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LDK Solar Co., Ltd. (LDK)
Q3 2012 Results Earnings Call
December 3, 2012 8:00 AM ET
Allen Page - The Blueshirt Group, IR
Xiaofeng Peng - Chairman
Sam Tong - President and CEO
Jack Lai - Chief Financial Officer
Dr. Yuepeng Wan - Chief Technology Officer
Ankit Bafna - Credit Suisse
Edwin Mok - Needham & Company
Håkon Levy - DNB Markets
Aaron Chew - Maxim Group
Tony Grillo - Needham & Company
Kevin - BFAM
Nicholas Xiang - Nomura
Shea Yang Yu - China International Capital Corporation
Previous Statements by LDK
» LDK Solar's CEO Discusses Q2 2012 Results - Earnings Call Transcript
» LDK Solar's CEO Discusses Q1 2012 Results - Earnings Call Transcript
» LDK Solar's CEO Discusses Q4 2011 Results - Earnings Call Transcript
This conference is being recorded today, Monday, December 3, 2012. I would now like to turn the conference over to [Allen Page] from The Blueshirt Group. Please go ahead, ma’am.
Good morning. And thank you for joining us on today's conference call to discuss LDK Solar's third quarter 2012 financial results. This call is being broadcast live over the web and can be accessed on the Investor Relations section of LDK Solar's website at www.ldksolar.com for 90 days.
On today's call are Xiaofeng Peng, Chairman of LDK Solar; Sam Tong, President and Chief Executive Officer; Jack Lai, Chief Financial Officer; and Dr. Yuepeng Wan, Chief Technology Officer.
Earlier today, LDK Solar issued a press release discussing the results for its third quarter 2012. We also filed the press release on Form 6-K with the U.S. Securities and Exchange Commission. The press release is accessible online at the company's website, as well as the SEC's website.
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, the Chairman of LDK Solar to go over LDK Solar’s business update for the third quarter. Chairman, Peng, please go ahead.
Good morning to you all and thank you for joining us on LDK Solar's third quarter 2012 earnings conference call. I will provide you with the business update, later on the call Sam Tong, CEO will provide an update on our operations, Jack Lai, CFO will discuss financial results for the third quarter, and Dr. Yuepeng Wan, Chief Technology Officer will provide R&D update.
As of November 5, I transition to Chairman of LDK Solar, in light of the continued challenging environment for solar company. I have [demand] that I can be best serve the company by focusing my time on guiding helping Solar’s strategic direction and developing partners and other key relationships.
Sam Tong has been appointed Chief Executive Officer. I’m confident that during his tenure at LDK Solar, Sam had developed in-depth operation expertise that will be valuable in the role of CEO and will ensure as most transition.
During the past months we also added five new members to LDK Solar’s Board of Directors. We believe that by separating the role of Chairman and CEO along with adding additional highly experienced members to the Board, this will enhance our corporate governance and better position the company.
We were pleased to [certainly] close our share purchase agreement with Heng Rui Xin Energy Company Limited, as a PRC company investment by the privately-owned and State-owned funds.
Heng Rui Xin is engaged in solar power investments and relative business. We look forward to working together with Heng Rui Xin and believe that investment in LKD Solar will help support our long-term growth strategy.
We are navigating the current volatile market environment by streamlining our manufacturing operations, reducing production costs and improving utilization. In order to include the industrial downturn, we continue to believe that the most critical issue for all solar investment participants are sustain the cost reduction and managing for a stronger balance sheet.
The LDK's management team is fully engaged in strengthening our operation and tightening our cash flow management by seeking strategic equity investors to optimize our share structure and increase our capital position to lower the debt equity ratio.
Working with these bankers on strategy to bring the more fresh capital to meet our working capital needs, working closely with customers to resolve challenge around long-term supply agreement, minimizing capital expenditure to only spend our manufacturing process improvement projects, expand the consumption of our inventory in our hand and sell our completed PV project in order to generate cash flow and continue to reduce our operating expenses on an ongoing basis.
Now, let me turn the call to Sam Tong, our President and Chief Executive Officer. Sam?
Thank you, Chairman, Peng. I will provide an update on LDK’s business and operations in the third quarter, as well as discuss our operations strategy for the reminder of the year. Before I begin, I want to say that I’m pleased to assume the role of CEO and look forward to working with Chairman, Peng, and the team navigating the near-term industry challenges, while continue to build a foundation for the growth of LDK Solar.