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China Sunergy Company Limited (NASDAQ:CSUN)

Q2 2012 Earnings Call

August 30, 2012 8:00 AM ET

Executives

Elaine Li – Senior IR

Stephen Cai – CEO

Yongfei Chen – CFO

Jianhua Zhao – Chief Technology Officer

Analysts

James Medvedeff – Cowen & Company

Paul Stigler

Aaron Chew

Christine Hershey

Philip Lee

Operator

Good morning. My name is Brandy and I will be your conference operator today. At this time, I would like to welcome everyone to China Sunergy’s Q2 2012 Conference Call. All lines have been placed on mute to prevent background noise. After the speaker’s remarks, there’ll be a question-and-answer session.

(Operator Instructions)

Thank you, Elaine Li, Senior Investor Relations Manager. You may begin.

Elaine Li

Thank you, operator, and welcome to China Sunergy’s second quarter 2012 earnings conference call. This is Elaine Li speaking, China Sunergy’s Senior Investor Relations Manager. We have posted a presentation for this call on our website, which we’ll be closely following and referring to during our prepared remarks.

With us today are China Sunergy’s CEO, Mr. Stephen Cai; CFO, Mr. Yongfei Chen; and CTO, Dr. Jianhua Zhao. Their photographs can be seen on the page three of the presentation. Today, before the market opened, the company issued a press release announcing our second quarter financial results and our guidance for the third quarter of 2012. This press release is also available on the Investors section of China Sunergy’s website at www.chinasunergy.com.

To start, Stephen will present overview of our second quarter results and the important developments that have taken place this year. Then our CFO, Mr. Chen, will explain financial results in more detail. Following that, Dr. Zhao will give a technology update. Stephen will close with guidance predictions. Afterwards, they will all be available to take questions.

Before I turn the call over to Stephen, may I remind our listeners that management-prepared remarks 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 today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. China Sunergy does not make – 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 Cai

Thank you all for joining. We are reporting (inaudible) this quarter. And by now, you know that we are all operating in a scientifical environment. With the shrinking short term demand, falling prices, fewer feed in tariffs and a high cash flow. The key is how we are performing relative to peers and how determined we are to get through this period?

We believe that our second quarter result, while disappointing, do demonstrate that we are competing as effectively as we can in this market and are working creatively as a management team to optimize our business model. On the positive side, our shipments have totaled over 150 megawatts, which was precisely within the guidance provided the last quarter and are almost have doubled our shipment in last quarter.

We also made good progress in further reducing sale and the module in the silicon of conversion cost, which we will discuss in detail later on the call. However, first we’ve pre-announced to the market on August 13, our gross margin fell short of original guidance by the roughly 5% due to the fast falling ASPs and the depreciation of the euro against the U.S. dollar during the period.

Our revenue in Q2 were $110 million. Gross margin were close to a breakeven level at negative 0.3% and then we incurred a net loss of $30 million for the quarter.

We are reviewing our ForEx hedging policies to mitigate current losses going forward. With the exception of the foreign currency fluctuations, these results were not surprising. We all know that the solar industry is still being the middle of that difficult transition. Handle prices are still falling. There’s still a serious overcapacity and an inventory buildup program which is driving ASPs down.

Our own ASPs dropped 12.8% to $0.75 per watt and that will go lower. The situation is made worse by the conservative behavior of the Europe local banks who are taking longer to approve financing for solar projects. Yet, solar energy is below repair, electricity prices and EMEA with parity in some of the Europe and the Middle East. And we can see that long-term outlook is favorable.

Fundamentally, our strategy remains unchanged, which is to provide best solar product at the lowest possible cost. We will strive to lower our cost at a faster pace than four of the ASP but we are realistic that it may be very difficult to achieve healthy gross margin this year.

To mitigate this risk, we are working hard to explore more financially, look creative ways to reach the target market, such as investing in solar parks as developers. We will make steady and incremental improvements in the efficiency, quality and the service for our solar panels. We assure you that in our quest to lower manufacturing cost we will never compromise our quality.

