TIDMJHL
RNS Number : 7087M
Jetion Solar Holdings Limited
28 May 2010
Please be aware that this Preliminary Results statement is to replace the
announcement released today at 7:00 under RNS number: 7059M
+------------------------------+------------------------------+
| For Immediate Release | 28 May 2010 |
+------------------------------+------------------------------+
Jetion Solar Holdings Limited
("Jetion Solar" or the "Company")
Preliminary Results for the year ended 31 December 2009
Jetion Solar Holdings Limited (AIM: JHL), a leading designer, manufacturer and
supplier of high quality solar cells and modules, today announces its
preliminary results for the twelve months ended 31 December 2009.
Key Points
· Sales down 29.5% to US$176.8m (2008: US$250.9m)
· Gross profit up 1.5% to US$41.4m (2008: US$40.8m)
· Gross margin improved 7.1% to 23.4% (2008: 16.3%)
· Operating Profit down 32.6% to US$20.3m (2008 : 30.1m)
· Pre Tax Profit up 6.0% to US$21.3m (2008: 20.1m)
· Net profit up 5.5% to US$17.3m (2008: US$16.4m)
· Earnings per share up 5.9% to US23.4 cents (2008: US22.1 cents)
· Solar cell manufacturing capacity maintained in the year at 100MW pa
(2008: 100MW) while annual production output up 48.7% to 97.1MW (2008: 65.3MW)
· Solar module manufacturing capacity at year end increased to 75MW pa
(2008: 60MW) while annual production output up 30.0% to 56.3MW (2008: 43.3MW)
· Current trading adversely affected by the weakness of the Euro (almost
100% of sales solar modules were into Europe)
Commenting on the results Chairman Gabriel Kow said:
"I believe that in 2009 Jetion Solar demonstrated by its performance, in the
face of the extremely difficult economic environment and trading conditions,
that it has the strength and depth of management, systems and controls to be a
major player in the solar industry. However, although we have a growing order
book and will have the production capacity to satisfy those orders our
profitability in 2010 will be largely determined by the performance of the Euro
during the remainder of the year."
For further information, please contact:
Gabriel Kow
+44 (0) 7810 568 788
Evolution Securities Limited
+44 (0) 20 7071 4300
Tim Worlledge/ Esther Lee (Nominated adviser)
Tim Redfern (Corporate Broking)
Buchanan Communications
+44 (0) 20 7466 5000
Mark Edwards / Christian Goodbody
Chairman's Statement
I am pleased to report that, despite the challenging trading conditions that
have prevailed in our sector and others as a result of the global economic
crisis, we have made good progress in 2009.
Following a slow start in Q1, the market started to recover in Q2 and a strong
performance in the second part of the year enabled us to achieve a very
satisfactory outturn. Turnover was down 29.5% to US$176.8m (2008: US$250.9m) as
a result of a fall in both cell and module average selling prices from US$3.87
per Watt for 2008 US$1.73 per Watt. This was partly offset by an improvement in
gross margin from 16.3% to 23.4% in the year. As a result, we are reporting a
profit before tax of US$21.3m, compared with US$20.1m (after a US$7.8m loss on
exchange) in 2008 and a 5.9% increase in EPS to US 23.4 cents (2008: US 22.1
cents).
Results
Following the management changes in June 2009, we undertook an extensive review
of our sales strategy, sales channel structure and market segmentation to ensure
that the Company had and continues to have a strong market position and order
flow. We also tightened our cost controls, made progress on conversion
efficiency and strengthened the branding of our own products, all of which
contributed to improved profitability. We continue to pay close attention to
customer relationships and improving customer satisfaction, which is critical to
business growth.
During the year we increased our solar module production capacity from 60 MW to
75 MW and maintained our solar cell production capacity at 100 MW. In April this
year we increased our solar module capacity to 200MW and plan to increase our
solar cell capacity to 200 MW during the second half of 2010. Our full year
average solar cell production utilisation ratio was 97% (2008: 92%).
In H2 2009 we increased to almost 100% the proportion of our solar cell
production that went into solar modules for third party sales. This, combined
with an improved conversion ratio from wafers, enabled us to improve our gross
margin from 16.3% for 2008 to 23.4% for 2009.
