We would like to remind you that during the course of this conference call, LDK Solar’s management team may make projections or other forward-looking statements regarding future events or the future financial performance of the Company made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995.Although, LDK Solar believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. We refer you to the documents that LDK Solar files from time-to-time with the SEC, specifically the Company’s most recent Form F-20 and any Form 6-Ks. These documents identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. And now, I’d like to turn the call over to Mr. Xiaofeng Peng, Chairman and Chief Executive Officer to go over LDK Solar’s corporate and business updates. Chairman Peng? Xiaofeng Peng Yeah, thank you. Good morning to you all and thank you for joining us on LDK Solar’s first quarter 2012 earnings conference call. The environment for the solar industry remained challenging in the first quarter. Our revenue was within the expected range as our result reflects the first quarter seasonality and the continued difficult solar industry conditions. In this seasonally slow quarter, pricing pressure caused by the weak market demand and industry over supply continued negative effect our business. Despite our ongoing cost reduction efforts, lowering pricing across the global supply chain that continued ASP erosion and together with the impact of our inventory write-down and other provisions reduced our revenue and margins for the first quarter. I’d like to provide some color on some of the key markets of the regions. While European markets remain difficult, we’ve been exploring emerging new markets in Eastern Europe, Central America, Australia, Japan, India and other Asian areas. In the current environment, customers are focused not only on price, but also on quality and availability.
To address these customer needs, at this year in the solar Europe we introduced the first operational and the warranty insurance covered by HDI Gerling. We were pleased to introduce unique solution at a system level. We continue to believe that some markets such as China, will began to see improvement in demand as the year progresses.Last month the Chinese government approved a total of 1.7 gigawatts of solar project under its Golden Sun subsidy program for 2012, which almost tied over the last year and as a [joint process] in China has been as long – been have added advantage – has had advantaged our efforts to expand our PV project development service business. We recently signed a new multi-year EPC agreement for three projects located in the Gansu province. We expect to see continued growth opportunities throughout the China market this year. As for the U.S., while we were respond by the Department of Commerce, preliminary decision on anti-dumping duty in May. We do not anticipate a very significant (indiscernible) to LDK Solar. We will work to ensure that we can meet the growing demand for our products in the U.S. At a global competitive price, we remain optimistic about regions long-term growth potential. The Company remains challenged by its current cash and liquidity position. As of the most recent reports, we have approximately $3.5 billion of interest-bearing borrowings. Our financing teams have been working with our bank, as well as the provincial, municipal government to provide continued support to LDK Solar. We are maintaining a constructive relation with our banks and they have committed to work with LDK to assure long-term support by renewing current loans. We are working together on replacing short-term debt that has been used for long-term applications. Read the rest of this transcript for free on seekingalpha.com