Hanergy TF looking at only US$25 million income in Q2 after cancelled orders

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Hanergy Thin Film Power has issued a profit warning for its first half 2015 results as its primary customer Hanergy Group recently cancelled a major connected transaction to appease a Hong Kong stock market investigation into Hanergy TF’s viability when the majority of a sales go through its privately held parent company. 

Hanergy TF said that it expected income in the first half of the year to be around US$25.8 million, compared to revenue of around US$413.2 million in the prior-year period. 

Various contracts signed with Hanergy Group have been cancelled or put on hold since the Hong Kong investigation and the stock of Hanergy TF has not traded on the exchange since mid-May. 

The revenue expectation for the first six months of this year could be related primarily to the sale of CIGS thin-film modules from three previously acquired companies, Solibro, MiaSole and Global Solar. 

Solibro, based in Germany is the largest of the producers and has been responsible for the majority of rooftop projects undertaken by Hanergy Group in China and supplies customers such as Ikea in certain European markets such as the UK. 

Hanergy TF also has several major a-Si production plant contracts signed in 2015, outside those cancelled by the parent group, although a significant aspect to the deals was the issuing of shares worth more than the contract values for major down payments in cash. 

The company has since claimed in financial filings that two of the three independent businesses had re-confirmed commitments, while another had not confirmed its commitment post the halt in share trading, critical to Hanegy TF obtaining significant up-front capital for the production plants and long-term service contracts in operating the production lines, all designed for the nascent BIPV market.

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