6-K 1 d552526d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2013

Commission File Number: 001-33464

 

 

LDK SOLAR CO., LTD.

(Translation of registrant’s name into English)

 

 

Hi-Tech Industrial Park

Xinyu City

Jiangxi Province 338032

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨             No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            

 

 

 


LDK Solar Reports Financial Results for First Quarter of Fiscal 2013

We, LDK Solar Co., Ltd., have reported our unaudited financial results for the first quarter ended March 31, 2013 as follows. All financial results are reported in U.S. dollars on a U.S. GAAP basis.

First Quarter Highlights:

 

 

Net sales of $104.3 million; and

 

 

Shipped 240.0 megawatts (MW) of wafers, 31.4 MW of cells and modules in the first quarter.

Net sales for the first quarter of fiscal 2013 were $104.3 million, compared to $135.9 million for the fourth quarter of fiscal 2012, and $200.1 million for the first quarter of fiscal 2012.

Gross loss for the first quarter of fiscal 2013 was $59.5 million, compared to gross loss of $97.0 million in the fourth quarter of fiscal 2012, and gross loss of $131.0 million for the first quarter of fiscal 2012.

Gross margin for the first quarter of fiscal 2013 was negative 57.0%, compared to negative 71.4% in the fourth quarter of fiscal 2012, and negative 65.5% in the first quarter of fiscal 2012.

During the preparation of our first quarter 2013 financial results, our management determined that an inventory write-down of $15.1 million was required as a result of a continuous weakness in market price for polysilicon, wafers, cells and modules caused by industry-wide over capacity and much heated market competition. As a result, gross margin and results from operations were negatively impacted in the first quarter of fiscal 2013.

Loss from operations for the first quarter of fiscal 2013 was $93.2 million, compared to loss from operations of $423.5 million for the fourth quarter of fiscal 2012, and loss from operations of $135.8 million for the first quarter of fiscal 2012.

Operating margin for the first quarter of fiscal 2013 was negative 89.4% compared to negative 311.7% in the fourth quarter of fiscal 2012, and negative 67.9% in the first quarter of fiscal 2012.

Income tax benefit for the first quarter of fiscal 2013 was $1.3 million, compared to income tax expense of $73.5 million in the fourth quarter of fiscal 2012 and income tax benefit of $15.6 million in the first quarter of fiscal 2012.

Net loss available to our shareholders for the first quarter of fiscal 2013 was $187.1 million, or a loss of $1.21 per diluted ADS, compared to net loss of $548.5 million, or a loss of $3.91 per diluted ADS for the fourth quarter of fiscal 2012 and net loss of $185.2 million, or a loss of $1.46 per diluted ADS for the first quarter of fiscal 2012. The weighted average number of shares for calculating diluted ADS was approximately 155.1 million for the first quarter of fiscal 2013.

We ended the first quarter of fiscal 2013 with $174.1 million in cash and cash equivalents and $168.4 million in short-term pledged bank deposits.

 

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LDK Solar Co., Ltd.

Unaudited Condensed Consolidated Balance Sheet Information

(In US$’000)

 

     3/31/2013     12/31/2012  

Assets

    

Current assets

    

Cash and cash equivalents

     174,101        98,283   

Pledged bank deposits

     168,415        167,185   

Trade accounts and bills receivable, net

     162,511        162,210   

Inventories

     230,222        270,812   

Prepayments to suppliers, net

     20,391        18,402   

Assets classified as held for sale

     508,142        511,541   

Other current assets

     194,964        214,291   
  

 

 

   

 

 

 

Total current assets

     1,458,746        1,442,724   

Property, plant and equipment, net

     3,040,452        3,087,293   

Deposits for purchases of property, plant and equipment and land use rights

     155,983        159,277   

Land use rights

     242,412        243,084   

Prepayments to suppliers expected to be utilized beyond one year, net

     7,214        7,978   

Pledged bank deposits – non-current

     13,221        17,845   

Investments in associates

     8,241        10,996   

Other non-current assets

     66,991        55,017   
  

 

