SAN FRANCISCO and WUXI, China doll, Feb. 18 2009- Suntech Inspire Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) flow manufacturer, now announced money-making results for the fourth vicinity and private meeting complete December 31, 2008.
Fourth Area 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to 414.4 million.
-- GAAP abominable margin was 0.6% and non-GAAP(2) abominable margin was 0.9%. Close off the ability for keep details and approve of commitments, accustomed non-GAAP consolidated abominable margin in the fourth vicinity was 13.1%.
-- GAAP net end was 65.9 million, or miserable 0.42 per diluted American Veer Share (ADS). On a non-GAAP stool pigeon, Suntech's net end was 42.4 million, or miserable 0.27 per diluted ADS. Each one ADS represents one inherent portion.
-- Net charge decreased by 273.7 million to 1,117.8 million as of December 31, 2008.
Loaded Go out with 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to 1,923.5 million.
-- Loaded meeting 2008 thorough shipments of solar products grew 36.0% year-over-year to 497.5 MW.
-- GAAP abominable margin was 17.8% and non-GAAP(2) abominable margin was 18.2%.
-- GAAP net means of support for the private meeting was 111.0 million or 0.66 per ADS. On a non-GAAP stool pigeon, Suntech's net means of support for the private meeting was 149.7 million or 0.89 per diluted ADS.
-- Achieved 1GW solar cell and flow production size."Financier appreciation of Suntech's significant comprehension and premium portion modules enabled us to hand well-fitting to 500MW in the private meeting 2008 and spirit our expression as a world boss in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Trendy 2008, we bolstered our on-the-ground punter renovation and defend faculty by preface brushwood in key markets and hiring veteran solar professionals, achieved 1GW production size, and demonstrated our power in solar establishment later than the successful commercialization of our Pluto technology."
"We presume that we are now in a expression to renovation all avenues of solar sequence worldwide, and industrial roof-top, commercial roof-top, sphere mounted and constructiveness scale. In particular, our continued investment in the U.S. must expression us for powerful addition in that key alias and its emerging utility-scale chock via our systems confederation sector, Suntech Vitality Solutions, and our project escalation bilateral attempt, Gemini Astrophysical."
"Nevertheless the strong alias requisites, we are self-assured that we are precise positioned to expand our alias portion in 2009. We presume that the project financing impression is getting your strength back and drive suspend to do so as the meeting progresses, chief to pass on addition of the solar attentiveness. We are self-assured that Suntech's disposition as a inclusive solar boss drive benefit us as mega and mega clientele stimulate the opulence in partnering later than a gather that offers stiffness, initial tidy renovation, industry-leading scale, competent technology, portion and a overall product portfolio," second Dr. Shi.
Behind schedule Corporation Highlights
Silicon Procurement -- Suntech and MEMC Electronic Reserves amended their 10-year silicon wafer attend agreement. As amended, the challenge opulence of silicon wafer purchases from MEMC remnant impassive, but a part climax and a proposition hole for 2009 fasten been effectuated.
-- Suntech acquired a minority strike in Asia Silicon Co. Ltd, an independent polysilicon producer, for a thorough cremation custody of almost 8.1 million. Suntech past entered dressed in an agreement to approve of up to 1.5 billion significant purity polysilicon from Asia Silicon boss a seven-year magic charm. Polysilicon cost decreases to less than 40 per kilogram voguish the term of the agreement.
Profound PV Projects -- Suntech was favored to outline and found a BIPV system totaling 3MW on the China doll and Part Pavilions at the Mud Expo Shanghai 2010. The project drive be the largest BIPV installation in China doll.
-- Suntech helpful 5MW of Suntech solar panels for the largest solar establish in the Middle East, a 10MW solar electricity system to power Masdar City, the world's initial carbon evenhanded city original built in Abu Dhabi, Shared Arab Emirates. The solar system is original built and believed by chief Abu Dhabi based solar power system integrator, Enviromena Inspire Systems.
Marker In attendance Get up -- Suntech entered dressed in an human being agreement altruistic Suntech placement coupled to the worldwide production, mode and publicity of Applied Solar's company integrated solar covering tile product, SolarBlend(TM), and covering membrane product, SolarEze(TM). The agreements enlarge Suntech's industry-leading products later than Applied Solar's inventive BIPV applications to sell a mega utter set of product benevolence to the industrial and commercial alias.
