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China Sunergy Announces Fourth Quarter and Full Year 2012 Financial Result

Company Improved Conversion Cost for Cells by 12% Sequentially

NANJING, China, April 12, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced its financial results for the fourth quarter and full year ended December 31, 2012.

Mr. Stephen Cai, CEO of China Sunergy, commented, "Despite tough market conditions, our fourth quarter results showed our strong conversion cost improvements and well-controlled operating expenses. For 2012, we made great strides in further reducing our manufacturing costs, increasing sales in some of our key markets such as Germany, Japan and the United Kingdom, and more importantly expanding production into Turkey. We believe that while the overall global solar industry persistently struggles with oversupply, China Sunergy has continually marched forward with our strategy and conversion cost roadmap, which we believe should improve our position when the market eventually turns around."

Fourth Quarter 2012 Financial Highlights

  • Total revenue was US$54.4 million, a decrease of 8.6% from US$59.5 million in the third quarter of 2012.
  • Shipments totaled 78.4MW, a decrease of 5.0% (4.1MW) from 82.5MW in the third quarter of 2012. Module shipments were 77.4MW, or 98.8% of total shipments.
  • Average selling price ("ASP") for the Company's solar modules was US$0.64 per watt, a 9.9% decrease from that of the third quarter of 2012.
  • Conversion costs for cells improved 11.8% sequentially to US$0.15 per watt, from US$0.17 in the third quarter of 2012.  Conversion costs for modules improved 13.0% sequentially to US$0.20 per watt, from US$0.23 in the third quarter of 2012.
  • Gross losses were US$2.0 million, and gross margin was negative 3.7%.  Non-GAAP(1) gross losses were approximately US$0.8 million, and Non-GAAP gross margin was negative 1.5%, caused by the lower ASP and partly offset by the substantial conversion cost improvements.
  • Net losseswere US$70.5million, attributable to, among other things, a bad debt provision of US$26.1 million and higher tax expenses of US$24.4 million during the fourth quarter of 2012.  Non-GAAP net losses were US$43.2 million.
  • Net loss per ADS was US$5.27, compared to net loss per ADS of US$1.74 in the third quarter of 2012.Non-GAAP net loss per ADS was US$3.23.
  • Operating cash outflow was US$41.1 million, compared to cash outflow of US$3.6 million in the third quarter of 2012.
  • Cash, cash equivalents and restricted cash totaled US$409.9 million, as of December 31, 2012.

Full Year 2012 Financial Highlights

  • Total net revenue was US$292.7 million, a decrease of 48.3% from US$566.3 million in the prior year.
  • Shipments totaled 391.0 MW, a decrease of 7.0% from 420.3 MW in the prior year.  Module shipments were 379.0MW, or 96.9% of total shipments.
  • Gross losses were US$1.2 million, and gross margin was negative 0.4%.  Non-GAAP gross losses were US$2.0 million, and Non-GAAP gross margin was negative 0.7%.
  • Net losses were US$133.6 million, and net margin was negative 45.6%. Non-GAAP net losses were US$87.0 million.
  • Net loss per ADS was US$9.99, compared to a net loss per ADS of US$7.05 in the prior year.Non-GAAP net loss per ADS was US$6.51.

(1)

China Sunergy's Non-GAAP financial measures are its corresponding GAAP financial measures as adjusted by excluding costs related to certain charges, including inventory and bad debt provisions. Please refer to "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures" at the end of this press release.

Fourth Quarter & Full Year 2012 Financial Review

Total Revenue and Shipments

For the fourth quarter of 2012, total revenue was US$54.4 million, a decrease of 8.6% from the third quarter of 2012, due primarily to a combination of lower shipments and lower ASP. Revenue for full-year 2012 was US$292.7 million, a decrease of 48.3% from the prior year.

Shipments for the fourth quarter were 78.4MW, and total shipments in 2012 were 391.0MW.  Germany became the largest market for the Company, accounting for 29% of total revenue in the fourth quarter of 2012. Italy was the second largest market in the fourth quarter, contributing 12.3 % of total revenue, followed by France contributing 11.2% of total revenue. Other markets, including UK and Japan, also generated notable revenue contribution increases during the quarter, as the Company continues to expand its global customer footprint and balance its revenue mix across greater markets and geographies.

