大全新能源公布2016年第三季度未经审计财务业绩

게시됨 2016. 11. 21.
Daqo New Energy 
Daqo New Energy Corp. today announced its unaudited financial results for the third quarter of 2016.

Third Quarter 2016 Financial and Operating Highlights

- Polysilicon production volume of 3,636 MT in Q3 2016, compared to 3,570 MT in Q2 2016

- Polysilicon external sales volume(1)of 2,838 MT in Q3 2016, compared to 2,931 MT in Q2 2016

- Polysilicon average total production cost(2) of $8.66/kg in Q3 2016, compared to $9.43/kg in Q2 2016

- Polysilicon average cash cost(2) of $6.88/kg in Q3 2016, compared to $7.42/kg in Q2 2016

- Average selling price (ASP) of polysilicon was $15.64/kg in Q3 2016, compared to $17.24/kg in Q2 2016

- Solar wafer sales volume of 14.4 million pieces in Q3 2016, compared to 25.0 million pieces in Q2 2016

- Revenue of $54.3 million in Q3 2016, compared to $71.0 million in Q2 2016

- Non-GAAP gross margin(3) of 39.9% in Q3 2016, compared to 43.9% in Q2 2016

- EBITDA (non-GAAP)(3) of $25.0 million in Q3 2016, compared to $34.7 million in Q2 2016

- EBITDA margin (non-GAAP)(3) of 46.0% in Q3 2016, compared to 48.9% in Q2 2016 

- Net income attributable to Daqo New Energy shareholders of $11.2 million in Q3 2016, compared to $19.8 in Q2 2016 and $3.1 million in Q3 2015

- Earnings per basic ADS of $1.07 in Q3 2016, compared to $1.90 in Q2 2016 and $0.29 in Q3 2015

- Adjusted net income (non-GAAP)(3) attributable to Daqo New Energy shareholders of $13.2 million in Q3 2016, compared to $22.0 million in Q2 2016 and $6.3 million in Q3 2015

- Adjusted earnings per basic ADS (non-GAAP)(3) of $1.26 in Q3 2016, compared to $2.10 in Q2 2016 and $0.60 in Q3 2015


Notes:

(1) Our polysilicon external sales volume excludes internal sales to our Chongqing wafer manufacturing subsidiary, which utilizes polysilicon as raw material for the production of solar wafers. The sales volume is the quantity of goods that have been accepted by customers, and thus the corresponding revenue has been recognized during the period indicated.

(2) Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang divided by the production volume in the period indicted. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense in Xinjiang, divided by the production volume in the period indicated.

(3) Daqo New Energy provides non-GAAP gross profit, non-GAAP gross margin, EBITDA, EBITDA margin, adjusted net income (loss )attributable to our shareholders and adjusted earnings (loss) per ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned "Use of Non-GAAP Financial Measures" and the tables captioned "Reconciliation of non-GAAP financial measures to comparable US GAAP measures" set forth at the end of this press release.

Commentary

“During the third quarter of 2016, we successfully set new records again in terms of polysilicon production volume and costs. I would like to thank our entire team for their hard work and dedication. Our polysilicon production for the third quarter reached a record high of 3,636 MT,which surpassed our name plate capacity of 12,150 MT per annum. Through technical and process improvements,we also made significant progress in reducing our production cost even further, achieving our lowest ever cost structure with $8.66/kg in total cost and $6.88/kg in cash cost,” said Dr. Gongda Yao, Chief Executive Officer of the Company.

“In the third quarter of 2016, downstream solar end market and polysilicon market experienced significant volatility. Due to a slow-down in China end market demand and installation activities after China’s FIT adjustment at the end of June 2016, the market saw lower levels of demand towards the end of the third quarter of 2016. Our third quarter ASP was $15.64/kg, compared to second quarter ASP of $17.24. As a result, several polysilicon manufacturers, both within China and abroad,partially shut down their capacities due to weak polysilicon pricing. The resulting reduction in polysilicon supply has helped to stabilize the market and paved the way for price recovery. Nevertheless, as a result of our continuous effort on technology improvements and cost reduction, our quarterly average production cost has been further reduced by 8% from $9.43/kg in the second quarter to $8.66/kg in the third quarter of 2016. ”

“Due to a delay in the delivery of critical specialty components, the start date of annual maintenance for our Xinjiang polysilicon facility was postponed to October 3 from the second half of September as originally planned. We conducted more than 500 maintenance items,including special projects that are expected to improve our manufacturing efficiency even further. The maintenance was completed successfully, and we initiated a gradual restart of production on October 24. In early November, production resumed successfully and we reached full capacity utilization. Overall, we estimate that the annual maintenance has an impact of approximately 800 MT to 900 MT on our fourth quarter polysilicon production volume.” 

“In the third quarter of 2016, due to market volatility and declining conditions for the solar wafer segment, we reduced our wafer production utilization rate. As a result, the Company sold 14.4 million pieces of wafer in the third quarter, compared to 25.0 million pieces in the second quarter of 2016. With improving market conditions, the Company ramped up wafer production utilization starting from mid-October and reached full production in November.”

“The solar market began to recover in early October, with strong customer demand and order momentum. Due to limited channel inventory, polysilicon pricing has recovered particularly well, with increases in orders from our broad based customers. Wafer pricing also recovered significantly. During early November, we also saw downstream product pricing recovering meaningfully, including pricing for solar cells and solar modules.” 

Outlook and Q4 2016 guidance

As a result of our annual maintenance, the Company expects to sell approximately 2,200 MT to 2,300 MT of polysilicon to external customers during the fourth quarter of 2016. The external sales guidance excludes shipments of polysilicon to be used internally by our Chongqing solar wafer facility, which utilizes polysilicon for its wafer manufacturing operation. Wafer sales volume is expected to be approximately 20 million to 21 million pieces for the fourth quarter of 2016. 

