LDK Solar Co., Ltd. - Asia Europe Clean Energy (Solar) Advisory Co ...

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LDK SOLAR CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE (LOSS) INCOME FOR THE PERIOD FROM JULY 5, 2005 TO DECEMBER 31, 2005 AND THE YEAR ENDED DECEMBER 31, 2006 (Amounts in US$ thousands, except share and per share data) Subscription Accumulated (Accumulated Total Additional Receivable for Other deficit) Total Comprehensive Ordinary shares Contributed Paid-in Ordinary Statutory Comprehensive Retained Shareholders' (Loss) Number Amount Capital Capital Shares Reserve Income Earnings Equity Income July 5, 2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì Ì Ì Ì Ì Ì Net loss ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Foreign currency translation Ì Ì Ì Ì Ì Ì Ì (274) (274) (274) adjustment, net of nil tax ÏÏ Ì Ì Ì Ì Ì Ì 39 Ì 39 39 Total comprehensive loss ÏÏÏÏ Ì Ì Ì Ì Ì Ì Ì Ì Ì (235) Capital contributions (Note 1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 11,534 Ì Ì Ì Ì Ì 11,534 December 31, 2005 ÏÏÏÏÏÏÏÏÏ Ì Ì 11,534 Ì Ì Ì 39 (274) 11,299 Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Appropriation to statutory Ì Ì Ì Ì Ì Ì Ì 30,182 30,182 30,182 reserve (Note 18) ÏÏÏÏÏÏÏÏ Foreign currency translation Ì Ì Ì Ì Ì 3,623 Ì (3,623) Ì adjustment, net of nil tax ÏÏ Ì Ì Ì Ì Ì Ì 2,280 Ì 2,280 2,280 Total comprehensive income Ì Ì Ì Ì Ì Ì Ì Ì Ì 32,462 Capital contributions (Note 1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Effect of reorganization (Note 1): Distributions to shareholders in connection with the Ì Ì 17,466 Ì Ì Ì Ì Ì 17,466 Reorganization (Note 1) Issuance of ordinary shares Ì Ì (8,000) Ì Ì Ì Ì Ì (8,000) (Note 1 & Note 17) ÏÏÏÏ 75,000,000 7,500 Transfer to additional paid- Ì Ì (7,490) Ì Ì Ì 10 in capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì (21,000) 21,000 Ì Ì Ì Ì Ì Share options (Note 19) ÏÏÏÏ Deemed dividend to Series A redeemable convertible preferred shareholders Ì Ì Ì 2,294 Ì Ì Ì Ì 2,294 (Note 16) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Accretion of Series A redeemable convertible preferred shares to redemption value Ì Ì Ì 1,568 Ì Ì Ì (1,568) Ì (Note 16) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Accretion of Series B redeemable convertible preferred shares to redemption value Ì Ì Ì Ì Ì Ì Ì (814) (814) (Note 16) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Accretion of Series C redeemable convertible preferred shares to redemption value Ì Ì Ì Ì Ì Ì Ì (1,799) (1,799) (Note 16) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Discount amortization on exchangeable notes Ì Ì Ì Ì Ì Ì Ì (116) (116) (Note 14) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì 4,440 Ì Ì Ì Ì 4,440 December 31, 2006 ÏÏÏÏÏÏÏÏÏ 75,000,000 7,500 Ì 29,302 (7,490) 3,623 2,319 21,988 57,242 See accompanying notes to consolidated financial statements F-6
LDK SOLAR CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIOD FROM JULY 5, 2005 TO DECEMBER 31, 2005 AND THE YEAR ENDED DECEMBER 31, 2006 (Amounts in US$ thousands, except share and per share data) From July 5, Year 2005 to ended December 31, December 31, Note 2005 2006 Cash flows from operating activities: Net (loss) income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Adjustments to reconcile net (loss) income to net cash used in operating activities: (274) 30,182 Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 2,766 Deferred income tax benefit ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (35) (113) Share-based compensationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 2,028 Interest on the exchangeable notesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 13 Amortization of discount on the exchangeable notes ÏÏÏÏÏÏÏÏÏÏÏ Ì 4,440 Decrease in fair value of warrants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Changes in operating assets and liabilities: Ì (9) Pledged bank deposits ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (4,956) Trade accounts receivable and bills receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (2,306) InventoriesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (94,886) Prepayments to suppliers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (966) (36,752) Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (20) (1,603) Trade accounts payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 6,116 Advance payments from customers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,717 36,285 Accrued expenses and other payables ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 85 1,728 Net cash provided by (used in) operating activitiesÏÏÏÏÏÏÏÏÏÏ Cash flows from investing activities: 2,511 (57,067) Purchase of land use rights ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (5,482) Advance to related party ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (5,478) Ì Purchase of property, plant and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (15,462) (72,840) Purchase of intangible asset ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (1,242) Net cash used in investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (20,940) (79,564) F-7
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PROSPECTUS 17,384,000 American Depo
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We were incorporated in the Cayman
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percentage of light energy from the
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Listing ÏÏÏÏÏÏÏÏÏÏÏÏÏ
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(1) Gross profit for the year ended
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RISK FACTORS Investment in our ADSs
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Reduction or elimination of governm
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capacity or to increase our manufac
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delivery or failure to meet deliver
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specifications or product defects.
