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ReneSola Ltd. Announces Fourth Quarter and Full Year 2010 Results
Company exceeds guidance with full year revenues of US$1.2 billion and solar wafer and module shipments of 1.2 GW; achieves full year gross profit margin of 28.9%

JIASHAN, China, March 1, 2011 /PRNewswire via COMTEX/ --

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, 2010.

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

Fourth Quarter 2010 Financial and Operating Highlights

  • Total solar wafer and module shipments in Q4 2010 were a record 349.4 megawatts ("MW"), an increase of 7.5% from 324.9 MW in Q3 2010.
  • Q4 2010 net revenues were a record US$386.4 million, an increase of 7.7% from US$358.7 million in Q3 2010.
  • Q4 2010 gross profit was a record US$119.3 million with a gross margin of 30.9%, compared to gross profit of US$116.7 million with a gross margin of 32.5% in Q3 2010.
  • Q4 2010 operating income was US$85.9 million with an operating margin of 22.2%, compared to operating income of US$86.4 million with an operating margin of 24.1% in Q3 2010.
  • Q4 2010 net income was US$61.0 million, representing basic and diluted earnings per share of US$0.35 and US$0.34, respectively, and basic and diluted earnings per American depositary share ("ADS") of US$0.70 and US$0.69, respectively.
  • Q4 2010 operating cash inflow was US$116.1 million, bringing cash and cash equivalents plus restricted cash to a record US$324.3 million as of the end of Q4 2010, compared to US$286.6 million as of the end of Q3 2010.

Full Year 2010 Financial and Operating Highlights

  • Total solar wafer and module shipments for the full year 2010 were a record 1,182.8 MW, an increase of 124.6% from 526.6 MW for the full year 2009.
  • Full year 2010 net revenues were a record US$1,205.6 million, an increase of 136.2% from US$510.4 million in 2009.
  • Full year 2010 gross profit was a record US$348.0 million with a gross profit margin of 28.9%, compared to a gross loss of US$43.2 million with a gross margin of negative 8.5% in 2009.
  • Full year 2010 operating income was US$245.9 million with an operating margin of 20.4%, compared to an operating loss of US$90.6 million with an operating margin of negative 17.7% in 2009.
  • Full year 2010 net income was a record US$169.0 million, representing basic and diluted earnings per share of US$0.98 and US$0.97, respectively, and basic and diluted earnings per ADS of US$1.96 and US$1.93, respectively.
  • Full year 2010 operating cash inflow was a record US$403.2 million, bringing cash and cash equivalents plus restricted cash to a record US$324.3 million as of the end of 2010, compared to US$132.1 million as of the end of 2009.
  • Total debt balance was US$522.3 million as of the end of 2010, compared to US$547.9 million as of the end of 2009, reducing the Company's net debt-to-equity ratio from 104.9% at the end of 2009 to 33.8% at the end of 2010.
  • The Company achieved record return on equity of 34.4% for the full year 2010.

"We delivered excellent value to our shareholders for the full year 2010, achieving a record return on equity of 34.4%," said Mr. Xianshou Li, ReneSola's chief executive officer, "Capitalizing on robust market demand, we expanded our capacities and increased our shipments throughout the year to reach record revenues of over US$1.2 billion. We continued to execute on our cost-reduction strategy in the fourth quarter, lowering our non-silicon wafer processing cost to US$0.24/W. Our polysilicon plant also began to contribute to profitability as we continued to ramp up polysilicon production and reduce production cost to US$45/kg in February against a macro environment of rising polysilicon spot prices."

Mr. Li continued, "We intend to further reduce our wafer processing cost in 2011 and increase the current polysilicon production to 3,500 MT through de-bottlenecking while reducing cost to US$35/kg by the end of 2011. In the beginning of 2011, as part of our technology initiatives, we have unveiled a new multicrystalline wafer, the Virtus wafer, which achieves a higher cell conversion efficiency rate than the industry standard. As we continue to focus on cost reductions, expand our capacities and seek technological improvements, we expect to maintain our position as a leading cost-competitive solar manufacturer."

