent approximately 20-30% of the total shipments.