Furthermore, in addition to looking for opportunities to invest selectively in balancing the projects and offer more after sales service, we will try to move our sales teams and some of our operations closer to market and the customers. We are confident that we can continue to grow our business on an independent basis and that we expect the industry return to profitability in a medium term future.

Now I want to update you on our progress in further penetrating key solar markets. See slide eight. This quarter Germany became our largest market at 27.5% followed by Italy at 23.5%. Bulgaria and Australia contributed 9.4% and 9.2%, respectively. We are on track to capture a double-digit market share in Bulgaria again this year. Sales through our home countries of China made up 6.2% of the sales.

In China, we prefer to be project developer right at the end just as supplier as we end to avoid utility company projects that do not offer good payment terms.

As for the U.S. and Japan, we are still laying the groundwork for our sales expansion in these territories. We are actually in the process of establishing our U.S. cell and module manufacturing plant to serve American customers. And then we can see that the U.S. market is really picking up and it will be huge.

We also just signed a contract with our leasing and financing company to expand our rooftop project or business in U.S. which could amount to 30 megawatts in the rest of this calendar year. Last quarter we mentioned that we would further localize our sales force, and then indeed we have.

In Germany, France, Italy and in South Africa, over 50% of our sales force has been localized. We also told you we have invested in some towns in the project. Of the five projects in which we invested in Italy, three of them have been connected to the grid and has started to generate cash flow. The other two ought to be able to generate cash flow in September.

We would like to sell this project and I recognize the revenue in the first quarter compared to the same pre-selling modules, project offer potential for better and a more stable gross margins. Also we can supply modules in exchange for equity in the project with a pre-agreed feed-in tariffs. Just as we face anti-dumping duties, and trading barriers in U.S., we are also facing the potential risk in Europe where German companies sort of ordered, that has filed litigation with Yi Yu commission.

In the event of a possible anti-dumping tax there, we are setting up the ability to serve the European market from a plant that we have planned to locate in Turkey. Sales of our flagship product through Sun modules totaled 12 megawatts out of our total 150 megawatts shipped in the second quarter but QSAR is growing as a proportion of the total sales. We have only one line with a 35-megawatt capacity running now.

Please see slide 13, after our R&D center is completed, there will be more QSAR production lines, one 35-megawatt research line in October and a two more QSAR lines of 35-megawatt each in December, for a total capacity of 140-megawatt high efficiency sales. We will be able to utilize our expanded sales force to sell a high volume of QSAR modules and at a price premium of about 5%. Our average QSAR efficiency rates are now very stable at 18.8% and the highest batch reached 19.4%. These efforts will be explained in more detail by Dr. Zhao. One of the areas where we have made the most progress is in lowering production cost. We have placed a huge focus on this over the past few quarters, and again have a good news to report.

See slide six. In Q2, we lowered conversion cost for cells by $0.03 or nearly 16% to $0.16 per watt and a lowered conversion cost for modules by $0.02 or nearly 6% to $0.33 per watt, sorry $0.23 per watt. Reducing this conversion cost is a key way to survive in an environment of declining ASPs. However, cost only stay low when we are operating at a high level of capacity utilization. And although volume will be down in Q3, we will see further improvements again in Q4.

Now, I want to comment on the industry at large and global solar demand in 2012. We are seeing global demand for the year to be around 26 gigawatts. Meanwhile, global capacity is still over 45 gigawatts. So supply and the demand is not in balance.

Industry consolidation both in Western countries and in China is inevitable and price will fall furthermore but not as dramatically as they did in 2011.

As you can hear from all these updates, the company is proactively planning for the future. We have the stable management team, strong technology, a clear strategy, a good global reputation and strong cash position, and the support from our lenders and the strategic partners. We are doing everything necessary to ensure that CSUN business model is sustainable and that we are well-positioned for the solar industry eventual recovery. We believe that the size and the scale of our business makes us more involved than peers and we can in fact change more easily. We are confident we will be around for the long term.