Julia Xu, ReneSola's chief financial officer, commented, "Our strategic execution in 2010 generated strong operating cash flows and prudent capital expenditures that have significantly improved our balance sheet. Our net debt-to-equity ratio has been reduced to 33.8% in 2010 from 104.9% in 2009, positioning us well as we look to capture market share through capacity expansions. In addition to record revenues of US$1.2 billion and record shipments of 1.2 GW, we achieved impressive gross and operating margins of 28.9% and 20.4%, respectively, for the full year 2010. As a single segment player with a focus on wafer production, we capitalized on strong market demand and reduced in-house manufacturing cost to deliver a strong performance in 2010."

Ms. Xu continued, "In 2011, we expect to face increased market competition due to additional solar capacities that had been added. Accordingly, we have secured over 20 long-term contracts in 2010, representing 1.3 GW of expected wafer sales in 2011, while our in-house polysilicon production will satisfy approximately 30% of our internal polysilicon demand with a full-year average cost per kilogram between US$40 and US$45."

Fourth Quarter 2010 Results

Solar Wafer and Module Shipments



4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Total Solar Wafer and Module Shipments (MW)

349.4

324.9

202.9

7.5%

72.2%

Wafer Shipments (MW)

222.6

226.6

187.4

(1.8%)

18.8%

Module Shipments (MW)

126.8

98.3

14.6

29.0%

768.5%


Net Revenues



4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Net Revenues (US$mln)

$386.4

$358.7

$179.9

7.7%

114.8%


Record revenues in Q4 2010 were driven by higher wafer average selling price ("ASP"), excluding processing services, of US$0.88 per watt ("W") and the continued growth of the Company's module business.

Gross Profit (Loss)



4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Gross Profit (Loss) (US$mln)

$119.3

$116.7

($1.1)

2.2%

-

Gross Margin

30.9%

32.5%

(0.6%)

-

-


The sequential decrease in gross margin was primarily due to increased module sales among the Company's total revenue mix.

Operating Income (Loss)



4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Operating Expenses (US$mln)

$33.4

$30.3

$19.4

10.1%

72.4%

Operating Income (Loss) (US$mln)

$85.9

$86.4

($20.5)

(0.6%)

-

Operating Margin

22.2%

24.1%

(11.4%)

-

-


Sequential increases in operating expenses were primarily due to a US$5.1 million increase in other expenses as a result a one-off sale of recyclable polysilicon accumulated during the Company's early years of operation when it was producing wafers using reclaimed polysilicon. Operating expenses represented 8.6% of total revenues in Q4 2010, in line with 8.5% in Q3 2010.

Net Income (Loss) Attributable to Holders of Ordinary Shares



4Q10

3Q10

4Q09

Net Income (Loss) (US$mln)

$61.0

$60.1

($28.1)

Diluted Earnings (Loss) Per Share

$0.34

$0.35

($0.16)

Diluted Earnings (Loss) Per ADS

$0.69

$0.70

($0.33)


In Q4 2010, the Company also recognized a US$10.1 million gain in the fair value of foreign exchange forward contracts entered into to hedge foreign currency risks. The Company also recognized a write-back of deferred tax assets of US$5.5 million in Q4 2010 to adjust deferred tax credit accumulated in 2009, resulting in an inflated effective tax rate of 30.4% for Q4 2010.

Full Year 2010 Results

Solar Wafer and Module Shipments



FY10

FY09

Y-o-Y%

Total Solar Wafer and Module Shipments (MW)

1,182.8

526.6

124.6%

Wafer Shipments (MW)

887.6

495.3

79.2%

Module Shipments (MW)

295.2

31.3

843.1%


Net Revenues



FY10

FY09

Y-o-Y%

Net Revenues (US$mln)

$1,205.6

$510.4

136.2%


Record revenues for the full year 2010 were driven by higher wafer ASPs than anticipated and strong growth in the Company's module business.

Gross Profit (Loss)



FY10

FY09

Gross Profit (Loss) (US$mln)

$348.0

($43.2)

Gross Margin

28.9%

(8.5%)


The significant improvement in the Company's gross margin from negative 8.5% for the full year 2009 to positive 28.9% for the full year 2010 was driven by an overall wafer processing cost reduction to US$0.24/W and a large decrease in polysilicon cost to between US$55 per kilogram ("kg") and US$60/kg.

Operating Income (Loss)



FY10

FY09

Y-o-Y%

Operating Expenses (US$mln)

$102.0

$47.4

115.4%

Operating Income (Loss) (US$mln)

$245.9

($90.6)

-

Operating Margin

20.4%

(17.7%)

-


Increases in operating expenses were primarily due to increases in R&D and SG&A expenses in accordance with sales.

