Suntech Reports Fourth Quarter and Full Year 2007 Financial Results
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SAN FRANCISCO, Feb 20, 2008 /Xinhua-PRNewswire via COMTEX/ -- Suntech Power Holdings Co., Ltd. (STP:suntech pwr hldgs co ltd adr News, chart, profile, more Last: 40.24-5.65-12.31%
4:02pm 02/20/2008
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: STP 40.24, -5.65, -12.3%) , one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced fourth quarter and full year 2007 financial results. Fourth Quarter and Full Year 2007 Highlights(1) -- Fourth quarter 2007 total shipments were approximately 110MW and total net revenues grew 82.5% year-over-year to $397.5 million. -- Full year 2007 total shipments were approximately 364MW and total net revenues grew 125.1% year-over-year to $1,348.3 million. -- On a non-GAAP(2) basis, Suntech's net income for the fourth quarter 2007 was $58.2 million or $0.34 per diluted American Depository Share (ADS). Each ADS represents one ordinary share. -- On a non-GAAP basis, Suntech's net income for the full year 2007 was $201.0 million or $1.19 per diluted American Depository Share (ADS). -- Suntech group's non-GAAP gross margin in its core Wafer-to-Module business was 23.3% for the fourth quarter of 2007 and 23.6% for the full year 2007. -- Achieved second sequential quarter of positive operating cash flow due to improved inventory management and cash management in the fourth quarter of 2007. -- Suntech's PV cell production capacity increased to 540MW as of year end 2007. The company is on track to reach 1GW PV cell production capacity by the end of 2008.
"I am pleased to report healthy revenue growth and exceptional market demand for Suntech's solar products in the fourth quarter," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "We have a strong sales pipeline for the full year 2008 and expect robust demand to continue in 2009 as new solar markets in countries such as Italy, Greece and South Korea grow to complement demand in Germany, Spain and the U.S. Suntech is in a strong position to capitalize on this demand as we implement a range of cost reduction initiatives and we expect to simultaneously grow revenues and margins in 2009." "In 2007, Suntech more than doubled revenues, successfully transitioned our 20% efficiency Pluto technology into pilot production, diversified our sales markets and expanded our product range. These achievements have laid a strong foundation for 2008 and we are confident that over the coming year our strategies for rapid capacity growth, low cost innovation, sales region and product diversification, and balanced silicon procurement will increasingly differentiate Suntech as a leading player in the solar industry," Dr. Shi concluded. Commenting on Suntech's silicon supply, Dr. Shi said, "We successfully developed a strong silicon supply pipeline of 530MW for 2008. Suntech's silicon outlook for 2009 is even more promising. Due to the silicon supply contracts we signed in the fourth quarter with Asia Silicon (Qinghai), Nitol Solar, Renesola and a Korean conglomerate, we believe that our silicon costs will fall more than twice as fast as our projections of our average sales prices in 2009. We are confident that this will enable Suntech to expand production and improve profitability in 2009." Suntech increased PV cell production capacity from 420MW at the end of the third quarter of 2007 to 540MW at the end of 2007. Dr. Shi commented, "Our current capacity expansion is on track to hit our stated goal of 1GW PV cell production capacity by the end of 2008. The majority of this expansion will occur in the second half of 2008. To optimize our production volume and margins, approximately 60% of our full year production target of 530MW will be produced in the second half of 2008." Recent Business Highlights
Products and Projects -- Suntech announced a license agreement with Akeena Solar to distribute Akeena's state-of-the-art solar panel technology, Andalay, in Europe, Japan and Australia. A valuable addition to Suntech's growing portfolio of solar products, Suntech targets sales of over 10MW of the Andalay solar panels to the licensed regions in 2008. -- Suntech was granted the National Export Inspection Exemption by the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) of the People's Republic of China. The export inspection exemption is China's highest honor awarded to companies that demonstrate exceptional internal product quality management and control. Suntech is the first Chinese solar company to receive this national recognition. -- Suntech supplied PV modules for a solar energy system on the roof of the town hall in Genk, Belgium. The project was engineered by Netherlands-based Oskomera Solar Power Solutions (OSPS) in collaboration with Belgium-based ENECO Energie. The system was constructed with approximately 1,260 Suntech solar modules with a capacity of 239kW.