Post Year End Events
In April 2010 we acquired the 49% remaining shareholding in Jetion Solar
(Europe) Limited ("Jetion Europe") for a consideration of 1,132,000 new shares
of the Company, which equates to a cost of approximately US$1.77m. In addition
to providing valuable sales channels into Europe, Jetion Europe has been
developing a secondary business, being the building and operation of 2 small
photovoltaic power stations (solar farms) in Italy (1.5MW) and Germany (1.0MW),
and has entered into 20 year power supply agreements with the relevant
electricity grids. The Board believes that this expertise will provide the
Group with the platform to enter into similar arrangements in China and
elsewhere in the world.
In March 2010 we applied to the Hong Kong Stock Exchange for our shares to be
admitted to trading on the Hong Kong Main Board and it is expected that this
listing process will be completed in the late summer. We believe that the
additional listing will help to increase our brand recognition as we seek to
develop our sales in China and in the Asia Pacific region. It is currently
intended to raise additional capital at that time in order to increase our
capital base in line with the growth of our business.
Current Trading and Outlook
Trading in the first quarter of the current year has been satisfactory with
strong sales of modules and stable average selling prices. However, as most of
our sales are into Europe, the world's largest solar market, our margins have
suffered from the weakness of the Euro. In consequence, the results for the
half year to 30 June 2010 are likely to show a profit which is less than for the
same period last year, albeit that sales volumes are expected to be some 130%
higher.
I believe that in 2009 Jetion Solar demonstrated by its performance, in the face
of the extremely difficult economic environment and trading conditions, that it
has the strength and depth of management, systems and controls to be a major
player in the solar industry. However, although we have a growing order book
and will have the production capacity to satisfy those orders our profitability
in 2010 will be largely determined by the performance of the Euro during the
remainder of the year.
I extend my gratitude to the directors, management team and all employees for
their hard work and commitment over the last year. It is thanks to their
enthusiasm, persistence and dedication to their work that we have been able to
make such good progress in 2009. I also thank our investors whose long term
loyalty and support has motivated us through difficult times and given us
confidence for the future.
Gabriel Kow
Chairman
Operations Review
Whilst we have been able to report improved net profits in 2009, there have been
some very significant changes in our industry and our Company which are, to some
extent, masked by this result.
Turnover and Gross Margin
Turnover decreased by 29.5% due to a downturn by an average of 55% in average
selling price from US$3.87 per Watt to US$1.73 per Watt between 2008 and 2009.
Some 77% (2008: 76%) of our turnover is represented by sales of solar modules,
which are sold mainly into Europe. The balance of our sales in both years was
of solar cells and these were sold mainly into China. Total sales of modules
accounted for 65.7 MW, at an average selling price of EUR1.48 per Watt, during the
year compared with 45.2 MW, at an average selling price of EUR2.78 per Watt in
2008.
Historically, the majority of our sales of solar modules had been into Germany
and Spain but during 2009 we had some success in broadening our exports into
other countries such that the breakdown of our sales of solar modules in 2009
was Germany 54%, Liechtenstein 27% (mainly sales via Jetion Europe, the majority
of which were distributed to Germany, France and Czech Republic) USA 15%, and
other new emerging markets 4%. Europe remains the major area for our sales.
Against the backdrop of reduced turnover we benefited from a reduction in raw
material costs, down by an average of 59% year on year, and from a more rigorous
control of our operating costs and practices. As a result we achieved a
significant improvement in our gross margin from 16.3% to 23.4% (an increase
from 13.2% to 24.1% when exchange gains and losses are included).
Production
Solar cell production capacity remained constant throughout 2008 and 2009 at 100
MW but production output in 2009 was 97.1 MW, compared with only 65.3 MW in
2008, an increase of 48.7%. Solar module production capacity was increased from
60 MW to 75 MW enabling us to achieve production output of 65.3 MW compared with
43.3 MW in 2008.
In addition to the increased production output we also improved our solar cell
conversion efficiency rate, achieving an average rate of 17.5% in the year and a
peak conversion efficiency in mass production of 18.5%. We continue to invest
in research and process improvements with the aim of achieving ever higher
conversion efficiencies.
As referred to above we have, already this year, increased our solar module
production capacity to 200 MW and we have ordered additional solar cell
production lines for commissioning in July and September respectively, which
will increase our cell capacity to 200 MW also. We continue to build our order
book and believe that this is the appropriate step to take at this time as we
seek to provide our customers with good quality products when they need them at
a time when our industry is becoming increasingly competitive.
