Hanwha Q CELLS (HQCL) 6-K Hanwha Q CELLS Reports Second Quarter 2015 Results

Exhibit 99.2

Hanwha Q CELLS Co., Ltd.

Interim Condensed Consolidated Balance Sheets

(in millions of US dollars, except share data)

	June 30, 2015			March 31, 2015			December 31, 2014
	(unaudited)			(unaudited)
ASSETS
Current assets
Cash and cash equivalents		475.9			194.5			156.7
Restricted cash		149.1			123.2			2.4
Trade accounts receivable		304.6			308.5			31.0
Receivables from related parties		294.5			198.6			159.5
Inventories		444.6			402.4			204.4
Loans to related parties		45.5			15.2			9.1
Derivative contracts		6.3			7.6			0.8
Other current assets		119.2			101.3			21.0
Total current assets		1,839.7			1,351.3			584.9
Long-term prepayments		3.3			7.3			—
Property, plant and equipment - net		814.4			768.1			147.8
Intangible assets		16.0			16.1			13.7
Land use right - net		55.0			55.3			—
Deferred income taxes		6.2			5.8			3.6
Other long-term assets		7.9			19.3			16.4
Total assets		2,742.5			2,223.2			766.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Trade accounts payable		262.2			242.7			50.8
Notes payable		127.0			101.8			—
Payables to related parties		346.6			256.3			87.1
Deferred revenue		442.2			—			—
Accrued expenses		35.5			30.5			1.1
Other payables		17.9			14.8			8.9
Short-term debt		292.4			235.1			1.1
Current portion of long-term debt		164.1			266.0			1.2
Current portion of obligations under capital leases		3.8			4.5			5.7
Customer deposits		3.7			7.7			1.4
Unrecognized tax benefit		18.7			18.7			—
Derivative contracts		0.5			0.9			—
Litigation accruals		73.1			82.4			58.5
Deferred income taxes		9.4			9.0			5.4
Warranty provision		37.3			38.0			10.5
Other current liabilities		1.8			1.7			3.3
Total current liabilities		1,836.2			1,310.1			235.0
Long-term debt, net of current portion		619.1			611.8			283.5
Long-term obligations under capital leases		0.1			0.5			1.2
Long-term warranty provision		16.2			15.7			17.0
Deferred income taxes		3.8			4.2			—
Total liabilities		2,475.4			1,942.3			536.7
Redeemable ordinary shares		—			—			—
Stockholders’ Equity
Ordinary shares		0.4			0.4			0.4
Additional paid-in capital		430.9			430.6			329.8
Accumulated deficit		(98.6	)		(84.4	)		(64.0	)
Accumulated other comprehensive loss		(65.6	)		(65.7	)		(36.5	)
Total stockholders’ equity		267.1			280.9			229.7
Total liabilities, redeemable ordinary shares and stockholders’ equity		2,742.5			2,223.2			766.4

Hanwha Q CELLS Co., Ltd.

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss

(in millions of US dollars, except share data and net loss per share)

	For the three months ended						For the six months ended
	June 30, 2015			March 31, 2015			June 30, 2015
	(unaudited)			(unaudited)			(unaudited)
Net sales		338.0			333.5			671.5
Cost of goods sold		279.6			285.1			564.7
Gross profit		58.4			48.4			106.8
Selling and marketing expenses		19.8			15.2			35
General and administrative expenses		25.7			18.5			44.2
Research and development expenses		11.9			9.9			21.8
Restructuring charges		—			22.1			22.1
Operating income (loss)		1.0			(17.3	)		(16.3	)
Other expense
Interest income		2.1			0.3			2.4
Interest expense		(16.9	)		(11.2	)		(28.1	)
Foreign exchange gain (loss)		—			0.9			0.9
Changes in fair value of derivative contracts		1.2			8.2			9.4
Investment loss		(1.5	)		—			(1.5	)
Miscellaneous income, net		0.7			1.0			1.70
Other expense, net		(14.4	)		(0.8	)		(15.2	)
Loss before income taxes		(13.4	)		(18.1	)		(31.5	)
Income taxes expenses (benefit)		0.8			2.3			3.10
Net loss		(14.2	)		(20.4	)		(34.6	)
Net loss attributable to Hanwha Q CELLS Co., Ltd.’s stockholders per share:
Basic	US$	(0.00	)	US$	(0.01	)	US$	(0.01	)
Diluted	US$	(0.00	)	US$	(0.01	)	US$	(0.01	)
Number of shares used in computation of net loss per share:
Basic		4,158,310,368			4,005,718,692			4,082,030,404
Diluted		4,158,310,368			4,005,718,692			4,082,030,404
Other comprehensive loss
Foreign currency translation adjustment		0.1			(29.2	)		(29.1	)
Comprehensive loss		(14.1	)		(49.6	)		(63.7	)

