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Hanwha SolarOne shipments soar following take-over

24 Feb 2011

Hanwha SolarOne, the new company created by Korean industrial group Hanwha’s takeover of Solarfun, has indicated that its revenues are significantly higher following the acquisition.

The company, which integrates Solarfun with Hanwha’s own solar business, said it expects its revenues for the fourth quarter to be between $325m and $330m, whereas Solarfun made revenues of just $554m during the whole of 2009.

Solarfun made a net loss of $21.3m in 2009, before it was acquired by Hanwha. The company has not yet indicated whether it made a profit in 2010, but said its gross margin was approximately 20 per cent, while Solarfun’s was just 11.5 per cent in 2009.

It also said solar panel shipments exceeded 220MW, beating the company’s previous guidance of 205MW to 215MW. The company now expects to ship between 235MW and 245MW in solar panels during the first quarter of 2011, and at least one gigawatt over the year, after it shipped only 313MW in the whole of 2009.

Hanwha Chemical paid $78m for 49.9 per cent of Shanghai-based Solarfun in August, before integrating it with its own solar production operations in Korea.

SolarOne will seek to acquire small silicon producers to shore up its supply chain, its CEO Xie Ping said in an interview with Bloomberg.

The company also told local media it plans to invest KRW1tn ($883m) in a production line in South Korea.

The consolidated company launched on the Nasdaq under a new ticker symbol, HSOL, on 15 February at a debut price of $9.15, but has since slipped to $8.93. Analysts at Wedbush rated it ‘neutral’ in a report released today.

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