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

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LDK SOLAR CO., LTD. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2007 (Amounts in US$ thousands, except share and per share data) Accumulated Additional Subscription Other Total Total Ordinary shares Paid-in Receivable for Statutory Comprehensive Retained Shareholders' Comprehensive Number Amount Capital Ordinary shares Reserve Income Earnings Equity Income January 1, 2007 75,000,000 7,500 29,302 (7,490) 3,623 2,319 21,988 57,242 Net incomeÏÏÏÏÏ Ì Ì Ì Ì Ì Ì 24,534 24,534 24,534 Foreign currency translation adjustment, net of nil tax ÏÏÏÏÏ Ì Ì Ì Ì Ì 1,504 Ì 1,504 1,504 Total comprehensive incomeÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì Ì Ì Ì 26,038 Settlement of subscription receivable ÏÏÏÏ Ì Ì Ì 7,490 Ì Ì Ì 7,490 Share options ÏÏÏ Ì Ì 1,106 Ì Ì Ì Ì 1,106 Accretion of Series A redeemable convertible preferred shares to redemption value ÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì Ì (512) (512) Accretion of Series B redeemable convertible preferred shares to redemption value ÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì Ì (1,625) (1,625) Accretion of Series C redeemable convertible preferred shares to redemption value ÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì Ì (805) (805) March 31, 2007 75,000,000 7,500 30,408 Ì 3,623 3,823 43,580 88,934 See accompanying notes to the unaudited condensed consolidated interim financial statements. F-46
LDK SOLAR CO., LTD. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2006 AND 2007 (Amounts in US$ thousands, except share and per share data) Three-month periods ended March 31, March 31, Note 2006 2007 Cash flows from operating activities: Net (loss) incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (440) 24,534 Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 2,102 Deferred income tax benefitÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (54) Ì Share-based compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 1,106 Changes in operating assets and liabilities: Pledged bank depositsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (488) Trade accounts receivable and bills receivableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (8,438) (2,692) Inventories ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (5,247) (19,319) Prepayments to suppliers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (15,503) (15,059) Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (102) (2,577) Trade accounts payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (10) 1,617 Advance payments from customersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 32,064 1,830 Accrued expenses and other payablesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 240 239 Net cash provided by (used in) operating activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,511 (8,707) Cash flows from investing activities: Purchase of land use rights ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,022) (1,293) Purchase of property, plant and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (17,073) (22,043) Net cash used in investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (19,095) (23,336) Cash flows from financing activities: Capital contributionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,022 Ì Proceeds from new loans and borrowingsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,581 20,454 Repayment of loans and borrowings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (16,178) Loans and advances from related parties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,779 Ì Repayment of loans and advances from related parties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,520 Ì Cash received for subscription receivable for ordinary shares ÏÏÏÏÏÏÏÏÏÏ Ì 7,490 Issue costs of Series C redeemable convertible preferred sharesÏÏÏÏÏÏÏÏ Ì (40) Payments of expenses relating to the proposed offerÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ - (66) Net cash provided by financing activitiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 30,902 11,660 F-47
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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
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Gang Wang is a non-executive direct
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directors on our audit committee wi
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monies of or belonging to us may be
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(10) Vests on July 31, 2007. Brilli
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Securities (USA) LLC, which is a re
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interest-bearing loans directly to
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person, by its duly authorized repr
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History of Securities Issuances The
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persuasive authority in the Cayman
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making any sale by public or privat
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Reports and Other Communications Wi
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Amendment and Termination How may t
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‚ deliver distributions on any AD
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SHARES ELIGIBLE FOR FUTURE SALE Upo
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TAXATION The following summary of m
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individual, up to $3,000 of capital
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person and on sales of ordinary sha
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The estimated offering expenses pay
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Pricing of the Offering Prior to th
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ADS with a view to selling it to th
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Page 140 and 141: LDK SOLAR CO., LTD. AND SUBSIDIARIE
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