Daqo New Energy Announces Unaudited Fourth Quarter and Fiscal Year 2012 Results

Mon Apr 1, 2013 6:00am EDT

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CHONGQING, China,  April 1, 2013  /PRNewswire/ -- Daqo New Energy Corp. (NYSE:
DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer
based in  China, today announced its unaudited financial results for the fourth
quarter and fiscal year 2012.

Fourth Quarter 2012 Financial and Operating Highlights

* Polysilicon shipments were approximately 592 metric tons, or MT, including 
323 MT  shipped from our Xinjiang facilities. Wafer shipments were 4.8 MW.  
* Revenues* were  $6.2 million, compared to  $21.1 million  in the third quarter
of 2012 and  $27.3 million  in the fourth quarter of 2011. The sales proceeds
from polysilicon made by the Xinjiang facilities during pilot production period
were excluded from the revenues recorded in the fourth quarter of 2012.  
* Gross loss* was  $11.1 million, compared to  $10.8 million  in the third
quarter of 2012 and  $11.7 million  in the fourth quarter of 2011.  
* Gross margin* was negative 178.5%, compared to negative 51.1% in the third
quarter of 2012 and negative 43.0% in the fourth quarter of 2011.  
* Operating loss* was  $55.9 million, compared to  $15.7 million  in the third
quarter of 2012 and  $45.7 million  in the fourth quarter of 2011. Excluding 
$42.8 million  of long-lived asset impairment, the non-GAAP operating loss in
the fourth quarter of 2012 was  $13.1 million.  
* Operating margin* was negative 902.5%, compared to negative 74.2% in the third
quarter of 2012 and negative 167.0% in the fourth quarter of 2011. Excluding 
$42.8 million  of long-lived asset impairment, the non-GAAP operating margin in
the fourth quarter of 2012 was negative 212.1%.  
* Net loss attributable to Daqo New Energy Corp. shareholders was  $75.6
million, compared to  $15.5 million  in the third quarter of 2012 and  $39.4
million  in the fourth quarter of 2011. Excluding  $42.8 million  of long-lived
asset impairment and  $19.9 million  valuation allowance for deferred tax asset,
the non-GAAP net loss attributable to shareholders was  $12.9 million.  
* Earnings per fully diluted ADS** were negative  $10.76, compared to negative 
$2.21  in the third quarter of 2012, and negative  $5.61  in the fourth quarter
of 2011.

 *   From continuing operations. The Company disposed of its module manufacturing business in September 2012, which is presented as discontinued operations.                                                                                                                                                                              
 **  Effective on December 21, 2012. Daqo adjusted the ratio of its American depositary shares ("ADSs") representing ordinary shares from one (1) ADS for five (5) ordinary shares to one (1) ADSs for twenty-five (25) ordinary shares. All per ADS figures in this announcement give effect to the forgoing ADS to share ratio change.  


Full Year 2012 Results Financial and Operating Highlights

* Polysilicon shipments were 3,585 MT including  323 MT  shipped from our
Xinjiang facilities in the fourth quarter of 2012. Polysilicon shipments in 2012
decreased 9.2% from 2011.  
* Revenues* were  $86.9 million, a decrease of 62.6% from 2011.  
* Gross loss* was  $37.4 million, compared to gross profit of  $87.2 million  in
2011.  
* Gross margin* was negative 43.1%, compared to positive 37.6% in 2011.  
* Operating loss* was  $88.5 million, compared to operation income of  $50.8
million  in 2011.  
* Net loss attributable to Daqo New Energy Corp. shareholders was  $111.9
million, compared to net income attributable to the shareholders of  $33.3
million  in 2011.  
* The earnings per fully-diluted ADS** were negative  $15.92, compared to
positive  $4.74  in 2011.

