LDK Solar Reports Financial Results for Second Quarter of Fiscal 2012

منشور على 18-9-2012
LDK Solar 

LDK Solar Co., Ltd. today reported its unaudited financial results for the second quarter ended June 30, 2012.

All financial results are reported in U.S. dollars on a U.S. GAAP basis.

Second Quarter Highlights:

- Net sales of $235.4 million;

- Shipped 316.7 megawatts (MW) of wafers, 135.6MW of cells and modules in the second quarter;

- Produced a total of approximately 538.1 metric tons (MT) of polysilicon during the second quarter; and

- Produced a total of approximately 90.8MW of cells during the second quarter.

Net sales for the second quarter of fiscal 2012 were $235.4 million, compared to $200.1 million for the first quarter of fiscal 2012, and $499.4 million for the second quarter of fiscal 2011.

Gross loss for the second quarter of fiscal 2012 was $92.0 million, compared to gross loss of $131.0 million in the first quarter of fiscal 2012, and gross profit of $11.0 million for the second quarter of fiscal 2011.

Gross margin for the second quarter of fiscal 2012 was negative 39.1%, compared to negative 65.5% in the first quarter of fiscal 2012, and positive 2.20% in the second quarter of fiscal 2011.

During the preparation of its second quarter 2012 financial results, LDK Solar's management determined that an inventory write-down and a provision for firm purchase commitment totaling $35.1 million was required as a result of the relatively high production cost of polysilicon in the second quarter and a continuous drop in the market price for polysilicon, wafers, cells and modules.  As a result, gross margin and results from operations were negatively impacted in the second quarter of fiscal 2012.

Loss from operations for the second quarter of fiscal 2012 was $172.7 million, compared to loss from operations of $135.8 million for the first quarter of fiscal 2012, and loss from operations of $47.9 million for the second quarter of fiscal 2011.  As a part of our liquidity plan, LDK Solar entered into several sales agreements to sell some of its real estate properties and land use rights to local government authorities during the second quarter of 2012.  As a result, $30.5 million of impairment loss for property, plant and equipment was recorded for the excess of book value to sales price.

Operating margin for the second quarter of fiscal 2012 was negative 73.4% compared to negative 67.9% in the first quarter of fiscal 2012, and negative 9.6% in the second quarter of fiscal 2011.

Income tax benefit for the second quarter of fiscal 2012 was $23.7 million, compared to income tax benefit of $15.6 million in the first quarter of fiscal 2012 and income tax expense of $6.7 million in the second quarter of fiscal 2011.

Net loss available to LDK Solar's shareholders for the second quarter of fiscal 2012 was $254.3 million, or a loss of $2.00 per diluted ADS, compared to a net loss of $185.2 million, or a loss of $1.46 per diluted ADS for the first quarter of fiscal 2012 and net loss of $87.7 million, or a loss of $0.62 per diluted ADS for the second quarter of fiscal 2011. The number of shares for calculating diluted ADS was approximately 127.2 million for the second quarter of fiscal 2012.

During the second quarter of 2012, LDK Solar recorded $12 million expense in interest expense related to the unrecorded fair value change of certain interest rate swap contracts entered into in prior years. LDK Solar performed SAB 108 analysis and does not believe that the misstatement described above is material to LDK Solar's results of operations, financial position or cash flows for any of its financial statements previously filed and for the year ending December 31, 2012. Accordingly, LDK Solar corrected the misstatement in the second quarter of 2012 with no adjustment to previously filed financial statements.

LDK Solar ended the second quarter of fiscal 2012 with $296.2 million in cash and cash equivalents and $523.4 million in short-term pledged bank deposits.

"For the second quarter of 2012, our revenue was within the expected range as we saw wafer shipments increase sequentially," stated Xiaofeng Peng, Chairman and CEO of LDK Solar.  "Industry-wide competition and demand constraints continued to drive price declines across the entire solar supply chain and negatively impacted our margins and profitability.

"Turning to the third quarter, our outlook remains cautious as we expect to see continued near-term challenges facing our industry.  We remain closely focused on managing costs and operating expenses through streamlining manufacturing operations, reducing production costs and improving utilization.

"We continue to believe that some markets such as China will begin to see improved demand in the second half of this year and expect growth opportunities in this market to continue to expand over the next several years," concluded Mr. Peng.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking in nature, and the actual results may differ materially. You should read the "Safe Harbor Statement" below with respect to the risks and uncertainties relating to these forward-looking statements.

For the third quarter of fiscal 2012, LDK Solar estimates its revenue to be in the range of $220 million to $260 million, wafer shipments between 190MW and 240MW, cells and module shipments between 140MW and 180MW.

For fiscal 2012, LDK Solar estimates its revenue to be in the range of $1.1 billion to $1.5 billion, polysilicon shipments between 1,100MT and 1,400MT, wafer shipments between 0.9 gigawatts (GW) and 1.2GW, cell and module shipments between 550MW and 750MW and inverter shipments between 170MW to 210MW.  LDK Solar expects PV system project construction to be in the range of 200MW to 300MW and to recognize between 110MW and 150MW through project sales and EPC services for 3rd party customers.

 

المصدر: LDK Solar
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LDK Solar (مواد إنتاج الطاقة الشمسية): https://ar.enfsolar.com/ldk-solar
LDK Solar (الألواح الشمسية): https://ar.enfsolar.com/ldk-solar
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