 

   

 

 

 

Total assets

     4,993,260        5,024,214   
  

 

 

   

 

 

 

Liabilities, redeemable non-controlling interests and equity

    

Current liabilities

    

Short-term borrowings and current installments of long-term borrowings

     2,522,826        2,391,327   

Trade accounts and bills payable

     647,817        706,462   

Advance payments from customers, current installments

     129,467        131,847   

Accrued expenses and other payables

     739,046        721,851   

Liabilities directly associated with assets classified as held for sale

     537,112        521,748   

RMB-denominated US$-settled senior notes, less debt discount

     260,214        —     

Convertible senior notes, less debt discount

     23,791        23,779   

Other financial liabilities

     91,723        90,667   
  

 

 

   

 

 

 

Total current liabilities

     4,951,996        4,587,681   

Long-term borrowings, excluding current installments and long-term PRC notes

     109,759        109,548   

RMB-denominated US$-settled senior notes, less debt discount

     —          259,513   

Advance payments from customers – non-current

     39,816        43,700   

Other liabilities

     195,668        203,242   
  

 

 

   

 

 

 

Total liabilities

     5,297,239        5,203,684   
  

 

 

   

 

 

 

Redeemable non-controlling interests

     356,604        323,294   
  

 

 

   

 

 

 

Equity

    

Total LDK Solar Co., Ltd. shareholders’ equity

     (639,357     (484,346

Non-controlling interests

     (21,226     (18,418
  

 

 

   

 

 

 

Total equity

     (660,583     (502,764
  

 

 

   

 

 

 

Total liabilities, redeemable non-controlling interests and equity

     4,993,260        5,024,214   
  

 

 

   

 

 

 

 

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LDK Solar Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations Information

(In US$’000, except per ADS data)

 

     For the 3 Months Ended  
     03/31/2013     12/31/2012  

Net sales

     104,341        135,898   

Cost of goods sold

     (163,829     (232,933
  

 

 

   

 

 

 

Gross loss

     (59,488     (97,035

Selling expenses

     (4,832     (14,424

General and administrative expenses

     (25,914     (130,057

Research and development expenses

     (2,995     (2,926

Impairment loss for goodwill and intangible assets

     —          (26,743

Impairment loss for assets held for sales

     —          (74,178

Impairment loss for property, plant and equipment

     —          (78,170
  

 

 

   

 

 

 

Total operating expenses

     (33,741     (326,498
  

 

 

   

 

 

 

Loss from operations

     (93,229     (423,533

Other income (expenses):

    

Interest income

     1,207        1,876   

Interest expense and amortization of debt issuance costs and debt discount

     (57,821     (56,574

Foreign currency exchange loss, net

     (9,404     (1,838

Others, net

     1,855        3,081   
  

 

 

   

 

 

 

Loss before income tax

     (157,392     (476,988

Income tax benefit (expense)

     1,341        (73,547
  

 

 

   

 

 

 

Net loss

     (156,051     (550,535

Loss attributable to non-controlling interests

     2,966        33,825   

Loss attributable to redeemable non-controlling interests

     6,154        22,162   
  

 

 

   

 

 

 

Net loss attributable to LDK Solar Co., Ltd. shareholders

     (146,931     (494,548

Accretion to redemption value of redeemable non-controlling interests

     (40,155     (53,954
  

 

 

   

 

 

 

Net loss available to LDK Solar Co., Ltd. shareholders

     (187,086     (548,502
  

 

 

   

 

 

 

Net loss per ADS, Diluted

   $ (1.21   $ (3.91
  

 

 

   

 

 

 

Unaudited Condensed Consolidated Statement

of Comprehensive Income Information

(In US$ ’000)

 

 

Net loss

     (156,051     (550,535
  

 

 

   

 

 

 

Other comprehensive loss

    