Global Offices -- Suntech opened sales offices in Germany and Spain to strengthen its European sales network and broaden Suntech's ability to serve customers. Suntech expects these offices to increase the Company's ability to respond to demands in these new markets, enhance customer relationships and help build Suntech's market position. -- Suntech opened a sales office in South Korea to accelerate its business development efforts and customer service capabilities in Asia. Through this new location, Suntech seeks to expand its collaborations with key partners in South Korea and further solidify its position as a leading supplier of PV modules in South Korea. With a growing sales team in South Korea, the Company targets five-fold sales growth in that region from 2007 to 2008.
Industry Support and Recognition -- Dr. Zhengrong Shi was named one of China's Green Persons of the Year for his outstanding contribution to environmental protection initiatives and environmental awareness within China. The national award, sponsored by seven Chinese government institutions, is China's highest honor for those that make exceptional contributions to environmental protection. -- Suntech hosted the 2007 Chinese PV Industry International Competitiveness Forum on behalf of the China Renewable Energy Association on December 12, 2007, in Wuxi, Jiangsu Province, China. -- In November 2007, Suntech supported The Green Long March initiative to promote increased understanding of environmental successes and challenges in China, and encourage sustainable development.
Fourth Quarter 2007 Results
Non-GAAP Non- Net Gross GAAP Revenues Profit Gross (in $ % of Net (in $ Margin millions) Revenues millions) (%) Standard PV Modules $392.9 98.8% $87.1 22.2% - Wafer to Modules 365.5 91.9% 85.0 23.3% - Cell to Modules 27.4 6.9% 2.1 7.6% Others 4.6 1.2% (1.3) (27.1%) Total Net Revenues $397.5 100% $85.8 21.6%
Total net revenues for the fourth quarter of 2007 were $397.5 million, representing an increase of 82.5% from the corresponding period in 2006. Non-GAAP gross profit for the fourth quarter of 2007 was $85.8 million, an increase of 74.9% year-over-year. Non-GAAP gross margin for the Company's core wafer-to-module business was 23.3% and non-GAAP consolidated gross margin was 21.6%. Non-GAAP operating expenses in the fourth quarter of 2007 totaled $27.3 million and accounted for 6.9% of total net revenues. The increase of operating expenses was primarily due to foreign exchange losses related to the depreciation of the USD against the CNY in the fourth quarter 2007. Foreign currency exchange loss recorded in operating expenses was $6.3 million in the fourth quarter of 2007, compared to $1.2 million in the third quarter 2007. Non-GAAP income from operations for the fourth quarter of 2007 was $58.5 million, an increase of 71.2% year-over-year. Non-GAAP operating margin was 14.7%. Non-GAAP net income for the fourth quarter of 2007 was $58.2 million, an increase of 64.0% year-over-year, or $0.34 per non-GAAP diluted ADS. On a GAAP basis, for the fourth quarter of 2007 gross profit was $82.7 million, an increase of 70.6% year-over-year. Gross margin for the core wafer to module business was 22.4%. Consolidated gross margin was 20.8% for the fourth quarter of 2007 compared to 22.3% for the fourth quarter of 2006. The year-over-year decrease in consolidated gross margin was mainly due to increased wafer costs, the appreciation of the CNY and increased production of modules utilizing third party PV cells in 2007. On a GAAP basis, operating expenses for the fourth quarter of 2007 were $32.1 million. Income from operations was $50.6 million for the fourth quarter of 2007, an increase of 70.3% year-over-year. Operating margin was 12.7%. Net income was $50.6 million, an increase of 61.1% year-over-year, or $0.29 per diluted ADS. In the fourth quarter of 2007, capital expenditures, which were primarily related to production capacity expansion and the construction of Suntech's new production facilities, totaled $42.3 million and depreciation and amortization expenses totaled $4.3 million. Full Year 2007 Results Non-GAAP Non- Net Gross GAAP Revenues Profit Gross (in $ % of Net (in $ Margin millions) Revenues millions) (%) Standard PV Modules $1,331.7 98.8% $284.6 21.4% - Wafer to Modules 1,172.8 87.0% 276.4 23.6% - Cell to Modules 158.9 11.8% 8.2 5.2% Others 16.6 1.2% 0.2 1.5% Total Net Revenues $1,348.3 100% $284.8 21.1%
