昱辉阳光公布2018年第二季度财报

发布于 2018年9月7日
昱辉光能科技有限公司 
ReneSola Ltd announced its unaudited financial results for the second quarter ended June 30, 2018.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "We are quite satisfied with our second quarter performance. Revenue was at the high end of our expectations, and we meaningfully improved our operating margin. Second quarter gross profit and operating income were identical to the first quarter. These results demonstrate our steadily improving earnings power, as we continue to scale up the new business model we initiated last year."

Li continued, "In August, we announced a very important development, the potential sale of our operating DG assets in China to Brookfield. Should we reach a deal during the 60 day exclusivity period, this sale will provide substantial capital for us to recycle back into the growth of our business. We remain optimistic about our opportunities around the world, and look forward to funding the continued growth of our 1.5GW pipeline."

Second Quarter 2018 Highlights


- Revenue was $27.8 million, toward the high end of the guidance range of $20 to $30 million;

- Gross margin was 30%, compared to 19% in Q1 2018;

- Income before income tax and noncontrolling interests was $0.4 million, compared to $5.4 million in Q1 2018 and $0.8 million in Q2 2017;

- Key constituents of revenue:

$10.1 million from the Project Development business, mainly from sales of utility solar projects in North Carolina, United States;

$7.6 million from EPC services for 8.4MW of distribued generation projects in China

$9.9 million from the sale of electricity

- Installed 13.1MW of rooftop projects in China and 14.0MW of projects in Poland;

- Solar power project pipeline of approximately 1.51GW, of which 670.2MW is late-stage.

Second Quarter 2018 Financial Results

Revenue was $27.8 million, compared to $44.8 million in Q1 2018 and $1.6 million in Q2 2017.

Revenue from the Project Development business was $10.1 million, due mainly to sales of 6.7MW of utility-scale projects in North Carolina, United States.

Revenue from the EPC business was $7.6 million due to EPC services for 8.4MW of distribued generation projects in China.

Revenue from the sale of electricity was $9.9 million. The Company generated 63.3 Million Kwh of electricity from its operating DG projects in China.

Gross profit was $8.2 million, compared to a gross profit of $8.4 million in Q1 2018 and $1.1 million in Q2 2017. Gross margin was 30%, compared to 19% in Q1 2018, mainly due to a greater mix of electricity sales due to the seasonality of solar irradiation.

Operating expenses were $2.3 million, slightly down from $2.5 million in Q1 2018 and up from $1.9 million in Q2 2017. Sales and marketing expenses were $0.2 million, slightly up from $0.1 million in Q1 2018. General and administrative expenses were $2.7 million, slightly up from $2.4 million in Q1 2018.

Operating income was $5.9 million, same as to operating income in Q1 2018 and compared to an operating loss of $0.7 million in Q2 2017.

Total non-operating expenses of $5.5 million included interest expenses of $2.6 million and foreign exchange loss of $2.9 million, mainly driven by the depreciation of EUR,GBP and PLN against USD.

Income before income tax and noncontrolling interests was $0.4 million, compared to an income of $5.4 million in Q1 2018 and a loss of $0.8 million in Q2 2017.

Net income was $0.4 million, compared to an income of $5.4 million in Q1 2018 and $0.8 million in Q2 2017.

Financial Position

The Company had cash and equivalents of $24.8 million as of June 30, 2018, compared to $10.9 million as of March 31, 2018. Long-term borrowings were $72.7 million as of June 30, 2018, compared to $32.7 million as of March 31, 2018, due mainly to loans for renewed construction in Poland. The loan term and size for Polish projects was extended during the quarter. Long-term failed sale-lease back and capital lease liabilities, associated with the financial leasing payables for rooftop projects in China, were $85.0 million as of June 30, 2018, compared to $78.2 million as of March 31, 2018. The increase was mainly due to the corresponding growth of the Company's DG operating assets.

Recent Business Updates

- On September 5, the Company held its annual general meeting in Shanghai, and approved the following: the consolidated financial statements of the Company for the year ended December 31, 2017, together with the reports of the auditors; the re-election of Mr. Martin Bloom as a director of the Company, who is retiring by rotation and offering himself for re-election in accordance with the Company's articles of association. The Company's shareholders denied the proposed resolution of the re-appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors of the Company until the conclusion of the next annual general meeting.

- On August 30, 2018, the Company announced that in Budapest it closed on long-term project financing with K&H Bank, one of Hungary's largest banking and financial services firms, to develop an approximately 8MW KAT-licensed solar project in Hungary. The 8MW projects are expected to be grid-connected by October, 2018. ReneSola has two more KAT-licensed project portfolios seeking project financing from K&H Bank.

- On August 21, 2018, the Company appointed Grant Thornton as its independent registered public accounting firm. Grant Thornton replaces PricewaterhouseCoopers Zhong Tian LLP ("PwC"). The appointment of Grant Thornton was approved by the Board of Directors and its Audit Committee after an extensive evaluation process.

- On July 31, 2018, ReneSola announced an exclusive negotiating agreement to sell its operating distributed generation assets in China, which have a total capacity of 207MW. The potential buyer is an affiliate of Brookfield Asset Management. The exclusivity period is 60 days from the date of signing.

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 226.5MW of operating rooftop projects, which are concentrated in a handful of eastern provinces of China with attractive development environments. As of June 30, 2018, the Company had over 134.0MW of rooftop projects under construction.


As of June 30, 2018, the Company had 24.4MW of completed projects, which are currently for sale.


Outlook

For the third quarter of 2018, the Company's project business is expected to generate revenue in the range of $15 to $20 million and overall gross margin in the range of 35% to 40%. During the third quarter of 2018, the Company expects to monetize 13MW of projects.

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 monetize 250MW to 300MW projects.


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