 *   From continuing operations. The Company disposed of its module manufacturing business in September 2012, which is presented as discontinued operations.                                                                                                                                                                              
 **  Effective on December 21, 2012. Daqo adjusted the ratio of its American depositary shares ("ADSs") representing ordinary shares from one (1) ADS for five (5) ordinary shares to one (1) ADSs for twenty-five (25) ordinary shares. All per ADS figures in this announcement give effect to the forgoing ADS to share ratio change.  


"In September of 2012, we started pilot production for polysilicon in our Phase
II facilities in Xinjiang. Thanks to the dedication and hard work of our
technical and operation teams, we produced  617 MT  of polysilicon in our
Xinjiang facilities in the fourth quarter of 2012. We shipped  323 MT  to our
customers and  139 MT  internally to our wafer manufacturing business in the
fourth quarter of 2012. We successfully reached our targets in terms of capacity
and cost structure by the end of first quarter 2013. Our total production cost
of polysilicon in Xinjiang was already below  $20/kg in  February 2013  and we
believe there is still room for further improvement. Now we are working
intensely to maximize the output and further reduce the cost in Xinjiang,"
commented Dr. Gongda Yao, Chief Executive Officer of the Company. "Since the end
of 2012, we do see the demand for polysilicon is picking up, the average selling
price is increasing and the payment terms are improving. We are confident that
we are well positioned in the current challenging market with Xinjiang
facilities' low cost and high quality polysilicon products."

Dr. Yao continued, "As for our facilities in Wanzhou, we have successfully
conducted annual maintenance in the fourth quarter of 2012. We have already
completed the technical improvement project of Hydrogen vent gas recovery. The
other two projects of DCS recovery and electrical system modification for CVD
reactors are ongoing. In addition, we are also evaluating various technical
improvement options for further cost reduction.

"In the fourth quarter of 2012, due to the continued challenging supply and
demand conditions in the wafer segment, we recognized an impairment of
long-lived assets of our wafer facilities in the amount of  $42.8 million. The
recording of the impairment charge was to reflect the less than expected
profit-generating ability of our wafer assets. In addition, considering the
uncertainty in the solar market, the Company determined it was
more-likely-than-not that our deferred tax assets would not be utilized before
they expire and recorded a valuation allowance for deferred tax assets
recognized in the prior periods in the amount of  $19.9 million.

"Although it is still early to say the downturn is over, we are encouraged to
see the solar market has begun to stabilize across the value chain since the end
of 2012. We believe that 2013 will be a year of growth especially in  Asia 
where  China,  Japan  and  India  will make a great contribution, and other
emerging markets like  Africa,  South America, and the  Middle East," Dr. Yao
concluded.



Fourth Quarter 2012 Results

Revenues*



Revenues were  $6.2 million, compared to  $21.1 million  in the third quarter of
2012 and  $27.3 million  in the fourth quarter of 2011.

The sales proceeds from polysilicon made by the Xinjiang facilities during pilot
production period were excluded from the revenues recorded in the fourth quarter
of 2012.



Gross loss and margin*

Gross loss was  $11.1 million, compared to  $10.8 million  in the third quarter
of 2012 and  $11.7 million  in the fourth quarter of 2011.

Gross margin was negative 178.5%, compared to negative 51.1% in the third
quarter of 2012 and negative 43.0% in the fourth quarter of 2011.

Gross margin decreased compared to the third quarter of 2012 and fourth quarter
of 2011, because in the fourth quarter of 2012, our Wanzhou polysilicon
facilities were in the process of annual maintenance and technology improvement
with no polysilicon output and the sales proceeds from polysilicon made by the
Xinjiang facilities were excluded from the revenues in such period.



Selling, general and administrative expenses*



Selling, general and administrative expenses were  $1.8 million  in the fourth
quarter of 2012, compared to  $5.1 million  in third quarter of 2012 and  $2.6
million  in the fourth quarter of 2011.  

The decrease from the third quarter of 2012 and fourth quarter of 2011 was
primarily due to our effort on cost reduction. The Company recorded  $2.1
million  bad debt provision in the third quarter of 2012.  