Total net revenues for the full year 2007 were $1,348.3 million, representing a 125.1% increase from 2006. On a non-GAAP basis, for the full year 2007 gross profit was $284.8 million, an increase of 88.3% year-over-year. Gross margin for the Company's core wafer-to-module business was 23.6% for the full year 2007. 2007 consolidated gross margin was 21.1% compared to 25.3% in 2006. Income from operations was $202.7 million, an increase of 71.9% year-over-year. Net income was $201.0 million, an increase of 67.8% year-over-year, or $1.19 per diluted ADS. On a GAAP basis, for the full year 2007 gross profit was $274.1 million, an increase of 84.1% year-over-year. Gross margin for the Company's core wafer-to-module business was 22.7% for the full year 2007. 2007 gross margin was 20.3% compared to 24.9% in 2006. Income from operations was $171.6 million, an increase of 66.2% year-over-year. Net income was $171.3 million, an increase of 61.6% year-over-year, or $1.02 per diluted ADS. In the full year 2007, capital expenditures, which were primarily related to production capacity expansion and the construction of Suntech's new production facilities, totaled $162.7 million and depreciation and amortization expenses totaled $20.5 million. Suntech's balance of cash and cash equivalents was $521.0 million at December 31, 2007, compared to $588.6 million at September 30, 2007. Inventory totaled $176.2 million at December 31, 2007, compared to $164.3 million at September 30, 2007. Business Outlook Based on current operating conditions, Suntech expects revenues for the first quarter of 2008 to be in the range of $370 million to $380 million. Non-GAAP consolidated gross margin in the first quarter of 2008 is expected to be slightly higher than the fourth quarter of 2007. These expectations also take into account what is a seasonally slow quarter for Suntech due to the shorter month of February and the Chinese New Year holidays which were somewhat worsened by the severe weather conditions experienced in the first quarter of 2008. For the full year 2008, Suntech expects total PV module shipments to be 530MW and revenues to be in the range of $1.9 billion to $2.1 billion. Within 2008, Suntech believes that approximately 40% of this will be achieved in the first half of 2008 and 60% in the second half of 2008. Suntech expects that greater quantities of reasonably priced silicon will become increasingly available from mid-2008. Suntech targets to reach 1GW of installed PV cell production capacity by year-end 2008. Senior Management Hires Mr. Jeffrey Shubert was hired as Director of Marketing of Suntech America and Director of Global Marketing Strategy, based at Suntech's U.S. headquarters in San Francisco. He will lead the marketing team in the U.S. to position Suntech for future sales growth in the key Americas region and provide strategic leadership to the global marketing team to ensure that all marketing programs are developed and executed for maximum impact and results. Mr. Shubert has over 20 years experience in strategic marketing, in the U.S. and internationally, working with a broad range of companies in many industry sectors. Most recently he was Vice President, Client Service for Nimblefish Technologies, a major developer and operator of marketing engines and was a consultant to Cisco Systems. Mr. Shubert also spent six years in Asia, serving as a Senior Vice President at Foote Cone & Belding International and President of Foote Cone & Belding International Japan. Fourth Quarter and Full Year 2007 Conference Call Information Suntech management will host a conference call today, Wednesday, February 20, 2008 at 8:00 a.m. Eastern Time (which corresponds to February 20, 2008 at 9:00 p.m. Beijing/Hong Kong time) to discuss the company's results. To access the conference call, please dial +1-617-786-4511 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be connected to the Suntech earnings conference call. A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investors: Events. A telephonic replay of the conference call will be available until March 2, 2008 by dialing +1-617-801-6888 (passcode: 61218685). About Suntech Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of building integrated photovoltaic (BIPV) products under the MSK brand. Suntech has sales offices worldwide and is a market leader in key global solar markets. For more information, please visit http://www.suntech-power.com . 