2 3 9 18 19 20 23 25 26 55 63
2,053,681 994,367 2,410,004 690,127 239,372 571,648 601,005 200,266 492,972 276,360 97,280 145,920 6,370,055 5,700,000 5,853,041 9.43 3.51 8.42 9.43 3.51 8.42 4.20 1.60 4.00 4,880,943 2,360,350 3,305,888 I 2
106.5% 2,053,700,000 200.1% 601,000,000 9.43 3.51 4.20 1.60 SolarPower Europe 40 37 3 I
17.8 70% 20 I 4
96% 86% 900 500 900 500 600 900 5 I
250 30 754 480 174 100 EPC 5.04 I 6
30 754 1 20 7 I
I 8
EPC 2,053,700,000 106.5% 200.1% 601,000,000 9.43 3.51 9 I
(i) (ii) (iii)epc % 62.5 3.0 140.9 14.2 (78.4) (55.7) 1,538.0 74.9 853.5 85.8 684.5 80.2 1,600.5 77.9 994.4 100.0 606.1 61.0 136.8 6.7 136.8 EPC 316.3 15.4 316.3 2,053.7 100.0 994.4 100.0 1,059.3 106.5 I 10
% 1,261.2 78.8 808.1 81.3 453.1 56.1 339.3 21.2 186.3 18.7 153.0 82.1 1,600.5 100.0 994.4 100.0 606.1 61.0 EPC 5.04 2,053,700,000 106.5% (i) 63.6% (ii) 11 I
150 100 30 EPC 316,300,000 EPC 335,200,000 419,100,000 125.0% 754,300,000 EPC 36.7% 33.7%(i) (ii) 1.8% 35.5% 33.7% 900 I 12
97,400,000 71.2% 25,600,000 52,800,000 78,400,000 9,200,000 8,400,000 800,000 100 62,500,000 43,700,000 78,700,000 4.4% 3.8% EPC 13 I
70,800,000 57,800,000 81.7% 128,600,000 (i) 33,300,000 (ii) 14,700,000 (iii) 5,700,000 7.1% 6.3% 600,000 600,000 4,700,000 21,900,000 17,200,000 39,100,000 89,100,000 12.9% 16.3% I 14
EBITDA EBITDA 789,500,000 285,600,000 176.4% EBITDA 38.4% 28.7% 601,000,000 200,300,000 200.1% 20.1% 29.3% (i) (ii) 48.1% 8,535,100,000 47.6% 4,880,900,000 1.5 1.2 117,800,000 349,800,000 1,229,400,000 625,200,000 1,637,000,000 400,000,000 500,000,000 1,137,000,000 15 I
15.0% 22.9% 1,137,000,000 1,237,200,000 4,795,200,000 11 I 16
2,520 82,500,000 485 5,087,500 17 I
3 2,053,681 994,367 7 (1,299,389) (659,194) 754,292 335,173 4 78,376 25,561 5 (810) (9,171) 11 62,500 7 (78,748) (43,686) 7 (128,639) (70,794) 686,971 237,083 6 7,890 2,869 6 (4,734) (580) 690,127 239,372 8 (89,122) (39,106) 601,005 200,266 10 276,360 97,280 9 9.43 3.51 9 9.43 3.51 I 18
601,005 200,266 (5,383) (47,751) 595,622 152,515 19 I
12 4,857,330 3,685,227 12 193,792 180,186 13 329,433 294,989 1,244 1,244 5,381,799 4,161,646 423,479 299,198 13 1,529,436 732,529 13 132,250 27,868 1,068,147 542,726 3,153,312 1,602,321 8,535,111 5,763,967 I 20
15 658,000 608,000 15 276,360 145,920 2,431,771 1,633,156 3,366,131 2,387,076 65,696 72,774 1,449,116 846,038 4,880,943 3,305,888 17 1,485,714 1,157,143 9,619 9,619 1,495,333 1,166,762 21 I
17 314,286 142,857 14 1,621,424 1,120,819 157,920 65,205 27,641 2,158,835 1,291,317 3,654,168 2,458,079 8,535,111 5,763,967 994,477 311,004 6,376,276 4,472,650 I 22
608,000 1,779,076 72,774 846,038 3,305,888 601,005 601,005 (5,383) (5,383) (5,383) 601,005 595,622 50,000 1,086,975 1,136,975 378 378 (2,073) 2,073 (157,920) (157,920) 658,000 2,708,131 65,696 1,449,116 4,880,943 23 I