In closing, before I return to offer our guidance for Q3, I would like to thank our teams for their hard work. Now, I’d like to turn the floor over to Chen Yongfei, our CFO, to go through our numbers in detail. Mr. Chen?

Yongfei Chen

Thank you, Stephen. Please turn to page 10 to 12 in the PowerPoint presentation.

In the second quarter of 2012, we achieved a total of 150.3 megawatts, nearly doubled the shipments last quarter. And a year-on-year increase of 68.3%, this shipment volume was within our latest balance of 1.5 to 1.55 megawatts.

As Stephen said, although we expect global demand to remain soft for the rest of the year, we believe we have put momentum and are gaining market share in some key countries. Due to the continuing decrease ASP and also the euro depreciating against the U.S. dollar here in the second quarter, our revenues of $110.4 million while lessening our expectation are still showed a large increase of 61.2% over the first quarter.

Our ASP at $0.75 per watt was $0.11 lower than the previous quarter and it continues to fall. However, it was bearing in mind that 80% of our sales are denominated in Europe, and before counting for the currency fluctuations the ASP fall in euros was not as deep.

Our gross margin was negative 0.3%. We experienced gross losses of $300,000 for this quarter. This resulted in a net loss for the second quarter was $30.3 million. Our net loss per ADS was negative $2.26 on both a basic and diluted basis. This quarter, our bank debt provisions were $3.1 million less than last quarter. In addition, we generated a onetime gain of around $2.2 million by repurchasing our own convertible bonds at a discount.

In the future, our company will be aiming to have less debt and a better debt mix such as using more long-term loans and U.S. denominated loans which have a lower cost than RMB denominated loans. I also want to mention that we had interest income of $2.2 million. The increase mainly came from the short-term investment in banks where measurement products in Q2.

SG&A expenses of $14.7 million, $0.101 lower than last quarter. During the period, general and administrative expenses decreased by $2.2 billion which came mainly from the decreased bank debt provision.

As Stephen mentioned, we are under the process of reorganization now, so you will see an expense reduction in next two quarters. We recorded low bank debt provisions this quarter, although we still incurred an unpaid balance of around $3.1 million.

Inventory levels decreased 3.1% to $53.3 million. The company will continue to maintain inventory at a reasonable level through the rest of this year by producing when orders are placed. During this quarter, we have project assets of $13.6 billion on our balance sheet for the five projects in Italy Stephen talked about. We are planning to sell these projects and hope to recognize their revenues in the first quarter.

As you may notice, our short-term loans increased to $447.3 million in this quarter. Working capital (inaudible) and to maintain a healthy level of cash on hand, we are discussing expanding our relationships with major Chinese banks beyond working capital needs and into project financing as well.

CapEx was $10.7 million this quarter, mostly for the expansion of cell and module lines. We are carefully considering any expansion and is still taking a lower and a more conservative approach in order to conserve cash.

We maintain a strong cash position. At quarter end, we have $416.5 million of cash and cash equivalents and restrictive cash. Despite the fact that we improved our cash flow in the first quarter with $85 million in positive cash flow, we have an operating cash outflow of $55.9 million in the second quarter. Cash flow is still positive for the first half of the year. And we packaged a positive cash flow for the entire year.

Now, moving on to technology, Dr. Zhao will update you on our latest technology progress.

Jianhua Zhao

Thank you Mr. Chen. Please see slide 13. We have made solid progress in the last quarter. The batch average efficiency of QSAR cells is now 18.8% and even topped to 19.4% at times. So we believe that the production average efficiency will soon improve to this level. Our new R&D center will be opened in Q4 and we will have a wide research stable line there to produce new types of advanced cell targeting about 20% efficiency.

In the new research center building, there will also be four standard cell lines and a two-mount QSAR lines with a combined total high efficiency cell capacity of 114 megawatts. Also included in the new research center will be an advanced module research line to test new types of module technologies and world-class module reliability testing facilities to improve our module product performance and quality.