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 can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. In particular, the projected first quarter and full year 2008 data regarding sales volume, capacity, revenues, gross margin and the business outlook and quotations from management in this announcement, as well as Suntech's strategic and operational plans, are forward-looking statements. Forward- looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About Non-GAAP Financial Measures To supplement its consolidated financial results presented in accordance with GAAP, Suntech uses the following non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to share-based compensation, restructuring expenses and amortization expenses incurred from the purchase price allocation effect related to the MSK Corporation acquisition. Suntech believes that non-GAAP information is useful for analysts and investors to evaluate Suntech's future on-going performance because they enable a more meaningful comparison of Suntech's projected cash earnings and performance with its historical results from prior periods. This information is not intended to represent funds available for Suntech's discretionary use and are not intended to represent or to be used as a substitute for operating income or net income as measured under GAAP. Many analysts covering Suntech use the non-GAAP measures as well. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures" set forth at the end of this release and which shall be read together with the preceding financial statements prepared under GAAP. (1) Selected highlights of the Company's fourth quarter and full year 2007 results are set forth in the text of the release and should be read together with the detailed financial statements at the end of this release. (2) All non-GAAP measures exclude share-based compensation expenses, restructuring expenses and amortization expenses incurred from purchase price allocation related to the acquisition of MSK Corporation. For further details on non-GAAP measures, please refer to the reconciliation table and a detailed discussion of management's use of non-GAAP information set forth in this press release.
Note: The quarterly and full year consolidated income statements are unaudited. The condensed consolidated balance sheets are derived from Suntech's unaudited consolidated financial statements.
SUNTECH POWER HOLDINGS CO., LTD. CONDENSED CONSOLIDATED BALANCE SHEET (In $'000) As of As of September 30, December 31, 2007 2007
ASSETS Current assets: Cash and cash equivalents 588,553 520,966 Restricted cash 92,814 94,685 Inventories 164,297 176,173 Accounts receivable 236,038 237,614 Value-added tax recoverable 51,374 72,061 Advances to suppliers 65,021 61,875 Other current assets 73,139 94,105 Total current assets 1,271,236 1,257,479
Property, plant and equipment, net 227,442 292,987 Intangible assets, net 81,072 85,967 Goodwill 29,439 29,793 Investments in affiliates 10,313 1,027 Long-term prepayments 144,391 161,661 Long-term loan to a supplier 99,748 103,309 Other non-current assets 12,713 24,825 TOTAL ASSETS 1,876,354 1,957,048
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings, including current portion of long-term bank borrowings 369,716 321,163 Accounts payable 47,252 63,556 Other current liabilities 50,431 93,406 Total current liabilities 467,399 478,125
Long-term bank borrowings 25,430 20,672 Convertible notes 500,000 500,000 Accrued warranty costs 18,154 22,506 Other long-term liabilities 31,839 29,794 Total liabilities 1,042,822 1,051,097
Minority interest 18,488 17,901
Total shareholders' equity 815,044 888,050
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,876,354 1,957,048
