Monday, February 25, 2008; Posted: 04:17 PM
XINYU CITY, China and SUNNYVALE, Calif., Feb 25, 2008 /PRNewswire-FirstCall via COMTEX/ -- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, today reported its unaudited financial results for the fourth quarter ended December 31, 2007.
All financial results are reported in US dollars on a U.S. GAAP basis.
Fourth Quarter 2007 Financial Highlights:
-- Revenue of $192.8 million, up 21.4% quarter-over-quarter
-- Gross profit of $58.0 million, up 18.6% quarter-over-quarter
-- Net income of $49.2 million, or $0.44 per diluted ADS, up 18.2% quarter-over-quarter
-- Signed 9 long-term wafer supply agreements during the fourth quarter
-- Total wafer shipments increased 18.4% sequentially to 93.4MW in the fourth quarter
Net sales for the fourth quarter of fiscal 2007 were $192.8 million, up 21.4% sequentially from $158.7 million for the third quarter of fiscal 2007, and up 212% year-over-year from $61.9 million for the fourth quarter of fiscal 2006.
Gross profit for the fourth quarter of fiscal 2007 was $58.0 million, up 18.6% sequentially from $48.9 million for the third quarter of fiscal 2007, and up 119% year-over-year from $26.6 million for the fourth quarter of fiscal 2006. Gross profit margin for the fourth quarter of fiscal 2007 was 30.1% compared with 30.8% in the third quarter of fiscal 2007 and 42.9% in the fourth quarter of fiscal 2006.
Net income for the fourth quarter of fiscal 2007 was $49.2 million, or $0.44 per diluted ADS, compared to net income of $41.6 million, or $0.37 per diluted ADS for the third quarter of fiscal 2007.
The Company ended the fourth quarter of fiscal 2007 with $83.5 million in cash and cash equivalents.
"The fourth quarter closed a very strong year for LDK marked by record revenue and continued rapid growth," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "During the year, we had a number of significant achievements. We exceeded our annual wafer production capacity target for 2007 by 5% to reach 420 MW. We also broadened our customer base by securing 16 long-term wafer supply contracts during the year. Our success is a testament not only to the quality of our wafers, but also to our strong customer relationships and our leading position amongst multicrystalline solar wafer manufacturers.
"As we enter 2008, we continue to experience strong demand for our wafers coupled with a significant backlog of long-term supply contracts. The construction on our new polysilicon plants is progressing as planned and we expect to enjoy further cost reductions and the advancement of our production processes in 2008."
In accordance with its filing requirements, LDK expects to file its 20-F document which includes detailed financials for the full year 2007 in the second quarter of 2008.
Business Outlook
The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.
For the first quarter of fiscal 2008, LDK estimates its revenue to be in the range of $210 million to $220 million for wafer shipments of 98 MW to 104 MW. The Company also estimates fully diluted earnings per ADS to be in the range of $0.41 to $0.45. The first quarter is typically a seasonally slow period due to Chinese New Year holidays, and this year may have some impact from the severe snow storms.
For the full year 2008, LDK reiterates estimated revenue to be in the range of $960 million to $1.0 billion for wafer shipments of 510 MW to 530 MW. The Company also estimates polysilicon production to be in the range of 100MT to 350MT and gross margins of 26% to 31%.
Thursday, February 28, 2008
Yingli Green Energy Signs Two Polysilicon Supply Agreements with DC Chemical
Monday, Feb. 25, 2008
BAODING, China — Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has signed two polysilicon supply agreements with DC Chemical Co., Ltd. ("DC Chemical"), a leading Korean chemicals producer. Under the first agreement, DC Chemical will supply polysilicon with a value of approximately US$27 million to Yingli Green Energy in 2008. Under the second agreement, DC Chemical will supply polysilicon with a total value of approximately US$188 million to Yingli Green Energy from 2009 to 2013.
"We are very pleased to initiate a new relationship with such a well-respected company as DC Chemical," commented Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "One of our key strategies on the procurement side has been to establish long-term relationships with some of the most respected polysilicon suppliers around the world. These two supply agreements demonstrate our ability to work with major suppliers in the industry and we believe our relationship with DC Chemical will help us further secure our polysilicon needs in the short and long term."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated photovoltaic (PV) product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States. For more information, please visit www.yinglisolar.com.
About DC Chemical
DC Chemical Co., Ltd (KRX:10060) is a leading Korean chemicals producer, covering a wide range of chemicals in the areas of inorganic chemicals, coal and petrochemicals and fine chemicals, including hydrogen peroxide, soda ash, sodium carbonate peroxyhydrate, fumed silica, carbon black, pitch, TDI and PVA. With its nearly 50 years experience in chemical industry, DC Chemical has selected polysilicon business as the core business of next generation.