Gross Profit / Loss and Gross Margin

Gross losses for the fourth quarter were US$2.0 million, and gross margin was negative 3.7%, compared to gross margin of 0.7% for the third quarter of 2012. Gross losses for full year 2012 were US$1.2 million, and gross margin was negative 0.4%. This is mainly attributable to fast declining ASPs over the year. Excluding the inventory provision of US$1.2 million, Non-GAAP gross losses were US$0.8 million, and Non-GAAP gross margin was negative 1.5% in the fourth quarter of 2012.

ASP

Module ASP for the fourth quarter was US$0.64 per watt, which was seven cents or 9.9% lower than that of the last quarter. Module ASP in 2012 was US$0.74 per watt, compared to US$1.36 in the prior year. The lowered ASP was primarily caused by an imbalance of supply and demand and, to a lesser extent, decreasing raw material prices.

Costs

Blended wafer costs in the fourth quarter of 2012 were US$0.23 per watt, which was four cents or 14.8% lower than those of the last quarter. Conversion costs of cells and modules manufactured in the fourth quarter of 2012 were US$0.15 and US$0.20 per watt, respectively, a sequential improvement of 11.8% and 13.0%, respectively, from the third quarter of 2012. The cell conversion cost of $0.15 and module conversion cost of US$0.20 both met the Company's year-end target.

Operating Expense, Operating Profit/Loss and Net Income/Loss

Operating expenses increased to US$40.3 million in the fourth quarter of 2012, from US$28.4 million in the third quarter of 2012. The increase in operating expenses was primarily due to higher bad debt provision of US$26.1 million recorded in the fourth quarter of 2012, compared to US$12.3 million bad debt provision recorded in the third quarter of 2012.

Losses from operations increased to US$42.4 million in the fourth quarter of 2012, and to US$105.7 million for full year 2012.

The Non-GAAP loss from operations was US$15.0million in the fourth quarter and US$59.2million for the full year 2012.

Correspondingly, net loss was US$70.5 million for the fourth quarter of 2012 and US$133.6 million for 2012. Non-GAAP losses were US$43.2 million for the fourth quarter of 2012, and US$87.0million for the full year 2012.

Inventory

Inventories at the end of the fourth quarter of 2012 totaled US$83.9 million, an increase of US$27.8 million from the prior quarter. The increase of inventories in fourth quarter was primarily due to the forthcoming shipment requirement in early 2013, advance purchases in anticipation of higher spot prices in January 2013. The Company strives to maintain an optimal inventory level and continues to diligently monitor and balance its inventories.

Cash and Cash Flow

As of December 31, 2012, the Company had cash and cash equivalents of US$183.3 million, and restricted cash of US$226.6 million. Operating cash outflow for the fourth quarter of 2012 increased to US$41.1 million, from US$3.6 million in the third quarter of 2012, primarily due to increased inventories. Total operating cash outflows for year 2012 were US$15.6 million.

Capital Expenditures

Capital expenditures in the fourth quarter of 2012 were US$16.0 million, as the Company, in its pursuit to producing ever more efficient QSAR products, continues to expand its R&D Center. The construction of the R&D Center expansion is expected to be completed and operational within the second quarter of 2013. Capital expenditures for full year 2012 were US$44.3million.

Additional Company Updates Subsequent to Fourth Quarter 2012

  • China Sunergy's first shipment to Malaysia: the Company has signed its first solar module contract with Pekat Solar Sdn Bhd, a leading local engineering, procurement and construction company in Malaysia, a subsidiary of Pekat Teknologi Sdn Bhd. The 343KW shipment has been completed in February 2013.
  • China Sunergy Attended PV Expo 2013 in Tokyo: the Company attended the 6th International Photovoltaic Power Generation Expo in Tokyo, Japan between February 27 and March 1, 2013. The Company also displayed its latest QSAR II module and latest high efficiency poly module Waratah, with a highest output of 270w and 260w on a 60 pieces basis at the exhibition.

Business Outlook

Mr. Cai continued, "In early 2013, we saw the overall global market began to rationalize in terms of supply and demand as well as pricing. Also, we witnessed that selective markets such as China and Japan are improving, and as such we will continue to target opportunities in these growing markets while diligently managing our cash position. However, the oversupply in the global solar market will likely persist through the year."

For the first quarter of 2013, the Company estimates that total shipments will range between 100MW to 110MW. Gross margin for the first quarter of 2013 is expected to remain at the similar level of that in the fourth quarter of 2012, based on the average Euro-US dollar exchange rate in March.