SUNTECH POWER HOLDINGS CO., LTD. CONSOLIDATED INCOME STATEMENT (*) (In $'000, except share, per share, and per ADS data)
For the year ended December 31 2006 2007
Net revenues 598,870 1,348,262 Total cost of revenues 449,982 1,074,205
Gross profit 148,888 274,057
Operating expenses Selling expenses 9,010 30,633 General and administrative expenses 28,274 56,854 Research and development expenses 8,375 14,984 Total operation expenses 45,659 102,471
Income from operations 103,229 171,586 Interest expenses (6,293) (23,991) Interest income 11,772 31,207 Other income (expense) 2,060 3,684
Income before income taxes 110,768 182,486 Tax provision (7,188) (13,234)
Net income after taxes before minority interest and equity in earnings of affiliates 103,580 169,252 Minority interest 1,410 2,722 Equity in (loss) earnings of affiliates 1,012 (699)
Net income 106,002 171,275
Profit appropriation -- (64) Net income attributable to holders of ordinary shares 106,002 171,211
Net income per share and per ADS: - Basic 0.71 1.13 - Diluted 0.68 1.02
Shares used in computation: - Basic 148,697,962 151,699,307 - Diluted 156,106,345 169,257,283
SUNTECH POWER HOLDINGS CO., LTD. CONSOLIDATED INCOME STATEMENT (In $'000, except share, per share, and per ADS data)
Three months Three months Three months ended ended ended December 31 September 30 December 31 2006 2007 2007
Total net revenues 217,859 386,652 397,538 Total cost of revenues 169,372 306,626 314,823 Gross profit 48,487 80,026 82,715 Selling expenses 3,564 8,329 9,586 General and administrative expenses 11,569 11,543 19,356 Research and development expenses 3,626 4,094 3,132 Total operating expenses 18,759 23,966 32,074
Income from operations 29,728 56,060 50,641 Interest expenses (2,390) (6,508) (7,058) Interest income 3,152 8,071 8,122 Other income (expense) 1,546 (1,612) 4,184
Income before income taxes 32,036 56,011 55,889 Tax provision (1,830) (3,532) (5,186)
Net income after taxes before minority interest and equity in earnings of affiliates 30,206 52,479 50,703 Minority interest 1,123 763 936 Equity in (loss) earnings of affiliates 88 16 (1,020)
Net income 31,417 53,258 50,619
Net income per share and per ADS: - Basic 0.21 0.35 0.33 - Diluted 0.20 0.32 0.29
Shares and ADSs used in computation: - Basic 149,790,714 152,187,168 152,945,989 - Diluted 156,312,894 169,784,511 172,725,334
Each ADS represents one ordinary share
Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in $ millions, except margin data, per share and per ADS data, unaudited)
Three months ended December 31, 2006 Effect of Purchase GAAP Share-based Price Restructuring Non-GAAP Results Compensation Allocation Expenses Results Gross profit 48.5 0.4 0.3 -- 49.1 Gross margin 22.3% 22.5%
Income from operations 29.7 3.8 0.7 -- 34.2 Income from operations margin 13.6% 15.7%
Net income 31.4 3.8 0.3 -- 35.5 Net income margin 14.4% 16.3%
Net income per share and per ADS -Basic 0.21 0.24 -Diluted 0.20 0.23
Three months ended September 30, 2007 Effect of Purchase GAAP Share-based Price Restructuring Non-GAAP Results Compensation Allocation Expenses Results Gross profit 80.0 2.8 -- -- 82.8 Gross margin 20.7% 21.4%
Income from operations 56.1 6.6 0.8 0.8 64.3 Income from operations margin 14.5% 16.6%
Net income 53.3 6.6 0.5 0.8 61.2 Net income margin 13.8% 15.8%
Net income per share and per ADS -Basic 0.35 0.40 -Diluted 0.32 0.36
Three months ended December 31, 2007 Effect of Purchase GAAP Share-based Price Restructuring Non-GAAP Results Compensation Allocation Expenses Results Gross profit 82.7 3.1 -- -- 85.8 Gross margin 20.8% 21.6%
Income from operations 50.6 6.6 0.8 0.5 58.5 Income from operations margin 12.7% 14.7%
Net income 50.6 6.6 0.5 0.5 58.2 Net income margin 12.7% 14.7%
Net income per share and per ADS -Basic 0.33 0.38 -Diluted 0.29 0.34
Income from operations 171.6 26.9 2.4 1.8 202.7 Income from operations margin 12.7% 15.0%
Net income 171.3 26.9 1.0 1.8 201.0 Net income margin 12.7% 14.9%
Net income per share and per ADS -Basic 1.13 1.33 -Diluted 1.02 1.19
(*) The adjustment is for share-based compensation, restructuring expenses and the amortization expenses incurred from purchase price allocation related to the acquisition of MSK Corporation.