Outlook
The solar industry, according to the Solarbuzz 2010 report, is expected to
continue its rapid growth. The majority of markets around the world support a
wide range of solar applications and we believe that we are well positioned to
benefit from these opportunities provided that we continue to offer top quality
products displaying the most advanced technology.
We are working hard to develop further our sales channels and, already this
year, we have made inroads into developing customers in Italy, which we expect
to be a major export area in 2010.
Wenyan Xu
Chief Executive Officer
Financial Review
Financial results
As reported above, turnover decreased by 29.5% to US$176.8m (2008: US$250.9m),
although sales volume increased from 65.3 MW to 102.3 MW. Gross profit was
US$41.4m (2008: US$40.8m) and profit from operations was US$20.3m (2008:
US$30.1m) resulting in a profit before tax of US$21.3m (2008: US$ 20.1m). After
a tax charge of US$4.0m (2008: US$ 3.7m) the profit attributable to shareholders
was US$17.3m (2008: US$16.4m), giving earnings per share of US23.4 cents (2008:
US22.1 cents).
Our distribution costs increased from US$1.6m in 2008 to US$ 3.5m in 2009, due
mainly to an increase in sales commissions paid for overseas sales, and our
administrative expenses increased from US$6.5m in 2008 to US$8.7m in 2009 due
mainly to a one off credit against staff costs in 2008 arising from settlement
of a payment to the former Chairman.
The Group enjoyed a foreign exchange gain of US$1.2m due to the appreciation of
the Euro against the US dollar in 2009, compared with a US$7.8m loss in 2008.
We continue to be susceptible to movements in the exchange rate of the Euro
against the US dollar and, indeed, our trading in 2010 has been adversely
effected by the recent weakness of the Euro. In 2009 the Company hedged some of
its currency exposure. To date this has not been continued in 2010 but the Board
is continuously monitoring the situation.
Balance Sheet
I am pleased to report that the Group's net cash balance increased substantially
during the year to US$40.7m (2008: US$3.6m) mainly as a result of more rigorous
control of our working capital.
The debt to equity ratio increased slightly from 51.1% to 51.9%. There were no
other significant movements in the balance sheet during the year
Outlook
The Group continues to develop its operational capacity in order to meet
increasing customer demand and maintain its market position. With this in mind
the Board has approved capital expenditure to enable the installation of four
additional solar cell production lines during 2010. Whilst the Board has
adequate resources and facilities to fund this expansion, it currently intends
to raise additional capital at the time of its listing on the Hong Kong Stock
Exchange, expected to be completed in the second half of this year.
Going concern
The Directors have considered the budgets, forecasts, cashflows and development
plans or the operating companies and consider that the Company and the Group
have adequate financial resources for their foreseeable needs, and, accordingly,
have continued to adopt the going concern basis for the preparation for these
financial statements.
Liming Chan
Chief Financial Officer
Consolidated income statements
+----------------------------------------+-----------------+-------------------+-+
| | Years ended 31 December | |
+----------------------------------------+-------------------------------------+-+
| | 2009 | 2008 |
+----------------------------------------+-----------------+---------------------+
| | US$'000 | US$'000 |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Turnover | 176,770 | 250,913 |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Cost of sales | (135,368) | (210,111) |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Gross profit | 41,402 | 40,802 |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Other operating income | 241 | 989 |
+----------------------------------------+-----------------+---------------------+
| Other operating expenses | (7,379) | (2,391) |
+----------------------------------------+-----------------+---------------------+
| Distribution costs | (3,501) | (1,646) |
+----------------------------------------+-----------------+---------------------+
| Administrative expenses | (8,701) | (6,476) |
+----------------------------------------+-----------------+---------------------+
| Research and development | | |
+----------------------------------------+-----------------+---------------------+
| Expenses | (1,784) | (1,225) |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Profit from operating activities | 20,278 | 30,053 |
+----------------------------------------+-----------------+---------------------+
| | | |
| | --------------- | --------------- |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Interest income | 303 | 358 |
+----------------------------------------+-----------------+---------------------+
| Interest expense | (747) | (2,259) |
+----------------------------------------+-----------------+---------------------+
| Net foreign exchange gain/(loss) | 1,204 | (7,323) |
+----------------------------------------+-----------------+---------------------+
| Net fair value losses of leveraged | | |
+----------------------------------------+-----------------+---------------------+
| foreign exchange contracts | - | (454) |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Net financing income/(expenses) | 760 | (9,678) |
+----------------------------------------+-----------------+---------------------+
| | | |
| | --------------- | --------------- |
+----------------------------------------+-----------------+---------------------+
| Share of profits/(losses) of | | |
