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SOL files 20-F


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5 replies to this topic

#1 odyd

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Posted 25 April 2014 - 04:28 AM

http://ir.renesola.c...0622&p=IROL-sec


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#2 explo

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Posted 27 April 2014 - 05:40 AM

Interesting that they provide ASP and COGS per watt forecast for 2014 (page 74). The expect module ASP to be 65 cents and module COGS to be 61 cents, while wafer ASP and COGS are both expected to be 22 cents, i.e. module gross margin is expected to be 6% and wafer gross margin is expected to be 0%. Not very rosy forecast, but they expect that it will be enough to reach positive cash flow in 2014.


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#3 odyd

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Posted 27 April 2014 - 08:55 AM

That sounds a lot less exciting that given guidance. At one point they said they outsourcing effort was better than their own production when margin was involved, now it appears outsourcing costs a lot. Hard to figure out what is what, but I suppose 20-F has less of makeup factor.  


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#4 explo

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Posted 27 April 2014 - 09:45 AM

Possibly they are conservative in their assumption. This is exact quote from 20-F:

We have performed a review of our cash flow forecast for the twelve months ending December 31, 2014. We believe that our operating cash flow in 2014 will be positive. Management believes the forecast is based on reasonable assumptions, including, the average selling price of wafers and modules is estimated to be approximately $0.22/W and $0.65/W, respectively, for the year ending December 31, 2014, and the cost to produce wafers and modules is estimated to be approximately $0.22/W and 0.61/W, respectively, for the year ending December 31, 2014, as a result of certain technology improvements.
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#5 jamiecc

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Posted 27 April 2014 - 02:23 PM

Explo,

 

Was there any sort of breakdown of the Inverter buisness, regarding expected magins or revenues?


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#6 explo

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Posted 27 April 2014 - 02:50 PM

No nothing on inverters. The broke down 2013 revenue a bit. Inverters should be in the 51m other materials.
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