ReneSola Ltd. Announces Fourth Quarter and Full Year 2011 Results Exceeds guidance with full year revenues of US$985.3 million;

Exceeds guidance with record full year solar wafer and module shipments of 1.3 GW;

Achieves full year gross profit margin of 9.7%;

Achieves full year operating margin of 1.2%

JIASHAN, China, March 16, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and provider of solar modules, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )

Fourth Quarter 2011 Financial and Operating Highlights

  • Total solar wafer and module shipments in Q4 2011 were 339.9 megawatts ("MW"), exceeding Company guidance and an increase of 3.5% from 328.5 MW in Q3 2011.
  • Q4 2011 net revenues were US$187.7 million, exceeding Company guidance and representing a decrease of 0.7% from US$189.1 million in Q3 2011.
  • Q4 2011 gross loss was US$43.4 million with a gross margin of negative 23.1%, compared to gross loss of US$7.7 million with a gross margin of negative 4.0% in Q3 2011.
  • Q4 2011 operating loss was US$52.7 million with an operating margin of negative 28.1%, compared to an operating loss of US$34.5 million with an operating margin of negative 18.2% in Q3 2011.
  • Q4 2011 net loss was US$36.7 million, representing basic and diluted loss per share of US$0.21, and basic and diluted loss per American depositary share ("ADS") of US$0.43.
  • Cash and cash equivalents plus restricted cash were $437.4 million as of the end of Q4 2011, compared to US$450.3 million as of the end of Q3 2011.

Full Year 2011 Financial and Operating Highlights

  • Total solar wafer and module shipments for the full year 2011 were a record 1,294.8 MW, exceeding Company guidance and an increase of 9.5% from 1,182.8 MW for the full year 2010.
  • Full year 2011 net revenues were US$985.3 million, exceeding Company guidance and representing a decrease of 18.3% from US$1,205.6 million in 2010.
  • Full year 2011 gross profit was US$96.1 million with a gross profit margin of 9.7%, compared to a gross profit of US$348.0 million with a gross margin of 28.9% in 2010.
  • Full year 2011 operating income was US$11.5 million with an operating margin of 1.2%, compared to an operating income of US$245.9 million with an operating margin of 20.4% in 2010.
  • Full year 2011 net income was US$0.3 million, representing basic and diluted earnings per share of US$0.002 and basic and diluted earnings per ADS of US$0.004.

"Challenging market conditions continued to impact our business in the fourth quarter of 2011," said Mr. Xianshou Li, ReneSola's chief executive officer. "The continuing uncertainty surrounding Europe's economy and proposed austerity measures exacerbated the supply-demand situation, negatively impacting our revenues and margins for the quarter, despite near-record shipments including significantly increased module shipments. Although we achieved our year-end cost-reduction targets, which placed our cost structure among the lowest in the industry, it was not enough to offset extremely low solar wafer and module prices. We still believe, however, that our low production costs uniquely position us to weather the current downturn. As a result, we were able to achieve positive net income for the full year of 2011."

Mr. Li continued, "For 2012, we will continue to invest in research and development to further reduce our costs and improve efficiency. While we expect to maintain our leadership position in wafer production, we will increasingly focus on our high-margin module business, capitalizing on our reputation, product quality and new regional teams, to increase sales. We will continue to invest heavily in our in-house polysilicon production, which achieved costs close to the record-low spot prices of December and lower than many of our competitor's long-term polysilicon contracts. As part of our cost-reduction strategy, we will also explore horizontal opportunities like our diamond-steel wire production, which began in the fourth quarter of 2011. We are confident our cost-reduction efforts will help us withstand pricing pressures from an oversupplied market, which we expect to persist into 2013, and capitalize on an industry that overall is still growing at a rapid pace."

Fourth Quarter 2011 Results

Solar Wafer and Module Shipments

 

4Q11   

3Q11   

4Q10   

Q-o-Q%

Y-o-Y%

Total Solar Wafer and Module Shipments (MW)

339.9

328.5

349.4

3.5%

(2.7%)

Wafer Shipments (MW)

245.4

294.8

222.6

(16.8%)

10.2%

Module Shipments (MW)

94.5

33.7

126.8

180.4%

(25.5%)

The sequential increase in solar product shipments was the result of strong demand for the Company's solar modules from Europe, particularly Germany, due to pent-up demand that arose in Q4 2011.