For the full year 2013, the Company estimates that total shipments will range between 550MW to 600MW, of which approximately 20% will come from projects.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Conference Call

China Sunergy's management will host an earnings conference call on Friday, April 12, 2013 at 8:00 a.m. Eastern Time (Friday, April 12, 2013 at 8:00 p.m. Beijing/Hong Kong time). The management team will be on the call to discuss financial highlights of the fourth quarter and full year 2012, provide business outlook and answer questions.

To access the conference call, please dial:

United States toll-free:

+1 866 519 4004

International:

+65 6723 9381

Singapore:

+65 6723 9381

China:

800 819 0121 (Domestic) /400 620 8038 (Domestic Mobile) 

Hong Kong:

+852 2475 0994

Please ask to be connected to Fourth Quarter and Full Year 2012 China Sunergy Co., Ltd. Earnings Conference Call and provide the following passcode: 17057096.

China Sunergy will also broadcast a live audio webcast of the conference call. The webcast will be available by visiting the "Investor Relations" section of the company's web site at http://www.chinasunergy.com.

Following the earnings conference call, an archive of the call will be available by dialing:

United States toll-free:

+1 855 452 5696

International:

+61 2 8199 0299

The passcode for replay participants is: 17057096. The telephone replay also will be archived on the "Investor Relations" section of the company's website for seven days following the earnings announcement.

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.

For more information, please visit http://www.chinasunergy.com.

Investor and Media Contacts:

China Sunergy Co., Ltd.

Elaine Li
Phone: + 86 25 5276 6696
Email: [email protected]

Asia Bridge Group Limited

Wendy Sun
Phone: + 86 10 8556 9033
Email: [email protected]

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the Company's customers' financial condition and creditworthiness, and their ability to settle accounts receivables; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, execution of our strategy to expand into downstream solar power businesses, the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

The following financial information is extracted from the Company's condensed consolidated financial statements for the respective periods.

China Sunergy Co., Ltd.

Unaudited Condensed Consolidated Income Statement Information

(In US$ '000, except ADS and per ADS data)



For the 3 months ended


Dec 31, 2012


Sep 30, 2012


Dec 31, 2011







Sales to third parties

54,258


58,024


109,770

Sales to related parties

130


1,458


1,050

Total sales

54,388


59,482


110,820

Cost of goods sold

(56,416)


(59,090)


(110,581)

Gross profit

(2,028)


392


239

Operating expenses:






Selling expenses

(5,464)


(5,403)


(5,756)

General and administrative expenses

(33,146)


(20,772)


(31,109)

Research and development expenses

(1,724)


(2,270)


(2,245)

Total operating expenses

(40,334)


(28,445)


(39,110)

Income(loss) from operations

(42,362)


(28,053)


(38,871)

Interest expense

(7,203)


(7,334)


(9,494)

Interest income

1,274


2,098


334

Other income/(expenses), net

2,569


8,043


(7,209)

Changes in fair value of derivatives

(371)


2


370

Income(loss) before income tax

(46,093)


(25,244)


(54,870)

Income tax benefit(expense)

(24,444)


2,022


5,274

Net income(loss)

(70,537)


(23,222)


(49,596)

Less: non-controlling interest

(13)


-


-







Net income (loss) attributable to ordinary shareholders

(70,524)


(23,222)


(49,596)







Net income (loss) attributable to ordinary shareholders per ADS






Basic

($5.27)


($1.74)


($3.71)

Diluted

($5.27)


($1.74)


($3.71)







Weighted average ADS outstanding






Basic

13,372,292


13,372,292


13,372,292

Diluted

13,372,292


13,372,292


13,372,292










For the year ended December 31,


2012


2011





Sales to third parties

286,889


556,122

Sales to related parties

5,832


10,170

Total sales

292,721


566,292

Cost of goods sold

(293,914)


(564,474)

Gross profit

(1,193)


1,818

Operating expenses:




Selling expenses

(20,056)


(19,149)

General and administrative expenses

(75,875)


(55,989)

Research and development expenses

(8,609)


(6,718)

Total operating expenses

(104,540)


(81,856)

Income(loss) from operations

(105,733)


(80,038)

Interest expense

(28,838)


(23,458)

Interest income

6,155


2,505

Other income/(expenses), net

11,487


(1,900)

Changes in fair value of derivatives

(370)