Research and development expenses*



Research and development expense was  $2.8 million  in the fourth quarter of
2012, compared to  $0.3 million  in the third quarter of 2012 and  $0.3 million 
in the fourth quarter of 2011. The Company incurred additional research and
development expenses for our Xinjiang Phase II polysilicon facilities to achieve
the targets for product quality, capacity and cost during the pilot production
period, which are not expected to recur.

Long-lived assets impairment loss*

In the fourth quarter of 2012, the Company recorded a  $42.8 million  impairment
of long-lived assets for our wafer facilities. The impairment of long-lived
assets of our wafer facilities was to reflect the market challenges that have an
adverse effect on the expected profit-generating ability of assets. In the
fourth quarter of 2011, the Company recognized a long-lived assets impairment of
 $34.6 million  for our wafer assets.

Other operating income*



Other operating income was  $2.5 million  in the fourth quarter of 2012,
compared to  $0.6 million  in the third quarter of 2012 and  $3.6 million  in
the fourth quarter of 2011. Other operating income was mainly composed of
unrestricted cash incentives that the Company received from local government
authorities, which fluctuates from period to period.

Operating loss and margin*

As a result of the foregoing, operating loss was  $55.9 million, compared to 
$15.7 million  in the third quarter of 2012 and  $45.7 million  in the fourth
quarter of 2011. Excluding  $42.8 million  of long-lived asset impairment, the
non-GAAP operating loss in the fourth quarter of 2012 was  $13.1 million.

Operating margin was negative 902.5%, compared to negative 74.2% in the third
quarter of 2012 and negative 167.0% in the fourth quarter of 2011. Excluding 
$42.8 million  of long-lived asset impairment, the non-GAAP operating margin in
the fourth quarter of 2012 was negative 212.1%.

Net Interest expense*

Net interest expense in the fourth quarter of 2012 was  $3.4 million, compared
to  $3.6 million  in the third quarter of 2012 and  $2.3 million  in the fourth
quarter of 2011. The decrease from the third quarter of 2012 was primarily due
to debt repayment. The increase from the fourth quarter of 2011 was primarily
due to the increase of the Company's loan balance related to Xinjiang project.



Income tax expense / benefit*

Income tax expense in the fourth quarter of 2012 was  $19.9 million, compared to
income tax benefit of  $5.5 million  in the third quarter of 2012 and income tax
benefit of  $11.1 million  in the fourth quarter of 2011.

In consideration of the uncertainty in the solar market, the Company determined
it was more-likely-than-not that our deferred tax assets would not be utilized
before they expire and recorded a valuation allowance for deferred tax assets
recognized in the prior periods in the amount of  $19.9 million.

Net loss attributable to our shareholders and earnings per share**

As a result of the aforementioned, net loss attributable to Daqo New Energy
Corp. shareholders was  $75.6 million, compared to  $15.5 million  in the third
quarter of 2012 and  $39.4 million  in the fourth quarter of 2011. Excluding 
$42.8 million  of long-lived asset impairment and  $19.9 million  valuation
allowance for deferred tax asset, the non-GAAP net loss attributable to
shareholders was  $12.9 million. Earnings per fully diluted ADS** were negative 
$10.76  compared to negative  $2.21  in the third quarter of 2012, and negative 
$5.61  in the fourth quarter of 2011.

 *   From continuing operations                                                                                                                                                                                                                                                                                                           
 **  Effective on December 21, 2012. Daqo adjusted the ratio of its American depositary shares ("ADSs") representing ordinary shares from one (1) ADS for five (5) ordinary shares to one (1) ADSs for twenty-five (25) ordinary shares. All per ADS figures in this announcement give effect to the forgoing ADS to share ratio change.  