570,000 1,238,805 98,838 402,792 2,310,435 200,266 200,266 (47,751) (47,751) (47,751) 200,266 152,515 (102,600) (102,600) 570,000 1,136,205 51,087 603,058 2,360,350 I 24
705,898 237,965 (109,414) (113,971) (898,339) 72,493 419,658 153,320 117,803 349,807 (104,599) (1,132,648) (638,074) 7,890 12,882 (1,229,357) (625,192) 1,136,975 500,000 400,000 1,636,975 400,000 525,421 124,615 542,726 279,122 (1,630) 1,068,147 402,107 25 I
1 2 34 I 26
2 19 27 I
3 62,482 140,909 1,538,061 853,458 1,600,543 994,367 57,264 79,526 136,790 EPC 316,348 2,053,681 994,367 I 28
3 (1) (2) (3) (4) EPC 29 I
3 EPC 62,530 1,538,643 136,790 316,348 2,054,311 (48) (582) (630) 62,482 1,538,061 136,790 316,348 2,053,681 (60,291) (971,317) (39,405) (228,376) (1,299,389) 2,191 566,744 97,385 87,972 754,292 140,909 853,458 994,367 (112,511) (546,683) (659,194) 28,398 306,775 335,173 I 30
3 57,264 35,358 92,622 1,979 1,979 193,598 1,128,222 1,321,820 44,428 44,428 1,202 1,202 690,415 690,415 31 I
3 EPC 4,776,239 3,451,677 306,785 410 8,535,111 1,074,527 766,854 243,944 1,568,843 3,654,168 3,966,064 1,787,044 10,859 5,763,967 1,128,493 18,662 1,310,924 2,458,079 I 32
3 8,534,701 5,753,108 (2,085,325) (1,147,155) 288 3,144 122 7,576 139 (1,304) (1,305) (157,920) (1,400,000) (1,300,000) (9,619) (9,619) 8,535,111 5,763,967 (3,654,168) (2,458,079) 33 I
3 754,292 335,173 78,376 25,561 (810) (9,171) 62,500 (78,748) (43,686) (128,639) (70,794) 7,890 2,869 (4,734) (580) 690,127 239,372 I 34
3 1,261,225 808,129 339,318 186,238 1,600,543 994,367 136,790 EPC 316,348 2,053,681 994,367 35 I
3 5,339,950 4,144,976 40,605 15,426 5,380,555 4,160,402 4 575 581 (a) 68,682 23,487 9,119 1,493 78,376 25,561 (a) I 36
5 (522) (9,141) (288) (30) (810) (9,171) 6 7,890 2,869 21,947 467 113 21,947 580 (17,213) 4,734 580 37 I
7 92,622 44,428 1,979 1,202 82,515 57,855 1,029,539 522,112 6,030 2,746 (292) 63,387 34,091 75,877 37,215 154,827 74,317 1,506,776 773,674 I 38
8 (a) 913 677 (b) 88,209 33,329 5,100 89,122 39,106 (a) 16.5% 16.5% (b) 15% 15% 50% 39 I
9 (A) 601,005 200,266 6,370,055 5,700,000 9.43 3.51 (B) I 40
9 (B) 601,005 200,266 6,370,055 5,700,000 46 6,370,101 5,700,000 9.43 3.51 10 2.4 1.8 157,920 102,600 4.2 1.6 276,360 97,280 41 I
10 4.2 11 62,500,000 100 50% I 42
12 180,186 3,685,227 15,662 1,271,714 (288) (2,112) (104,064) 56 4,741 193,792 4,857,330 188,888 1,367,987 550,761 (43) (2,002) (45,721) (4,710) (37,524) 182,176 1,835,460 43 I
13 1,023,829 350,777 132,250 27,868 1,156,079 378,645 390,403 340,210 443,199 329,329 1,438 7,202 1,991,119 1,055,386 (329,433) (294,989) 1,661,686 760,397 I 44
13 0 90 841,000 349,247 91 180 169,844 1,240 180 12,985 290 1,023,829 350,777 30 90 EPC EPC 45 I
14 386,065 171,020 530,986 344,815 917,051 515,835 704,373 604,984 1,621,424 1,120,819 0 90 371,994 163,502 91 180 3,252 4,061 180 10,819 3,457 386,065 171,020 I 46
