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

More documents

Recommendations

Info

LDK SOLAR CO., LTD. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Ì (Continued) 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 Effect of foreign currency exchange rate changes on cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 92 1,504 Net increase (decrease) in cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14,410 (18,879) Cash and cash equivalents at beginning of period ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,687 30,227 Cash and cash equivalents at end of period ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,097 11,348 Supplemental disclosures of cash flow information: Interest payments, net of amount capitalizedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 1,529 Supplemental disclosures of non-cash investing and financing transaction: Payable for purchase of property, plant and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 6,932 Offset of amounts due to/from a related party ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,478 Ì See accompanying notes to the unaudited condensed consolidated interim financial statements. F-48
LDK SOLAR CO., LTD. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2006 AND 2007 (Amounts in US$ thousands, except share and per share data) (1) PRINCIPAL ACTIVITIES, ORGANIZATION AND BASIS OF PRESENTATION Principal activities The accompanying unaudited condensed consolidated interim financial statements consist of the financial statements of LDK Solar Co., Ltd. (the ""Company'' or ""LDK''), and its subsidiaries Jiangxi LDK Solar Hi- Tech Co., Ltd. (""JXLDK''), LDK International Solar Co., Ltd. (""LDK International'') and LDK Solar USA Inc. (""LDK USA''). The Company and its subsidiaries are collectively referred to as the ""Group''. The Group's principal activities are manufacture, processing and sale of multicrystalline silicon wafers. Basis of presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (""US GAAP''). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as permitted by rules and regulations of the U.S. Securities and Exchange Commission. The December 31, 2006 consolidated balance sheet was derived from audited consolidated financial statements of the Group, but does not include all disclosures required by US GAAP. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto, for the fiscal year ended December 31, 2006. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of March 31, 2007, and the result of operations and cash flows for the three-month periods ended March 31, 2006 and 2007, have been made. The unaudited condensed consolidated statements of operations for the three-month period ended March 31, 2007 are not necessarily indicative of the operation results for the full fiscal year or any future periods. See note 12 for basis of presentation of unaudited pro forma information. (2) SIGNIFICANT ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements have been prepared in accordance with the same accounting policies adopted in the 2006 annual financial statements. (3) INVENTORIES December 31, March 31, 2006 2007 Inventories consist of the following: Raw materials ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 79,496 93,914 Work in progress ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8,884 11,192 Supplies ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,410 2,020 Finished goodsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,096 7,079 94,886 114,205 F-49
Page 1:
PROSPECTUS 17,384,000 American Depo
Page 4 and 5:
(This page intentionally left blank
Page 6 and 7:
We were incorporated in the Cayman
Page 8 and 9:
percentage of light energy from the
Page 10 and 11:
Listing ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Page 12 and 13:
(1) Gross profit for the year ended
Page 14 and 15:
RISK FACTORS Investment in our ADSs
Page 16 and 17:
Reduction or elimination of governm
Page 18 and 19:
capacity or to increase our manufac
Page 20 and 21:
delivery or failure to meet deliver
Page 22 and 23:
specifications or product defects.
Page 24 and 25:
Compliance with environmental regul
Page 26 and 27:
operations or the price of our ADSs
Page 28 and 29:
tax rates and other measures. Forei
Page 30 and 31:
company in connection with any incr
Page 32 and 33:
of approximately $22.05 in the net
Page 34 and 35:
outside the United States. As a res
Page 36 and 37:
The forward-looking statements cont
Page 38 and 39:
CAPITALIZATION The following table
Page 40 and 41:
DILUTION If you invest in our ADSs,
Page 42 and 43:
DIVIDEND POLICY We have never decla
Page 44 and 45:
SELECTED CONSOLIDATED FINANCIAL AND
Page 46 and 47:
MANAGEMENT'S DISCUSSION AND ANALYSI
Page 48 and 49:
polysilicon prices will decline in
Page 50 and 51:
listed public company in the United
Page 52 and 53:
increase. See ""Risk Factors Ì Ris
Page 54 and 55:
subjective. The assumptions used in
Page 56 and 57:
2006 and February 6, 2007. During t
Page 58 and 59:
value of the our business. Under th
Page 60 and 61:
Year Ended December 31, 2006 (in th
Page 62 and 63:
""Exchange Rate Information'' in th
Page 64 and 65:
ended September 30, 2006, net incom
Page 66 and 67:
For additional information relating
Page 68 and 69:
The non-cancelable purchase obligat
Page 70 and 71:
previously deemed material, but are
Page 72 and 73:
module production will increase fro
Page 74 and 75:
The following diagram illustrates t
Page 76 and 77:
Because we are a pure-play solar wa
Page 78 and 79:
Wafering. After passing inspection,
Page 80 and 81:
our revenue and customer base to ta
Page 82 and 83:
‚ Our agreement with E'mei Semi-c
Page 84 and 85:
photovoltaic cell or modules, and w
Page 86 and 87:
A breakdown of our employees by are
Page 88 and 89:
tax treatments to foreign-invested
Page 90 and 91:
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
Page 194: (This page intentionally left blank
show all

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

Create successful ePaper yourself

Delete template?

Save as template?