Full Year 2012 Results

Revenues*

Revenues were  $86.9 million, compared to  $232.2 million  in 2011. The decrease
was primarily attributable to  $145.5 million  decrease of the revenues
generated from sales of polysilicon, partially offset by  $2.8 million  increase
of the revenues generated from sales of wafer. The Company shipped approximately
3,585 MT of polysilicon and 42.5 MW of wafer during 2012, compared to 3,947 MT
of polysilicon and 16.8 MW of wafer during 2011.



Gross loss and margin*

Gross loss for 2012 was  $37.4 million, compared to gross profit of  $87.2
million  for 2011 .Gross margin was negative 43.1% for 2012, compared to
positive 37.6% for 2011.

The change in gross profit and gross margin from 2011 was primarily due to lower
average selling price and lower shipment of polysilicon.

Selling, general and administrative expenses*



Selling, general and administrative expenses were  $12.9 million  in 2012,
compared to  $13.1 million  in 2011.

Research and development expenses*



Research and development expense was  $4.1 million  in 2012, compared to  $0.7
million  in 2011. The Company incurred additional research and development
expenses for our Xinjiang Phase II polysilicon facilities to achieve the targets
for quality, capacity and cost during the pilot production period, which are not
expected to recur.

Long-lived assets impairment loss*

The Company recognized a  $42.8 million  impairment loss for the long-lived
assets of its wafer facilities in the fourth quarter of 2012. The impairment
loss of long-lived assets of our wafer facilities was to reflect the market
challenges that have an adverse effect on the profit-generating ability of the
assets. In 2011, the Company recognized an impairment loss for the long-lived
assets of its wafer facilities of  $34.7 million.

Other operating income*



Other operating income was  $8.7 million  in 2012, compared to  $12.0 million 
in 2011. Other operating income was mainly composed of unrestricted cash
incentives that the Company received from local government authorities, which
fluctuates from period to period.

Operating loss and margin*

As a result of the foregoing, operating loss was  $88.5 million  in 2012,
compared to operating income of  $50.8 million  in 2011. Operating margin was
negative 101.6% in 2012, compared to positive 21.9% in 2011.

Net Interest expense*

Net interest expense in 2012 was  $14.4 million, compared to  $7.4 million  in
2011. The increase from 2011 was primarily due to the increase of the Company's
loan balance related to Xinjiang project.

Income tax expense*

Income tax expense was  $10.3 million, compared to  $2.7 million  for 2011.

In consideration of the uncertainty in the solar market, the Company determined
it was more-likely-than-not that our deferred tax assets would not be utilized
before they expire and recorded a valuation allowance for deferred tax asset in
2012.

Net income (loss) attributable to our shareholders and earnings per share**

As a result of the aforementioned, net loss attributable to Daqo New Energy
Corp. shareholders for 2012 was  $111.9 million, compared to net income
attributable to Daqo New Energy Corp. shareholders of  $33.3 million  in 2011.  

The earnings per fully-diluted ADS** were negative  $15.92, compared to positive
 $4.74  in 2011.

 *   From continuing operations                                                                                                                                                                                                                                                                                                           
 **  Effective on December 21, 2012. Daqo adjusted the ratio of its American depositary shares ("ADSs") representing ordinary shares from one (1) ADS for five (5) ordinary shares to one (1) ADSs for twenty-five (25) ordinary shares. All per ADS figures in this announcement give effect to the forgoing ADS to share ratio change.  


Financial Condition

As of  December 31, 2012, the Company had  $17.3 million  in cash and cash
equivalents and restricted cash, compared to  $53.8 million  as of  September
30, 2012. As of  December 31, 2012, the accounts receivable balance was  $27.8
million, compared to  $26.4 million  as of  September 30, 2012. As of  December
31, 2012, total borrowings were  $307.8 million, of which  $187.5 million  were
long-term borrowings, compared to total borrowings of  $333.6 million, including
 $210.2 million  long-term borrowings as of  September 30, 2012.

