State Council decision to deploy, adapt and take the initiative to lead the new normal economic development, further emancipate the mind, bold exploration and accelerate the introduction of both has annual characteristics, but also conducive to long-term institutional arrangements of the reform, further emancipate and develop social productive forces. To deal with the relationship between government and the market as the core, driven by the government's own revolution important areas of reform, focus their efforts on the ground has been introduced to implement the reform program, launched a number of activation seize the market, the release of energy, is conducive to the steady growth of employment insurance reform and increase efficiency new initiatives to reform the new dividend into development new impetus.
Firmly grasp the problem-oriented, so that the reform to better serve the steady growth, adjusting the structure, benefit people's livelihood, risk prevention. To effectively solve the problems facing the economic and social development as an important criterion for the effectiveness of economic reform. For economic downward pressure, the development of deep-seated contradictions highlight the old and new problems are stacked up, increase the risk of difficulties and risks and other issues, and promote the steady growth conducive to employment insurance benefits by early introduction of reform measures to speed up the landing, stimulate market dynamism through reform release development potential, resolve potential risks, and promote steady economic advance and to improve quality and efficiency upgrades.
Insist on top-level design and the combination of grass-roots innovation, and fully arouse social vitality and creativity. Both attach great importance to the reform of the top-level design, but also insist on looking downward, the pace down, fully respect and play to local, grass-roots masses practices and pioneering spirit, good attention from the focus of the masses, the difficulty to find the starting point of reform people's lives, so reform ideas, decisions, measures and develop more in line with the actual needs of the masses, to find the best solutions from practice to promote top-level design and grassroots exploration positive interaction, combination.
Conscious use of the rule of law and the rule of law way of thinking reform, deepen the reform and the rule of law to achieve the organic unity of security.
"Our ability to continue as a going concern is dependent upon our continued operations, which in turn is dependent upon our ability to meet our financial requirements, raise additional capital, and the success of our future operations, which in turn are subject to various risks discussed herein including, among others, risks relating to economic conditions in our target markets as well as the supply and prices of PV modules in the market, our ability to obtain additional capital or other funding to meet our payment obligations under our debt instruments, our ability to renew our short-term borrowings when they mature, our ability to restructure some of our existing debts if needed, the ability of guarantors of our debt to maintain their financial condition, and our ability to comply with all covenants of our loan agreements or obtain waivers if needed."
"Facts and circumstances including recurring losses, negative working capital, net cash outflows, and uncertainties as to the repayment of debts raise substantial doubt about our ability to continue as a going concern. The audited financial statements do not include any adjustments that might result from the outcome of these uncertainties. If we become unable to continue as a going concern, we may have to liquidate our assets, and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected in our audited consolidated financial statements. Our lack of cash resources and our potential inability to continue as a going concern may materially and adversely affect the price of our ADSs and our ability to raise new capital or continue our operations."
"As of December 31, 2014, we had cash, cash equivalents and restricted cash of RMB2,401.5 million (US$387.0 million) and short-term borrowings, including current portion of medium-term notes and long-term debt of RMB10,112.1 million (US$1,629.8 million). Our two major manufacturing subsidiaries, Yingli China and Tianwei Yingli, both have medium-term notes that will mature and become payable in 2015. Yingli China's RMB denominated unsecured three-year medium-term notes of RMB 1.2 billion matured on May 3, 2015, and the principal and interest payments in the aggregate amount of RMB1.27 billion had been paid in full before its due date. Tianwei Yingli's RMB denominated unsecured five-year medium-term notes of RMB 1 billion will mature on October 13, 2015, and the principal and interest payments in the aggregate amount of RMB1.06 billion will become due and payable on October 13, 2015. Our liquidity is primarily dependent on our ability to maintain adequate cash flows from operations, to renew or rollover our short-term borrowings and to obtain adequate external financings to support our working capital and meet our obligations and commitments when they become due.
We have carried out a review of our cash flow forecast for the twelve months ending December 31, 2015. In preparing the cash flow forecast, our management has considered our historical cash requirements, our expected debt repayment obligations in 2015, our plan to further reduce operating costs and expenses, as well as the alternative financing plans discussed in detail below. The Company's management also made the assumption that there will be no significant decrease in the Company's shipments of modules and gross profit margin. Facts and circumstances including recurring losses, negative working capital, net cash outflows, and uncertainties on the repayment of the debts raise substantial doubt about our ability to continue as a going concern."
"We have issued, and may issue in the future, equity securities or securities convertible into our ordinary shares. In the event that the securities convertible into our ordinary shares are converted, our existing shareholders may incur further dilution of their holdings."
Its makers boast the fact that there are no gears, bolts, or mechanically moving parts, which they say makes the Vortex cheaper to manufacture and maintain. The founders claim their Vortex Mini, which stands at around 41 feet tall, can capture up to 40 percent of the wind’s power during ideal conditions (this is when the wind is blowing at around 26 miles per hour). Based on field testing, the Mini ultimately captures 30 percent less than conventional wind turbines, but that shortcoming is compensated by the fact that you can put double the Vortex turbines into the same space as a propeller turbine.
The Vortex team says there are some clear advantages to their model: It’s less expensive to manufacture, totally silent, and safer for birds since there are no blades to fly into. Vortex Bladeless says its turbine would cost around 51 percent less than a traditional turbine whose major costs come from the blades and support system. Plus, Suriol says, it’s pretty cool-looking. “It looks like asparagus,” he says. “It’s much more natural.”
The agreements address key outstanding matters including the following specific items: tax matters, the 2% net smelter royalty, sales royalty calculation and management services payments. The agreements also address the sourcing of power for Oyu Tolgoi from within Mongolia. The overall value impact for the Company in connection with the agreements is less than 2% of the value of the reserve case of $7.4 billion.
In 2003, Turquoise Hill acquired a 2% net smelter royalty from BHP Billiton. The enforceability of the royalty has been challenged by the Assistant General Prosecutor of Mongolia under Mongolian law. The Company has conceded that it has no entitlement to receive payment.
In June 2014, Oyu Tolgoi LLC received a Tax Act (Tax Assessment) from the Mongolian Tax Authority as a result of a general tax audit for the period 2010 through 2012. Oyu Tolgoi appealed the assessment and in September 2014 received a response reducing the amount of tax, interest and penalties claimed to be payable, from approximately $127 million to approximately $30 million. In a separate agreement with the Government of Mongolia, Oyu Tolgoi has agreed, without accepting liability and without creating a precedent to pay the amount of the determination by way of settlement to resolve the tax matter.
The parties have agreed that Oyu Tolgoi's 5% sales royalty paid to the Government of Mongolia will be calculated on gross revenues by not allowing deductions for the costs of processing, freight differentials, penalties or payables. Oyu Tolgoi will recalculate royalties payable accordingly since the commencement of sales and submit any additional amount payable to the Government within 30 days.
Notwithstanding the terms of the ARSHA, the parties have agreed that in calculating the Management Services Payment (MSP), the rate applied to capital costs of the underground development will be 3% instead of 6%, as provided by the ARSHA. The MSP rate on operating cost and capital related to current operations remains at 6%.
Within 30 days of execution of the Mine Plan, Oyu Tolgoi LLC and Turquoise Hill have agreed to prepare and submit working assumptions for a possible credit enhancement mechanism to support Oyu Tolgoi LLC's obligations under a potential power purchase arrangement from the Tavan Tolgoi power plant project.
Today's announcement is a significant first step towards restarting underground development. The Mine Plan is available on SEDAR and the Company's website.