+----------------------------------------+-----------------+---------------------+
| jointly controlled entity | 265 | (236) |
+----------------------------------------+-----------------+---------------------+
| | --------------- | --------------- |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Profit before taxation | 21,303 | 20,139 |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Income tax | (3,970) | (3,717) |
+----------------------------------------+-----------------+---------------------+
| | | |
+----------------------------------------+-----------------+---------------------+
| Profit attributable to equity | | |
+----------------------------------------+-----------------+---------------------+
| shareholders of the Company | 17,333 | 16,422 |
+----------------------------------------+-----------------+---------------------+
| | ========= | ========= |
+----------------------------------------+-----------------+---------------------+
| Earnings per share | | |
+----------------------------------------+-----------------+---------------------+
| Basic and diluted earnings | | |
+----------------------------------------+-----------------+---------------------+
| per share (US$ cents) | 23.36 | 22.13 |
+----------------------------------------+-----------------+---------------------+
| | ========= | ========= |
+----------------------------------------+-----------------+---------------------+
| | | | |
+----------------------------------------+-----------------+-------------------+-+
Consolidated statements of comprehensive income
+----------------------------------------+----------+----------+------------------+---+
| | | |
+---------------------------------------------------+-----------------------------+---+
| Years ended 31 December | |
+---------------------------------------------------------------------------------+---+
| | 2009 | 2008 |
+----------------------------------------+---------------------+----------------------+
| | US$'000 | US$'000 |
+----------------------------------------+---------------------+----------------------+
| | | |
+----------------------------------------+---------------------+----------------------+
| Profit for the year | 17,333 | 16,422 |
+----------------------------------------+---------------------+----------------------+
| | | |
+----------------------------------------+---------------------+----------------------+
| Other comprehensive income | | |
+----------------------------------------+---------------------+----------------------+
| for the year | | |
+----------------------------------------+---------------------+----------------------+
| | | |
+----------------------------------------+---------------------+----------------------+
| Exchange differences on | | |
+----------------------------------------+---------------------+----------------------+
| translation of financial | | |
+----------------------------------------+---------------------+----------------------+
| statements of | | |
+----------------------------------------+---------------------+----------------------+
| - a subsidiary | 200 | 5,779 |
+----------------------------------------+---------------------+----------------------+
| - jointly-controlled entity | 49 | (25) |
+----------------------------------------+---------------------+----------------------+
| | | |
+----------------------------------------+---------------------+----------------------+
| Total comprehensive income | | |
+----------------------------------------+---------------------+----------------------+
| for the year | 17,582 | 22,176 |
+----------------------------------------+---------------------+----------------------+
| | ========= | ========= |
+----------------------------------------+---------------------+----------------------+
| | | | | |
+----------------------------------------+----------+----------+------------------+---+
Consolidated balance sheet
+-----------------------+----------------+-------------------+------------------+--+
| | Years ended 31 December | |
+-----------------------+-------------------------------------------------------+--+
| | |
+----------------------------------------+-----------------------------------------+
| | 2009 | 2008 |
+----------------------------------------+-------------------+---------------------+
| | US$'000 | US$'000 |
+----------------------------------------+-------------------+---------------------+
| Non-current assets | | |
+----------------------------------------+-------------------+---------------------+
| Property, plant and equipment | 43,152 | 43,247 |
+----------------------------------------+-------------------+---------------------+
| Lease prepayments | 2,720 | 2,768 |
+----------------------------------------+-------------------+---------------------+
| Prepayments for acquisition of | | |
+----------------------------------------+-------------------+---------------------+
| property, plant and equipment | 7,255 | 855 |
+----------------------------------------+-------------------+---------------------+
| Prepayments for raw materials | 16,519 | 14,531 |
+----------------------------------------+-------------------+---------------------+
| Intangible assets | 1,926 | 3,042 |
+----------------------------------------+-------------------+---------------------+
| Interest in jointly controlled | | |
+----------------------------------------+-------------------+---------------------+
| entity | | 17 |
| | - | |
+----------------------------------------+-------------------+---------------------+
| | | |
+----------------------------------------+-------------------+---------------------+
| Total non-current assets | 71,572 | 64,460 |
+----------------------------------------+-------------------+---------------------+