Net Revenues

 

4Q11  

3Q11   

4Q10   

  Q-o-Q%

Y-o-Y%

Net Revenues (US$mln)

$187.7

$189.1

$386.4

(0.7%)

(51.4%)

Revenues in Q4 2011 were relatively unchanged quarter-over-quarter, with a decrease in the average selling price ("ASP") of solar wafers and modules to US$0.36 per watt ("W") and US$0.97/W, respectively, offset by an increase in solar module shipments.

Gross Profit (Loss)

 

4Q11  

3Q11  

4Q10  

Q-o-Q%

Y-o-Y%

Gross Profit (Loss) (US$mln)

($43.4)

($7.7)

$119.3

-

(136.4%)

Gross Margin

(23.1%)

(4.0%)

30.9%

-

-

The sequential decrease in gross profit was primarily due to declines in solar wafer and module ASPs, as well as a write-down of approximately US$26.2 million to reflect the significant drop in prices for polysilicon, solar wafers and solar modules in 2011.

Operating Income (Loss)

 

4Q11  

3Q11  

4Q10  

Q-o-Q%

Y-o-Y%

Operating Expenses (US$mln)

$9.3

$26.8

$33.4

(65.3%)

(72.2%)

Operating Income (Loss) (US$mln)

($52.7)

($34.5)

$85.9

-

(161.4%)

Operating Margin 

(28.1%)

(18.2%)

22.2%

-

-

The sequential decrease in operating expenses was primarily due to a one-time gain of $13.5 million arising from the forfeiture of a prepaid deposit due to the breach of a solar wafer contract by one of the Company's clients. Operating expenses represented 5.0% of total revenues in Q4 2011, compared to 14.2% in Q3 2011.

Foreign Exchange Gain

The Company had a foreign exchange gain of US$1.8 million in Q4 2011, primarily due to the appreciation of the renminbi ("RMB"). The Company also recognized a US$3.6 million gain on derivatives, compared to a gain of US$10.1 million in Q3 2011, as the euro depreciated more than the forward rate hedged.

Gain on Repurchase of Convertible Notes

The Company also recognized a gain of US$8.2 million related to the Company's repurchase of a portion of its convertible notes in Q4 2011. As mentioned in previous quarters, the Company may repurchase its convertible notes from time to time.

Net Income (Loss) Attributable to Holders of Ordinary Shares

 

4Q11

3Q11

4Q10

Net Income (Loss) (US$mln)

($36.7)

($8.2)

$61.0

Diluted Earnings (Loss) Per Share

($0.21)

($0.05)

$0.34

Diluted Earnings (Loss) Per ADS

($0.43)

($0.09)

$0.69

Full Year 2011 Results

Solar Wafer and Module Shipments

 

FY11   

FY10   

Y-o-Y%

Total Solar Wafer and Module Shipments (MW)

1,294.8

1,182.8

9.5%

Wafer Shipments (MW)

1,014.1

887.6

14.3%

Module Shipments (MW)

280.7

295.2

(4.9%)


The increase in shipments was the result of an increase in the demand for the Company's solar wafers, especially its Virtus wafer, offset by a slight decrease in solar module shipments as a result of the relatively weak market and Europe's challenging financing environment.

Net Revenues

 

FY11  

FY10  

 Y-o-Y%

Net Revenues (US$mln)

$985.3

$1,205.6

(18.3%)

The decrease in revenues was driven by a significant decline in the ASPs of solar wafers and modules.

Gross Profit

 

FY11  

FY10  

Y-o-Y%

Gross Profit (US$mln)

$96.1

$348.0

(72.4%)

Gross Margin

9.7%

28.9%

-

The decrease in gross profit was primarily due to the declines in solar wafer and module ASPs, as well as inventory write-downs to reflect the significant drop in prices for polysilicon, solar wafers and solar modules.

Operating Income

 

FY11

 FY10

Y-o-Y%

Operating Expenses (US$mln)

$84.5

$102.0

(17.2%)

Operating Income (US$mln)

$11.5

$245.9

(95.3%)

Operating Margin 

1.2%

20.4%

-

The decrease in operating expenses was primarily due to a one-time gain of $13.5 million arising from the forfeiture of a prepaid deposit due to the breach of a solar wafer contract by one of the Company's clients. Operating expenses represented 8.6% of total revenues in 2011, compared to 8.5% in 2010.