Now back to you, Stephen.

Stephen Cai

Thank you, Dr. Zhao. I would like to close with a guidance for the third quarter of 2012.

Please refer to slide 14. We expect shipments in Q3 to be in range of 80 megawatts to 85 megawatts. Gross margin is expected to maintain at a breakeven level. We are still forecasting a net loss.

Our guidance for the full year is to be revised to 400 megawatts to 420 megawatts. The above guidance is based on the best available information we had at the present and assumes a euro-U.S. dollar exchange rate. That is based on the average in June. We will update market is we have further insights or specific updates.

Now, we would like to take your questions. Our Senior Investor Relation Manager, Elaine Li, will facilitate this session and assist management in answering question, translating each question. If anything does not get answered satisfactorily on this call, please do contact us afterwards. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) Your first question is from James Medvedeff.

James Medvedeff – Cowen & Company

Good evening. Can you hear me?

Stephen Cai

Good evening.

Elaine Li

Yeah.

James Medvedeff – Cowen & Company

I’m with Cowen and Company. Let’s see I have a couple of questions. I’m having a little trouble reconciling if wafers are $0.28 and cell conversion is $0.16 and module conversion is $0.23 that adds up to $0.67 and with a $0.75 ASP, it seems like you should have 10% or 11% gross margin. What – is there something wrong with my math?

Elaine Li

Hi, James.

James Medvedeff – Cowen & Company

Hi.

Unidentified Company Representative

Give me a few second to translate to CFO.

Yongfei Chen

Hi James. It’s actually the $0.67 is manufacturing cost. There are actually inventory carried over from last quarter. You have to calculate those in...

James Medvedeff – Cowen & Company

So the $0.67 – I’m sorry.

Yongfei Chen

We carried about 37 megawatt of modules from Q1, something around 40 megawatts from Q1. So that cost will be brought into this quarter’s cost of goods sold. And the $0.67 is only meant (inaudible).

James Medvedeff – Cowen & Company

Okay.

Yongfei Chen

Yes, thank you.

James Medvedeff – Cowen & Company

So under absorption and the FX – effects are included in these cents per watt estimates or numbers?

Yongfei Chen

Yes, for the cost goods sold include the carried over cost and our tax loss, yes.

James Medvedeff – Cowen & Company

Okay. Was the other 5.8 megawatts all cells or did you do some total manufacturing in the quarter?

Elaine Li

They’re all cell. (Foreign Language - Chinese)

Unidentified Company Representative

(Foreign Language - Chinese)

Elaine Li

They are solar cells.

James Medvedeff – Cowen & Company

Okay, and then just one final one. The restricted cash balance is up quite a bit. But what does that relate to?

Elaine Li

(Foreign Language - Chinese)

Unidentified Company Representative

(Foreign Language - Chinese)

Elaine Li

Hi there. In Q2, we used our more notes payable to pay the payments. So they have to – they have a 50% – guaranteed deposits, yes.

James Medvedeff – Cowen & Company

Okay, thank you very much.

Elaine Li

Thank you, James.

Operator

(Operator Instructions) Your next question comes from Paul Stigler.

Paul Stigler

Hey, guys. I’ve got two quick ones. One, all of your peers even though they are guiding to Q3 shipments down similar to you, maybe not as severe a decline but certainly a decline. They are guiding to processing costs coming down in Q3, and I guess, it seems like you guys are burdening yourself with under absorption or the depreciation on the capacity you’re not going to be utilizing? Is there an – I guess an accounting rule about how you sort of allocate that DNA between cost to goods sold and operating expenses? Because I think you’re the only company that’s shown – that will expect an increase on processing costs for Q3, and I think that’s the honest way to show it. I was just curious if there’s another way to sort of get sort of costs that money utilization into the operating expense line?

Yongfei Chen

In Q3, because we have a lower utilization rate, so the dollar conversion costs may rise to $0.18. And margin from conversion costs that will rise $0.01 to $0.24. At the end of the year, we hope we will go back down to $0.15 and $0.25 for our cell and module respectively. And on part, during here, it’s nothing to do with depreciation and amortization. It’s just because of a lower running rate.