| | --------------- | --------------- |
+----------------------------------------+-------------------+---------------------+
| Current assets | | |
+----------------------------------------+-------------------+---------------------+
| Inventories | 19,471 | 9,803 |
+----------------------------------------+-------------------+---------------------+
| Trade and other receivables | 44,601 | 42,045 |
+----------------------------------------+-------------------+---------------------+
| Pledged bank deposits | 30,156 | 27,144 |
+----------------------------------------+-------------------+---------------------+
| Cash and cash equivalents | 25,087 | 21,180 |
+----------------------------------------+-------------------+---------------------+
| | | |
+----------------------------------------+-------------------+---------------------+
| Total current assets | 119,315 | 100,172 |
+----------------------------------------+-------------------+---------------------+
| | --------------- | --------------- |
+----------------------------------------+-------------------+---------------------+
| Current liabilities | | |
+----------------------------------------+-------------------+---------------------+
| Bank loans | | |
+----------------------------------------+-------------------+---------------------+
| - unsecured | 14,505 | 14,097 |
+----------------------------------------+-------------------+---------------------+
| - secured | - | 30,601 |
+----------------------------------------+-------------------+---------------------+
| Trade and other payables | 47,900 | 6,503 |
+----------------------------------------+-------------------+---------------------+
| Amount due to a shareholder | - | 979 |
+----------------------------------------+-------------------+---------------------+
| Current tax payable | 2,477 | 2,773 |
+----------------------------------------+-------------------+---------------------+
| | | |
+----------------------------------------+-------------------+---------------------+
| Total current liabilities | 64,882 | 54,953 |
+----------------------------------------+-------------------+---------------------+
| | --------------- | --------------- |
+----------------------------------------+-------------------+---------------------+
| | | |
+----------------------------------------+-------------------+---------------------+
| Net current assets | 54,433 | 45,219 |
+----------------------------------------+-------------------+---------------------+
| | --------------- | --------------- |
+----------------------------------------+-------------------+---------------------+
| Total assets less current | | |
+----------------------------------------+-------------------+---------------------+
| liabilities | 126,005 | 109,679 |
+----------------------------------------+-------------------+---------------------+
| | | |
| | --------------- | --------------- |
+----------------------------------------+-------------------+---------------------+
| | | | | |
+-----------------------+----------------+-------------------+------------------+--+
Consolidated balance sheets (continued)
+-----------------------+---------------+-+----------+----------------+--+
| | Years ended 31 December | |
+-----------------------+---------------------------------------------+--+
| | |
+-----------------------------------------+------------------------------+
| | 2009 | 2008 |
+---------------------------------------+------------+-------------------+
| | US$'000 | US$'000 |
+---------------------------------------+------------+-------------------+
| Non-current liabilities | | |
+---------------------------------------+------------+-------------------+
| | | |
+---------------------------------------+------------+-------------------+
| Deferred tax liabilities | 957 | 2,213 |
+---------------------------------------+------------+-------------------+
| | | |
+---------------------------------------+------------+-------------------+
| | | |
+---------------------------------------+------------+-------------------+
| Net assets | 125,048 | 107,466 |
+---------------------------------------+------------+-------------------+
| | | ========= |
| | ========= | |
+---------------------------------------+------------+-------------------+
| Capital and reserves | | |
+---------------------------------------+------------+-------------------+
| | | |
+---------------------------------------+------------+-------------------+
| Share capital | - | |
| | | - |
+---------------------------------------+------------+-------------------+
| Reserves | 125,048 | 107,466 |
+---------------------------------------+------------+-------------------+
| | | |
+---------------------------------------+------------+-------------------+
| Total equity | 125,048 | 107,466 |
+---------------------------------------+------------+-------------------+
| | | ========= |
| | ========= | |
+---------------------------------------+------------+-------------------+
| | | | | | |
+-----------------------+---------------+-+----------+----------------+--+
Consolidated cash flow statements
+-------------------------------------------+---------------------+---------------------+
| | Years ended 31 |
| | December |
+-------------------------------------------+-------------------------------------------+
| | 2009 | 2008 |
+-------------------------------------------+---------------------+---------------------+
| | US$'000 | US$'000 |
+-------------------------------------------+---------------------+---------------------+
| Operating activities | | |
+-------------------------------------------+---------------------+---------------------+
| | | |