Foreign currency exchange translation adjustment, net of nil tax

     6,471        12,222   

Fair value changes in available-for-sale equity security, net of tax effect

     724        (351
  

 

 

   

 

 

 

Comprehensive loss

     (148,856     (538,664

Less: comprehensive loss attributable to noncontrolling interests

     (2,829     (33,975

Less: comprehensive loss attributable to redeemable noncontrolling interests

     (5,845     (20,936
  

 

 

   

 

 

 

Comprehensive loss attributable to LDK Solar Co., Ltd. shareholders

     (140,182     (483,753
  

 

 

   

 

 

 

 

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Incorporation by Reference

This report on Form 6-K (except for our press release attached hereto as Exhibit 99.2) is hereby incorporated by reference into our registration statements filed with the SEC under the Securities Act of 1933, as amended.

Exhibit

Attached hereto as Exhibit 99.2 is the press release we issued on June 11, 2013 relating to our unaudited financial results for the first quarter of 2013, which is furnished to the SEC.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

LDK SOLAR CO., LTD.
By:  

/s/ Jack Lai

Name:   Jack Lai
Title:   Chief Financial Officer

Date: June 11, 2013

 

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Exhibit 99.2

 

LOGO

LDK Solar Reports Financial Results for First Quarter of Fiscal 2013

Xinyu City, China and Sunnyvale, California, June 11, 2013 – LDK Solar Co., Ltd. (“LDK Solar”; NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, today reported its unaudited financial results for the first quarter ended March 31, 2013.

All financial results are reported in U.S. dollars on a U.S. GAAP basis.

First Quarter Highlights:

 

 

Net sales of $104.3 million; and

 

 

Shipped 240.0 megawatts (MW) of wafers, 31.4 MW of cells and modules in the first quarter.

Net sales for the first quarter of fiscal 2013 were $104.3 million, compared to $135.9 million for the fourth quarter of fiscal 2012, and $200.1 million for the first quarter of fiscal 2012.

Gross loss for the first quarter of fiscal 2013 was $59.5 million, compared to gross loss of $97.0 million in the fourth quarter of fiscal 2012, and gross loss of $131.0 million for the first quarter of fiscal 2012.

Gross margin for the first quarter of fiscal 2013 was negative 57.0%, compared to negative 71.4% in the fourth quarter of fiscal 2012, and negative 65.5% in the first quarter of fiscal 2012.

During the preparation of its first quarter 2013 financial results, LDK Solar’s management determined that an inventory write-down of $15.1 million was required as a result of a continuous weakness in market price for polysilicon, wafers, cells and modules caused by industry-wide over capacity and much heated market competition. As a result, gross margin and results from operations were negatively impacted in the first quarter of fiscal 2013.

Loss from operations for the first quarter of fiscal 2013 was $93.2 million, compared to loss from operations of $423.5 million for the fourth quarter of fiscal 2012, and loss from operations of $135.8 million for the first quarter of fiscal 2012.

 

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Operating margin for the first quarter of fiscal 2013 was negative 89.4% compared to negative 311.7% in the fourth quarter of fiscal 2012, and negative 67.9% in the first quarter of fiscal 2012.

Income tax benefit for the first quarter of fiscal 2013 was $1.3 million, compared to income tax expense of $73.5 million in the fourth quarter of fiscal 2012 and income tax benefit of $15.6 million in the first quarter of fiscal 2012.

Net loss available to LDK Solar’s shareholders for the first quarter of fiscal 2013 was $187.1 million, or a loss of $1.21 per diluted ADS, compared to net loss of $548.5 million, or a loss of $3.91 per diluted ADS for the fourth quarter of fiscal 2012 and net loss of $185.2 million, or a loss of $1.46 per diluted ADS for the first quarter of fiscal 2012. The weighted average number of shares for calculating diluted ADS was approximately 155.1 million for the first quarter of fiscal 2013.

LDK Solar ended the first quarter of fiscal 2013 with $174.1 million in cash and cash equivalents and $168.4 million in short-term pledged bank deposits.

