Greentech Lead Asia: China Sunergy, a solar cell and
module manufacturer, clocked $110.8 million in total revenue in Q4 2011, a
decrease of 24 percent over the third quarter of 2011 and a decrease of 34.7
percent over the fourth quarter of 2010.
The quarterly results reflected a combination of
industry-wide factors such as a peak in European installation activity, and
company-specific factors including continued declines in average selling price
and goodwill write-downs.
Shipments in the fourth quarter of 2011, increased by 0.5 percent and totaled 116.8MW (116.4MW of which were module
shipments), the highest quarterly shipment volume recorded to date.
ASP per watt for the Company’s solar modules was US$0.94,
down 25.4 percent since the third quarter of 2011.
Gross profit was US$0.2 million, and gross margin turned
positive to 0.2 percent.
GAAP net loss was US$49.6 million. Adjusted non-GAAP net
loss was US$34.8 million in the fourth quarter of 2011, with an adjusted
non-GAAP margin of negative 31.4 percent.
GAAP net loss per ADS was US$3.71 on both a basic and a
diluted basis, compared to a net loss per ADS of US$2.34 on both a basic and a
diluted basis in the third quarter of 2011 and net income per ADS of US$1.15 on
a basic and US$1.11 on a diluted basis in the fourth quarter of 2010.
In 2011, company’s total net revenue was US$566.3
million, increasing by 9.5 percent over the previous year.
Shipments totaled 420.3MW (411.5MW of which were module
shipments) in 2011, representing a year-on-year growth of 20.8 percent in terms
of total volume in megawatts, and 6.1 times the module shipments of 2010.
The total shipments exceeded the Company’s most recent guidance.
Gross profit for 2011 was US$1.8 million, a 98.0 percent
decrease from 2010, and gross margin was 0.3 percent for the whole year.
GAAP net loss for 2011 was US$94.3 million, compared to a
net income of US$51.7 million in 2010, and net margin was negative 16.7 percent
for the full year. Adjusted non-GAAP net loss was US$79.5 million in 2011, with
an adjusted non-GAAP margin of negative 14.0 percent.
The Company believes that weak market demand and industry
oversupply will continue to adversely affect its business in at least the first
half of 2012.