Financial Statements for Daqo New Energy Corp

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Daqo New Energy Corp financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31
Revenue	21.12	27.58	34.05	38.23
Other Revenue, Total	-	-	-	-
Total Revenue	21.12	27.58	34.05	38.23
Cost of Revenue, Total	31.91	33.29	45.01	49.43
Gross Profit	-10.79	-5.71	-10.96	-11.20
Selling/General/Admin. Expenses, Total	5.14	3.56	2.67	3.49
Research & Development	0.30	0.43	0.61	0.30
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	-	0.00	38.51
Other Operating Expenses, Total	-0.57	-3.54	-2.15	-3.63
Total Operating Expense	36.78	33.74	46.14	88.10
Operating Income	-15.66	-6.16	-12.10	-49.87
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	-19.29	-9.90	-15.88	-52.37
Income After Tax	-13.84	-7.25	-14.31	-39.16
Minority Interest	-1.45	0.93	0.58	-0.26
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-15.28	-6.32	-13.72	-39.42
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-15.54	-7.07	-13.72	-39.42
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-15.28	-6.32	-13.72	-39.42
Income Available to Common Incl. Extra Items	-15.54	-7.07	-13.72	-39.42
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00
Diluted Weighted Average Shares	175.43	175.71	175.71	175.71
Diluted EPS Excluding Extraordinary Items	-0.09	-0.04	-0.08	-0.22
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	-	-	-	-
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-0.09	-0.04	-0.08	-0.08

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	255.83	242.69	111.19	56.37
Other Revenue, Total	-	-	-	-
Total Revenue	255.83	242.69	111.19	56.37
Cost of Revenue, Total	169.72	136.48	69.25	19.39
Gross Profit	86.11	106.20	41.94	36.98
Selling/General/Admin. Expenses, Total	15.56	15.69	9.34	4.98
Research & Development	0.74	1.39	2.77	4.87
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	38.51	0.00	-	-
Other Operating Expenses, Total	-12.12	-3.38	-6.59	-0.08
Total Operating Expense	212.43	150.18	74.77	29.16
Operating Income	43.41	92.51	36.42	27.21
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	35.63	81.98	30.18	23.45
Income After Tax	34.91	69.15	29.94	21.85
Minority Interest	-1.59	-0.58	0.90	-0.33
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	33.32	68.57	30.84	21.53
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	33.32	68.57	30.84	21.53
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	33.32	65.27	30.13	21.53
Income Available to Common Incl. Extra Items	33.32	65.27	30.13	21.53
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	0.00	0.00	0.00
Diluted Weighted Average Shares	175.71	140.73	104.15	100.00
Diluted EPS Excluding Extraordinary Items	0.19	0.46	0.29	0.22
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	-	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	0.40	0.46	0.29	0.22

In Millions of USD (except for per share items)	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31
Cash & Equivalents	24.16	66.11	99.31	92.70
Short Term Investments	-	-	-	-
Cash and Short Term Investments	24.16	66.11	99.31	92.70
Accounts Receivable - Trade, Net	33.51	38.20	49.34	32.63
Receivables - Other	-	-	-	-
Total Receivables, Net	35.05	41.12	49.34	32.63
Total Inventory	12.72	17.65	19.26	24.18
Prepaid Expenses	18.66	22.55	17.27	14.00
Other Current Assets, Total	41.07	30.61	21.07	15.95
Total Current Assets	131.66	178.04	206.25	179.45
Property/Plant/Equipment, Total - Gross	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-
Goodwill, Net	-	-	-	-
Intangibles, Net	35.43	35.32	35.83	35.32
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	26.31	21.86	25.12	27.23
Total Assets	915.56	936.50	919.16	878.48
Accounts Payable	18.43	22.20	34.08	18.20
Accrued Expenses	9.99	8.36	8.47	9.16
Notes Payable/Short Term Debt	147.22	131.77	104.83	111.81
Current Port. of LT Debt/Capital Leases	-	-	-	-
Other Current liabilities, Total	68.15	86.58	82.48	78.68
Total Current Liabilities	243.78	248.90	229.87	217.84
Long Term Debt	210.16	223.60	211.96	165.65
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	210.16	223.60	211.96	165.65
Total Debt	357.38	355.37	316.79	277.45
Deferred Income Tax	-	-	-	-
Minority Interest	141.23	138.23	140.48	140.85
Other Liabilities, Total	44.23	36.08	38.04	42.96
Total Liabilities	639.40	646.82	620.34	567.30
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.02	0.02	0.02	0.02
Additional Paid-In Capital	144.42	144.06	143.43	142.51
Retained Earnings (Accumulated Deficit)	113.87	129.41	136.48	150.21
Treasury Stock - Common	-0.23	0.00	-	-
Other Equity, Total	18.08	16.20	18.89	18.44
Total Equity	276.17	289.68	298.81	311.18
Total Liabilities & Shareholders' Equity	915.56	936.50	919.16	878.48
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	175.71	175.71	175.71	175.71

