The SAS Board of Directors today (March 22) approved the 2015 Financial Statements. Consolidated revenue totaled NT$28.26 billion, 1.6% growth than previous year. Gross profit was NT$4.27 billion, 22.1% growth(yoy). Operating profit was NT$2.23 billion, 54.6% growth(yoy), and profit before tax was NT$1.96 billion, 1.8% growth(yoy). As for net income, due to facts of recognition of capital gain tax by reducing GWC, subsidiary’s shareholding for an initial public offering and the increase of income tax derived from the GWC group, SAS’ net income resulted in NT$0.53 billion with EPS of NT$0.93. The Board of Directors also adopted a proposal recommending distribution of a NT$1.5 cash dividend per share. In addition, GWC, subsidiary, contributed NT$15.3 billion revenue in 2015, which is 54% of SAS consolidated data. GWC’s net income was NT$2.04 billion with an EPS of NT$5.8 and a NT$5 cash dividend per share in 2015. In total, SAS financial result reflected a brilliant performance in 2015, not only exceeding that in 2014 but also created another new high record successfully.

Looking back to 2015, Taiwan companies encountered various challengers due to the anti-dumping from the US in the first half of the year. While in the second half of 2015, driven by the launch of China market, promotion in USA, India and emerging markets, solar industry market recovered a lot. SAS, with high efficiency solar products as its main force of marketing through its technology leadership and product differentiation strategy, solar revenue hitting a record high for the fifth consecutive year, provided a considerable contribution to SAS’ overall revenue.

Looking at 2016 solar market, given continuing strong demand worldwide and the domestic demand from USA, Japan and China markets as well as India and emerging market, IHS revised expectation that the installed PV capacity is likely to exceed 69GW in this year, up 17% year over year. SAS production line is currently fully occupied with high utilization rate. In order to satisfy customers’ strong demand, SAS will make expansion continuously by increasing 20% of wafer and cell production line. The 200-MW new cell production line will be built at aleo, Germany, to localize production and assembly for both cells and modules in Europe, which will significantly reduce shipment cost and save time too. In the meantime, we can freely export products to USA, Europe and any other areas worldwide without tariff or trade war concern issue.

The new SEPALCO 50-MW solar power plant, located in Philippine Leyte area covering 80 hectares, is owned by SAS subsidiary, SAS Sunrise (SSR) company that mainly uses SAS high efficiency modules and schedules to be completed by the end of March. The 50-MW solar power plant is to be awarded the FIT (Feed-in Tariff) Renewable Energy Incentive by the Philippine government with the guarantee of 20 year’s return on investment. With the completion of grid-connected solar PV system and the commercial operation of SEPALCO power plant, more revenue contribution is well expectable. Further several power plant projects are under evaluation in parallel as well.

In February 2016, SAS newly granted another invention patent in Japan of the high efficiency multi-crystal ingot growth technology. SAS has developed this technology exclusively in 2011 by using grains that were smaller than the common size for general production method and got very excitingly excellent quality result. The 0.5% conversion improvement is a significantly breakthrough among advanced technologies. SAS had applied patent license at the end of 2011, and Taiwan patent granted officially in September 2014 firstly. Japan approved patent application in February 2016 & expected to finish official granting procedure by May this year. The high efficiency multi-crystal ingot growth technology is an invention patent valid for 20 years. It will protect SAS’ right to sell the small grain manufacturing process in Japan and also play key patent role out of SAS global strategy policy.

Looking to the future, responding to Paris COP21 agreement and Taiwan new government’s new green energy policy, renewable energy development is to be the future trend and solar technology itself is also recognized as the best solution among all renewable energy resources. SAS will increase its high efficiency conversion products of wafer, cell and module ratio while also promotes powerful new thin product R-wafer (robust) and Celco, the next generation mono cell products, and in the meantime builds more power plant expansion worldwide so as to take leadership position with outstanding performance in this field.

The 2016 AGM of SAS will convene at 9: 00AM on June 28, 2016 at Science Park Life Hub.

Sino-American Silicon Products Inc.
Spokesman: C.W. Lee
TEL: 03-577-2233 ext 2291
Deputy: Olga Chang
TEL: 03-577-2233 ext 2241
www.saswafer.com