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Struggling LDK Solar has reported a net loss of US$1.05 billion in 2012, the starkest figure in an annual report containing volumes of negative financial figures.
The technically bankrupt PV manufacturer made a loss from operations of US$807.7 million and a gross loss of US$352.5. Gross margin was negative 40.86% in 2012.
The company exited 2012 with only US$98.28 million in cash and cash equivalents but did have pledged bank deposits of US$167.1 million.
Total liabilities amounted to US$5.2 billion with outstanding short-term borrowings of US$2,391.3 million. To feed the interest rates, LDK Solar generated a positive operating cash flow of only $39.9 million in 2012.
Key customers in 2012 were said in the report to be Sumitomo Corporation, Photovoltech NV-SA, (bankrupt in mid-2012), Hyundai Heavy Industry, Solartech Energy Corporation and Gintech Energy Corporation.
Not surprisingly, the company has seen a massive headcount reduction. Total employees in 2012 were 8,979, down from 24,449 in 2011.