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Executives

Elaine Li – Senior Investor Relations Manager

Stephen Zhifang Cai – Chief Executive Officer

Yongfei Chen – Chief Financial Officer

Dr. Jianhua Zhao – Chief Technical Officer

Analysts

James Medvedeff – Cowen & Company

Paul Strigler – Esplanade Capital

China Sunergy Co., Ltd. (CSUN) F1Q13 Earnings Call July 1, 2013 8:00 AM ET

Operator

Ladies and gentlemen, welcome to China Sunergy's first quarter 2013 earnings call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. Ms. Elaine Li, Senior Investor Relations Manager, you may begin your conference.

Elaine Li

Thank you operator and welcome to CSUN’s first quarter 2013 earnings conference call. This is Elaine Li speaking CSUN’s Senior Investor Relations Manager. We have posted a presentation for this call on our website and during today’s discussion; we’ll be closely following and referring to.

With us today are CSUN’s CEO, Mr. Stephen Cai, CFO, Mr. Yongfei Chen, and CTO, Dr. Jianhua Zhao. Today before the market opened, the company issued the press release announcing our first quarter 2013 financial results and our guidance for the second quarter and full year 2013. This press release is also available on the Investors Section of our website at www.csun-solar.com.

To start, Stephen will present an overview of our first quarter results and a quick review of important developments in the solar industry during the quarter. Then, CFO, Mr. Chen will explain our financial results in more details. Following that, CTO, Dr. Jianhua Zhao will provide a technology update and then Stephen will close with guidance for second quarter and full year 2013. Afterwards, we will all be available to take your questions.

Before I turn the call over to Stephen, may I remind our listeners that management’s prepared include forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties and as such, our results may be materially different from the views expressed here today.

A number of potential risks and uncertainties are outlined in our public filings with the SEC. China Sunergy does not undertake any obligation to update any forward-looking statements, except as required under applicable law. As a reminder, this conference is being recorded.

Now I'd like to turn the call over to CEO, Mr. Stephen Cai. Stephen?

Stephen Zhifang Cai

Thank you, Elaine. Thank you all for joining today’s conference call. We are pleased that despite the industry’s persistent oversupply and anticipated ASP downward trend, CSUN was able to grow revenue and has returned to the positive gross margin in this quarter.

We believe this demonstrated our relative success in stating and executing our operational strategy, diversifying geographically and optimizing global supply chains.

As summarized on slide four, in the first quarter, we grew revenue by 13% from the pre quarter to $62 million, but we shipped a total of 102.5 megawatts, which was 31% more than fourth quarter.

Our ASP for the first quarter decreased to $0.59 a watt, which was nearly 8% lower than previous quarter. More importantly, we were able to quickly improve gross margin and returned to a positive 0.4% compared with negative gross margin of 3.7% in the pre quarter.

As previously discussed, we always want to further penetrate the emerging market in order to diversify customer base and mitigating the competition risk. And I think we did a good job with that this quarter.

As you can see this on slide five, though Europe continue to lead in terms of demand, Asia have quickly gained initial revenue contribution with a strong demand coming from India, Japan and China. The emerging markets in Asia contributed the higher revenue growth in our total mix with India, Japan and China contributing 15%, 13% and 9% of total revenue respectively.

In the quarter, Europe with an overall revenue contribution of the 60% remained a largest destination for our products. Within Europe, we have also improved revenue mix with revenues contributions from France, Germany and Italy up 26%, 17% and 6% respectively.

We believe the overall demand in Europe was negatively impacted by that investigation of EU AD and our CVD [Antidumping and countervailing duties] during the quarter. Notably, total installations in Germany decreased more than 50% year-over-year, followed by Italy, Belgium and some of the other major EU solar markets.

One bright spot in Europe was France, which became our largest revenue contributor during the quarter driven by French government doubling of the 2013 solar installation target from 500 megawatt to 1 giga, as well as a much more simplified tender process.