Net Income (Loss) Attributable to Holders of Ordinary Shares



FY10

FY09

Net Income (Loss) (US$mln)

$169.0

($71.9)

Diluted Earnings (Loss) Per Share

$0.97

($0.49)

Diluted Earnings (Loss) Per ADS

$1.93

($0.98)


Business Highlights

Wafer Business

ReneSola's wafer business achieved over 30% gross profit margin for a third consecutive quarter in Q4 2010, supported by growing demand for the Company's wafers and substantial cost reductions by the Company. In Q4 2010, ReneSola reduced its non-silicon wafer processing cost to US$0.24/W and managed its polysilicon raw material cost to US$55/kg to US$60/kg, well below the average polysilicon spot price for the quarter. The Company's prudent control over raw material procurement coupled with in-house polysilicon production capabilities have led to steady polysilicon input prices that have provided protection against rising polysilicon spot prices. The Company will continue its cost reduction efforts through advancements in technology and manufacturing.

As announced earlier this year, the Company has developed a new multicrystalline wafer, the Virtus Wafer. The Virtus Wafer, which achieves an average cell conversion efficiency rate of 17.5%, more than 1% higher than the industry standard. The Company expects to commence pilot production of the wafer this year.

The Company has over 20 long-term wafer contracts lasting for periods of one to five years and totaling 1.3 GW for 2011, which represents all of the Company's expected wafer shipments for 2011.

Module Business

The Company continues to expand its downstream module business. In Q4 2010, the Company delivered record module shipments of 126.8 MW with an ASP excluding processing services of US$1.85/W, driven primarily by strong market demand. The Company remains confident in the potential of its downstream business, seeking both branded and non-branded opportunities.

Polysilicon Update

The Company's Sichuan polysilicon plant began to contribute to profitability in the fourth quarter, supporting wafer demand through increased production and improving margins through reduced production cost. In Q4 2010, the Company produced approximately 610 metric tons ("MT") of polysilicon, an increase of 126.8% from approximately 269 MT in Q3 2010. The Company's polysilicon production cost was between approximately US$55/kg to US$60/kg during Q4 2010. Production cost has been further reduced to US$52/kg with 201 MT of production in January 2011 and US$45/kg with 246 MT of production in February 2011.

The Company is on target to produce 700 MT to 800 MT with an average production cost of approximately US$45/kg in Q1 2011. As the Company moves towards its goal to produce 3,500 MT and reduce production cost to US$35/kg by the end of 2011, it believes it will be significantly shielded from polysilicon procurement risk The Company plans to build an additional 5,000 MT of polysilicon production capacity, bringing total capacity to 8,500 MW, in order to meet the growing demand of polysilicon requirement as the Company expands its wafer capacities to 1.9 GW in 2011.

Strong Operating Cash Flows and Cash Position

The Company generated strong operating cash inflow of US$116.1 million in Q4 2010, bringing total operating cash inflow to US$403.2 million for the full year 2010. Net cash and cash equivalents plus restricted cash was US$324.3 million at the end of Q4 2010, compared to US$286.6 million in Q3 2010, while total debt was reduced from US$542.2 million in Q3 2010 to US$522.3 million in Q4 2010.

Capital expenditure spending was US$56.3 million for Q4 2010 and US$140.9 million for the full year 2010, resulting in free cash flow of US$262.3 million for the full year 2010. Short-term borrowings increased from US$353.6 million in Q3 2010 to US$400.8 million in Q4 2010 primarily due to US$93.8 million of long-term borrowings maturing at the end of 2011. Short-term borrowings consist of US$117.9 million in trade finance, US$189.1 million in short term revolving short-term facilities and US$93.8 million as the short-term portion of the long-term debt

2011 Capacity Expansion Plans and Related CAPEX

The Company expects to spend US$350 million in 2011 to expand wafer production capacity from the current 1.3 GW to 1.9 GW while increasing module production capacity from the current 400 MW to 600 MW and expanding polysilicon production from the current 3,000 MT to 8,500 MT, approximately 500 MT of which the Company does not expect to incur additional capital expenditure, as it will be achieved through de-bottlenecking of existing facilities.

AIM Cancellation

The Company cancelled its admission to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange on November 30, 2010.

