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China Sunergy Announces First Quarter 2012 Financial Results

NANJING China May 22, 2012 March 31 Germany Australia Bulgaria

First Quarter 2012 Financial Highlights

  • Total revenue US$68.5 million
  • Shipments
  • Average selling price (ASP) US$0.86 two cents
  • Conversion costs US$0.19 4 cents US$0.25 2 cents
  • Gross profit US$0.7 million
  • N et loss US$9.6 million
  • N et loss per ADS US$0.71 US$3.71
  • Operating cash inflow US$85.0 million
  • Cash Position: March 31, 2012 US$233.2 million December 31, 2011

Operational, Technological and Business Highlights in First Quarter

  • CFO appointment January 2012 Yongfei Chen
  • Western Europe Central Europe Austria France
  • India Solar Summit: Stephen Cai February 23-24, 2012 New Delhi, India India
  • Warranty insurance March 2012
  • Strategic Collaboration with DuPont China: March 2012
  • Arbitration and Subsequent Dismissal of Legal Complaint December 12, 2011 California Los Angeles January 2012 February 2012 March 28, 2012 April 4, 2012

Stephen Cai Eastern Europe China Australia India Japan Indonesia

First Quarter 2012 Financial Review

Total Revenue and Shipments

US$68.5 million US$64.7 million

Shipments for the first quarter 2012 were 79.9MW, including 75.2MW of solar modules, which was in line with the Company’s most recent guidance. 

Italy Australia Bulgaria Germany

Gross Profit / Loss and Gross Margin

US$0.7 million US$0.5 million

ASP

US$0.86 US$0.94

Costs

US$0.31 US$0.19 US$0.25

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

US$16.4 million US$22.1 million US$14.8 million US$5.9 million

US$18.8 million

US$18.0 million US$9.6 million $8.2 million $2.7 million $3.0 million $6.4 million

Inventory

US$55.0 million April 2012

Cash and Cash Flow

March 31, 2012 US$233.2 million US$85.0 million

Capital Expenditures

US$10.0 million

Additional Company Updates Subsequent to Q1 2012

  • Signed another contract with SUNfarming Group: October 2011 Germany
  • Bulgaria Bulgaria Bulgaria

Second Quarter Guidance

The Company believes that weak market demand and industry oversupply will continue to adversely affect its business during the first half of 2012, and that challenging conditions in the global solar market are expected to persist in 2012. 

The Company estimates, to the best of its knowledge at this time, that second quarter shipments will be in the range of 145MW to 155MW.  The Company expects its gross margin to be at the mid-single-digit level of around 5% and forecasts a net loss in the second quarter of 2012. For the full year 2012, the Company reiterates the estimate that its total shipments are expected to be approximately 500MW to 550MW. 

Conference Call

Tuesday, May 22, 2012 8:00 a.m. Eastern Time Tuesday, May 22, 2012 8:00 p.m. Beijing Hong Kong

To access the conference call, please dial:

United States toll-free:   

+1 866 519 4004

International:                 

+65 6723 9381

Singapore:                    

6723 9381

China:                         

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

Hong Kong:                  

+852 24750994

Please ask to be connected to Q1 2012 China Sunergy Co., Ltd. Earnings Conference Call and provide the following passcode: 79384646.

http://www.chinasunergy.com

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

United States toll-free:

+1 866 214 5335

International:

+61 2 8235 5000

The passcode for replay participants is: 79384646. 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 http://www.chinasunergy.com

Investor and Media Contacts:

China Sunergy Co., Ltd.

Brunswick Group

Hong Kong

Ginny Wilmerding

Phone: + 852 3512 5000

Email: [email protected]

Hong Kong

Annie Choi

Phone: + 852 3512 5000

Safe Harbor Statement

China

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


 

For the 3 months ended

Mar 31, 2012

Dec 31, 2011

Mar 31, 2011

Sales to third parties

67,663

109,770

159,231

Sales to related parties

804

1,050

6,424

Total sales

68,467

110,820

165,655

Cost of goods sold 

(67,739)

(110,581)

(147,886)

Gross profit 

728

239

17,769

Operating expenses:

Selling expenses

(4,339)

(5,756)

(3,427)

General and administrative expenses

(12,067)

(16,302)

(5,099)

Research and development expenses

(2,369)

(2,245)

(1,264)

Goodwill impairment loss

(14,807)

Total operating expenses

(18,775)

(39,110)

(9,790)

Income(loss) from operations

(18,047)

(38,871)

7,979

 Interest expense 

(6,384)

(9,494)

(3,220)

 Interest income

631

334

528

 Other income/(expenses), net

11,262

(7,209)

4,670

 Changes in fair value of derivatives

370

(5,713)

Income(loss) before income tax

(12,538)

(54,870)

4,244

Income tax benefit(expense) 

2,985

5,274

(743)

Net income(loss)

(9,553)

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