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Compliance with environmental regul
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operations or the price of our ADSs
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tax rates and other measures. Forei
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company in connection with any incr
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of approximately $22.05 in the net
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outside the United States. As a res
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The forward-looking statements cont
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CAPITALIZATION The following table
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DILUTION If you invest in our ADSs,
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DIVIDEND POLICY We have never decla
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SELECTED CONSOLIDATED FINANCIAL AND
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MANAGEMENT'S DISCUSSION AND ANALYSI
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polysilicon prices will decline in
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listed public company in the United
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increase. See ""Risk Factors Ì Ris
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subjective. The assumptions used in
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2006 and February 6, 2007. During t
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value of the our business. Under th
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Year Ended December 31, 2006 (in th
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""Exchange Rate Information'' in th
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ended September 30, 2006, net incom
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For additional information relating
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The non-cancelable purchase obligat
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previously deemed material, but are
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module production will increase fro
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The following diagram illustrates t
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Because we are a pure-play solar wa
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Wafering. After passing inspection,
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our revenue and customer base to ta
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‚ Our agreement with E'mei Semi-c
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photovoltaic cell or modules, and w
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A breakdown of our employees by are
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tax treatments to foreign-invested
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On September 21, 2006, the CSRC pub
Page 92 and 93: Gang Wang is a non-executive direct
Page 94 and 95: directors on our audit committee wi
Page 96 and 97: monies of or belonging to us may be
Page 98 and 99: (10) Vests on July 31, 2007. Brilli
Page 100 and 101: Securities (USA) LLC, which is a re
Page 102 and 103: interest-bearing loans directly to
Page 104 and 105: person, by its duly authorized repr
Page 106 and 107: History of Securities Issuances The
Page 108 and 109: persuasive authority in the Cayman
Page 110 and 111: making any sale by public or privat
Page 112 and 113: Reports and Other Communications Wi
Page 114 and 115: Amendment and Termination How may t
Page 116 and 117: ‚ deliver distributions on any AD
Page 118 and 119: SHARES ELIGIBLE FOR FUTURE SALE Upo
Page 120 and 121: TAXATION The following summary of m
Page 122 and 123: individual, up to $3,000 of capital
Page 124 and 125: person and on sales of ordinary sha
Page 126 and 127: The estimated offering expenses pay
Page 128 and 129: Pricing of the Offering Prior to th
Page 130 and 131: ADS with a view to selling it to th
Page 132 and 133: EXPENSES RELATING TO THIS OFFERING
Page 134 and 135: ‚ no new admissible evidence rele
Page 136 and 137: WHERE YOU CAN FIND ADDITIONAL INFOR
Page 138 and 139: REPORT OF INDEPENDENT REGISTERED PU
Page 140 and 141: LDK SOLAR CO., LTD. AND SUBSIDIARIE
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LDK SOLAR CO., LTD. AND SUBSIDIARIE
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