Net Income Attributable to Holders of Ordinary Shares

 

 FY11

FY10

Net Income (US$mln)

$0.3

$169.0

Diluted Earnings Per Share

$0.002

$0.97

Diluted Earnings Per ADS

$0.004

$1.93

Business Highlights

Research and Development ("R&D")

In Q4 2011, ReneSola began mass production of diamond-steel wires, as previously announced. The Company has already begun to use the wires for its own wafer manufacturing and expects to sell the wires to other companies soon.

At present, the Company's primary R&D investments include improving its Virtus wafer technology and extending its advantages to modules, developing low-oxygen concentration solar wafers and producing carbon composite materials used in solar manufacturing furnaces. In line with its overall cost-reduction strategy, the Company will continue to invest in R&D to further its advancements in technology and manufacturing methods. 

Wafer Business

In Q4 2011, the Company completed its multicrystalline wafer production upgrade, bringing the Company's quasi-mono Virtus wafer production capacity, which now represents the Company's entire multicrystalline production capacity, to 1.6 gigawatts ("GW"). At the end of 2011, the Company had a total wafer capacity of 2.0 GW, representing 1.6 GW of Virtus wafers and 400 MW of monocrystalline wafers. The Company expects to maintain this capacity in 2012.

In Q4 2011, the Company's average blended non-silicon wafer processing cost for monocrystalline and Virtus wafers was US$0.20/W, a decrease from US$0.23/W in Q3 2011 as a result of continued cost-reduction efforts, including the use of upgraded furnaces and lower-priced raw materials. The successful execution of the Company's cost reduction strategies should allow the Company to reduce its blended non-silicon wafer processing cost for monocrystalline and Virtus wafers to US$0.15/W by the end of Q4 2012.

Module Business

At the end of 2011, the Company had a solar module capacity of 500 MW. The Company expects to reach 1.0 GW by the end of 2012 contingent on demand for the Company's solar modules.

At the end of Q4 2011, the Company's module processing cost was approximately US$0.42/W, compared to US$0.44/W at the end of Q3 2011. The Company will continue to reduce its module processing costs through a reduction in material costs and capitalize on the business's higher margins relative to wafer production. At the same time, the Company will increase its sales and marketing efforts through the leadership of its new regional hires in Asia-Pacific, Europe and the Americas. For the full year 2012, the Company expects to ship at least 600 MW of solar modules.

Polysilicon Update

At the end of 2011, the Company had a polysilicon production capacity of 4,000 metric tons ("MT"). By the end of 2012, the Company expects polysilicon production capacity to reach 10,000 MT through Phase II of its polysilicon production plant.

The Company's Sichuan polysilicon plant continued to contribute to the Company's cost-reduction strategy in Q4 2011 and remains central to the Company's long-term manufacturing strategy. In Q4 2011, the Company produced approximately 1,089 MT of polysilicon, an increase from approximately 760 MT in Q3 2011. The Company's internal polysilicon production cost was reduced to approximately US$30/kg by the end of Q4 2011, beating the Company's cost-reduction target and compared to US$35.70/kg at the end of Q3 2011. In Q1 2012, the Company expects polysilicon production to decrease to between 830 MT and 880 MT as a result of upgrades and maintenance on the state-owned power grid connected to the Company's polysilicon plant in February. The Company expects to reduce polysilicon production cost to approximately US$24/kg by the end of 2012 through Phase II of it polysilicon production plant.

Liquidity and Capital Resources

Net cash and cash equivalents plus restricted cash were US$437.4 million at the end of Q4 2011, compared to US$450.3 million at the end of Q3 2011. Total debt was US$715.6 million in Q4 2011, compared to US$691.4 million in Q3 2011, excluding US$111.6 million due in convertible notes.

Capital expenditures were US$34.1 million for Q4 2011 and US$135.3 million for the full year 2011. Short-term borrowings were US$570.9 million in Q4 2011, an increase from US$523.5 million in Q3 2011.

2012 Capacity Expansion Plans and Related CAPEX

The Company expects to spend approximately US$100 million to add 6,000 MT of polysilicon production capacity through Phase II of its polysilicon plant, which will help the Company reduce its overall costs and provide a stable polysilicon supply. While the Company will remain conservative in its 2012 CAPEX, it may expand its solar module capacity in line with demand for the Company's solar modules.

Outlook

For Q1 2012, the Company expects total solar wafer and module shipments to be in the range of 400 MW to 420 MW and revenues to be in the range of US$180 million to US$190 million.