Hanwha Q CELLS Co., Ltd.

Unaudited Interim Condensed Consolidated Statement of Cash Flows

(in millions of US dollars)

	For the three months ended						For the six months ended
	June 30, 2015			March 31, 2015			June 30, 2015
	(unaudited)			(unaudited)			(unaudited)
Cash flows from operating activities
Net loss		(14.2	)		(20.4	)		(34.6	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation, amortization and impairment		29.9			31.1			61.0
Allowance for doubtful accounts		—			0.7			0.7
Non-cash interest expense on amortization of long-term debt and litigation accruals		4.0			5.7			9.7
Unrealized (gains) loss on derivative contracts		0.9			(6.6	)		(5.7	)
Stock compensation expense		0.4			—			0.4
Loss from disposal of subsidiaries		1.5			—			1.5
Deferred tax expense		0.8			2.3			3.1
Changes in operating assets and liabilities
Trade accounts receivable		(0.7	)		(121.7	)		(122.4	)
Inventories		(44.4	)		(40.2	)		(84.6	)
Restricted cash		(28.5	)		(15.9	)		(44.4	)
Other current assets		(109.5	)		24.7			(84.8	)
Other non current assets		(1.2	)		—			(1.2	)
Trade accounts payable		29.8			44.3			74.1
Notes payable		25.2			(0.4	)		24.8
Warranty provisions		1.1			12.5			13.6
Accrued expenses		5.0			3.4			8.4
Deferred revenue		442.2			—			442.2
Other current liabilities		81.2			51.3			132.5
Cash provided by (used in) operating activities		423.5			(29.2	)		394.3
Cash flows from investing activities
Net cash received from an acquisition		(0.0	)		70.2			70.2
Capital expenditures		(40.7	)		(17.8	)		(58.5	)
Changes in restricted cash		2.6			2.3			4.9
Proceeds from disposal of a subsidiary		0.5						0.5
Issuance of loans to related parties		(30.3	)		(6.1	)		(36.4	)
Net cash provided by (used in) investing activities		(67.9	)		48.6			(19.3	)
Cash flows from financing activities
Proceeds from borrowings from banks		306.3			74.1			380.4
Principal payments on bank borrowings		(366.8	)		(61.6	)		(428.4	)
Principal payments on capital lease obligations		(1.3	)		(1.4	)		(2.7	)
Proceeds from related party borrowings		—			8.0			8.0
Principal payments on related party borrowings		(11.4	)		—			(11.4	)
Arrangement fee and other related costs for bank borrowings		(0.7	)		(0.9	)		(1.6	)
Arrangement fee and other related cost for long-term notes		—			(1.0	)		(1.0	)
Net cash provided by (used in) financing activities		(73.9	)		17.2			(56.7	)
Net increase in cash and cash equivalents		281.7			36.6			318.3
Effect of exchange rate changes on cash and cash equivalents		(0.3	)		1.2			0.9
Cash and cash equivalents at beginning of period		194.5			156.7			156.7
Cash and cash equivalents at end of period		475.9			194.5			475.9
check		—			—			—