Company Appoints New President of JC Solar and New VP of Internal Control and Audit

The Company recently appointed Dr. Panjian (Paul) Li as senior vice president of ReneSola and president of Wuxi Jiacheng Solar Energy Technology Co., Ltd. ("JC Solar"), the Company's wholly-owned subsidiary which produces solar cells and modules. As president of JC Solar, Dr. Li, formally ReneSola's chief operating officer, will help lead the Company as it expands its downstream capabilities. Dr. Li will continue to contribute to the Company's overall strategy and business development through his role as senior vice president.

The Company recently appointed John Ding as vice president of internal control and audit. Mr. Ding previously served as director of internal control and audit for ReneSola since 2009. With nearly twenty years of work experience in finance, including more than ten years of management experience and over five years of internal control and audit experience at US-listed companies, Mr. Ding has comprehensive knowledge in accounting, tax policies, credit control and physical asset management. Before joining ReneSola, Mr. Ding served as director of internal audit and SOX compliance at The9 Limited from 2008 to 2009 and held positions in credit, tax and internal control departments at Dell (China) Co., Ltd. from 2003 to 2008. Mr. Ding received a bachelor's degree in international economics and trade from Fudan University as well as a master's degree in professional accounting from Xiamen University. He holds CIA and CCSA certificates.

Outlook

For Q1 2011, the Company expects total solar wafer and module shipments to be in the range of 320 MW to 330 MW, revenues to be in the range of US$310 million to US$330 million and gross profit margin to be in the range of 30% to 32%.

For the full year 2011, the Company expects total solar wafer and module shipments to be in the range of 1.6 GW to 1.7 GW, representing an increase of 35% to 44% year-over-year.

Conference Call Information

ReneSola's management will host an earnings conference call on Tuesday, March 1, 2011 at 8 am U.S. Eastern Daylight Time / 9 pmBeijing/Hong Kong time.

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

U.S./International:

+1-617-213-8896

Hong Kong:

+852-3002-1672

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 8, 2011:

International:

+1-617-801-6888

Passcode:

32962394

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, low-cost production capabilities 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 OEM 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 American depositary shares are traded on the New York Stock Exchange (NYSE: SOL).

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:


Ms. Feng Qi

ReneSola Ltd

Tel: +86-573-8477-3903

E-mail: feng.qi@renesola.com


Mr. Derek Mitchell

Ogilvy Financial, Beijing

Tel: +86-10-8520-6284

E-mail: derek.mitchell@ogilvy.com


In the United States:


Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel: +1-646-460-9989

Email: jessica.cohen@ogilvypr.com


RENESOLA LTD


Unaudited Consolidated Balance Sheet


(US dollars in thousands)


December31,


September30,


December31,


2010


2010


2009

ASSETS






Current assets:






Cash and cash equivalents

290,702


211,586


106,808

Restricted cash

33,640


75,051


25,266

Available for sale investment

3,332


3,512


6,207

Trade receivable, net of allowances for doubtful receivables

81,540


120,366


107,987

Inventories , net of inventory provisions

170,599


163,629


137,844

Advances to suppliers, current portion

26,315


41,898


12,092

Amounts due from related parties

389


401


440

Value added tax recoverable

44,102


40,409


51,843

Prepaid expenses and other current assets

16,946


15,620


7,326

Deferred convertible bond issue costs

-


-


86

Derivative assets

11,660


-


-

Deferred tax assets, current portion

14,763


22,155


24,325

Total current assets

693,988


694,627


480,224







Property, plant and equipment, net

801,472


786,025


702,816

Prepaid land rent, net

37,189


25,707


23,137

Other intangible assets

-


553


1,349

Deferred tax assets, non-current portion

8,526


18,948


40,227

Advances to suppliers, non-current portion

13,743


-


8,072

Advances for purchases of property, plant and equipment

26,930


15,871


20,840

Other long-term assets

2,753


2,881


2,840

Goodwill

5,323


5,323


5,323

Total assets

1,589,924


1,549,935


1,284,829







LIABILITIES AND SHAREHOLDERS' EQUITY












Current liabilities:






