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Recently, Suntech Power (STP.NYSE, hereinafter referred to as “Shangdeâ€) and Chengxing Photovoltaic Co., respectively, have been underperformed due to “guarantee†and the company is facing bankruptcy, which has greatly affected the company’s operations and capital market performance. Once again, the market has raised concerns about the financial and operating conditions of PV companies.
In addition to the frequent rush of guarantees, PV companies' performance in terms of delivery credits, liabilities, cash ratios, etc. are worrying. China's PV industry is basically caught in a "sleepy beast" with a shortage of funds.
The only thing that is fortunate is that China's polysilicon companies have begun to file a complaint with the Ministry of Commerce, demanding a "double opposition" to the EU polysilicon. This may be the only remaining hope for Chinese PV companies.
Guaranty
“Guarantee†or “mutual guarantee†between enterprises is not uncommon in the photovoltaic industry. However, the disputes and financial problems caused by the guarantee issue may hit the photovoltaic manufacturers again in the background of the downturn in the photovoltaic industry and the serious shortage of funds of various companies.
Prior to this, Suntech’s counter-guaranteed loans were “unexpectedâ€, causing Suntech’s public shareholders and large funds to continue to sell shares, which once caused Suntech’s share price to plummet more than 30% within three days.
In Jinhua, Zhejiang, Li Xing, the actual controller of Chengxing Photovoltaic, suddenly jumped off the building and was also a catastrophe.
In 2011, Wenzhou “glasses king†Hu Fulin was led by the middleman, and a silicon manufacturer, a silicon manufacturer, received tens of millions of guarantees from Chengxing Photovoltaic. However, the company’s mismanagement of the company’s mismanagement and its guarantees have also been implicated. "New Industry" learned that Chengxing PV's order this year is less than 100 million yuan, the profit rate is expected to be around 10%, but may not be able to bear more than 20 million yuan of guarantee joint liability.
A senior executive of a PV listed company said to the "New Industry" that guarantees and counter-guarantees are to ensure that the investment and borrowing of all stakeholders of the relevant projects are not damaged. In the past, the amount of counter-guarantee generally did not account for a large proportion of corporate income, basically between 1% and 5%.
However, the current situation is different, and the PV market is very poor. Some investors even require a guarantee amount of the same value as the project to reduce the investment risk when the fee is approved. As each PV company is in a loss situation, once there is a problem in the guarantee link, it will “carry the whole body†and will directly affect the company's income statement and cash flow statement. A deputy general manager of a solar energy manufacturer told the "New Industry" that the most headache for the company is not a guarantee, but the credit period is too long.
“When I talked to a customer about a business, before the PV module was shipped, the other party would transfer 30% of the funds from the bank as a prepayment; now it is necessary to deliver the goods to the other party, and the other party will return one. The letter of credit, as a payment credential.†The above-mentioned deputy general manager said: “The problem is that the letter of credit is usually 150 days or 5 months.â€
The deputy general manager pointed out that by contrast, the situation he encountered was still good. Because, the company's letter of credit for more than 200 days, "this is one of the important reasons for the company's capital turnover is not good enough."
“Our company’s payment schedule for suppliers is about 100 days. Since the receivables greatly exceed the accounts payable, it takes about 50 days for the company to make the advance payment. Fortunately, there are hundreds of millions of dollars in the company’s accounts. Cash.†The above-mentioned deputy general manager pointed out that due to changes in financial settlement methods, many PV small enterprises could not achieve normal cash flow, and they could only sell goods at a faster price.
Cash dilemma
Judging from the financial reports of the first quarter of this year's more than 10 domestic PV companies, their cash growth and liabilities are not optimistic.
Suntech’s debt in the first quarter of this year was as high as 2.263 billion US dollars, almost no relief compared to the fourth quarter of 2011. Trina Solar's liabilities were US$ 1.138 billion, an increase of 9.7% from the previous quarter. Total liabilities such as Artes Solar, Sunshine Sunshine, Hanwha New Energy, and LDK have also increased by 14.2%, 10.3%, 8.4% and 2.3% respectively.
Although LDK’s liabilities did not increase significantly, the total liabilities of $3.423 billion remained at the top of all PV companies.
According to a report by the US investment bank Maxim Group, China’s top 10 solar companies have a total debt of $17.5 billion on their balance sheets, indicating that the industry is nearing bankruptcy.
Some overseas institutions will divide the company's “short-term debt + long-term debt + convertible bonds – cash†by shareholders' equity as a reference for the ratio of debt to assets.
However, many domestic financial analysts said to the "New Industry" that the above practices are not in line with Chinese laws. China still uses the ratio of "total liabilities divided by total assets" as an "asset-liability ratio" to observe whether enterprises should Defined as "bankruptcy."
Although in accordance with Chinese law, these PV companies are not going bankrupt, in the high-debt phase, the PV growth of each PV company is not large, or even retrogressive.
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China's photovoltaic industry funds trapped
2012 has become an eventful event for China's PV industry. Various news such as capital chain breaks, high debt ratios, and restructuring are endless.