Investor Presentation
May 2021
Safe Harbor Statement
This presentation has been prepared by the Company solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.
This presentation contains forward-looking statements and management may make additional forward-looking
statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking
statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ
materially from expectations implied by these forward-looking statements as a result of various factors and assumptions. Although we believe our expectations expressed in such forward looking statements are reasonable, we cannot assure you that they will be realized, and therefore we refer you to a more detailed discussion of the risks and uncertainties contained in the Company's annual report on Form 20-F as well as other documents filed with the Securities & Exchange Commission. In addition, these forward looking statements are made as of the current date, and the Company does not
undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by
law.
2
Q1 2021
UPDATES
3
Quarterly income statement summary
USD millions except per share data | 1Q20 | 4Q20 | 1Q21 | qoq | yoy | FY19 | FY20 | yoy | |
Net revenues | 826 | 1,041 | 1,089 | 5% | 32% | 3,201 | 3,476 | 9% | |
Gross margin | 27.0% | 13.6% | 17.9% | 431 bp | -917 bp | 22.4% | 19.8% | -260 bp | |
Selling expenses | 53 | 64 | 84 | 180 | 224 | ||||
General and admin expenses | 53 | 70 | 67 | 243 | 226 | ||||
R&D expenses | 10 | 10 | 12 | 47 | 45 |
Operating income
Net interest expense
Net FX gain or (loss)
Income tax
Net income attributable to Canadian Solar Inc.
Diluted EPS
113 | 2 | 43 | n/m | -62% | 259 | 220 | -15% | |
-16 | -16 | -11 | -69 | -63 | ||||
-1 | 4 | -7 | -12 | -15 | ||||
29 | 2 | -14 | -42 | 2 | ||||
111 | 7 | 23 | 243% | -79% | 172 | 147 | -15% | |
1.84 | 0.11 | 0.36 | 227% | -80% | 2.83 | 2.38 | -16% | |
4
Results summary by divisions
USD millions except shipment data(1) | 1Q21 | yoy | qoq | FY20 | yoy | |||
Total shipments (MW) | 3,139 | 42% | 5% | 11,286 | 32% | |||
Revenues | 695 | 1% | -11% | 3,105 | 20% | |||
CSI Solar | Gross profit | 67 | -58% | -36% | 609 | -1% | ||
Income from operations | -53 | n/m | n/m | 253 | 0% | |||
Revenues | 471 | 94% | 26% | 726 | -5% | |||
Global | ||||||||
Gross profit | 113 | 28% | 251% | 149 | 31% | |||
Energy | ||||||||
Income from operations | 85 | 40% | n/m | 53 | 184% | |||
CSI Solar Revenue (1)
23.7% | 19.6% | 23.5% | 22.2% | 19.9% | 13.5% | 9.7% | ||||
3,105 | ||||||||||
2,591 | % | Gross margin | USD mn | |||||||
709 | 921 | 785 | ||||||||
690 | 695 | |||||||||
FY19 | FY20 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 |
HIGHLIGHTS
Total module shipments grew 42% yoy in Q1 to 3.1 GW, the highest Q1 in record despite a difficult quarter due to cost pressures. Shipments recognized as revenues were 2.7 GW due to timing with
some shipments to be recognized as revenues in Q2.
ASPs in Q1 increased near double digit qoq, which was offset by the significant increase in input costs (higher raw material costs, higher shipping costs and unfavorable FX).
Global Energy revenues and profits improved significantly in Q1 with
approximately 500 MW of projects sales in Japan, the U.S. and India.
Global Energy Revenue
15.8% | 20.5% | 36.5% | 10.3% | 31.7% | 8.6% | 24.0% | |||
719 | 726 | USD mn | |||||||
373 | 471 | ||||||||
242 | |||||||||
32 | 79 | ||||||||
FY19 | FY20 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 |
- Includes effects of both sales to third party customers and to the Company's Global Energy business to reflect the real underlying performance.
Please refer to the financial tables in the quarterly press release for the intercompany transaction elimination information. Income from | 5 |
operation amounts reflect management's allocation and estimate as some services are shared by the two segments of the Company. |
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Canadian Solar Inc. published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 09:20:03 UTC.