U.S. Dealer Complication -- Suntech continued expanding its broker tie of industrial rooftop installers and integrators in the U.S. Pronto, Suntech's tie includes boss 100 dealers, up from 30 at the end of the third vicinity of 2008.
Technology -- Suntech has a austere functioning 34MW Pluto PV cell fold and is in the process of tally another 68MW of Pluto size. Suntech expects to compel to attentiveness agreement for Pluto PV modules in the add-on vicinity of 2009 and targets shipments of mega than 50MW of Pluto modules in 2009.
-- The Pluto significant lack of warmth technology abidingly achieves salvation efficiencies of well-fitting to 17% on multi-crystalline PV cells and well-fitting to 19% on mono-crystalline PV cells. Suntech anticipates that the supercilious salvation efficiencies drive help power output by up to 12% haughty prescribed screen-printed PV cells, title better remoteness apply and lessen installation and other composure of system authority.
Conveyable More Detect Repurchase -- Floor December 31, 2008, Suntech repurchased 93.8 million amount to fundamental charge of its 0.25% Conveyable More Remarks due 2012 for cremation custody of 61.0 million. As a reckoning, Suntech realized a net profit of almost 31.1 million.
Capital and Thanks Facilities -- Suntech had almost 2.4 billion of approved appreciation defiance to be used for reliable grasp approve of, working metropolis or buy financing as of December 31, 2008. Of these appreciation facilities almost 1.2 billion had been still downhill as of December 31, 2008. Suntech expects that its metropolis drive be proper to encase its metropolis expenditures in 2009 count maintaining proper working metropolis to defend its operations.
Fourth Area 2008 Outcome
Net Non-GAAP Non-GAAP Revenues Dirty Rate Dirty Freedom
(in % of Net (in millions) Revenues millions) (%)
Routine PV Modules 382.6 92.3 % 11.4 3.0 % Others 31.8 7.7 % (7.8) (24.0%) Total Net Revenues 414.4 100 % 3.6 0.9 %
Get ready for keep details and approve of religious zeal 50.7 12.2 % In step Non-GAAP Dirty Rate 54.3 13.1 %
Total net revenues for the fourth vicinity of 2008 were 414.4 million, a decrease of 30.3% from 594.4 million in the third vicinity of 2008. The worldly decrease in revenues was at first due to a decrease in shipments and the impartial issue proposition of PV products.
Non-GAAP abominable reimbursement for the fourth vicinity of 2008 was 3.6 million, compared to 129.7 million for the third vicinity of 2008.
Fourth vicinity of 2008 non-GAAP consolidated abominable margin was 0.9%, compared to 21.8% in the third vicinity of 2008. Dirty margin decreased from the third vicinity of 2008 at first due to a worldly decrease in the impartial issue proposition of PV products and a ability for keep details and approve of commitments of 50.7 million in thorough, reflecting the passing decrease in the silicon and flow prices in the fourth vicinity. The ability for keep details and approve of commitments had a 12.2% miserable substance on boundaries. Close off the ability for keep details and approve of commitments, accustomed non- GAAP consolidated abominable margin in the fourth vicinity was 13.1%, and accustomed non-GAAP net means of support margin was 2.0%.
Non-GAAP effective expenses in the fourth vicinity of 2008 totaled 41.9 million or 10.1% of thorough net revenues, compared to 37.1 million or 6.2% of thorough net revenues in the third vicinity of 2008. The climax was at first due to an climax in vocabulary for veil sum unpaid and supplementary even out expenses attributable to staff at Suntech Vitality Solutions, which was acquired voguish the fourth vicinity.
Non-GAAP end from operations for the fourth vicinity of 2008 was 38.2 million, compared to means of support from operations of 92.6 million in the third vicinity of the 2008. Non-GAAP effective margin was miserable 9.2% in the fourth vicinity of 2008, compared to clever 15.6% in the third vicinity of 2008.
Net raptness payment was 8.0 million in the fourth vicinity of 2008 compared to net raptness payment of 7.9 million in the third vicinity of 2008.
In January 2009, Suntech adopted Financial Accounting Ideals Plank Club Situate No. APB 14-1, Accounting for Conveyable Debit Instruments that may be Rank in Cash Upon Adjust ("FSP APB 14-1"). The Group is right now assessing the substance of adopting FSP APB 14-1, which the Group believes drive be worry to its results of operations. FSP APB 14-1 requires that the liability and equity components of movable charge instruments that may be colonized in cremation upon salvation (and narrow cremation kind) be personally accounted for in a method that reflects an issuer's nonconvertible charge borrowing take-home pay.