Paul Stigler

Okay, okay. I understand that but I guess, it seems like you guys are presenting an honest representation of what cost will be in Q3

Yongfei Chen

Yeah.

Paul Stigler

In terms of how much you plan to manufacture, whereas a lot of your peers, despite guiding shipments down from Q2, still expect or will report Q3 processing cost down? And I was wondering if you’re doing it one way and they’re doing it another way in terms of reporting? But I’ll deal with that later and my second question, can you guys just talk about sort of where you see ASPs in Q3 and Q4?

Yongfei Chen

Yeah, we do not give a specific guidance on ASP. ASP is also hard to predict in the U.S. dollar because most of the sales are in euro. But however, we think it is possible that ASP will be down, which will close to $0.60 by the end of this year.

Paul Stigler

That’s 60? 6-0 cents?

Yongfei Chen

Yeah, $0.60.

Elaine Li

6-0 yes.

Paul Stigler

Yup. You guys have often been right, very right about that. You guys have put up some scary numbers and have often been right. So I appreciate it. Thank you very much.

Elaine Li

Thank you.

Yongfei Chen

Thank you.

Operator

(Operator Instructions) Your next question comes from Aaron Chew.

Aaron Chew

Hey, Steve and Lyn. Thanks for the question, I appreciate it. A couple if I may. One, expanding a little bit further on the module ASP question. I totally understand if the reluctance to offer guidance. But maybe you could just touch a little bit on the ASP variance among some of the markets out there, really trying to get a little bit more clarity on how some of these emerging markets, primarily in Southeast Asia where you have exposure like Thailand and Malaysia? How are Thailand, Malaysia’s module ASPs differ from – let’s say Europe on the one hand and China on the other? Are they still higher than China or are they somewhat similar to the lower ASPs in that market?

Stephen Cai

Thanks for the question. We have been focusing on the several big market, yeah, big markets including Asian market as well. But I think in Asian market’s ASP, I see still was slightly higher than China. But unfortunately now, we don’t have the more sales in Asia at the moment. But I know that China’s, the price is the lower than Asia area. But because the fees are only – has been focusing on the commercial top project. We will not get into the big projects of that local stay on utility so that means our price in China is now lower is the quite reasonable price now.

Aaron Chew

Okay. Could also maybe offer a little color as to the wafer price environment, and I mean just in terms of what you’re procuring externally? I know you highlighted $0.28 for the quarter but how are wafer – I guess how are spot wafer prices or your own contract pricing trending in the second half of this year? Do you think wafers stay flat or do these or is there actually room for declines from your suppliers?

Yongfei Chen

For sure that the price of wafer will go inbound. In second half this year, we already see that – see some as a trend of the wafer pricing which is jumped down as well. So in Q3, our forecast of the wafer cost is $0.26 per watt. And in the Q4, we still think the cost of the wafer will fall down again.

Aaron Chew

Okay. Fair enough. Last question, any thoughts from – as an operator in China on how you think this polysilicon tariff that’s being discussed or I guess is being investigated and potentially, maybe actually finalized in late September. Any thoughts on how this is going to shake out and maybe how you think that may impact your own sourcing strategy logistically? Just to clarify, I’m referring to the chatter that China may institute a retaliatory tariff on imports of polysilicon from U.S., Korea, maybe Europe?

Yongfei Chen

We just heard some story about this polysilicon business issue but we’re not involved in this polysilicon business, the polysilicon just as our supplier. So we don’t have more comments on the polysilicon industry thing. So we’re just waiting for the result.

Aaron Chew

Okay, fair enough. Thanks much.

Yongfei Chen

Thank you.

Elaine Li

Thank you, Aaron.

Operator

(Operator Instructions) Your next question over James Medvedeff.

