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

More documents

Recommendations

Info

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) (b) Reconciliation of total segment assets to consolidated total assets March 31, March 31, 2006 2007 Total segment assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ PRC GAAP to US GAAP differences: 93,315 339,497 Pre-operating expenses capitalized under PRC GAAPÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (803) Ì Deferred income tax assetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 89 149 Cash and deferred expenses of the CompanyÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 1,127 Cash of LDK US ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 45 Cash of LDK International ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 7 Consolidated total assetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 92,601 340,825 (12) UNAUDITED PRO FORMA INFORMATION If an initial public offering is completed, all of the Series A, Series B and Series C redeemable convertible preferred shares outstanding will automatically convert into 15,580,000 shares of ordinary shares, based on the number of Series A, Series B and Series C redeemable convertible preferred shares of 4,580,000, 8,000,000 and 3,000,000, respectively outstanding at March 31, 2007. The accompanying unaudited pro forma balance sheet as of March 31, 2007, gives effect to the conversion of the total number of 15,580,000 Series A, Series B and Series C redeemable convertible preferred shares with carrying value of US$90,686 into 15,580,000 ordinary shares. The accompanying unaudited pro forma basic and diluted net income per share available to ordinary shareholders gives effect to (i) the elimination of accretion to redemption value had the conversion of the redeemable convertible preferred shares occurred on January 1, 2007, and (ii) the incremental number of ordinary shares that would have been outstanding had the redeemable convertible preferred shares been converted into ordinary shares on January 1, 2007. Pro Forma March 31, 2007 Numerator used in basic and diluted net income per share Net income available to ordinary shareholders as reportedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21,592 Add: Accretion to redemption value on redeemable convertible preferred shares ÏÏ 2,942 Pro forma net income available to ordinary shareholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Shares (denominator): 24,534 Weighted average number of ordinary shares outstanding ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 90,580,000 Pro form net income per share Ì basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.27 Pro form net income per share Ì diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.27 F-56
LDK SOLAR CO., LTD. AND SUBSIDIARIES NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2006 AND 2007 (Amounts in US$ thousands, except share and per share data) (13) SUBSEQUENT EVENTS The terms of the Series B and Series C preferred shares provide that the respective Conversion ratios are subject to adjustment based on the 2006/2007 net earnings and the 2007 net earnings respectively. As of May 11, 2007, the Company obtained written confirmations from all the holders of the Series B and Series C preferred shares confirming that, after their review of the net income up to March 31, 2007, no adjustment to their respective Conversion ratios needs to be made. Pursuant to the share option scheme adopted on July 31, 2006, the Company's Board of Directors resolved on April 17, 2007 to grant 550,900 share options in total to a number of employees, a non-executive director and a candidate of an independent director which enable the grantees to subscribe for 550,900 ordinary shares at the exercise price determined at the low-end price of the initial public offering price range, except for 200,000 share options granted to the non-executive director and the candidate of independent director, of which the exercise price is set at US$9.00. The grant of shares options to the candidate of independent director is conditional upon the signing of the service contract between the Company and that candidate. The options have a contractual term of five years and vesting period of no less than three years, with no more than one-third of the options to be vested each year. Subsequent to March 31, 2007, the Group has incurred additional secured and unsecured short term bank borrowings with interest rates ranging from 5.850% to 7.050%, primarily to finance the purchases of equipment. As of May 29, 2007, the Group's short term bank borrowings amounted to US$103,732. F-57
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 142 and 143: 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?