Short-term borrowings

400,798


353,558


358,634

Accounts payable

220,798


209,409


93,406

Advances from customers, current portion

57,396


82,356


53,852

Amounts due to related parties

25


24


24

Other current liabilities

79,633


96,861


67,804

Income tax payable

12,417


-


3,586

Deferred tax liabilities

1,778


-


70

Derivative liabilities

1,381


2,426


-

Convertible bond payable, current portion

-


-


32,475

Total current liabilities

774,226


744,634


609,851







Long-term borrowings

121,515


188,596


189,279

Advances from customers, non-current portion

76,080


82,821


78,578

Other long-term liabilities

31,638


20,660


10,858

Total liabilities

1,003,459


1,036,711


888,566







Shareholders' equity






Common shares

422,039


415,001


413,753

Additional paid-in capital

19,858


22,995


21,065

Retained earnings/accumulated deficits

108,387


47,342


(60,609)

Accumulated other comprehensive income

36,181


27,886


22,054

Total equity

586,465


513,224


396,263







Total liabilities and equity

1,589,924


1,549,935


1,284,829








RENESOLA LTD


Unaudited Consolidated Statements of Income Data


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








Three Months Ended


December31,2010


September30,2010


December31,2009







Net revenues

386,445


358,704


179,885

Cost of revenues

(267,167)


(241,964)


(180,989)

Gross profit

119,278


116,740


(1,104)

GP%

30.9%


32.5%


(0.6%)







Operating expenses:






Sales and marketing

(2,789)


(2,330)


(2,034)

General and administrative

(9,316)


(15,900)


(14,816)

Research and development

(13,336)


(9,300)


(2,859)

Other general (expense) income

(7,950)


(2,806)


336

Total operating expenses

(33,391)


(30,336)


(19,373)







Income (loss) from operations

85,887


86,404


(20,477)







Non-operating (expenses) income:






Interest income

918


438


815

Interest expense

(6,779)


(6,199)


(4,951)

Foreign exchange gain (loss)

(1,472)


582


(495)

Gain on repurchase of convertible bonds

-


-


2,642

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

-


-


(13,367)

Fair value change on derivative assets and derivative liabilities

10,067


(492)


-

Investment loss

(875)


(2,578)


-

Total non-operating (expenses) income

1,859


(8,249)


(15,356)

Income (loss) before income tax

87,746


78,155


(35,833)







Income tax benefit (expense)

(26,701)


(18,041)


7,707

Net income (loss) attributed to holders of ordinary shares

61,045


60,114


(28,126)







Earnings (Loss) per share






Basic

0.35


0.35


(0.16)

Diluted

0.34


0.35


(0.16)







Earnings (Loss) per ADS






Basic

0.70


0.70


(0.33)

Diluted

0.69


0.70


(0.33)







Weighted average number of shares used in computing earnings per share






Basic

173,334,992


172,767,742


171,277,086

Diluted

176,978,324


172,921,501


171,277,086









RENESOLALTD



UnauditedConsolidatedStatements ofIncomeData



(USdollarinthousands,exceptADSandsharedata)






FortheyearendedDec.31,



2010


2009






Net revenues


1,205,579


510,405

Cost of revenues


(857,615)


(553,607)

Gross profit (loss)


347,964


(43,202)

GP%


28.9%


(8.5%)






Operating expenses:





Sales and marketing


(8,360)


(5,399)

General and administrative


(43,314)


(29,084)

Research and development


(36,263)


(14,507)

Other general (expense) income


(14,083)


1,633

Total operating expenses


(102,020)


(47,356)






Income (loss) from operations


245,944


(90,558)






Non-operating (expenses) income:





Interest income


1,835


1,716

Interest expenses


(23,245)


(17,122)

Foreign exchange loss


(1,814)


(1,433)

Gain on repurchase of convertible bonds


6


7,995

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


-


(13,367)

Fair value change on derivative assets and derivative liabilities


9,428


-

Investment income


(3,160)


-

Total non-operating (expenses) income


(16,950)


(22,211)

Income (loss) before income tax and equity in loss of investee


228,994


(112,769)






Income tax benefit (expense)


(59,998)


41,156

Equity in loss of investee, net of tax


-


(291)

Net income (loss) attributed to holders of ordinary shares


168,996


(71,904)






Earnings (Loss) per share





Basic


0.98


(0.49)

Diluted


0.97


(0.49)






Earnings (Loss) per ADS





Basic


1.96


(0.98)

Diluted


1.93


(0.98)






Weighted average number of shares used in computing earnings per share





Basic


172,870,921


147,553,679

Diluted


175,111,730


147,553,679



RENESOLA LTD



Unaudited Consolidated Statements of Cash Flow



(US dollar in thousands)