“The first quarter operating environment remained challenging for the solar industry,” stated Xingxue Tong, President and CEO of LDK Solar. “We are undertaking a number of initiatives focused on the restructuring of our business. We are working closely with our stakeholders and relevant governmental agencies to negotiate solutions. Furthermore, we remain committed to improving our cost structure by driving down production costs, tightening operating expenses and adapting our overall business to the evolving demand environment to position LDK Solar for long-term growth.

“While China still represents the strongest global growth opportunity, we believe that Southeast Asia, Africa, India and the US are among several emerging markets with additional growth potential. We are focused on increasing our market share in these areas, and recently reported that we signed a module supply contract with a leading PV project developer in Thailand. Current conditions notwithstanding, we continue to believe there is a substantial market opportunity to address global energy needs with solar power,” concluded Mr. Tong.

Business Outlook

The following statements are based upon management’s current expectations. These statements are forward-looking in nature, and the actual results may differ materially. You should read the “Safe Harbor Statement” below with respect to the risks and uncertainties relating to these forward-looking statements.

 

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For the second quarter of fiscal 2013, LDK Solar estimates its revenue to be in the range of $100 million to $150 million, wafer shipments between 250 MW and 300 MW and cell and module shipments between 30 MW and 40 MW.

Conference Call Details

The LDK Solar First Quarter 2013 teleconference and webcast is scheduled to begin at 8:00 a.m. Eastern Time (ET), on June 11, 2013. To listen to the live conference call, please dial 877-941-2068 (within U.S.) or 480-629-9712 (outside U.S.) at 8:00 a.m. ET on June 11, 2013. An audio replay of the call will be available through June 21, 2013, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the pass code 4621992#.

A live webcast of the call will be available on the company’s investor relations website at http://investor.ldksolar.com

 

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LDK Solar Co., Ltd.

Unaudited Condensed Consolidated Balance Sheet Information

(In US$’000)

 

     3/31/2013     12/31/2012  

Assets

    

Current assets

    

Cash and cash equivalents

     174,101        98,283   

Pledged bank deposits

     168,415        167,185   

Trade accounts and bills receivable, net

     162,511        162,210   

Inventories

     230,222        270,812   

Prepayments to suppliers, net

     20,391        18,402   

Assets classified as held for sale

     508,142        511,541   

Other current assets

     194,964        214,291   
  

 

 

   

 

 

 

Total current assets

     1,458,746        1,442,724   

Property, plant and equipment, net

     3,040,452        3,087,293   

Deposits for purchases of property, plant and equipment and land use rights

     155,983        159,277   

Land use rights

     242,412        243,084   

Prepayments to suppliers expected to be utilized beyond one year, net

     7,214        7,978   

Pledged bank deposits – non-current

     13,221        17,845   

Investments in associates

     8,241        10,996   

Other non-current assets

     66,991        55,017   
  

 

 

   

 

 

 

Total assets

     4,993,260        5,024,214   
  

 

 

   

 

 

 

Liabilities, redeemable non-controlling interests and equity

    

Current liabilities

    

Short-term borrowings and current installments of long-term borrowings

     2,522,826        2,391,327   

Trade accounts and bills payable

     647,817        706,462   

Advance payments from customers, current installments

     129,467        131,847   

Accrued expenses and other payables

     739,046        721,851   

Liabilities directly associated with assets classified as held for sale

     537,112        521,748   

RMB-denominated US$-settled senior notes, less debt discount

     260,214        —     

Convertible senior notes, less debt discount

     23,791        23,779   

Other financial liabilities

     91,723        90,667   
  

 

 

   

 

 

 

Total current liabilities

     4,951,996        4,587,681   

Long-term borrowings, excluding current installments and long-term PRC notes

     109,759        109,548   

RMB-denominated US$-settled senior notes, less debt discount

     —          259,513   

Advance payments from customers – non-current

     39,816        43,700   

Other liabilities

     195,668        203,242   
  

 