BAODING, China — Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it has signed two polysilicon supply agreements with DC Chemical Co., Ltd. ("DC Chemical"), a leading Korean chemicals producer. Under the first agreement, DC Chemical will supply polysilicon with a value of approximately US$27 million to Yingli Green Energy in 2008. Under the second agreement, DC Chemical will supply polysilicon with a total value of approximately US$188 million to Yingli Green Energy from 2009 to 2013.
"We are very pleased to initiate a new relationship with such a well-respected company as DC Chemical," commented Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "One of our key strategies on the procurement side has been to establish long-term relationships with some of the most respected polysilicon suppliers around the world. These two supply agreements demonstrate our ability to work with major suppliers in the industry and we believe our relationship with DC Chemical will help us further secure our polysilicon needs in the short and long term."
About Yingli Green Energy
Yingli Green Energy Holding Company Limited is one of the world's leading vertically integrated photovoltaic (PV) product manufacturers. Through the Company's principal operating subsidiary in China, Baoding Tianwei Yingli New Energy Resources Co., Ltd., Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis. With 200 MW of total annual production capacity in each of polysilicon ingots and wafers, PV cells and PV modules, Yingli Green Energy is currently one of the largest manufacturers of PV products in the world as measured by annual production capacity. Additionally, Yingli Green Energy is one of the limited numbers of large-scale PV companies in the world to have adopted vertical integration as its business model. Yingli Green Energy currently plans to gradually expand annual production capacity of polysilicon ingots and wafers, PV cells and PV modules to 400 MW by the end of 2008 and to 600 MW by the end of 2009. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, China and the United States. For more information, please visit www.yinglisolar.com.
About DC Chemical
DC Chemical Co., Ltd (KRX:10060) is a leading Korean chemicals producer, covering a wide range of chemicals in the areas of inorganic chemicals, coal and petrochemicals and fine chemicals, including hydrogen peroxide, soda ash, sodium carbonate peroxyhydrate, fumed silica, carbon black, pitch, TDI and PVA. With its nearly 50 years experience in chemical industry, DC Chemical has selected polysilicon business as the core business of next generation.
Canadian Solar Building Silicon Wafer Plant
Monday, February 25, 2008; Posted: 04:45 AM
SUZHOU, Feb 25, 2008 (SinoCast via COMTEX) -- Canadian Solar Inc. (Nasdaq: CSIQ), a Chinese photovoltaic (PV) company registered in Canada, is creating a large-scale silicon wafer plant in the northern Chinese city of Luoyang, extending its industry chain, said Shawn Qu, the company's chairman.
In the past, the company always specialized in manufacturing solar modules. With a view to having the initiative in raw materials supply and further consolidating its position in industry, Canadian Solar decided to actively march into the upstream PV realm.
Last year, it began to build a 3,000-ton silicon wafer project with a total investment of CNY 1.2 billion, which was predicted to achieve annual sales revenues of CNY 6 billion once completed. The equipment for the Phase I will be installed in April 2008, and Canadian Solar is likely to put the Phase I into production this summer.
Canadian Solar Chairman Shawn Qu added that the company would support the project above, by virtue of the purchase of silicon material from overseas markets as before. Meanwhile, it has recently inked long-term silicon material supply contracts with many domestic polysilicon producers, such as Luoyang Zhonggui High-tech Co., Ltd.
Established in 2001, Canadian Solar settled its China headquarter in Suzhou, a coastal city in east China. So far, it has grown into a global provider of solar power products.
Currently, more Chinese investors are swarming into PV industry, and the polycrystalline silicon market has to witness extremely overheated investments. For instance, the market has allured Baoding Tianwei Baobian Electric Co.,Ltd.(SHSE: 600550), Sichuan Chuantou Energy Co., ltd. (SHSE: 600674), Leshan Electric Power Co.,Ltd.(SHSE: 600644), and Sichuan Minjiang Hydropower Co., Ltd. (SHSE: 600131).
However, Shi Zhengrong, chairman of Wuxi Suntech Power Co., Ltd. (NYSE: STP), one of China's solar energy giants, declared on December 12, 2007 that polysilicon investment misfitted the nation.
"As a matter of fact, it is not practical for China to produce polysilicon, mainly due to such a high electricity charge," said the chairman. "Therefore, I suggest that investors should seek more development opportunities in Canada, the US, Australia, and other countries with a lower electricity charge."
Till now, the total production capacity of China's companies, who are ready for polysilicon projects, has reached 30,000 tons, so that it is hard to say whether the heating investments in PV markets is good news or not, the domestic PV expert Mr. Wang Sicheng said anxiously.
SUZHOU, Feb 25, 2008 (SinoCast via COMTEX) -- Canadian Solar Inc. (Nasdaq: CSIQ), a Chinese photovoltaic (PV) company registered in Canada, is creating a large-scale silicon wafer plant in the northern Chinese city of Luoyang, extending its industry chain, said Shawn Qu, the company's chairman.