For the full year 2012, the Company expects total solar wafer and module shipments to be in the range of 1.8 GW to 2.0 GW.

Conference Call Information

ReneSola's management will host an earnings conference call on Friday, March 16, 2012 at 8 am U.S. Eastern Time (8 pm Beijing/Hong Kong time).

Dial-in details for the earnings conference call are as follows:

U.S. / International:       +1-718-354-1231
Hong Kong:                  +852-2475-0994

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "ReneSola Call".

A replay of the conference call may be accessed by phone at the following number until March 23, 2012:

International:                 +1-718-354-1232
Passcode:                     57628999

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesola.com.

About ReneSola

ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, high production quality, and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and processing services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola's ADSs are traded on The New York Stock Exchange (NYSE: SOL). For more information about ReneSola, please visit http://www.renesola.com.

Safe Harbor Statement

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact:

In China:

Mr. Tony Hung
ReneSola Investor Relations
Tel: +86-573-8473-9011
Email:ir@renesola.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel:+86-10-8520-6284
Email:sol@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: sol@ogilvy.com

 

 RENESOLA LTD

 Unaudited Consolidated Balance Sheet

 (US dollars in thousands)

 

 

 Dec 31,

 

 Sep 30,

 

 Dec 31,

 

2011

 

2011

 

2010

 ASSETS

 

 

 

 

 

 Current assets:

 

 

 

 

 

 Cash and cash equivalents 

379,039

 

406,280

 

290,702

 Restricted cash 

58,335

 

43,999

 

33,640

 Available-for-sale investment

-

 

1,837

 

3,332

 Accounts receivable, net of allowances for doubtful accounts

129,636

 

107,856

 

81,540

 Inventories, net of inventory provision

154,182

 

218,777

 

170,599

 Advances to suppliers-current

16,164

 

29,674

 

26,315

 Amounts due from related parties

6,207

 

352

 

389

 Value added tax recoverable

41,858

 

62,499

 

44,102

 Income tax recoverable

7,956

 

4,991

 

4,021

 Prepaid expenses and other current assets 

18,718

 

13,330

 

16,946

 Deferred convertible bond issue costs-current

784

 

923

 

-

 Derivative assets

881

 

6,676

 

11,660

 Assets held-for-sale

6,453

 

3,248

 

-

 Deferred tax assets-current

12,709

 

22,636

 

14,763

 Total current assets 

832,922

 

923,078

 

698,009

 

 

 

 

 

 

 Property, plant and equipment, net

980,165

 

911,190

 

801,472

 Prepaid land use right

48,564

 

49,937

 

37,189

 Business license, net

3,726

 

3,677

 

-

 Deferred tax assets-non-current

25,157

 

11,256

 

8,526

 Deferred convertible bond issue costs-non-current

2,510

 

3,189

 

-

 Advances to suppliers-non-current

17,644

 

22,128

 

13,743

 Advances for purchases of property, plant and equipment 

25,867

 

25,103

 

26,930

 Other long-lived assets

6,775

 

2,576

 

2,753

 Goodwill

5,646

 

5,642

 

5,323

 Total assets 

1,948,976

 

1,957,776

 

1,593,945

 

 

 

 

 

 

 LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 Current liabilities:

 

 

 

 

 

 Short-term borrowings 

570,894

 

523,530

 

400,798

 Accounts payable 

235,814

 

209,493

 

220,798

 Advances from customers-current

58,238

 

59,810

 

57,396

 Amounts due to related parties 

4,913

 

-

 

25

 Other current liabilities 

114,969

 

112,327

 

79,633

 Income tax payable

4,111

 

3,611

 

16,438

 Deferred tax liabilities

220

 

3,438

 

1,778

 Derivative liabilities

218

 

6,657

 

1,381

 Total current liabilities 

989,377

 

918,866

 

778,247

 

 

 

 

 

 

 Convertible bond payable-non-current

111,616

 

130,800

 

-

 Long-term borrowings 

144,669

 

167,830

 

121,515

 Advances from customers-non-current

48,051

 

57,389

 

76,080

 Warranty 

12,835

 

12,137

 

8,701

 Other long-term liabilities 

41,286

 

39,624

 

22,937

 Total liabilities 

1,347,834

 

1,326,646

 

1,007,480

 

 

 

 

 

 

 Shareholders' equity

 