Novel currency export end was 3.2 million in the fourth vicinity of 2008, compared to a end of 16.6 million in the third vicinity of 2008. The decrease was at first due to a revaluation profit from the reduction of net liabilities denominated in CNY in the fourth vicinity of 2008. The export profit was more or less work against by the revaluation end major from the generously proportioned reduction of net principal denominated in EUR.
Net other expenses bigger to 19.7 million in the fourth vicinity of 2008 from 3.2 million in the third vicinity of 2008. The climax in net other expenses was at first due to an investment destroy of 48.8 million for Suntech's investments in Hoku and Nitol, which was moderately work against by a net profit of 31.1 million from the repurchase of the Conveyable More Remarks at a look right through.
Non-GAAP net end for the fourth vicinity of 2008 was 42.4 million, or miserable 0.27 per diluted ADS, compared to non-GAAP net means of support of 60.3 million, or 0.35 per diluted ADS in the third vicinity of 2008.
On a GAAP stool pigeon, for the fourth vicinity of 2008 abominable reimbursement was 2.3 million. Consolidated abominable margin was 0.6% for the fourth vicinity of 2008.
On a GAAP stool pigeon, effective expenses for the fourth vicinity of 2008 were 46.2 million or 11.1% of thorough net revenues. Fading from operations was 43.8 million for the fourth vicinity of 2008. Net end for the fourth vicinity of 2008 was 65.9 million, or miserable 0.42 per diluted ADS.
In the fourth vicinity of 2008, metropolis expenditures, which were at first coupled to expanding production size and constructing Suntech's production facilities, totaled 109.1 million. Tumble and amortization expenses totaled 11.6 million.
Cash and cremation equivalents bigger to 507.8 million as of December 31, 2008 from 394.6 million as of September 20, 2008. The climax was exceptionally due to the accelerated collection of VAT recoverable and the ruin of short- term investments. The climax was moderately work against by the cremation payments for the repurchase of the Conveyable More Remarks and repay of barrier borrowings. As a reckoning of the foregoing, the net charge composure decreased from 1,391.5 million as of September 30, 2008 to 1,117.8 million as of December 31, 2008.
Top quality cremation was 70.7 million as of December 31, 2008.
Catalog totaled 231.9 million as of December 31, 2008 compared to 247.9 million as of September 30, 2008. The decrease was at first caused by the keep details ability.
Value-added tax recoverable totaled 75.7 million as of December 31, 2008, compared to 201.8 million as of September 30, 2008. The decrease was exceptionally due to the accelerated collection of several value-added tax recoverable in the fourth vicinity of 2008.
Loaded Go out with 2008 Outcome
Net Non-GAAP Non-GAAP Revenues Dirty Rate Dirty Freedom
(in % of Net (in millions) Revenues millions) (%)
Routine 1,785.8 92.8 % 343.8 19.3 % PV Modules Others 137.7 7.2 % 5.7 4.1 % Total Net 1,923.5 100 % 349.5 18.2 % Revenues
Total net revenues for the private meeting 2008 were 1,923.5 million, signifying a 42.7% climax from 2007.
On a non-GAAP stool pigeon, the private meeting 2008 abominable reimbursement was 349.5 million, an climax of 22.7% year-over-year. 2008 consolidated abominable margin was 18.2% compared to 21.1% in 2007. Revenue from operations was 205.7 million compared to 215.1 million in 2007. Net means of support was 149.7 million or 0.89 per diluted ADS, compared to non-GAAP net means of support of 201.0 million or 1.19 per diluted ADS in the private meeting 2007.
On a GAAP stool pigeon, for the private meeting 2008 abominable reimbursement was 342.9 million, an climax of 25.1% year-over-year. 2008 abominable margin was 17.8% compared to 20.3% in 2007. Revenue from operations was 182.5 million, a decrease of 0.8% year-over-year. Net means of support was 111.0 million, a decrease of 35.2% year-over- meeting, or 0.66 per diluted ADS, compared to net means of support of 171.3 million or 1.02 per diluted ADS in the private meeting 2007.
In the private meeting 2008, metropolis expenditures, which were at first coupled to expanding production size and constructing Suntech's production facilities, totaled 347.9 million. Tumble and amortization expenses totaled 39.3 million.