SixMonths


SixMonths


SixMonths


FortheyearendedDecember31



endedDec31,


endedJun30,


endedDec31,







2010


2010


2009


2010


2009












Operation activity:











Net income (loss)


121,159


47,837


(38,296)


168,996


(71,904)

Adjustment to reconcile net income to net cash used in operation activity:











Equity in earnings of investee


-


-


-


-


291

Investment gain


3,160


-


-


3,160


-

Inventory write-down


1,165


-


3,206


1,165


71,253

Depreciation and amortization


32,008


24,346


19,288


56,354


32,745

Amortization of deferred convertible bond issuances costs and premium


-


332


2,085


332


3,511

Allowance of doubtful receivables and advance to suppliers


1,958


1,961


9,242


3,919


9,873

Change in fair value of derivatives


(9,575)


147


-


(9,428)


(1)

Share-based compensation


2,575


1,360


1,435


3,935


3,296

Loss on disposal of long-lived assets


1,120


133


(1)


1,253


13

Gain from repurchase of convertible bonds


-


(6)


(2,642)


(6)


(7,995)

Gain from advance restructuring


-


-


(555)


-


(555)

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


-


-


13,367


-


13,367












Changes in operation assets and liabilities:











Accounts receivables


21,772


5,114


(72,610)


26,886


(62,659)

Inventories


(2,572)


(25,861)


12,525


(28,433)


(1,721)

Advances to suppliers


(24,524)


(7,859)


4,509


(32,383)


23,888

Amounts due from related parties


33


31


9


64


(11,807)

Value added tax recoverable


1,486


7,791


(14,295)


9,277


(33,377)

Prepaid expenses and other current assets


(6,667)


(4,463)


(2,282)


(11,130)


5,041

Prepaid land use right


10,768


404


423


11,172


440

Accounts payable


25,186


96,277


35,069


121,463


38,023

Advances from customers


(9,858)


8,496


(25,554)


(1,362)


(23,220)

Income tax payable


9,555


-


153


9,555


153

Other current liabilities


21,087


(2,153)


(1,552)


18,934


1,429

Other long-term liabilities


(1,194)


1,055


(472)


(139)


(472)

Accrued warranty cost


4,120


1,141


496


5,261


561

Deferred taxes


32,034


12,291


(6,324)


44,325


(43,851)

Net cash from (used in) operation activities


234,796


168,374


(62,776)


403,170


(53,678)












Investing activities:











Purchases of property, plant and equipment


(84,153)


(53,562)


(194,060)


(137,715)


(358,084)

Advances for purchases of property, plant and equipment


(12,900)


6,083


114,105


(6,817)


132,291

Purchases of other long-term assets


1,119


67


(964)


1,186


(1,411)

Cash received from government subsidy


2,408


-


-


2,408


5,959

Proceeds from disposal of property, plant and equipment


99


51


-


150


-

Proceeds from disposal of investment


-


-


-


-


(635)

Restricted cash


42,308


(49,631)


32,764


(7,323)


(18,958)

Cash consideration for acquisition


-


-


-


-


(16,831)

Net proceeds from redemption of financial assets


(3,239)


79


-


(3,160)


-

Net cash used in investing activities


(54,358)


(96,913)


(48,155)


(151,271)


(257,669)












Financing activities:











Proceeds from borrowings


217,331


447,676


330,412


665,007


767,192

Repayment of bank borrowings


(286,010)


(422,239)


(290,240)


(708,249)


(445,677)

Proceeds from issuance of common shares


-


-


73,625


-


73,625

Cash paid for issuance cost


252


(252)


(5,265)


-


(5,265)

Proceeds from exercise of stock options


2,841


304


-


3,145


-

Cash paid for repurchase of convertible bonds


-


(32,715)


(64,340)


(32,715)


(84,121)

Net cash provided by (used in) financing activity


(65,586)


(7,226)


44,192


(72,812)


305,754












Effect of exchange rate changes


4,642


165


4


4,807


68












Net increase (decrease) in cash and cash equivalent


119,494


64,400


(66,735)


183,894


(5,525)

Cash and cash equivalent, beginning of year


171,208


106,808


173,543


106,808


112,333

Cash and cash equivalent, end of year


290,702


171,208


106,808


290,702


106,808























SOURCE ReneSola Ltd

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