昱辉阳光公布2017第四季度及全年财报

发布于 2018年4月26日
昱辉光能科技有限公司 
ReneSola Ltd announced its unaudited financial results from continuing operations for the fourth quarter and full year ended December 31, 2017.

Unless otherwise specified, the results presented herein exclude discontinued operations. Discontinued operations relate to the Company's manufacturing business (including polysilicon, solar wafer, solar cell and solar module manufacturing) and LED distribution business which were disposed of in the third quarter of 2017. The Company's full financial results including discontinued operations are not available at this time.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "2017 was a transformative year for the Company. We exited the manufacturing business, becoming a pure play in the rapidly growing project development market. As a result, the fundamentals for our project business significantly improved. We achieved profitability and maintained a healthy balance sheet, providing the financial flexibility to drive growth. In 2017, we successfully connected 270MW of solar rooftop projects in China and entered into the Hungarian market with a pipeline of 38.4MW. Additionally, our overall solar power project pipeline remains solid at around 1.1GW."

Li continued, "Fourth quarter results were largely in-line with our expectations. On a year-over-year basis, Q4 revenue growth was over 60%, and operating income was up over 136%. We remain excited about the opportunities ahead of us, and believe that our talented team, diversified geographic coverage and track record of success at every stage of project development will position us for profitable growth."

Fourth Quarter 2017 Highlights


- Revenue was $64.8 million, compared to the guidance range of $55 million to $60 million;

- Gross margin was 10.5%, compared to 17.5% in Q3 2017 and 9.9% in Q4 2016;

- Income before income tax and noncontrolling interests from continuing operations was $2.0 million, compared to $4.0 million in Q3 2017 and $1.7 million in Q4 2016;

- Recognized revenue of $44.4 million from sales of distributed generation (DG) projects in China, community solar projects in the United States and utility projects in Turkey;

- Recognized revenue of $15.4 million from EPC services for 25MW of DG projects in China;

- Recognized revenue from the sale of electricity of $5.0 million;

- Connected 76.8MW of rooftop projects in China which the Company intends to hold; 

- Solar power project pipeline of approximately 1.1GW, of which 546.5MW are late-stage.

Full Year 2017 Highlights


- Revenue increased 27.9% to $103.0 million from $80.5 million in 2016;

- Gross margin was 13.7%, compared to 9.0% in 2016;

- Income before income tax and noncontrolling interests from continuing operations was $3.5 million, compared to $0.2 million in 2016;

- Recognized revenue of $64.8 million from sales of solar projects;

- Recognized revenue of $25.9 million from the EPC business;

- Recognized revenue from the sale of electricity of $12.3 million; and

- Connected a total of 270MW of rooftop projects in China.

Fourth Quarter 2017 Financial Results

Revenue from continuing operations was $64.8 million was up 78.6% q/q and up 61.2% y/y. 

- Revenue from the Project Development business was $44.4 million as we recognized revenue from sales of projects of 44.2MW in China, 8.1MW in Turkey and 13.3MW in Minnesota.

- Revenue from the EPC business was $15.4 million as we recognized revenue from the provision of EPC services of 25MW in China.

- Revenue from the sale of electricity was $5.0 million. The Company generated 22.6 million kwh of electricity from its operating projects in China during the quarter.

Gross profit of $6.8 million was up 7.3% q/q and 71.5% y/y. Gross margin was 10.5%, compared to 17.5% in Q3 2017 and 9.9% in Q4 2016. 

Operating expenses were $2.0 million, down from $2.5 million in Q3 2017 and up slightly from $1.9 million in Q4 2016. Sales and marketing expenses were $0.6 million, essentially flat when compared to Q3 2017. General and administrative expenses were $1.7 million, down modestly from $1.9 million in Q3 2017.

Operating income was $4.9 million, compared to $3.8 million in Q3 2017 and $2.1 million in Q4 2016. 

Total non-operating expenses of $2.9 million included interest expenses of $1.1 million and foreign exchange loss of $1.7 million.