 

   

 

 

 

Total liabilities

     5,297,239        5,203,684   
  

 

 

   

 

 

 

Redeemable non-controlling interests

     356,604        323,294   
  

 

 

   

 

 

 

Equity

    

Total LDK Solar Co., Ltd. shareholders’ equity

     (639,357     (484,346

Non-controlling interests

     (21,226     (18,418
  

 

 

   

 

 

 

Total equity

     (660,583     (502,764
  

 

 

   

 

 

 

Total liabilities, redeemable non-controlling interests and equity

     4,993,260        5,024,214   
  

 

 

   

 

 

 

 

10


LDK Solar Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations Information

(In US$’000, except per ADS data)

 

     For the 3 Months Ended  
     03/31/2013     12/31/2012  

Net sales

     104,341        135,898   

Cost of goods sold

     (163,829     (232,933
  

 

 

   

 

 

 

Gross loss

     (59,488     (97,035

Selling expenses

     (4,832     (14,424

General and administrative expenses

     (25,914     (130,057

Research and development expenses

     (2,995     (2,926

Impairment loss for goodwill and intangible assets

     —          (26,743

Impairment loss for assets held for sales

     —          (74,178

Impairment loss for property, plant and equipment

     —          (78,170
  

 

 

   

 

 

 

Total operating expenses

     (33,741     (326,498
  

 

 

   

 

 

 

Loss from operations

     (93,229     (423,533

Other income (expenses):

    

Interest income

     1,207        1,876   

Interest expense and amortization of debt issuance costs and debt discount

     (57,821     (56,574

Foreign currency exchange loss, net

     (9,404     (1,838

Others, net

     1,855        3,081   
  

 

 

   

 

 

 

Loss before income tax

     (157,392     (476,988

Income tax benefit (expense)

     1,341        (73,547
  

 

 

   

 

 

 

Net loss

     (156,051     (550,535

Loss attributable to non-controlling interests

     2,966        33,825   

Loss attributable to redeemable non-controlling interests

     6,154        22,162   
  

 

 

   

 

 

 

Net loss attributable to LDK Solar Co., Ltd. shareholders

     (146,931     (494,548

Accretion to redemption value of redeemable non-controlling interests

     (40,155     (53,954
  

 

 

   

 

 

 

Net loss available to LDK Solar Co., Ltd. shareholders

     (187,086     (548,502
  

 

 

   

 

 

 

Net loss per ADS, Diluted

   $ (1.21   $ (3.91
  

 

 

   

 

 

 

Unaudited Condensed Consolidated Statement

of Comprehensive Income Information

(In US$ ’000)

 

 

Net loss

     (156,051     (550,535
  

 

 

   

 

 

 

Other comprehensive loss

    

Foreign currency exchange translation adjustment, net of nil tax

     6,471        12,222   

Fair value changes in available-for-sale equity security, net of tax effect

     724        (351
  

 

 

   

 

 

 

Comprehensive loss

     (148,856     (538,664

Less: comprehensive loss attributable to noncontrolling interests

     (2,829     (33,975

Less: comprehensive loss attributable to redeemable noncontrolling interests

     (5,845     (20,936
  

 

 

   

 

 

 

Comprehensive loss attributable to LDK Solar Co., Ltd. shareholders

     (140,182     (483,753
  

 

 

   

 

 

 

About LDK Solar (NYSE: LDK)

LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar’s headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People’s Republic of China. LDK Solar’s office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.

 

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Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar’s ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar’s operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing projects, and other risks and uncertainties disclosed in LDK Solar’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar’s management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the PV industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.

For more information contact:

Lisa Laukkanen

The Blueshirt Group for LDK Solar

lisa@blueshirtgroup.com

+1-415-217-4967

Jack Lai

Executive VP and CFO

LDK Solar Co., Ltd.

IR@ldksolar.com

+1- 408-245-8801

 

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