For more information, please contact:
In China: Rory Macpherson Investor Relations Manager Suntech Power Holdings Co., Ltd. Tel: +86-510-8531-8922 Email: rory@suntech-power.com
In the United States: Sanjay M. Hurry Vice President The Piacente Group, Inc. Tel: +1-212-481-2050 Email: suntech@tpg-ir.com
SOURCE Suntech Power Holdings Co., Ltd. http://www.suntech-power.com
NSW deflects calls for solar subsidies Email Printer friendly version Normal font Large font King of solar … the Chinese businessman Zhengrong Shi in Adelaide for a world conference on renewable energy. Photo: David Mariuz Advertisement
Ben Cubby Environment Reporter February 19, 2008
THE Sun King has had a vision, but the NSW Government has its own ideas.
Zhengrong Shi, the Australian-trained solar energy scientist who has in seven years gone from an academic position at the University of NSW to become the richest person in mainland China, yesterday called on the Government to intervene in the state's energy market and subsidise solar panels on houses.
Dr Shi urged the Premier, Morris Iemma, to adopt a system of "feed-in tariffs", in which people who generate solar energy at home can sell it back to the state grid at more than the market rate. Variations of the system work successfully in most European nations, Canada, Japan and China, leading to large increases in the number of people using solar power.
"We want to see them do that, and I think they need to do that soon," Dr Shi told the Herald. "It is the way to develop the industry to the level it needs to be at."
The South Australian Government announced yesterday that it would be following Dr Shi's advice, and introducing feed-in tariffs from July 1, but NSW will not be joining in.
A spokesman for the Primary Industries Minister, Ian Macdonald, said NSW was not considering feed-in tariffs.
"Instead, NSW is seeking national consistency on this matter. For the same reasons we strongly support a single expanded renewable energy target rather than separate state-based schemes, thereby providing the lowest cost to consumers and reducing compliance costs to industry while achieving the same environmental outcomes."
The legislation passed in the South Australian Parliament yesterday covers small businesses, schools and churches, as well as private homes, all of which will soon be able to sell energy back to the grid at twice the market rate.
The South Australian Premier, Mike Rann, also committed to making his government completely carbon neutral by 2020, by a combination of energy savings, renewable power generation and the purchase of carbon offsets.
The state's gas and electricity retailers would also be forced to offer customers partial rebates for getting their homes insulated and draught-proofed, and for using more efficient appliances.
"We've got less than 8 per cent of Australia's population but we have about 50 per cent of the nation's wind power and nearly 50 per cent of the nation's solar power," Mr Rann said.
He is hosting the third International Solar Cities Congress, a meeting of experts on renewable energy and climate change, which concludes tomorrow.
A national feed-in tariff system in Australia would mean up to 1 million homes becoming self-sufficient in energy by 2015 - and it would likely reap further healthy profits for Dr Shi's Suntech Holdings, which dominates the solar market in China.
The call for feed-in tariffs was backed by green groups, which said a national tariff would reduce greenhouse gas emissions by 4 million tonnes each year, stimulate jobs growth and enhance local industry.
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