In the past, the company always specialized in manufacturing solar modules. With a view to having the initiative in raw materials supply and further consolidating its position in industry, Canadian Solar decided to actively march into the upstream PV realm.
Last year, it began to build a 3,000-ton silicon wafer project with a total investment of CNY 1.2 billion, which was predicted to achieve annual sales revenues of CNY 6 billion once completed. The equipment for the Phase I will be installed in April 2008, and Canadian Solar is likely to put the Phase I into production this summer.
Canadian Solar Chairman Shawn Qu added that the company would support the project above, by virtue of the purchase of silicon material from overseas markets as before. Meanwhile, it has recently inked long-term silicon material supply contracts with many domestic polysilicon producers, such as Luoyang Zhonggui High-tech Co., Ltd.
Established in 2001, Canadian Solar settled its China headquarter in Suzhou, a coastal city in east China. So far, it has grown into a global provider of solar power products.
Currently, more Chinese investors are swarming into PV industry, and the polycrystalline silicon market has to witness extremely overheated investments. For instance, the market has allured Baoding Tianwei Baobian Electric Co.,Ltd.(SHSE: 600550), Sichuan Chuantou Energy Co., ltd. (SHSE: 600674), Leshan Electric Power Co.,Ltd.(SHSE: 600644), and Sichuan Minjiang Hydropower Co., Ltd. (SHSE: 600131).
However, Shi Zhengrong, chairman of Wuxi Suntech Power Co., Ltd. (NYSE: STP), one of China's solar energy giants, declared on December 12, 2007 that polysilicon investment misfitted the nation.
"As a matter of fact, it is not practical for China to produce polysilicon, mainly due to such a high electricity charge," said the chairman. "Therefore, I suggest that investors should seek more development opportunities in Canada, the US, Australia, and other countries with a lower electricity charge."
Till now, the total production capacity of China's companies, who are ready for polysilicon projects, has reached 30,000 tons, so that it is hard to say whether the heating investments in PV markets is good news or not, the domestic PV expert Mr. Wang Sicheng said anxiously.
LDK to supply Hyundai Heavy Industries with solar wafers
February 22, 2008
The eight-year agreement is for 450 megawatts of multicrystalline solar wafers.
Xinyu, China-based LDK Solar (NYSE: LDK) announced today that it signed a contract to supply solar wafers to South Korea's Hyundai Heavy Industries.
LDK did not disclose the financial terms of the contract, but said the eight-year deal is for 450 megawatts of multicrystalline solar wafers.
"This latest long-term wafer supply agreement with Hyundai Heavy Industries Co., Ltd. further exemplifies the strong demand levels for our high quality wafers," said Xiaofeng Peng, chairman and CEO of LDK.
LDK said the supply would begin later this year and run through 2015, with Hyundai Heavy Industries making an undisclosed advanced payment to LDK Solar.
"Having visited LDK Solar's polysilicon plant in Xinyu City, China, several times, we are confident that both their wafers and new manufacturing facilities will meet the highest industry standards," said Kwon-Tae Kim, executive VP at Hyundai Heavy Industries.
The eight-year agreement is for 450 megawatts of multicrystalline solar wafers.
Xinyu, China-based LDK Solar (NYSE: LDK) announced today that it signed a contract to supply solar wafers to South Korea's Hyundai Heavy Industries.
LDK did not disclose the financial terms of the contract, but said the eight-year deal is for 450 megawatts of multicrystalline solar wafers.
"This latest long-term wafer supply agreement with Hyundai Heavy Industries Co., Ltd. further exemplifies the strong demand levels for our high quality wafers," said Xiaofeng Peng, chairman and CEO of LDK.
LDK said the supply would begin later this year and run through 2015, with Hyundai Heavy Industries making an undisclosed advanced payment to LDK Solar.
"Having visited LDK Solar's polysilicon plant in Xinyu City, China, several times, we are confident that both their wafers and new manufacturing facilities will meet the highest industry standards," said Kwon-Tae Kim, executive VP at Hyundai Heavy Industries.
Aleo Solar, Sunvim Form Venture to Build Module Plant in China
By Nicholas Comfort
Feb. 22 (Bloomberg) -- Aleo Solar AG, a German maker of solar-energy products, will form a joint venture with Sunvim Group Co. Ltd. to build a production plant for modules in Gaomi, in the Chinese province of Shandong.
The Chinese plant will have an initial capacity to produce equipment with 50 megawatts of potential, Oldenburg, Germany- based Aleo Solar said in a statement on the PR Newswire today.
Feb. 22 (Bloomberg) -- Aleo Solar AG, a German maker of solar-energy products, will form a joint venture with Sunvim Group Co. Ltd. to build a production plant for modules in Gaomi, in the Chinese province of Shandong.
The Chinese plant will have an initial capacity to produce equipment with 50 megawatts of potential, Oldenburg, Germany- based Aleo Solar said in a statement on the PR Newswire today.
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