 

 

 

 

   Common shares 

422,314

 

422,314

 

422,039

   Additional paid-in capital 

4,111

 

3,150

 

19,858

   Treasury stock

(1,944)

 

(1,944)

 

-

   Retained earnings

104,859

 

141,553

 

108,387

   Accumulated other comprehensive income 

71,646

 

66,057

 

36,181

 ReneSola Ltd.  shareholders' equity

600,986

 

631,130

 

586,465

 Noncontrolling interest

156

 

-

 

-

 Total  shareholders' equity

601,142

 

631,130

 

586,465

 

 

 

 

 

 

 Total liabilities and shareholders' equity 

1,948,976

 

1,957,776

 

1,593,945

 

RENESOLA LTD

Unaudited Consolidated Statements of  Income Data

(US dollar in thousands, except ADS and share data)

 

 

Three Months Ended

 

Twelve Months Ended

 

Dec 31, 2011

 

Sep 30, 2011

 

Dec 31, 2010

 

Dec 31, 2011

 

Dec 31, 2010

 

 

 

 

 

 

 

 

 

 

Net revenues

187,691

 

189,062

 

386,445

 

985,279

 

1,205,579

Cost of revenues

(231,061)

 

(196,716)

 

(267,167)

 

(889,226)

 

(857,615)

Gross profit (loss)

(43,370)

 

(7,654)

 

119,278

 

96,053

 

347,964

GP%

(23.1%)

 

(4.0%)

 

30.9%

 

9.7%

 

28.9%

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Sales and marketing

(5,487)

 

(5,064)

 

(2,789)

 

(17,233)

 

(8,360)

General and administrative

(8,269)

 

(12,157)

 

(9,316)

 

(38,550)

 

(43,314)

Research and development

(11,546)

 

(12,152)

 

(13,336)

 

(47,055)

 

(36,263)

Other general (expense) income

15,984

 

2,525

 

(7,950)

 

18,327

 

(14,083)

Total operating expenses

(9,318)

 

(26,848)

 

(33,391)

 

(84,511)

 

(102,020)

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

(52,688)

 

(34,502)

 

85,887

 

11,542

 

245,944

 

 

 

 

 

 

 

 

 

 

Non-operating (expenses) income:

 

 

 

 

 

 

 

 

 

Interest income

2,187

 

3,587

 

918

 

7,862

 

1,835

Interest expenses

(11,042)

 

(10,018)

 

(6,779)

 

(37,190)

 

(23,245)

Foreign exchange gain (loss)

1,816

 

(865)

 

(1,472)

 

6,612

 

(1,814)

Gains (losses) on derivatives, net

3,603

 

10,055

 

9,192

 

(15,297)

 

6,268

Other-than-temporary impairment loss on
available-for-sale investment

(1,836)

 

(1,705)

 

-

 

(6,207)

 

-

Gains on repurchase of convertible bonds

8,197

 

20,153

 

-

 

28,350

 

6

Investment loss

-

 

-

 

-

 

(192)

 

-

Total non-operating (expenses) income

2,925

 

21,207

 

1,859

 

(16,062)

 

(16,950)

Income (loss) before income tax and
noncontrolling interests

(49,763)

 

(13,295)

 

87,746

 

(4,520)

 

228,994

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense)

13,069

 

5,145

 

(26,701)

 

4,851

 

(59,998)

Net income (loss)

(36,694)

 

(8,150)

 

61,045

 

331

 

168,996

 

 

 

 

 

 

 

 

 

 

Less: Net loss attributed to noncontrolling
interests

(2)

 

-

 

-

 

(2)

 

-

Net income (loss) attributed to holders of
ordinary shares

(36,692)

 

(8,150)

 

61,045

 

333

 

168,996

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

  Basic

(0.21)

 

(0.05)

 

0.35

 

0.00

 

0.98

  Diluted

(0.21)

 

(0.05)

 

0.34

 

0.00

 

0.97

 

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

 

 

  Basic

(0.43)

 

(0.09)

 

0.70

 

0.00

 

1.96

  Diluted

(0.43)

 

(0.09)

 

0.69

 

0.00

 

1.93

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in
computing earnings per share

 

 

 

 

 

 

 

 

  Basic

172,613,664

 

173,632,298

 

173,334,992

 

173,496,901

 

172,870,921

  Diluted

172,613,664

 

173,632,298

 

176,978,324

 