We expect the challenging situation in Europe to persist, however, we are pleased [to Greenfield] [ph] our Turkey plant which we will be talking about later. We will continue to execute on our strategy of the diversifying geographic mix, especially in making the inroad into the emerging markets.

We view Japan, China, Turkey and the Indian as important markets for CSUN in the second half of 2013.

Next, please turn to slide six for a quick update on our progress in downstream projects. As of 10 megawatt project in UK, one has been connected and will start generating revenue in the third quarter, while other is in the application process to qualify for FIT.

In addition, our commercial roof top project totaling 22 megawatt from China’s Golden Sun project will be completed at the end of the August. Last week, we just received approval from China National Development and Reform Commission known as the NDRC for the construction of the 40 megawatt solar project in Hami City, Xinjiang, which will deploy our high efficient poly modules.

We are very pleased with our first project in China as it marks a milestone for both our market expansion and the downstream strategy. As you may know, Hami has one of the best sunlight conditions for solar projects in China and we expect the project will generate a high investment return and contribute high profitability to CSUN.

As such, we are confident that we can achieve our 2013 goal of generating roughly 20% of the total revenue from the downstream project highlighting a steady evolution in our business model to capture high margins. We are looking forward to making some more announcements regarding downstream projects in the upcoming quarters.

Now, let’s turn to the slide seven for a review of the conversion costs. This quarter, conversion cost of the cells and modules manufacturing were at $0.16 and $0.20 per watt respectively compared to $0.15 and $0.20 in pre quarter. The $0.01 increase in the conversion cost of the cells are primarily due to lower production volume during spring [festival] [ph].

The current conversion cost of our cells and modules in the first quarter was in line with our internal estimates and we are confident to achieve our roadmap of improving them to $0.12 and $0.19 a watt respectively by the end of this year.

Next, please turn to slide eight on our progress in optimizing global supply chain. By the end of this first quarter, the company has completed installation of the 300 megawatt module capacity, of which, 120 megawatt had already begun operations in January and in May our Turkey module capacity has reached to 300 megawatts and we planned that 100 megawatt of cell capacity to begin production in August.

We expect Turkey to become our largest manufacturing base out of China. Through this relocation of our capacity from China to Turkey, we will not only produce the PV cell and modules close to our European customer, but also will seek downstream opportunities there as well as in its neighboring countries.

More strategically, the Turkey plant will serve as a buffer against the potential impact from the possible anti-dumping rulings in Europe or as well in the future. In fact, our Turkey plant has already won large orders from European customers and we expect orders to further expand in the second half of this year.

Going forward, we plan to eventually fulfill all orders from Europe and North America from our Turkey plant, while all other orders from Asia and emerging markets will be fulfilled from our plant in China. Our focus for the remainder of the 2013 will emphasize on fully functioning of the Turkey plant and more importantly, on profitability.

We will put great importance on downstream project and expansion in emerging markets which requires time and discipline to properly develop. As such, we made decision to temporarily ship less in the second half of 2013 in order to gain greater profitability and a stronger foundation for sustainable growth in 2014 and beyond.

Now, I’d like to turn the call over to Yongfei Chen, our CFO to go through the numbers in detail.

Yongfei Chen

Thank you, Stephen. When we evaluated our financial performance in the first quarter of 2013, as well as our performance in recent years, we realize that we had initially focused our efforts and incentives primarily on market penetration, shipment and revenue growth.

However, as Stephen just mentioned, we believe that to ensure long-term sustainability for CSUN, our top priority in the near term will be to focus on profitability. As such, although the first quarter of 2013 was still tough overall, we were encouraged that we were able to generate positive gross margins and largely narrowed net losses, as we were more disciplined in customer selection and more effective in receivables and inventory management.

Now let us turn to slide nine of the PowerPoint presentation for more details on financials. In the first quarter of 2013, we shipped a total of 102.5 megawatts, an increase of 30.7% of the first quarter of 2012.

Our revenue this quarter was $51.7 million, up 13.4% sequentially, driven primarily by increase in shipment volumes. Our module ASP at $0.59 per watt, was $0.05 lower than the previous quarter due mainly to the industry’s persistent imbalance of supply and demand.