Outlook for First Quarter 2013



For the first quarter of 2013, the Company expects to ship  720 MT  of
polysilicon. The Company also expects to ship approximately 3.6 MW of wafer and 
150 MT  of polysilicon ingots and blocks. This outlook reflects our current and
preliminary view and may be subject to change. Our ability to achieve this
projection is subject to risks and uncertainties. See "Safe Harbor Statement" at
the end of this press release.



About Non-GAAP Financial Measures

To supplement Daqo's consolidated financial results presented in accordance with
United States Generally Accepted Accounting Principles ("GAAP"), Daqo uses in
this press release non-GAAP operating loss and operation margin, which exclude
long-lived asset impairment, and non-GAAP net loss attributable to shareholders
which excludes long-lived asset impairment and valuation allowance for deferred
tax asset. The presentation of the non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. Daqo believes that the non-GAAP
financial measure facilitates investors' and management's comparisons to Daqo's
historical performance and assists management's financial and operational
decision making.

Conference Call

The Company has scheduled a conference call to discuss the results at  8:00 AM
Eastern Time  on  April 1, 2013.

The dial-in details for the live conference call are as follows:

 United States:  + 1-800-860-2442  
 International:  + 1-412-858-4600  
 China(N):       10-800-712-2304   
 China(S):       10-800-120-2304   
 
Hong Kong:     
800-962475       


The conference ID number is 10026760.

You can also listen to the conference call via Webcast through the URL: 
http://www.visualwebcaster.com/event.asp?id=93046

A replay of the call will be available 1 hour after the end of the conference
through  April 11, 2013  at  9:00am ET.

The conference call replay numbers are as follows:

 United States:  + 1-877-344-7529  
 International:  + 1-412-317-0088  


The conference ID number for accessing the recording is 10026760.

Investors will also have the opportunity to listen to the replay over the
Internet through the investor relations section of Daqo New Energy's web site
at:  www.dqsolar.com



About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) is a leading polysilicon manufacturer based in 
China. Daqo New Energy primarily manufactures and sells high-quality polysilicon
to photovoltaic product manufacturers. It also manufactures and sells
photovoltaic wafers. For more information about Daqo New Energy, please visit 
www.dqsolar.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among other things, the
outlook for the first quarter of 2013 and quotations from management in this
announcement, as well as Daqo New Energy's strategic and operational plans,
contain forward-looking statements. The Company may also make written or oral
forward-looking statements in its reports filed or furnished to the U.S.
Securities and Exchange Commission, in its annual reports to shareholders, in
press releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause actual results
to differ materially from those contained in any forward-looking statement,
including but not limited to the following: the demand for photovoltaic products
and the development of photovoltaic technologies; global supply and demand for
polysilicon; alternative technologies in cell manufacturing; our ability to
significantly expand our polysilicon production capacity and output; the
reduction in or elimination of government subsidies and economic incentives for
solar energy applications; and our ability to successfully implement our
vertical integration strategy. Further information regarding these and other
risks is included in the reports or documents we have filed with, or furnished
to, the Securities and Exchange Commission. Daqo New Energy does not undertake
any obligation to update any forward-looking statement, except as required under
applicable law. All information provided in this press release and in the
attachments is as of the date of this press release, and Daqo New Energy
undertakes no duty to update such information, except as required under
applicable law.

 Daqo New Energy Corp.                                                                                                                             
 Unaudited Preliminary Condensed Consolidated Statement of Operations and Comprehensive Income                                                     
 (US dollars in thousands, except ADS and per ADS data)                                                                                            
                                                                                                                                                   
                                   Three months Ended                                                   Year Ended Dec 31,                       
                                        Dec 31,  2012       Sep 30, 2012       Dec 31, 2011       2012               2011        
                                                                                                                                 