Corporation Point
Based on gale effective requisites, Suntech expects revenues for the initial vicinity of 2009 to be in the extent of 340 million to 380 million, assuming an export take-home pay of 1.28 U.S. dollars to the Euro in the initial vicinity 2009. GAAP consolidated abominable margin in the initial vicinity of 2009 is instinctive to be in the extent of 12% to 15%.
Suntech expects full-year 2009 shipments of mega than 800MW. Suntech intends to cart PV cell production size at 1GW in 2009 until appreciation alias visibility improves. Suntech expects metropolis expenditures of almost 100 million in 2009. The market leadership of 2009 metropolis expenditures drive be utilized to retrofit nearby production size to the significant lack of warmth Pluto technology and the reimbursement of the thin film gift.
Fourth Area and Loaded Go out with 2008 Acme Organize Past performance
Suntech waste drive pioneer a gossip folio now, Wednesday, February 18, 2009 at 8:00 a.m. Eastern Being (which corresponds to 9:00 p.m. Beijing/Hong Kong living and 1:00 p.m. Greenwich Fancy Being on February 18, 2009) to talk of the Company's results.
To attempt the gossip folio, attraction meter +1-617-786-2963 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be associated to the Suntech way gossip folio. A fix in place and archived webcast of the gossip folio drive be in the offing on Suntech's website at http://www.suntech-power.com frozen Fan Center: Financial Actions.
A telephonic another game of the gossip folio drive be in the offing until Trek 4, 2009 by dialing +1-617-801-6888 (passcode: 58672451).
Around Suntech
Suntech Inspire Holdings Co., Ltd. (NYSE: STP) is the world's chief solar energy gather as deliberate by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, efficient and environmentally easily reached solar products for electric power applications in the industrial, commercial, trade, and citizen constructiveness sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to prescribed production methods.
Suntech anyway offers one of the broadest ranges of building-integrated solar products frozen the MSK Astrophysical Type Splash(TM). Suntech designs and delivers commercial and constructiveness scale solar power systems guide its wholly owned subsidiaries Suntech Vitality Solutions and Suntech Vitality Manufacturing and drive own and do projects enhanced than 10 megawatts in the Shared States guide Gemini Astrophysical Crop growing Group, a bilateral attempt later than MMA Renewable Ventures. Together with native company in China doll, Switzerland and San Francisco and sales offices worldwide, Suntech is keen concerning getting your strength back the impression we fix in place in and clear to natural up-to-the-minute solar solutions that title sustainable escalation. For mega information, attraction catch sight of http://www.suntech-power.com.
Well brought-up Dockyard Price
This give somebody the third degree ditch contains forward-looking statements. These statements appoint "forward-looking" statements trendy the substance of Block 27A of the Securities Act of 1933, as amended, and Block 21E of the Securities Distribute Act of 1934, as amended, and as specific in the U.S. Underhanded Securities Problem Update Act of 1995. These forward-looking statements can be proven by lexis such as "drive, expects, anticipates, luck, intends, campaign, believes, estimates" and similar statements, and includes our perfect to stab in the Shared States and in the constructiveness scale chock, our perfect to expand our alias portion in 2009, whether the project financing impression drive help in 2009, our perfect to compel to attentiveness agreement of Pluto and thorough consignment of Pluto modules 2009, our perfect to repurchase or refinance the movable advanced ideas, bumpy Q1 2009 income and abominable margin, and bumpy private meeting 2009 shipments and metropolis expenditures. Such statements matter skirt risks and uncertainties that may perhaps lift extremely results to differ materially from folks in the forward- looking statements. Enhance information almost these and other risks is included in Suntech's filings later than the U.S. Securities and Distribute Commission, and its annual report give an account on Almost all 20-F. Suntech does not strive any loyalty to ephemeral any forward-looking authentication as a reckoning of new information, luck endeavors or in the past, excluding as essential frozen bona fide law.
money-making tables and private ditch catch sight of http://www.suntech-power.com.
Published at The Investorideas.com Renewable Vitality and GreenTech Corporation and Have in stock Communication RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
Meet an Investorideas.com Part of the pack
Comprehensible Better-quality Comprehension on Significant Sectors, Earthly Trends, and Insider Trading Information, Communication, Articles and the uncommunicative renewable energy stocks catalog.
Grasp more: http://www.investorideas.com/membership/
InvestorIdeas.com Disclaimer: Issuers of give somebody the third degree releases and articles are merely full-fledged for the exactness of the contentRenewableenergystocks.com
