Hanwha Q CELLS reported its unaudited financial results for the fourth quarter of 2015 and the full year of 2015. The PV module shipment in 2015 hits 3,307MW, representing a 60% increase from 2,065MW in 2014. During the 4Q, the module shipments were 1,238MW.
Hanwha Q CELLS expects 850~900MW of PV module shipments in the first quarter of 2016, and expects gross margin of 18~19%. For the full year of 2016, the company expects to ship 4.5~5.7GW of PV modules. It also announces Capital expenditures of approximately $180 million, of which $100 million for capacity expansion and the remaining $80 million for manufacturing technology upgrades and certain R&D related expenditures.
FOURTH QUARTER 2015 HIGHLIGHTS
- Total module shipments were 1,238 MW (of which 990 MW were revenue-recognized in the quarter).
- Total revenue-recognized shipments of 990 MW include 911 MW of external shipments, 78 MW for Company's own downstream projects and 1 MW of OEM.
- Net revenues were $700.8 million, compared with $427.2 million in the third quarter.
- Gross profit was $123.7 million, compared with $93 million in the third quarter.
- Gross margin was 17.7%, compared with 21.8% in the third quarter.
- Total all-in processing costs fell below 39 cents per watt exiting December for in-house production with China value chain.
- Operating income was $52.6 million, compared with $40.3 million in the third quarter of 2015.
- Net income attributable to Company's ordinary shareholders was $26.4 million, compared with a net income of $52.4 million in the third quarter of 2015.
- Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) were $0.32, compared with earnings per fully diluted ADS of $0.63 in the third quarter of 2015.
FULL YEAR 2015 HIGHLIGHTS
- Total module shipments were 3,306 MW an increase of 60% from 2,065 MW in 2014 on a combined pre-merger basis between Hanwha SolarOne Co., Ltd and Hanwha Q Cells Investment Co., Ltd.
- Total net revenues were $1,799.5 million
- Gross profit was $323.5 million, with a gross margin rate of 18%
- Operating income was $76.6 million, with an operating margin rate of 4.3%
- Net income attributable to Company's ordinary shareholders for the full year was $44 million, with earnings per fully diluted ADS for 2015 were $0.53.