 Revenues                               $6,193              $21,117            $27,346            $86,858            $232,170    
 Cost of revenues                       (17,245)            (31,909)           (39,092)           (124,290)          (144,946)   
 Gross (loss)/profit                    (11,052)            (10,792)           (11,746)           (37,432)           87,224      
 Operating expenses                                                                                                              
 Selling, general and                   (1,806)             (5,137)            (2,583)            (12,930)           (13,089)    
 administrative expenses                                                                                                         
 Research and                           (2,793)             (300)              (300)              (4,131)            (744)       
 development expenses                                                                                                            
 Other operating income                 2,516               569                3,563              8,729              12,029      
 Impairment of long-lived assets        (42,754)            -                  (34,603)           (42,754)           (34,668)    
 Total operating expenses               (44,837)            (4,868)            (33,923)           (51,086)           (36,472)    
 (Loss)/income from                     (55,889)            (15,660)           (45,669)           (88,518)           50,752      
 operations                                                                                                                      
 Interest expense                       (3,573)             (3,817)            (2,459)            (15,408)           (9,258)     
 Interest income                        197                 213                173                990                1,847       
 Foreign exchange gain                  (55)                (21)               93                 (56)               (149)       
 (loss)                                                                                                                          
 (Loss)/Income before                   (59,320)            (19,285)           (47,862)           (102,992)          43,490      
 income taxes                                                                                                                    
 Income tax                             (19,917)            5,450         *    11,135             (10,254)           (2,718)     
 benefit/(expense)                                                                                                               
 Net (loss)/income from                 (79,237)            (13,835)           (36,727)           (113,246)          40,772      
 continuing operations                                                                                                           
                                                                                                                                 
 Loss from discontinued                 -                   (260)              (2,436)            (2,393)            (5,858)     
 operations                                                                                                                      
                                                                                                                                 
 Net (loss) income                      (79,237)            (14,095)           (39,163)           (115,639)          34,914      
 Net (loss)/income                      (3,645)             1,448              259                (3,708)            1,590       
 attributable to                                                                                                                 
 noncontrolling interest                                                                                                         
 Net (loss)/income                      $(75,592)           $(15,543)          $(39,422)          $(111,931)         $33,324     
 attributable to Daqo New                                                                                                        
 Energy Corp. shareholders                                                                                                       
                                                                                                                                 
 Net (loss) income                      (79,237)            (14,095)           (39,163)           (115,639)          34,914      
 Other comprehensive                                                                                                             
 income:                                                                                                                         
 Foreign currency translation           2,696               3,427              3,861              3,839              17,760      
 adjustments                                                                                                                     
 Total other comprehensive              2,696               3,427              3,861              3,839              17,760      
 income                                                                                                                          
 Comprehensive (loss)/income            (76,541)            (10,668)           (35,302)           (111,800)          52,674      
 Comprehensive                          (2,458)             2,991              1,991              (2,076)            7,906       
 (loss)/income attributable to                                                                                                   
 noncontrolling interest                                                                                                         
 Comprehensive                          $(74,083)           $(13,659)          $(37,293)          $(109,724)         $44,768     
 (loss)/income attributable                                                                                                      
 to Daqo New Energy Corp.                                                                                                        
 shareholders                                                                                                                    
                                                                                                                                 
                                                                                                                                 
 (Loss)/Earnings per ADS                                                                                                         
 --Continuing operations                (10.76)             (2.17)*            (5.26)*            (15.58)            5.57*       
 --Discontinued operations              -                   (0.04)*            (0.35)*            (0.34)             (0.83)*     
 Basic                                  (10.76)             (2.21)*            (5.61)*            (15.92)*           4.74*       
 --Continuing operations                (10.76)             (2.17)*            (5.26)*            (15.58)*           5.57*       
 --Discontinued operations              -                   (0.04)*            (0.35)*            (0.34)*            (0.83)*     
 Diluted                                (10.76)             (2.21)*            (5.61)*            (15.92)*           4.74*       
 Weighted average ADS                                                                                                            
 outstanding                                                                                                                     
 Basic                                  7,028,564           7,028,564*         7,028,564*         7,028,564          7,028,564*  
 Diluted                                7,028,564           7,028,564*         7,028,564*         7,028,564          7,028,564*  
                                                                                                                                                   
