OOn 20th April, EGing Photovoltaic Holding (SSE code: 600537) announced its FY19 financial report. As the wholly owned subsidiary Changzhou EGing photovoltaic Co.,Ltd (hereinafter referred as “EGing PV”) reached 3.4 billion revenue and 255 million net profit, annual shipment reached 2014MW with a 30% YOY increasing. Till the year end the net liquidity remains 1.6 billion, the debt to asset ratio achieved the histrical low 48% comparing with the industry average 80%. All the figures reflect a better than expected overall operation and developing of EGing PV.
（photo EGing PV HQ office building）
30% YOY shipment increasing
2014MW module shipment with a 30% year over year rising
48% debt-to-asset ratio
a histrical low rate which is also much lower than than the industry average
1.6 billion net liquidity
the flush with cash flow enhances fiannce strength and ability to resist risks
Robust financial strength
●It’s a another big year of EGing PV, the market price was more than 15% declined than FY18 but EGing still achieved both the shipment and revenue increasing, moreover, with the sales and revenue increasing the company’s sales expenses had a 4.26% YOY drop and financial expenses had a 64.25% YOY drop.
● On other financial indicators, EGing PV has maintained its industry leading position as well i.e. the company’s debt to asset ratio is only 48%, which is at the low end of the industry. The shorter inventory turnover days of 31.79 days, no long-term loan and the net liquidity (liquidity minus short-term loan) 1.6 billion etc are all highlights. EGing PV ranked top 4 on the latest Altman-Z scores among the BNEF quoted leading PV companies on May 2020, a slightly decline due to its big expansion since 4Q19 but remains high performance.
photo Altman-z score from BNEF report 2Q20
Sustainable developing and expansion
● The R&D expense maintained at high level, the annual investment was 100 million in FY19, new products portfolios covers from 166mm to 210mm cells, from mono perc to TOPcon, from P to N type.
● EGing PV invested more than 1.3 billion in FY19 to expand another 3GW mono ingot/wafer capacity and 2.6GW mono cell/wafer capacity. Till 1Q20 EGing PV has the vertical integrated capacity 5,6GW from ingot to module, 100% self-production.
photo EGing PV’s 5.2GW module workshop
Top Brand & Bankability
●In March Eging was awarded the PV top brand in Germany, in May EGing was listed again in the Bloomberg tier 1 solar module manufacturers which is the consecutive 6years since its first listing in 2015.
photo EUPD top brand pv award
photo BNEF tier1 list 2Q20
As a veteran solar company founded in 2003, EGing PV is all set to promote the company’s new leap-forward development in the year 2020 though under the big impact caused by COVID-19. Whether or not we can achieve better results, 2020 is a crucial year for each member of team EGing, we will try the best to achieve a better tomorrow.E