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Suntech Reports First Quarter 2012 Financial Results

China May 23, 2012 March 31, 2012

Highlights

  • $409.5 million
  • Total PV shipments decreased 26.9% sequentially and 22.1% year-over-year.
  • $2.4 million $19.2 million
  • $133.0 million $0.74
  • $65.2 million
  • $663.8 million March 31, 2012

Chinese New Year Zhengrong Shi

"Cost reduction continues to be the top priority for our business and we have outlined a clear roadmap for the remainder of the year. Suntech’s differentiated technology development capability will play a vital role in driving ongoing cost reduction. For example, we recently launched a powerful 310 watt solar panel and a slim frame 60-cell panel, which has been designed to be one of the lightest in the industry. Innovations such as these increase system power output, lower shipping costs and improve ease-of-installation. Our innovation-based product development will reduce cost without compromising quality, and generate value for our customers."

Commenting on the second quarter outlook, Dr. Shi said, "We anticipate more than 20% sequential growth in shipments in the second quarter as demand for high performance, bankable product increases across all our markets. Operationally, we will continue to streamline our wafer and module manufacturing operations, reduce cost and focus on cash management. These initiatives will further improve our financial position and set the platform for future growth."

First Quarter 2012 Results

Net Revenues

$409.5 million $629.0 million $877.0 million

Cost of Revenues

$407.1 million $566.7 million $694.3 million

Gross Profit

$2.4 million $62.3 million $182.7 million $19.2 million

Operating Expenses

$121.6 million $126.5 million $88.2 million $20.7 million $7.3 million $18.2 million $19.0 million $20.0 million

Operating Income and Margin

$119.2 million $64.2 million $94.5 million

Interest Expense

$32.2 million $37.4 million $30.3 million $11.5 million $8.9 million

Foreign Exchange and Other Income/Expense

$5.8 million $23.5 million $29.9 million

$23.4 million $15.4 million $56.9 million $16.4 million $5.9 million

$22.2 million

Tax Benefit/Expense

$6.1 million $19.0 million $5.5 million China

Equity in Earnings (loss) of Affiliates

$4.6 million $58.0 million $0.4 million

Net Income (Loss) and Earnings (Loss) per ADS

$133.0 million $0.74 $148.8 million $0.82 $31.9 million $0.17

Balance Sheet

$663.8 million March 31, 2012 $709.0 million December 31

$508.4 million March 31, 2012 $516.5 million December 31, 2011

$409.5 million March 31, 2012 $466.6 million December 31, 2011

$579.9 million March 31, 2012 $555.3 million December 31

$1,582.4 million December 31, 2011 $1,599.8 million March 31, 2012

Cash Flow

$12.5 million $253.3 million $134.7 million

Capital Expenditures

$22.6 million $37.6 million $128.5 million

Business Outlook

Suntech expects shipments in the second quarter of 2012 to increase by more than 20% from the first quarter of 2012.

Gross margin in the second quarter of 2012 is expected to be in the range of 3% to 6%.

December 31, 2012

$120 million to $150 million

First Quarter 2012 Conference Call Information

Wednesday, May 23, 2012 8:00a.m. Hong Kong 12:00p.m. May 23, 2012

Dial-in details for the earnings conference call are as follows:

International:   

+65.6723.9381

US Toll Free:     

+1.866.519.4004 

US Toll:               

+1.718.354.1231

UK:                       

+44.203.059.8139

Hong Kong:       

+852.2475.0994

Passcode:         

 Suntech

May 30, 2012

International:   

+61.2.8235.5000

US Toll:                

+1.718.354.1232

Passcode:          

79385820

http://ir.suntech-power.com

About Suntech

China Switzerland the United States

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, and includes second quarter 2012 shipments and gross margin; full year 2012 shipment expectations; and 2012 capacity and capital expenditures. Such 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.

For further information, please contact:

Rory Macpherson

[email protected]

 

Note: The quarterly consolidated income statements, cash flow statements, balance sheets and comprehensive statement are unaudited.

SUNTECH POWER HOLDINGS CO., LTD.

CONDENSED CONSOLIDATED BALANCE SHEET

As of

As of

As of

Mar 31,

Dec 31,

Mar 31,

2011

2011

2012

($ in millions)

ASSETS

Current assets:

Cash and cash equivalents

782.6

492.4

473.7

Restricted cash

118.1

216.6

190.1

Inventories

550.2

516.5

508.4

Accounts receivable

715.6

466.6

409.5

    —–Investee companies of GSF

44.7

19.5

19.3

    —–Others

670.9

447.1

390.2

Value-added tax recoverable

61.6

90.8

66.2

Advances to suppliers

119.3

84.4

115.8

Other current assets

220.9

218.7

220.3

Total current assets

2,568.3

2,086.0

1,984.0

Property, plant and equipment, net

1,420.3

1,569.2

1,539.2

Intangible assets, net

145.9

23.0

21.1

Goodwill

278.0

Investments in affiliates 

556.7

454.2

449.5

Long-term prepayments

212.8

185.1

154.4

Long-term loan to suppliers

53.0

Amount due from related parties

93.3

67.6

66.8

Other non-current assets

152.6

152.2

163.6

TOTAL ASSETS

5,480.9

4,537.3

4,378.6

LIABILITIES AND EQUITY

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