James Medvedeff – Cowen & Company

Hi, thanks for taking a follow-up call. I just wanted to go back through some of these cost of goods sold estimates numbers again. As if that, as if to just get a sense of what they might look like if you were fully utilized. What was the – what is your capacity now in cell conversion and module conversions?

Stephen Cai

Now, our module capacity is 900 megawatts and cell capacity is still is 400 megawatts.

James Medvedeff – Cowen & Company

Okay. So that would imply that you had to purchase about 50 megawatts of cells on the open market, is that correct?

Stephen Cai

Yeah. Sometimes we have. We did.

James Medvedeff – Cowen & Company

And what are you seeing for those prices?

Stephen Cai

The cells – the price – cells and price in Q2 is $0.46 per watt.

James Medvedeff – Cowen & Company

That’s what you paid for them? Okay. Is that correct? That’s what you paid for cells?

Stephen Cai

Yes.

James Medvedeff – Cowen & Company

And that was about a third. It looks like to be maybe 50 megawatts, is that correct?

Stephen Cai

Yes, correct.

James Medvedeff – Cowen & Company

Okay. Then just again to circle back on the – what would the cell conversion cost – I guess you ran fully utilized in cells, but a little bit underutilized in modules. What would the module conversion cost have looked like if you were fully utilized in Q2?

Stephen Cai

In Q2, our module conversion cost is – okay. So if we could full utilization of the module capacity or the – it seems like that module conversion cost will reach to $0.20 to $0.21 per watt.

James Medvedeff – Cowen & Company

Okay, great. Thank you very much.

Stephen Cai

Thank you.

Elaine Li

Thank you.

Operator

(Operator Instructions) Our next question comes from Christine Hershey.

Christine Hershey

Hi, thanks for taking the question.

Stephen Cai

Hi.

Christine Hershey

I was wondering if you could talk a little bit about developing projects in China right now. And if you could give us an estimate of how big you think the China market is? We’ve heard that the first half of the year was maybe a little bit slower than people expected and there were some issues, getting projects connected to the grid and in some cases getting feed-in tariffs paid out. So I was just wondering if you could give us what you’re seeing in terms of the project development. Thanks.

Stephen Cai

So Christine, you said this project means announcing the project, right?

Elaine Li

Yeah.

Christine Hershey

Yes.

Stephen Cai

Okay. We are still developing Chinese project as well. But we focus on there’s a real public project there in China. CSUN only have been focusing on the full private project. We don’t have the top line on our hand for big grounded project in China. But we are developing the project potentially. So in China, we are thinking about this total China market side this year is about 3 gigawatt to 4 gigawatt. But this is – and there are some potential uncertainty there. So I think the project pace will be slightly slowed down in this year. First half – in the first half of this year the pace of the project already being slowed down as we know because there’s a lot of issues happened in terms of connection limit, limit the electricity supplier by local company, and some local government permission process issue a lot of things.

Elaine Li

Christine, do you have any other question?

Christine Hershey

No I think that’s it. Thank you.

Elaine Li

Hello?

Stephen Cai

Thank you. Christine.

Operator

Next question comes from Philip Lee.

Philip Lee

Hello. Could you repeat your outlook and timeframe for ASPs? I’m sorry I missed it earlier. Thank you.

Stephen Cai

Okay. So we do not give specific guidance on ASP. ASP is so hard to predict in the future. However, we think it is possible that ASP will be close to $0.50 in the end of this year.

Philip Lee

Okay. Thank you.

Stephen Cai

Thank you.

Elaine Li

Thank you.

Operator

(Operator Instructions) There are no further questions at this time. And thank you. This concludes today’s conference. You may now disconnect.

Stephen Cai

Okay.

Elaine Li

There’s closing remarks.

Stephen Cai

Disconnect.

Elaine Li

Are we disconnected?

Stephen Cai

Okay.

Operator

Are there any closing remarks?

Stephen Cai

Yes. Thank you for participating in today’s quarterly earnings call. We look forward to speaking with you again on next earnings call or in between calls. Thank you.

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