Importantly, we returned to positive gross profit of $0.3 million in the first quarter, compared with gross loss of $2 million in the prior quarter as we benefited from a more throughput revenue mix, previous quarter’s lower inventory cost and this quarter’s lower inventory provisions.

This quarter, inventory provisions decreased to $0.4 million, compared with $1.2 million in the prior quarter. Overall, gross margin for the quarter was 0.4% compared with gross margin of negative 3.7% a quarter ago.

During the quarter, the G&A expense was $7.6 million, compared with $33.1 million in the prior quarter, comparatively bad debt provision was only $0.2 million in the first quarter versus $26.1 million in previous quarter. We will continue to tightly control OpEx, forcefully collect bad debts and optimize headcount.

As a side note, there was $5.9 million in other operating expenses due to the Euro dollar exchange loss resulted from the depreciation of euros in the first quarter. All in all, net loss attributable to ordinary shareholders narrowed to $22.9 million and non-GAAP net loss improved to $22.3 million in the first quarter of 2013.

Net loss per ADS was $1.71 in the first quarter and non-GAAP net loss per ADS was $1.67 during the period.

Going into our balance sheet items on slide ten. Our inventory level decreased to $69.1 million as we shipped more in the first quarter. We will continue to maintain inventory at reasonable level by planning production according to orders and project plans.

Reflecting our continuous efforts to improve customer selection and a tighter cost controls, net account receivables decreased to $70.7 million at the end of the first quarter. CapEx was $18.7 million this quarter, mostly used for the continued expansion of our R&D center to produce ever high efficient QSARII and Waratah products.

This quarter, we had operating cash outflow of $41.7 million primarily due to operating losses, investments in solar project assets and pay down of payables. Despite the outflows, we maintained a solid cash position with $305.5 million of cash and restricted cash by the end of the first quarter.

Let me now turn the call over to Dr. Zhao to provide you with our technology update and guidance.

Jianhua Zhao

Thank you, Mr. Chen and welcome everyone to our call. I would like to update you with our recent technology achievements. With the positioned effort of our whole R&D team, CSUN continued to achieve solid progress in all our key cell and module metrics.

As displayed on slide 11, during the first quarter, our new multi-crystalline cell products branded Waratah, which was launched in the second half of 2012 has reached a new record in average conversion efficiency of 17.5%. We are confident to achieve a 2013 year-end target of 18%.

Our QSAR annual production capacity has been increased to 105 megawatts and this QSAR cells have been all upgraded to the second generation QSARII cells. Average QSARII cell efficiency reached to 19.1% and average module power output now up to 265 watts among the highest in the few.

As discussed before, we are on track to achieve our 2013 year-end conversion efficiency goal of 19.5%. We are also planning to add another 30 megawatts in the second half of 2013.

As demonstrated on slide 12, our QSARII modules have passed TUV, SUD, 1500 volts PID test proving its excellence against PID feature and internally high system voltage. We are the first company which has passed such severe test and we believe the outstanding performance in both efficiencies and the anti-PID feature will enable CSUN to gain more market opportunity for QSARII cells.

As you may recall, we also introduced the new 1500 volts module in May at the Shanghai Seventh SNEC Exhibition, designed for higher voltage systems the new 1500 volts module will reduce power losses in electrical transformers enable less cable usage for power generation and most importantly, its PID free feature.

Lastly, we have completed the construction of our R&D center and already moved in some R&D equipment. A number of that already functional now and we expect all that will be functional by September.

Let me return the call to Stephen to provide our guidance.

Stephen Zhifang Cai

Thank you, Dr. Zhao. As I had mentioned earlier, in light of this current market environment, we have determined that revenue growth while desirable is not our highest priority at this moment. This said, we will focus on the profitability by expanding our gross margins and further optimizing our operations and expenses.

For the rest of the 2013, we will continue to focus on the downstream projects and opportunities and disciplined expansions in emerging markets. We made a decision to strategically lower our shipments outlook in 2013, while we aim to achieve high gross margins and return to early positive net income.