+-------------------------------------------+---------------------+---------------------+
| Profit before taxation | 21,303 | 20,139 |
+-------------------------------------------+---------------------+---------------------+
| Adjustments for: | | |
+-------------------------------------------+---------------------+---------------------+
| - Depreciation and amortisation | 5,255 | 4,289 |
+-------------------------------------------+---------------------+---------------------+
| - Loss on disposal of lease | | |
+-------------------------------------------+---------------------+---------------------+
| prepayments | - | 67 |
+-------------------------------------------+---------------------+---------------------+
| - Loss on disposal of property, | | |
+-------------------------------------------+---------------------+---------------------+
| plant and equipment | 9 | 27 |
+-------------------------------------------+---------------------+---------------------+
| - Impairment loss on intangible | | |
+-------------------------------------------+---------------------+---------------------+
| assets | - | 347 |
+-------------------------------------------+---------------------+---------------------+
| - Impairment loss on prepayments, | | |
+-------------------------------------------+---------------------+---------------------+
| trade and other receivables | 6,505 | 1,816 |
+-------------------------------------------+---------------------+---------------------+
| - Interest expense | 747 | 2,259 |
+-------------------------------------------+---------------------+---------------------+
| - Interest income from bank | | |
+-------------------------------------------+---------------------+---------------------+
| deposits | (303) | (358) |
+-------------------------------------------+---------------------+---------------------+
| - Net fair value losses of leveraged | | |
+-------------------------------------------+---------------------+---------------------+
| foreign exchange contracts | - | 454 |
+-------------------------------------------+---------------------+---------------------+
| - Cash-settled share-based | | |
+-------------------------------------------+---------------------+---------------------+
| payment expenses | 56 | (507) |
+-------------------------------------------+---------------------+---------------------+
| - Equity-settled share-based | | |
+-------------------------------------------+---------------------+---------------------+
| payment expenses | | 1,918 |
| | - | |
+-------------------------------------------+---------------------+---------------------+
| - Share of (profits)/losses of a | | |
+-------------------------------------------+---------------------+---------------------+
| jointly controlled entity | (265) | 236 |
+-------------------------------------------+---------------------+---------------------+
| - Elimination of transactions with | | |
+-------------------------------------------+---------------------+---------------------+
| a jointly controlled entity | 899 | (389) |
+-------------------------------------------+---------------------+---------------------+
| - Foreign exchange (gain)/loss | (211) | 398 |
+-------------------------------------------+---------------------+---------------------+
| | | |
+-------------------------------------------+---------------------+---------------------+
| Cash generated from operations | | |
+-------------------------------------------+---------------------+---------------------+
| before changes in working | | |
+-------------------------------------------+---------------------+---------------------+
| capital | 33,995 | 30,696 |
+-------------------------------------------+---------------------+---------------------+
| | | |
+-------------------------------------------+---------------------+---------------------+
| Increase in non-current | | |
+-------------------------------------------+---------------------+---------------------+
| prepayments for raw materials | (5,950) | (14,531) |
+-------------------------------------------+---------------------+---------------------+
| Increase in inventories | (9,631) | (1,517) |
+-------------------------------------------+---------------------+---------------------+
| Decrease/Increase in trade and | | |
+-------------------------------------------+---------------------+---------------------+
| other receivables | (7,083) | 8,568 |
+-------------------------------------------+---------------------+---------------------+
| Increase/(Decrease) in trade and | | |
+-------------------------------------------+---------------------+---------------------+
| other payables | 40,747 | (6,913) |
+-------------------------------------------+---------------------+---------------------+
| | | |
+-------------------------------------------+---------------------+---------------------+
| Net cash generated from | | |
+-------------------------------------------+---------------------+---------------------+
| operations | 52,078 | 16,303 |
+-------------------------------------------+---------------------+---------------------+
| | | |
+-------------------------------------------+---------------------+---------------------+
| Income tax paid | (5,537) | (582) |
+-------------------------------------------+---------------------+---------------------+
| | | |
+-------------------------------------------+---------------------+---------------------+
| Net cash generated from | | |
+-------------------------------------------+---------------------+---------------------+
| operating activities | 46,541 | 15,721 |
+-------------------------------------------+---------------------+---------------------+
| | | |
| | --------------- | --------------- |
