Loss per diluted ADS in the fourth quarter of 2012 was RMB 16.50 ($2.65), compared with loss per diluted ADS of RMB 9.55 ($1.53) in the third quarter of 2012 and loss per diluted ADS of RMB 12.25 ($1.97) in the fourth quarter of 2011.
In the fourth quarter of 2012, the Company had a negative operating cash flow of RMB 27.5 million ($4.4 million), compared with a revised positive operating cash flow of RMB 176.1 million ($28.2 million) in the third quarter of 2012, after a reclassification of a gain of RMB 369.2 million ($59.3 million) related to sales proceeds of certain rights pertaining to its share lending arrangement claim against Lehman Brothers International (Europe) Limited from operating activities to financing activities.
Fiscal Year 2012 Results
Fiscal year 2012 shipments were 1.7 GW, an increase of 0.4% from 1.69 GW in fiscal year 2011.Net revenue in fiscal year 2012 was RMB 6.7 billion ($1.1 billion), a decrease of 37.4% from RMB 10.7 billion ($1.7 billion) in fiscal year 2011. Total gross loss in fiscal year 2012 was RMB 54.4 million ($8.7 million) or 0.8% of revenue, compared with gross income of RMB 461.3 million ($74.0 million) or 4.3% of revenue in fiscal year 2011. Operating loss in fiscal year 2012 was RMB 1.5 billion ($240.1 million), compared with operating loss of RMB 420.5 million ($67.5 million) in fiscal year 2011. In fiscal year 2012, net loss per diluted ADS was RMB 44.10 ($7.10), compared with net loss per diluted ADS of RMB 16.90 ($2.71) in fiscal year 2011. In fiscal year 2012, the Company generated a positive operating cash flow of RMB 8.6 million ($1.4 million) or RMB 0.22 ($0.04) per diluted ADS. Liquidity As of December 31, 2012, the Company had cash and cash equivalents of RMB 3.0 billion ($486.6 million) and total working capital of RMB 1.2 billion ($193.6 million). Total short-term bank borrowings and convertible notes due 2013 were RMB 1.7 billion ($269.9 million). Total long-term bank borrowings were RMB 3.9 billion ($632.2 million), among which RMB 1.9 billion ($297.0 million) were due in one year. The total face value of outstanding convertible notes due 2013 was RMB 726.4 million ($116.6 million) at December 31, 2012.
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