As summarized on slide 13, for the upcoming second quarter, we expect that shipments to be in the range of 100 megawatts to 110 megawatts. We expect gross margin to reach high single-digit level.

For full year 2013, we lower our shipment estimates to be between 500 megawatts to 550 megawatts. This balance is based on our current market conditions and it reflects our current estimate of operating condition and customer demand. Should this condition vary materially, we will update you accordingly.

At this time, I would like to take your questions. Our finance controller in term will facilitate this session and assist the people in translating question and answers. If you have additional questions of this call, please do contact us afterwards.

Operator, you may begin with the first question.

Question-and-Answer-Session

Operator

Thank you. We will now begin the question-and-answer session. (Operator Instructions) And our first question comes from the line of James Medvedeff from Cowen & Company. Please go ahead.

James Medvedeff – Cowen & Company

Good evening folks.

Stephen Zhifang Cai

Hi, good evening.

James Medvedeff – Cowen & Company

Good evening. Could you just update with all the movement of your productive assets from China to Turkey, could you update us on the cell and module capacities total, now and projected for the end of the year?

Stephen Zhifang Cai

Okay, so, currently, the capacity, both capacity of the cell and module is, module, at the moment is 300 megawatts and cells capacity will be 100 megawatts. So, in the end of this year, we still will remain this capacity.

James Medvedeff – Cowen & Company

Okay, and 200 megawatts of that is in Turkey, correct?

Stephen Zhifang Cai

No, 300 megawatts capacity.

James Medvedeff – Cowen & Company

Okay, so what you just gave me was Turkey, what about, what will be left in China?

Stephen Zhifang Cai

China now, I think it’s now just above this 600 – less than the 500 megawatts for cell and module is about this 750 megawatt in China. So, again, it’s 470 megawatts for cell in China and about 800 megawatts in China for modules.

James Medvedeff – Cowen & Company

Okay, and those are not changing between now and the year end?

Stephen Zhifang Cai

Yes, you are right. It will not change.

James Medvedeff – Cowen & Company

Okay. Just jumping around a little bit. Did you have any – you had some outside sales of cells I assume in the quarter in Q1?

Stephen Zhifang Cai

Sorry, say it again.

James Medvedeff – Cowen & Company

Did you sell any cells to third-parties in Q1?

Stephen Zhifang Cai

We will not sell the cell outside, but just a little bit. Few megawatts, I think.

James Medvedeff – Cowen & Company

Okay. And did you have any project revenues in the first quarter?

Stephen Zhifang Cai

No, we don’t have.

James Medvedeff – Cowen & Company

There is typically a small category of sales that you report as other sales, besides cells and modules, was there a third category of sales?

Stephen Zhifang Cai

No, we just sell module. If we have the cells business, just this downgrade of the cell, we will sell.

James Medvedeff – Cowen & Company

Okay.

Stephen Zhifang Cai

And also may be very smaller sales came from the wafer, that wafer means, that is also downgraded some of the wafers we were dealing with outside.

James Medvedeff – Cowen & Company

Okay. Thanks, I didn’t know that. That’s helpful. The next question I have is on CapEx. The $18.7 million in the first quarter was pretty big and I guess it was a combination of the research center and the build out in Turkey, is that correct?

Stephen Zhifang Cai

Please turn to our CFO to answer the question, just a moment.

Yongfei Chen

[Foreign Language]

Elaine Li

Mainly the CapEx in Q1 is for the R&D center, only a small percentage is for Turkey development.

James Medvedeff – Cowen & Company

Okay. Thanks, how should I think about CapEx for the rest of the year?

Elaine Li

[Foreign Language]

Yongfei Chen

[Foreign Language]

Elaine Li

There will be vertical CapEx in the rest of the year.

James Medvedeff – Cowen & Company

I am sorry, Elaine, could you speak up. I can barely hear you.

Elaine Li

For the rest of the year, the CapEx will be vertical mainly for investments for Turkey and also a small amount for rest of the investment for R&D center.

