Hanwha SolarOne’s module shipments hit new high

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Continued strong demand from Japan and South Africa as well as tolling modules for Hanwha Q CELLS supported improving business conditions at Hanwha SolarOne in the second quarter of 2013.

Module shipments reached 321.2MW, the highest quarterly level since Hanwha acquired Solarfun Power Holdings in 2010. Module shipments in the previous quarter were 289.1MW, indicating an 11% growth quarter-on-quarter.

Japan was Hanwha SolarOne’s largest single market for the second consecutive quarter, accounting for 34% of revenue in the second quarter.

The company reported total revenue of US$192.7 million, up from US$179.2 million in the first quarter of 2013.

Management noted in a conference call to discuss results that Japan would remain its key market in 2013. The company is increasing module tolling for sister company, Hanwha Q CELLS as both brands are doing well in Japan.

Management said that shipments attributed to tolling would increase through the rest of the year and account for around 25% of shipments in the fourth quarter.

Regional markets

Other than Japan, Hanwha SolarOne continued to benefit from its module supply contracts under the South African REIPPP system in the second quarter, accounting for 20% of revenue, compared to 21% in the previous quarter.

However, the company noted that its 155MW supply deals are nearing completion and expects to increase shipments in China in the second-half of the year as PV project momentum increases.

Shipments to key European markets of Germany and UK remained stable at 12% and 3% respectively.

In the US, the company expects to target rooftop markets and grow shipments past the 7% of sales reached in the second quarter of 2013.

Korea actually accounted for 5% of second quarter shipments volume, which management noted was expected to remain a new emerging market for the company.

Financial results

Increased demand, higher factory utilization rates and stable average selling prices (ASPs) led to the company reducing net loss in the quarter to US$19.9 million, down from US$28.6 million in the first quarter of 2013.

The company posted a gross profit of US$10.6 million, while its gross margin improved to 5.5%, compared with 2.6% in the first quarter.
Hanwha SolarOne guided third quarter shipments would be in the range of 300MW to 325MW, inline with the second quarter actual shipments.

The company confirmed that it was expecting full-year shipments to be in the range of 1.2GW to 1.4GW, which included 30-35% from module tolling services.

The company reiterated that its manufacturing capacity remained unchanged at 800MW for ingot and wafer production and 1.3GW for cell production and 1.5GW for module production.

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