15 0.1 80,000,000 8,000,000 8,000,000 5,700,000 570,000 1,238,805 1,808,805 380,000 38,000 740,151 778,151 (199,880) (199,880) 6,080,000 608,000 1,779,076 2,387,076 (a)) 500,000 50,000 1,086,975 1,136,975 (157,920) (157,920) 6,580,000 658,000 2,708,131 3,366,131 (a) 2.30 500,000,000 1,150,000,000 13,025,000 47 I
16 4,039,500 5,087,500 2.29 4,040 (a)) 2.86 5,087 2.38 (96) (b)) 2.61 9,031 I 48
16 (a) 5,087,500 0.83 2.86 2.86 (%) 44.302 (%) 1.73 3.39 (%) 0.94 (b) 2.29 3,959 2.86 5,072 9,031 49 I
17 314,286 142,857 1,107,143 555,714 378,571 601,429 1,800,000 1,300,000 (1,485,714) (1,157,143) 314,286 142,857 2.51% 2.39% I 50
18 (A) 14,063 7,725 35,417 16,983 163,523 170,819 213,003 195,527 1,155 1,170 193 780 1,348 1,950 51 I
18 (B) 3,504,415 4,837,840 1,290,785 733,035 4,795,200 5,570,875 I 52
19 i 575 576 i 2,142 2,165 2,717 2,741 i 575 581 ii 98 184 268 392 16,745 3 1,626 18,737 579 53 I
19 iii 37 iii 235 (i) A (ii) A (iii) 14A.76 5,395,000 4,792,000 I 54
4.20 1.60 183 17 1712-1716 55 I
XV 352 XV 7 8 (1) (1) Realbest 725,209,552 11.02% (2) 73,190,000 1.11% (1) 32,912,000 0.50% (3) 2,169,153,059 32.97% (4) (4) Copark 246,932,579 3.75% (4) 66,256,000 1.01% (3) 2,169,153,059 32.97% I 56
(5) (5) Perfect All 79,041,911 1.20% (5) 1,960,000 0.03% (3) 2,169,153,059 32.97% (6) (6) Telerich 251,595,089 3.82% (7) 200,000 * * (1) Realbest Investment Limited Realbest Realbest 725,209,552 Xinyi Automobile Glass (BVI) Company Limited (BVI) (BVI) (Xinyi Group (Glass) Company Limited) 56,748,000 Realbest 725,209,552 32,912,000 (2) 33.98% 12.50% 19.91% 11.85% 5.56% 3.70% 3.70% 5.09% 3.70% (3) 67.6% 57 I
(4) Copark Investment Limited Copark Copark 246,932,579 (BVI) (BVI) 52,802,000 Copark 246,932,579 13,782,000 52,474,000 (5) Perfect All Investments Limited Perfect All Perfect All 79,041,911 (BVI) (BVI) 1,540,000 Perfect All 79,041,911 1,960,000 (6) Telerich Investment Limited TelerichTelerich Telerich 251,595,089 (7) 200,000 750,000 : : 375,000 375,000 : 375,000 375,000 : : 2.29 2.86 : : 0.006% 0.006% I 58
XV 352 XV 7 8 XV 2 3 336 1,778,709,301 27.03% (BVI) 1,778,709,301 27.03% 12,500,000 0.19% 1,778,709,301 27.03% 59 I
(1) 266,766,456 4.05% (1) 23,000,000 0.35% (2) 2,169,153,059 32.97% (3) 251,595,089 3.82% 19,770,000 0.30% (2) 2,169,153,059 32.97% (4) 116,580,868 1.77% (2) 2,169,153,059 32.97% (5) 105,630,781 1.61% (2) 2,169,153,059 32.97% (6) 77,853,912 1.18% 2,200,000 0.03% (2) 2,169,153,059 32.97% I 60
(7) 77,853,911 1.18% (7) 2,400,000 0.03% (2) 2,169,153,059 32.97% (1) High Park Technology Limited (2) 67.6% (3) Telerich Investment Limited (4) Goldbo International Limited (5) Goldpine Limited (6) Linkall Investment Limited (7) Herosmart Holdings Limited 2,000,000 400,000 61 I
10% 10% XV 2 3 I 62
ø< ø~ *ø< #+< #ø< * # + ø ~ < FCCA, CPA Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 2 2 16 2 3 63 I
15 29 22 Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 17 1712-1716 http://www.xinyisolar.com 00968 2,000 3.08 20,266 I 64