James Medvedeff – Cowen & Company

Okay. Just a couple, can I take, can I ask couple more? Should I get back in the queue at this point?

Elaine Li

Hi, James, just go ahead with the questions.

James Medvedeff – Cowen & Company

Okay, thanks. These costs, I am wondering that Q2 is basically over now and are you able to talk about generally directionally whether wafer costs, cell conversion and module conversion costs have changed much from the first quarter?

Stephen Zhifang Cai

I don’t think now each level of the cost will not be changed lot, because, the wafer cost I don’t think will change a lot and the cells, the conversion cost possibly is around $0.15 to $0.16 per watt and the module is about $0.20 per watt. That’s the number what will remain until the end of this year and not end of the second quarter.

James Medvedeff – Cowen & Company

And then how does that compare to ASP? How has ASP trended in the second quarter?

Stephen Zhifang Cai

Second quarter?

James Medvedeff – Cowen & Company

Yes.

Stephen Zhifang Cai

Okay. Second quarter, I think of, maybe about $0.64 per watt.

James Medvedeff – Cowen & Company

Okay, so that’s up $0.05, what’s driving them, why are ASPs higher in the second quarter than the first quarter?

Stephen Zhifang Cai

Yeah, that is because the orders – many orders came from the Europe with this premium price, because most – in the second quarter most of the European customers have the concerns about the antidumping ruling. So they are willing to pay this premium price to us. So that’s the key reason. Another reason is, we got orders from Japan. Japan, we still keep as a high ASP in the second quarter, such as the $0.17 per watt in Japan.

James Medvedeff – Cowen & Company

Okay, that’s helpful. Europe, if that was a pull-in for the anti-dumping, I guess, we should assume ASPs might trend lower in Q3 and Q4?

Stephen Zhifang Cai

We could not predict this result. If something happened in Europe, the anti-dumping rules happened, we will leverage the Turkey plant to deliver our shipments to Europe directly with a quite comfortable price. But if, just assume that if the anti-dumping rules happened later on, or will be delayed something, still we could deliver both way from China, from Turkey depending on different customers.

James Medvedeff – Cowen & Company

Okay, thank you. I think that’s all I have for questions right now. I am sorry, I do have one more. The interest expense was up, the debt level was down in the quarter and yet the interest expense was up. Is there something I am missing there?

Stephen Zhifang Cai

Just a moment. Let’s turn to the CFO to answer the question.

Elaine Li

[Foreign Language]

Yongfei Chen

[Foreign Language]

Elaine Li

The increase of the interest expense in Q1 was mainly due to, we have more trade financing to replace some short-term loan from the bank and also because the bank grant us less quota and with higher interest rates.

James Medvedeff – Cowen & Company

Okay, so this is, then should be a run rate for the rest of the year, I assume, this $7.6 million?

Elaine Li

[Foreign Language]

Yongfei Chen

[Foreign Language]

Elaine Li

We estimate that the interest expense will decrease for the rest of the year.

James Medvedeff – Cowen & Company

Okay, thanks, and then the tax rate I assume is near zero because of the treatment of net operating loss carry forwards?

Elaine Li

That’s correct.

James Medvedeff – Cowen & Company

So then that should continue around also a very close to zero tax rate until profitability comes into view. Is that correct?

Elaine Li

Right.

James Medvedeff – Cowen & Company

Okay, so just to be clear, the tax rate should be near zero for the rest of the year and next year?

Elaine Li

Not necessarily the end of this year or next year. Just when the company returned to profitability and we hope it will be very soon.

James Medvedeff – Cowen & Company

Okay, that’s great. Thank you all very much. I am going to go back in the queue and talk to you again soon. Thank you.

Elaine Li

Okay.

Stephen Zhifang Cai

Thank you.

Operator

Thank you. (Operator Instructions) Our next question comes from the line of Paul Strigler from Esplanade Capital. Please go ahead.

Paul Strigler – Esplanade Capital

Hey, guys. Couple humongous questions. One, just a housekeeping question, you said that your Golden Sun project would be completed in August, as I understood it, I thought June 30 was the deadline for the completion of all Golden Sun projects.