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	92.70	203.64	81.41	3.30
Short Term Investments	-	-	-	-
Cash and Short Term Investments	92.70	203.64	81.41	3.30
Accounts Receivable - Trade, Net	32.63	16.08	16.71	2.44
Receivables - Other	-	-	-	-
Total Receivables, Net	32.63	16.08	16.71	2.44
Total Inventory	24.18	11.24	4.72	4.81
Prepaid Expenses	14.00	9.94	9.26	2.96
Other Current Assets, Total	15.95	0.83	8.81	20.43
Total Current Assets	179.45	241.74	120.92	33.95
Property/Plant/Equipment, Total - Gross	-	456.88	424.93	323.11
Accumulated Depreciation, Total	-	-57.32	-24.95	-8.60
Goodwill, Net	-	-	-	-
Intangibles, Net	35.32	8.60	1.55	0.76
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	27.23	1.08	1.47	0.89
Total Assets	878.48	650.97	523.92	350.11
Accounts Payable	18.20	4.30	3.49	3.16
Accrued Expenses	9.16	13.53	7.50	4.95
Notes Payable/Short Term Debt	111.81	12.11	14.65	6.00
Current Port. of LT Debt/Capital Leases	-	59.49	29.18	4.39
Other Current liabilities, Total	78.68	81.58	87.85	135.82
Total Current Liabilities	217.84	171.01	142.67	154.32
Long Term Debt	165.65	83.00	144.94	84.30
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	165.65	83.00	144.94	84.30
Total Debt	277.45	154.60	188.76	94.69
Deferred Income Tax	-	-	-	-
Minority Interest	140.85	132.94	128.00	49.01
Other Liabilities, Total	42.96	0.54	0.22	40.43
Total Liabilities	567.30	387.49	415.83	328.06
Redeemable Preferred Stock, Total	-	0.00	55.60	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.02	0.02	0.01	10.00
Additional Paid-In Capital	142.51	140.31	0.26	-10.00
Retained Earnings (Accumulated Deficit)	150.21	116.88	51.61	21.48
Treasury Stock - Common	-	-	-	-
Other Equity, Total	18.44	6.28	0.62	0.56
Total Equity	311.18	263.48	108.10	22.04
Total Liabilities & Shareholders' Equity	878.48	650.97	523.92	350.10
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	175.71	175.71	100.00	100.00

In Millions of USD (except for per share items)	10 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31	1 months ending 2007-12-31
Net Income/Starting Line	69.15	29.94	21.85	-0.05
Depreciation/Depletion	30.75	16.09	7.82	0.00
Amortization	-	-	-	-
Deferred Taxes	-0.22	-0.58	-0.04	0.00
Non-Cash Items	1.77	0.40	0.07	0.00
Changes in Working Capital	24.18	-48.57	72.96	0.05
Cash from Operating Activities	125.62	-2.73	102.65	0.00
Capital Expenditures	-58.56	-121.29	-138.89	0.00
Other Investing Cash Flow Items, Total	8.75	11.62	0.59	0.00
Cash from Investing Activities	-49.82	-109.67	-138.30	0.00
Financing Cash Flow Items	-1.57	41.42	21.51	0.00
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	81.28	55.01	0.00	0.00
Issuance (Retirement) of Debt, Net	-34.16	94.07	17.42	0.00
Cash from Financing Activities	45.56	190.50	38.93	0.00
Foreign Exchange Effects	0.86	0.01	0.02	0.00
Net Change in Cash	122.22	78.11	3.30	0.00
Cash Interest Paid, Supplemental	5.24	3.73	3.31	0.00
Cash Taxes Paid, Supplemental	0.63	1.82	0.00	0.00