 *ADS and (loss) earnings per ADS amounts were retrospectively adjusted to reflect the change in the ratio of the Company's                        
 American Depositary Shares to ordinary shares from 1:5 to 1:25, effective from December 21, 2012.                                                 


 Daqo New Energy Corp.                                                                                                                                 
 Unaudited Consolidated Balance Sheet                                                                                                                  
 (US dollars in thousands)                                                                                                                             
                                                                                                                                                       
                                                                 Dec 31, 2012              Sep 30, 2012              Dec 31, 2011       
                                                                                                                                        
 ASSETS:                                                                                                                                
 Current Assets:                                                                                                                        
 Cash and cash equivalents                                       6,679                     24,162                    92,697             
 Restricted cash                                                 10,650                    29,673                    11,600             
 Accounts receivable, net                                        27,823                    26,410                    19,082             
 Note Receivable                                                 4,631                     1,540                     3,663              
 Prepaid expenses and other current assets                       23,934                    17,439                    11,153             
 Advances to suppliers                                           738                       1,216                     2,847              
 Inventories                                                     15,136                    12,717                    24,176             
 Amount due from related party                                   6,562                     7,103                     9,887              
 Deferred tax assets-current                                     358                       11,397                    4,348              
 Total current assets                                            96,511                    131,657                   179,453            
 Property, plant and equipment, net                              677,895                   722,165                   636,475            
 Prepaid land use right                                          36,158                    35,433                    35,316             
 Deferred tax assets                                             1,057                     16,367                    17,901             
 Other non-current assets                                        4,687                     9,941                     9,332              
 TOTAL ASSETS                                                    816,308                   915,563                   878,477            
                                                                                                                                        
                                                                                                                                        
 Current liabilities:                                                                                                                   
 Short-term borrowings, including current portion of             120,280                   123,455                   111,805            
 long-term borrowings                                                                                                                   
 Accounts payable                                                12,346                    9,795                     10,480             
 Note payable                                                    21,334                    23,761                    4,557              
 Advances from customers                                         29,396                    13,745                    26,061             
 Payables for purchases of property, plant and equipment         45,469                    48,418                    37,145             
 Accrued expenses and other current liabilities                  7,618                     9,993                     9,164              
 Amount due to related party                                     23,708                    8,631                     3,159              
 Income tax payable                                              160                       5,986                     15,470             
 Total current liabilities                                       260,311                   243,784                   217,841            
                                                                                                                                        
 Long-term borrowings                                            187,521                   210,159                   165,646            
 Accrued warranty cost                                           -                         -                         444                
 Advance from customers - long term portion                      -                         15,398                    12,508             
 Payables for Purchases of Property, Plant and Equipment         1,126                     3,025                     4,158              
 Other long Term Liabilities                                     26,472                    25,804                    25,853             
 TOTAL LIABILITIES                                               475,430                   498,170                   426,450            
 EQUITY:                                                                                                                                
                                                                                                                                        
 Ordinary shares                                                 18                        18                        18                 
 Treasury stock                                                  (495)                     (225)                     -                  
 Additional paid-in capital                                      144,756                   144,423                   142,512            
 Retained earnings                                               38,276                    113,869                   150,205            
 Accumulated other comprehensive income                          19,551                    18,082                    18,444             
 Total Daqo New Energy Corp.'s shareholders' equity              202,106                   276,167                   311,179            
                                                                                                                                        
 Noncontrolling interest                                         138,772                   141,226                   140,848            
 Total equity                                                    340,878                   417,393                   452,027            
                                                                                                                                        
 TOTAL LIABILITIES & EQUITY                                      816,308                   915,563                   878,477            


For further information, please contact:

Daqo New Energy Corp.
Kevin He, Investor Relations
Phone: +86-23-6486-6556
Email:  Kevin.he@daqo.com

SOURCE  Chongqing Daqo New Energy Co., Ltd.

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