Stephen Zhifang Cai

The Golden Sun project, some of the project that will be completed in end of the June or July, some of this project could be completed in August depends on different licenses. So all projects, the 22 megawatts of the project will be completed in the end of the August. That’s the plan.

Paul Strigler – Esplanade Capital

So, what you are saying the June 30 deadline that we all thought was sort of a strict deadline, it seems like that some Golden Sun projects could lead into the third quarter, is that fair to assume?

Stephen Zhifang Cai

Yeah, you are right. They already – this project that will be completed in the end of the June, but, you know, in China, you know, we still have the allowance to – for us to delay the project to be completed. So they vertically said as the deadline is the end of the June, yes, you are right.

Paul Strigler – Esplanade Capital

And then, it seems like we are starting to hear some more news out of China about the new feeding tariff policy. Can you guys update us a little on anything maybe incremental to what the Chinese press is reporting?

Stephen Zhifang Cai

No, so far we haven’t got any – very clear guidance for just the feeding tariff in China. Just the rumors – just through the rumors we got the number, but not finalized.

Paul Strigler – Esplanade Capital

And then just finally, so you guide perhaps on your shipment guidance just a little bit. You said it was strategic decision, but is there anything that changed sort of in the demand situation in the various markets across the globe that has forced you to sort of reconsider.

How much you are going to ship this year? Has there been a slowdown in any markets, maybe aside from Europe and Japan, maybe slowed a little bit as China demanding at a slower rate than you expected or is it strictly a strategic move to just focus on profitability, versus just a weakness maybe some weakening of demand across different markets?

Stephen Zhifang Cai

Yeah, we will focus, we already review our strategy for the rest of the years. This year our priority to focus on the profitability which means we will focus on this profitable market.

So, also when you are to select customers, so, based on the current situation we will look at the Europe still will be our key market because we have the Turkey plant and then, we can guide this – we will be as profitability in the Europe market which is different from our peers, you know.

And second, we will also focus on the Japan, part of the China market and another way is that we will focus on the downstream market such as the projects, which is we’ll bring more projects. So, totally, shipments, as you mentioned that we will not change a lot, but we still we will keep our profitability with a little bit low as the estimated versus the estimated in the order of this year.

Paul Strigler – Esplanade Capital

And then just I guess, one last question to clean it all up. Just because, you are the first Chinese solar company to really speak publicly in the sort of aftermath of the European tariff decision. Have you seen any change in demand pricing, et cetera since the decision and I guess, I just want to make clear, I want to understand whether your decision to reduce shipments and all was impacted by maybe weakening demand or weakening ASPs in any particular markets?

Stephen Zhifang Cai

For CSUN, we don’t think we will change a lot of strategy for the European market because we have this Turkey plant. But, so far, that with the uncertainty, early of the August, we cannot say any – we cannot say things during there from now until early of the August, because there will be a lot of uncertainty there.

As people say that the ASP, the high percentage to reach the funnel as agreement between Europe and China and to be more compromises between the two sides. But, so far we haven’t got any solid message, yes.

Paul Strigler – Esplanade Capital

And when would you ship your last module to Europe before taking any risk that there is a 47% tariff? Are there modules on a ship right now heading to Europe for delivery into Europe? And when will you stop actually shipping into Europe or would you stop shipping into Europe and take the risk that maybe you face the 47% tariff?

Stephen Zhifang Cai

So far, we already stopped to deliver any Chinese shipment to Europe, but just the focus on our Turkey manufacturing to ship to deliver the goods to Europe. We already changed.

Paul Strigler – Esplanade Capital

Got you. All right guys, thanks so much.

Stephen Zhifang Cai

Thank you, Paul.

Elaine Li

Thank you.

Operator

Great, thank you. That’s the end of our question and answer session. I now like to hand the call back to the management for closing remarks.

Stephen Zhifang Cai

Thank you for participating in today’s quarterly earnings call. We look forward to speaking with you again soon. Thank you.

Operator

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may all disconnect.

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