(5,174)

Income(loss) before income tax

(117,299)


(108,065)

Income tax benefit(expense)

(16,295)


13,772

Net income(loss)

(133,594)


(94,293)

Less: non-controlling interest

(13)


-





Net income (loss) attributable to ordinary shareholders

(133,581)


(94,293)





Net income(loss) attributable to ordinary shareholders per ADS




Basic

($9.99)


($7.05)

Diluted

($9.99)


($7.05)





Weighted average ADS outstanding




Basic

13,372,292


13,372,292

Diluted

13,372,292


13,372,292

 

China Sunergy Co., Ltd

Unaudited Condensed Consolidated Balance Sheet Information

(In US$ '000, except share data)



Dec 31, 2012


Dec 31, 2011

Assets




Current Assets




Cash and cash equivalents

183,312


209,479

Restricted cash

226,611


84,435

Accounts receivable, net

77,189


152,286

Other receivable, net

26,575


46,646

Project assets

4,761


9,204

Income tax receivable

-


2,604

Inventories, net

83,856


43,978

    Advance to suppliers, net

5,320


5,419

    Amount due from related parties

67,007


634

    Current deferred tax assets

1,727


6,416

    Restricted cash-collateral account

2,097


-

    Other current assets

16


249

Total current assets

678,471


561,350

Property, plant and equipment, net

205,707


164,535

Prepaid land use rights

28,547


23,360

Deferred tax assets

5,455


17,598

Intangible assets

1,987


4,839

Restricted cash-collateral account

-


1,654

Amount due from related parties-non current

-


29,622

Other long-term assets

2,918


6,951

Total assets

923,085


809,909





Liabilities and equity




Current liabilities




Short-term bank borrowings

512,419


322,216

Accounts payable

128,347


47,720

Notes payable

38,496


56,206

Accrued expenses and other current liabilities 

17,400


14,037

Income tax payable

338


-

Amount due to related parties

70,582


57,610

Collateral account payable 

2,097


-

Convertible bond  payable 

1,500


-

Current defered tax libility

519


786

Total current liabilities

771,698


498,575

Collateral account payable

-


1,654

Convertible bond payable

-


27,500

Long-term debt

122,859


125,439

Accrued warranty costs

17,164


14,763

Other liabilities

5,044


2,891

Total liabilities

916,765


670,822





Equity:




Ordinary shares: US$0.0001 par value; 267,287,253shares issued outstanding as of  September 30, 2012 and December 31, 2011.

27


27

Additional paid-in capital

185,367


185,367

Accumulated profit(deficit)

(214,587)


(81,006)

Accumulated other comprehensive income

35,523


34,699

Total equity attributable to China Sunergy Co. Ltd.

6,330


139,087

Non-controlling interests

(10)


-

Total equity 

6,320


139,087

Total liabilities and equity

923,085


809,909

 

Reconciliation of non-GAAP results of operations measures to the nearest comparable
GAAP measures



For the 3 months ended


Dec 31, 2012


Sep 30, 2012


Dec 31, 2011







GAAP Net loss attributable to ordinary shareholders

(70,524)


(23,222)


(49,596)

Inventory Write Down

1,239


1,279


(26,074)

Bad Debts provision

26,124


12,320


9,364

Impairment Goodwill loss

-


-


14,807

Non-GAAP Net loss attributable to ordinary shareholders

(43,161)


(9,623)


(51,499)

Non-GAAP Net loss attributable to ordinary shareholders per ADS






Basic

($3.23)


($0.72)


($3.85)

Diluted

($3.23)


($0.72)


($3.85)







Weighted average ADS outstanding






Basic

13,372,292


13,372,292


13,372,292

Diluted

13,372,292


13,372,292


13,372,292












For the year ended December 31


2012


2011





GAAP Net loss attributable to ordinary shareholders

(133,581)


(94,293)

Inventory Write Down

(840)


5,226

Bad Debts provision

47,401


12,267

Impairment Goodwill loss

-


14,807

Non-GAAP Net loss attributable to ordinary shareholders

(87,020)


(61,993)

Non-GAAP Net loss attributable to ordinary shareholders per ADS




Basic

($6.51)


($4.64)

Diluted

($6.51)


($4.64)





Weighted average ADS outstanding




Basic

13,372,292


13,372,292

Diluted

13,372,292


13,372,292

 

SOURCE China Sunergy Co., Ltd.

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