173,496,901

 

175,111,730

 

RENESOLA LTD

Unaudited Consolidated Statements of Cash Flow

(US dollar in thousands)

 

 

 

 

 

 

 

 

 

 

 For the year ended December 31

 

 

 

 

2011

 

2010

 

 

 

 

 

 

 

 

Cash flow from operating activities:

 

 

 

 

 

 

Net income

 

 

331

 

168,996

 

Adjustment to reconcile net income to net cash (used in) provided by
operating activities:

 

 

 

 

 

  Investment loss

 

 

192

 

-

 

  Inventory write-down

 

 

48,992

 

1,165

 

  Depreciation and amortization

 

 

82,731

 

56,354

 

  Amortization of deferred convertible bond issuances costs and premium

 

 

881

 

332

 

  Allowance of doubtful receivables and advance to suppliers

 

 

2,034

 

3,919

 

  (Gains) losses on derivatives

 

 

15,297

 

(6,268)

 

  Share-based compensation

 

 

4,360

 

3,935

 

  Loss on disposal of long-lived assets

 

 

558

 

1,253

 

  Gains on repurchase of convertible bonds

 

 

(28,350)

 

(6)

 

 Other-than-temporary impairment loss on available-for-sale investment

 

 

6,207

 

-

 

 Provision for firm purchase commitment

 

 

3,940

 

-

 

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

  Accounts receivables

 

 

(82,535)

 

26,886

 

  Inventories

 

 

(24,251)

 

(28,433)

 

  Advances to suppliers

 

 

6,898

 

(32,383)

 

  Amounts due from related parties

 

 

(888)

 

64

 

  Value added tax recoverable

 

 

4,274

 

9,277

 

  Prepaid expenses and other current assets

 

 

(954)

 

(11,130)

 

  Prepaid land use rights

 

 

(3,220)

 

11,172

 

  Accounts payable

 

 

4,560

 

121,463

 

  Advances from customers

 

 

(27,025)

 

(1,362)

 

  Income tax payable

 

 

(16,303)

 

9,555

 

  Other current liabilities

 

 

(13,293)

 

18,934

 

  Other long-term liabilities

 

 

4,681

 

(139)

 

  Accrued warranty cost

 

 

3,614

 

5,261

 

  Deferred taxes

 

 

(14,759)

 

44,325

 

Net cash (used in) provided by operating activities

 

 

(22,028)

 

403,170

 

 

 

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

 

 

  Purchases of property, plant and equipment

 

 

(132,827)

 

(137,715)

 

  Advances for purchases of property, plant and equipment

 

 

(19,925)

 

(6,817)

 

  Purchases of other long-term assets

 

 

(239)

 

1,186

 

  Cash received from government subsidy

 

 

5,296

 

2,408

 

  Proceeds from disposal of property, plant and equipment

 

 

155

 

150

 

  Changes in restricted cash

 

 

(22,455)

 

(7,323)

 

  Cash consideration for acquisition, net of cash received

 

 

(1,102)

 

-

 

  Net cash paid for settlement of derivatives

 

 

(6,332)

 

(3,160)

 

Net  cash used in investing activities

 

 

(177,429)

 

(151,271)

 

 

 

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

 

 

  Proceeds from borrowings

 

 

898,776

 

665,007

 

  Repayment of bank borrowings

 

 

(735,172)

 

(708,249)

 

  Cash paid for issuance cost

 

 

(7,155)

 

-

 

  Proceeds from exercise of stock options

 

 

149

 

3,145

 

  Cash paid for ADSs repurchase

 

 

(1,944)

 

-

 

  Proceeds from issuance of convertible bonds

 

 

200,000

 

-

 

  Purchase of conversion spread hedges

 

 

(23,841)

 

-

 

  Contribution from noncontrolling interest of subsidiaries

 

 

157

 

-

 

  Cash paid for repurchase of convertible bonds

 

 

(57,055)

 

(32,715)

 

Net cash provided by (used in) financing activities

 

 

273,915

 

(72,812)

 

 

 

 

 

 

 

 

Effect of exchange rate changes

 

 

13,879

 

4,807

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalent

 

 

88,337

 

183,894

 

Cash and cash equivalent, beginning of year

 

 

290,702

 

106,808

 

Cash and cash equivalent, end of year

 

 

379,039

 

290,702

 

 

SOURCE ReneSola Ltd.



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http://www.renesola.com

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