Income before income tax and noncontrolling interests from continuing operations was $2.0 million, compared to $4.0 million in Q3 2017 and $1.7 million in Q4 2016. 

Financial Position

The Company had cash and cash equivalents of $13.4 million as of December 31, 2017, compared to $5.2 million as of September 30, 2017. Long-term borrowings were $32.5 million as of December 31, 2017, associated with the Romanian projects. Other long-term liabilities were $67.5 million as of Decemember 31, 2017, associated with the financial leasing payables for rooftop projects in China.

Full Year 2017 Financial Results

Revenue from continuing operations was $103.0 million was up 27.9% y/y.

- Revenue from the Project Development business was $64.8 million.

- Revenue from the EPC business was $25.9 million.

- Revenue from the sale of electricity was $12.3 million.

Gross profit of $14.1 million was up 95.4% y/y. Gross margin was 13.7%, compared to 9.0% in 2016. 

Operating expenses were $7.6 million, up from $4.9 million in 2016. Sales and marketing expenses were $1.7 million, up from $0.5 million in 2016. General and administrative expenses were $6.2 million, down from $6.8 million in 2016.

Operating income was $6.6 million, compared to $2.3 million in 2016. 

Total non-operating expenses of $3.0 million included interest expenses of $3.9 million and foreign exchange gains of $0.9 million.

Income before income tax and noncontrolling interests from continuing operations was $3.5 million, compared to $0.2 million in 2016. 

Recent Business Updates

- The Company are now in late stage discussion with a strategic investor to form a partnership to co-own the Company's China DG Holdco. The investor plans to inject 200 million RMB in cash into the Holdco, in exchange for minority interest of the Holdco. We are hoping to finalize the details of our partnership in a few days.

- In recent months the Company successfully penetrated the Hungarian solar market, securing a project pipeline of 38.4MW. Additionally, the Comapny is developing solar projects in other new markets, including Spain, South Korea and India. In Spain, the Company currently has an early-stage pipeline of 162MW.

- In the first quarter of 2018, the Company was awarded 16 solar projects in France with a combined capacity of 4.65MW.

- In March 2018, the Company announced that it formed a strategic partnership with Green City Energy, a subsidiary of Green City e.V., a Munich, Germany-based project developer and financier focused on building, financing and operating renewable energy power plants in selected European markets, to jointly develop four solar parks in the south of France with a total installed capacity of 69MW, generating approximately 105 million kWh of solar power per year.

- In March 2018, the Company announced that Mr. Weiguo Zhou, an independent director and a member of compensation committee and nominating and corporate governance committee, was appointed interim Chief Financial Officer. Mr. Zhou succeeds Maggie Ma, whose resignation was effective February 28. Mr. Zhou has stepped down as an independent director during the period he serves as interim Chief Financial Officer and remains a member of the board of directors and a member of compensation committee and nominating and corporate governance committee.

Operating Assets and Completed Projects for Sale

The Company continues to pursue opportunities in small-scale projects in diversified regions and believes its strategy can capitalize on trends in solar energy development. ReneSola currently owns over 187MW of rooftop projects in operation, which are concentrated in a handful of eastern provinces of China with attractive development environments. As of December 31, 2017, the Company had over 28MW of rooftop projects under construction and anticipates owning approximately 350-400MW of rooftop projects in China by the end of 2018.


As of December 31, 2017, the Company currently has 4.6MW of completed projects for sale.


Outlook

For the first quarter of 2018, the Company's project business is expected to generate revenue in the range of $30 to $35 million and overall gross margin in the range of 15% to 20%. During the first quarter of 2018, the Company expects to connect 5MW to 10MW of DG projects in China, and to monetize 5MW projects in international markets.

For 2018, the Company expects to generate revenue in the range of $130 to $140 million with overall gross margin in the range of 20 to 25%. The Company intends to connect 150MW to 200MW of DG projects in China, and to monetize 50MW to 70MW projects in international markets.


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