This outlook reflects our current and preliminary view as of the date of this press release and maybe subject to change. Our ability to achieve these projections is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.

Third Quarter 2016 Results

Revenues

Revenues were $54.3 million, compared to $71.0 million in the second quarter of 2016 and $46.6 million in the third quarter of 2015.

Revenues from polysilicon sales to external customers were $44.4 million, compared to $50.5 million in the second quarter of 2016 and $34.1 million in the third quarter of 2015. External sales volume was 2,838 MT in the third quarter of 2016, compared to 2,931 MT in the second quarter of 2016. ASP of polysilicon was $15.64/kg in the third quarter of 2016, compared to $17.24/kg in the second quarter of 2016. The decrease in polysilicon revenues from the second quarter of 2016 was primarily due to lower polysilicon ASP and lower external sales volume.

Revenues from wafer sales were $9.9 million, compared to $20.5 million in the second quarter of 2016 and $12.5 million in the third quarter of 2015. Wafer sales volume was 14.4 million pieces, compared to 25.0 million pieces in the second quarter of 2016. The decrease in wafer revenues from the second quarter of 2016 was primarily due to lower wafer ASP and lower sales volume. 

Gross profit and margin

Gross profit was $20.1 million, compared to $29.4 million in the second quarter of 2016 and $8.6 million in the third quarter of 2015. Non-GAAP gross profit, which excludes costs related to the non-operational polysilicon operations in Chongqing, was approximately $21.6 million, compared to $31.2 million in the second quarter of 2016 and $10.9 million in the third quarter of 2015. Gross margin was 37.1%, compared to 41.4%in the second quarter of 2016 and 18.4% in the third quarter of 2015. 

In the third quarter of 2016, total costs related to the non-operational Chongqing polysilicon plant including depreciation were $1.5 million,compared to $1.8 million in the second quarter of 2016 and $2.3 million in the third quarter of 2015. Excluding such costs, the non-GAAP gross margin was approximately 39.9%, compared to 43.9% in the second quarter of 2016 and 23.4%in the third quarter of 2015.

Selling, general and administrative expenses

Selling, general and administrative expenses were $4.9 million, compared to $3.7 million in the second quarter of 2016 and $2.9 million in the third quarter of 2015. The increase in selling, general and administrative expenses as compared to the second quarter of 2016 was primarily due to higher relocation and moving expenses related to the company’s relocation of its idle polysilicon manufacturing equipments from Chongqing to Xinjiang, which were $1.7 million during the third quarter of 2016, compared to $0.6 million during the second quarter of 2016, as well as higher non-cash shared-based compensation expenses.

Research and development expenses

Research and development expenses were approximately $1.0 million, compared to $0.1 million in the second quarter of 2016 and $0.1 million in the third quarter of 2015.

Other operating income

Other operating income was $2.2 million, compared to $0.6 million in the second quarter of 2016 and $1.1 million in the third quarter of 2015. Other operating income mainly consists of unrestricted cash incentives that the Company received from local government authorities, the amount of which varies from period to period.

Income from operations and operating margin

Income from operations was $16.4 million, comparedto $26.1 million in the second quarter of 2016 and $6.7 million in the third quarterof 2015.

Operating margin was 30.3%, compared to 36.8% in the second quarter of 2016 and 14.3% in the third quarter of 2015.

Interest expense

Interest expenses were $3.1 million, compared to $3.5 million in the second quarter of 2016 and $3.1 million in the third quarter of 2015.

EBITDA

EBITDA was $25.0 million, compared to $34.7 million in the second quarter of 2016 and $15.0 million in the third quarter of 2015. EBITDA margin was 46.0%, compared to 48.9% in the second quarter of 2016 and 32.1%in the third quarter of 2015.

Net income attributable to Daqo New Energy shareholders and earnings per ADS

Net income attributable to Daqo New Energy shareholders was $11.2 million, compared to $19.8 million in the second quarter of 2016 and $3.1 million in the third quarter of 2015. 

Earnings per basic ADS were $1.07, compared to $1.90 in the second quarter of 2016 and $0.29 in the third quarter of 2015.

Financial Condition

As of September 30,2016, the Company had $29.2 million in cash and cash equivalents and restricted cash, compared to $42.9 million as of June 30, 2016 and $68.7 million as of September 30, 2015. 

As of September 30,2016, the accounts receivable balance was $4.6 million, compared to $10.1 million as of June 30, 2016 and $15.4 million as of September 30, 2015. 

As of September 30,2016, the note receivables balance was $17.0 million, compared to $14.8 million as of June 30, 2016 and $16.5 million as of September 30, 2015.

As of September 30,2016, total borrowings were $227.6 million, of which $129.0 million were long-term borrowings, compared to total borrowings of $227.9 million, including $118.4 million long-term borrowings, as of June 30, 2016, and total borrowings of $259.1 million, including $144.0 million long-term borrowings, as of September 30, 2015.

As of September 30,2016, the note payables balance was $14.4 million, compared to $26.1 million as of June 30, 2016 and $52.2 million as of September 30, 2015.

Cash Flows

For the nine months ended September 30, 2016, net cash provided by operating activities was $70.9 million, compared to $65.6 million in the same period of 2015.

For the nine months ended September 30, 2016, net cash used in investing activities was $51.0 million, compared to $82.7 million in the same period of 2015. 

For the nine months ended September 30, 2016, net cash used in financing activities was $12.3 million, compared to net cash provided by financing activities of $38.1 million in the same period of 2015. 


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Daqo New Energy (솔라원자재): https://kr.enfsolar.com/daqo-new-energy
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