PV Crystalox Solar plc (PVCS) 2012年年度报告「LSE」.pdf

1、PV Crystalox Solar PLC Annual Report and Accounts 2012The key to solar powerPV Crystalox Solar is a leading supplier to the worldsmajor photovoltaic companies,producing multicrystalline silicon wafers for use in solar electricitygeneration systems.Overview IFC About us IFC Overview of results1 Chair

2、mans introduction2 Our business4 The current marketBusiness review6 Operational review9 Our strategy10 Financial review14 Principal risks and uncertainties16 Corporate social responsibilityCorporate governance20 Directors22 Corporate governance statement29 Directors report32 Directors remuneration r

3、eportConsolidated financial statements37 Statement of directors responsibilities38 Independent auditors report39 Consolidated statement of comprehensive income40 Consolidated balance sheet41 Consolidated statement of changes in equity42 Consolidated cash flow statement43 Notes to the consolidated fi

4、nancial statementsCompany financial statements66 Independent auditors report67 Accounting policies68 Company balance sheet69 Notes to the company financial statementsShareholder information72 AdvisorsContentsVisit us Revenues46.3m2011:210.4mOperating cash flow67.1m2011:1.6mNet cash(cash less externa

5、l loans)89.4m2011:22.6mEBIT(earnings before interest and taxation)(110.1)m2011:(67.5)mOverview of resultsChairmans introductionPV Crystalox Solar PLC has navigated another extraordinarily challenging year forthe PV industry.Global overcapacity principally in China maintained intense pressure on pric

6、ing which continued to fall through the year across the whole PVvalue chain.Against this background,the Group has continued to work to protect shareholder value.Following the conclusion of a strategic review in the latter part of2012,the Board decided to carry out a radical restructuring in response