+-------------------------------------------+---------------------+---------------------+
Consolidated cash flow statements (continued)
+---------------------------------------+--------------------+---------------------+
| | Years Ended 31 |
| | December |
+---------------------------------------+------------------------------------------+
| | 2009 | 2008 |
+---------------------------------------+--------------------+---------------------+
| | US$'000 | US$'000 |
+---------------------------------------+--------------------+---------------------+
| Investing activities | | |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Payment for acquisition of | | |
+---------------------------------------+--------------------+---------------------+
| property, plant and equipment | (8,193) | (20,062) |
+---------------------------------------+--------------------+---------------------+
| Proceeds from disposal of | | |
+---------------------------------------+--------------------+---------------------+
| property, plant and equipment | 173 | |
| | | - |
+---------------------------------------+--------------------+---------------------+
| Proceeds from disposal of | | |
+---------------------------------------+--------------------+---------------------+
| lease prepayments | - | 534 |
+---------------------------------------+--------------------+---------------------+
| Interest received | 303 | 358 |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Net cash used in investing | | |
+---------------------------------------+--------------------+---------------------+
| activities | (7,717) | (19,170) |
+---------------------------------------+--------------------+---------------------+
| | | |
| | --------------- | --------------- |
+---------------------------------------+--------------------+---------------------+
| Financing activities | | |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Release of pledged deposits | 8,077 | 87,601 |
+---------------------------------------+--------------------+---------------------+
| Placement of pledged deposits | (10,986) | (113,195) |
+---------------------------------------+--------------------+---------------------+
| Proceeds from bank loans | 21,789 | 90,870 |
+---------------------------------------+--------------------+---------------------+
| Repayment of bank loans | (52,150) | (60,140) |
+---------------------------------------+--------------------+---------------------+
| Repayment of amount due to a | | |
+---------------------------------------+--------------------+---------------------+
| shareholder | (979) | (712) |
+---------------------------------------+--------------------+---------------------+
| Interest paid | (747) | (2,259) |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Net cash (used in) / generated from | | |
+---------------------------------------+--------------------+---------------------+
| financing activities | (34,996) | 2,165 |
+---------------------------------------+--------------------+---------------------+
| | --------------- | --------------- |
+---------------------------------------+--------------------+---------------------+
| Net increase/(Decrease) in cash | | |
+---------------------------------------+--------------------+---------------------+
| and cash equivalents | 3,828 | (1,284) |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Cash and cash equivalents | | |
+---------------------------------------+--------------------+---------------------+
| At the beginning of the year | 21,180 | 21,047 |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Effect of foreign exchange rate | | |
+---------------------------------------+--------------------+---------------------+
| changes | 79 | 1,417 |
+---------------------------------------+--------------------+---------------------+
| | | |
+---------------------------------------+--------------------+---------------------+
| Cash and cash equivalents | | |
+---------------------------------------+--------------------+---------------------+
| at the end of the year | 25,087 | 21,180 |
+---------------------------------------+--------------------+---------------------+
| | | |
| | ========= | ========= |
+---------------------------------------+--------------------+---------------------+
General Information
Jetion Solar Holdings Limited was incorporated in the British Virgin Island
("BVI") under the BVI Business Companies Act, 2004 on 18 July 2006. The address
of its registered office is 2nd floor, Abbott Building, Road Town, Tortola,
British Virgin Islands and its principal place of business is at No. 1011,
Zhencheng Road, Shengang Industrial District, Jiangyin 214443, The People's
Republic of China. The Company's shares were listed on the Alternative
Investment market ("AIM") operated by London Stock Exchange Plc. on 6 July,
2007.
Basis of preparation of the Financial Information
The above financial information has been prepared in accordance with all
applicable International Financial Reporting Standards ("IFRSs"), which include
International Accounting Standards and related interpretations, promulgated by
the International Accounting Standards Board.
The financial information comprises the Company and its subsidiaries (together
referred to as the "Group") and the Group's interest in jointly controlled
entity.
The financial information is presented in United States Dollars ("US$"), rounded
to the nearest thousand, except for per share data.
The preparation of the financial information in conformity with IFRSs requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets, liabilities, income and
expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXSPAFFEEEF
Jetion Solar (LSE:JHL)
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