What's in a name? Try asking shareholders of Shunfeng International Clean Energy Ltd, which changed its brand in November and yesterday (Thursday) published what appears to be a blockbusting set of annual results. The headline figures produced by the company formerly known as Shunfeng Photovoltaic International Ltd. are astounding wherever you look - revenue from solar product sales up 241.9 per cent to RMB5.2 billion ($836 million), including a 2,746 per cent rise in revenue from module sales from RMB85.5 million ($14 million) to a staggering RMB2.3 billion ($370 million); total revenue up from RMB1.5 billion ($241 million) to RMB5.7 billion ($917 million); gross profit up 741 per cent from RMB151 million ($24 million) to RMB1.3 billion ($209 million); and net profit up to RMB1.3 billion ($209 million) from a RMB1.8 billion ($289.5 million) loss a year earlier. The quantum leap in the scale of module production and sale revenues arises from the RMB3 billion ($483 million) acquisition of the production facilities of stricken former world number one Wuxi Suntech last April, which on the surface of it, appears to have been an unqualified success. However scratching beneath the surface of the impressive figures at the top of the 45-page annual report reveals the company would have reported a net loss of around RMB1.4 billion ($225 million) without the help of two sets of bondholders who gave the company a RMB2.7 billion ($434 million) leg-up during 2013 and last year. The biggest adjustment to the profit figures came from the removal of a RMB1.8 billion ($289.5 million) fair value loss attributable to convertible bonds issued in February 2013. The holder of the bonds agreed to split them into liability and equity conversion components six months after their issue, removing a 2013 millstone from around Shunfeng's neck. A second agreement last September saw ...Den vollständigen Artikel lesen ...