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| Monday, 10 April 2017, 17:13 HKT/SGT | |
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| The Sales Revenue for the Household Solar Power Generation System Reached HK$1.235 billion |
HONG KONG, Apr 10, 2017 - (ACN Newswire) - On the evening of March 30, Hanergy Thin Film Power Generation Group issued its 2016 annual report.
Data show that for the last financial year ending 31 December 2016, Hanergy Thin Film recorded a revenue of HK$4,483,000,000, representing an increase of approximately 59%. Gross profit increased to HK$2,598,000,000, representing an increase of approximately 89% compared with the previous year. It is noteworthy that Hanergy Thin Film has successfully turned from loss to profit for the year with an annual profit of HK$252,000,000.
According to the Securities Daily, the reason for the turnaround is an increase in income in two main businesses including upstream manufacturing and downstream market applications. In particular, relying on the "dealer system", Hanergy Thin Film recorded a revenue of HK$1,235,000,000 in its household photovoltaic system last year, representing an increase of approximately 340%. In addition, the announcement shows that the company in the first quarter of 2017 received two trade receivables, with a total of HK$2,427,000,000. Cash flow conditions thus improved.
Nearly Thirty Thousand Sets of the Household Photovoltaic System were Sold in 2016
In the view of the industry, the resumption of share trading can be described as a top priority for today's Hanergy Thin Film. Fortunately, in January this year, the market saw the dawn of its trading resumption.
At that time (January 23), Hanergy Thin Film released an announcement to disclose the latest developments in the discussion about the resumption of trading with the Hong Kong Securities and Futures Commission. The announcement shows that in order to protect the interests of the Company and the shareholders as a whole, the Hong Kong Securities and Futures Commission and Hanergy Thin Film have reached a consensus on the two requirements for the resumption. Hanergy Thin Film "has and will continue to use its best endeavours to fulfill the two requirements and will seek to resume trading of its shares on the Stock Exchange as soon as possible."
And even if Hanergy Thin Film has reached a consensus with the Hong Kong Securities and Futures Commission, and the market is still concerned about whether the annual performance of Hanergy Thin Film in 2016 will increase or reduce marks in its "resumption exam".
"Hanergy Thin Film finally turned from loss to profit (annual profit of 252 million Hong Kong dollars). It should be said that it is beneficial to the company to promote the resumption of trading." An unnamed brokerage analyst said to the Securities Daily, "However, after all it is still in the suspension stage, and the difficulties it faces are self-evident."
The most impressive part in Hanergy Thin Film's 2016 annual report is the sales of nearly 30,000 sets of household photovoltaic systems, recording a revenue of HK$1,235,000,000, an approximate 340% increase as compared with a revenue of HK$281,000,000 in 2015.
Someone close to Hanergy revealed to the Securities Daily that "Hanergy has had detours in establishing its sales network, such as the large-scale premature direct sales mode. But later, the company adjusted itself in a timely manner and firmly insisted on the dealership model."
"At present, there should be about 1,200 dealers in the country, and this does not yet include the distributors." In the annual report, Hanergy Thin Film plans for the service to cover more than 90% of 2,000 franchise dealers across cities, regions and counties in 2017, hence establishing an integrated service system of sales, installation and after-sales services. The annual report also suggests that revenue for the Group's delivered production lines under its manufacturing business increased to HK$2,996,000,000 during the period, representing an approximately 55% increase as compared with the revenue in the same period last year.
At the same time, the company last year also saw gains in the development of photovoltaic power generation projects. For example, in 2016 it undertook the 90MW distributed PV poverty alleviation generation project in Qitaihe, Heilongjiang Province, the largest government PV poverty alleviation project in the province. Hanergy Thin Film also built a 5 MW ground-based distributed solar project for self-generation in Zhumadian, Henan Province, the first ever one of its kind there.
In Europe, The Hanergy overseas team used the Group's GSE PowerFlex modules, which are characterized by a high conversion efficiency, lightness, super-thinness and flexibility along with other advantages, to successfully build a solar bicycle path in Krommenie, the Netherlands. Also in the Netherlands the Group installed a total of 2.3MW of Solibro thin-film power generation modules on the rooftop of Plantion, the largest national flowers and plants trading center in Ede in central Netherlands.
Recovering trade receivables of HK$ 2,427,000,000
It is particularly worth mentioning that the annual report shows that in March 2017, Hanergy Thin Film received HK$1,692,000,000 in trade receivables from Hanergy Holdings, and received HK$735,000,000 in trade receivable from Shandong Macrolink in the first quarter of 2017. The sum of these two is approximately HK$2, 427,000,000.
On the basis of improved cash flow conditions, it can be seen in the annual report that Hanergy Thin Film insists on developing a diversified to "thin film+" channel. For example, Hanergy's overseas team cooperated with a company in Ecuador. Hanergy's flexible CIGS thin film solar modules are used in a complete solar-powered boat by laying flexible solar modules on the rooftop of the boat shed. It was completed and successfully launched in The Amazon River in South America. MiaSole, a subsidiary of the Group in the United States, entered into a cooperation agreement with ClearWorld, an official supplier of 2022 World Cup in Qatar. In addition, a well-known logistics vendor had their trucks installed with MiaSole flexible cells on roof tops to provide electricity, instead of diesel, for refrigeration trucks, cold chain logistics and cold stores when the trucks are parked, thereby reducing operating costs.
The annual report shows that, Alta Devices, a subsidiary of the Group in the United States, has mass production modules with an efficiency of 24.8%, conversion for GaAs single junction cells with the highest efficiency of 28.8%, and double junction cells and modules with the highest efficiency at 31.6%. All these three world records passed the U.S. Energy Department's NREL verification process.
The efficiency of the winning module from the new generation process of MiaSole's chips reaches 18%. This currently represents the highest efficiency globally for sputtering CIGS flexible modules. Solibro's top mass production modules have an efficiency of 16.97%, which set the world record for mass production of co-evaporation CIGS modules.
On this basis, Hanergy Thin Film established the HIT department, which is engaged in the production of Hetero-junction with Intrinsic Thin-layer (HIT) solar cells turnkey production lines. At present, HIT's cells have a R&D efficiency reaching 23%.In the annual report, Hanergy Thin Film said that it would try its best to realize the landing of advanced thin film solar energy turnkey production lines in China.
And about the road toward the resumption of trading, the above mentioned brokerage analyst referred to the fact that a few days ago (March 27), after a suspension of up to two years, real estate company Kaisa resumed trading on the Hong Kong Stock Exchange.
"Originally the founder of the company was involved in a corruption case, Kaisa's cash flow depleted, and the company fell into a debt crisis. Trading was even seen by the market as an 'impossible resumption'. But through a series of efforts including debt restructuring and active cooperation with the HKEx, and especially the company's outstanding performance in 2016, Kaisa made an impossible resumption possible."
2017-03-30
Securities Daily & China's Capital Stock
BY Yu Nan
Topic: Press release summary
Sectors: Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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