SHANGHAI, March 28, 2017 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a
leading fully-integrated solar project developer and provider of
energy efficient technology products, today announced its unaudited
financial results for the fourth quarter and full year ended
December 31, 2016.
Fourth Quarter 2016 Highlights
|
Q4 2016
|
Q/Q Change
|
Y/Y Change
|
Revenue
|
$232.1
|
+24.1%
|
-21.7%
|
Gross
Profit
|
$5.0
|
-73.7%
|
-89.5%
|
Operating
Loss
|
($21.8)
|
N/A
|
N/A
|
Net Loss
|
($25.5)
|
N/A
|
N/A
|
- Revenue of $232.1 million was in
line with the management guidance range of $220 million to $240 million;
- Gross margin was 2.1%, compared to 10.1% in Q3 2016 and 16.0%
in Q4 2015;
- Net loss was $25.5 million,
compared to net loss of $20.5 million
in Q3 2016 and net income of $6.7
million in Q4 2015;
- Total external module shipments were 330.7 MW while module
shipments to the Company's downstream projects were approximately
12.3 MW;
- Total external wafer shipments were 305.9 MW, compared to 290.5
MW in Q3 2016 and 270.3 MW in Q4 2015;
- Successfully sold six utility-scale projects in the UK with
total capacity of approximately 26 MW and rooftop projects in
China with aggregate capacity of 2
MW;
- Recognized revenue of $39.5
million from the sale of six utility-scale projects in the
UK;
- As of March 20, 2017, the Company
had a solar power project pipeline of over 1 GW, of which 707 MW
are projects that are "shovel-ready";
- LED sales increased by 30.8% compared to Q3 2016 with gross
margin of approximately 25.6%; and
- Total borrowings reduced by $74.7
million to $624.3 million
compared to Q3 2016.
Full Year 2016 Highlights
|
2016
|
2015
|
Y/Y Change
|
Revenue
|
$929.8
|
$1,282.0
|
-27.5%
|
Gross
Profit
|
$109.5
|
$187.9
|
-41.7%
|
Operating
Income/(Loss)
|
($15.1)
|
$29.3
|
N/A
|
Net Loss
|
($34.7)
|
($5.1)
|
N/A
|
- Revenue decreased by 27.5% to $929.8
million from $1.28 billion in
2015;
- Sold solar power projects of 63.4MW;
- Total external solar module shipments were 1.2 GW, compared to
1.6 GW in 2015;
- Gross margin decreased to 11.8% from 14.7% in 2015;
- Operating loss was $15.1 million,
compared to operating income of $29.3
million in 2015;
- Net loss attributable to holders of ordinary shares increased
to $34.7 million from $5.1 million in 2015; and
- LED sales of $30.4 million
represented over 3% of total revenue in 2016.
Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented,
"Overall business conditions in the quarter were mixed, with solid
execution in downstream project sales, strong top-line sequential
growth in LED distribution business and in-line revenue
performance, offset by lower-than-expected gross margin. While the
overall market environment was challenging in 2016, we have been
executing our strategy to shift our business focus from
manufacturing business to downstream project development business
since the second half of 2015. I am excited about the
progress we are making. We expect downstream project sales to pick
up in the second quarter of 2017 due to the growth in pipeline as
well as our solid execution in project monetization. While some of
our end markets can be volatile and will continue to face
challenges amidst opportunities, we will remain focused on our
long-term objectives."
Li continued, "We strived to effectively manage our working
capital and improve balance sheet, which led to promising results,
such as the improvement in days of account receivables and
inventory turnover in the fourth quarter. We also reduced our total
borrowing by $75 million and expect
to pay down more debt in the quarters ahead. As we look to
2017, we remain positive on our downstream strategy and are excited
about the business opportunities ahead of us."
Fourth Quarter 2016 Financial Results
Revenue of $232.1 million was up
24.1% q/q but down 21.7% y/y and was within the guidance of
$220 million to $240 million.
The decline in the year-over-year revenue reflected lower ASP and
lower shipments to external customers.
Gross profit of $5.0 million was
down 73.7% q/q and 89.5% y/y. Gross margin declined to 2.1% from
10.1% in Q3 2016 and from 16.0% in Q4 2015. The sequential
margin decline was primarily due to lower wafer and module
ASPs. Gross margin in Q4 2016 was below the guidance of
high-single digits.
Operating expenses were $26.8
million, representing 11.5% of revenue, down from
$30.7 million in Q3 2016 and
$30.5 million in Q4 2015. Sales and
marketing expenses were $7.3 million,
down from $11.5 million in Q3 2016 as
we reversed certain warranty expense to reflect the declining
module ASP. During the quarter, we made impairment of long-lived
assets of $4.6 million associated
with our monocrystalline wafer equipment.
Operating loss was $21.8 million,
compared to operating loss of $11.9
million in Q3 2016 and operating income of $16.9 million in Q4 2015.
Non-operating expenses of $0.2
million include net interest expense of $7.1 million, partially offset by gain on
derivative of $2.0 million and
foreign exchange gains of $4.9
million.
Net loss was $25.5 million,
compared to net loss of $20.5 million
in Q3 2016 and net income of $6.7
million in the prior-year period. Loss per ADS was
$1.26[1].
[1] The
Company executed a ratio change for its American Depositary Receipt
("ADR") program effective on February 10, 2017. As a result, the
number of the Company's shares represented by each ADS was changed
from two (2) shares to ten (10) shares.
|
Balance Sheet, Liquidity and Capital Resources
The Company had cash and cash equivalents (including restricted
cash) of $133.2 million as of
December 31, 2016, compared to
$139.4 million at the end of Q3 2016.
Total borrowings were $624.3 million,
decreasing by $74.7 million from
$699.0 million as of September 30, 2016. The Company utilized
reduced working capital needs to pay down short-term debt, thus
continuing to fulfill its long-term strategy of reducing debt.
Full Year 2016 Financial Results
Revenue of $929.8 million was down
27.5% y/y.
Gross profit of $109.5 million was
down 41.7% y/y. Gross margin decreased to 11.8% from 14.7% in
2015.
Operating expenses were $124.6
million, or 13.4% of revenue, compared to $158.6 million in 2015.
Operating loss was $15.1 million,
compared to operating income of $29.3
million in 2015.
Non-operating expenses of $17.3
million include net interest expense of $31.6 million, partially offset by foreign
exchange gain of $8.9 million, gain
on derivative of $4.6 million and
change in fair value of warrant derivative liabilities of
$0.6 million in 2016.
Net loss was $34.7 million, which
compares to net loss of $5.1 million
in 2015. Net loss per ADS was $1.72[2].
[2] The
Company executed a ratio change for its American Depositary Receipt
("ADR") program effective on February 10, 2017. As a result, the
number of the Company's shares represented by each ADS was changed
from two (2) shares to ten (10) shares.
|
Fourth Quarter Operating Highlights
The Company focused on developing, operating and selling
high-quality solar power projects. Our business activities are
centered on building a pipeline of distributed generation and
utility-scale projects in attractive locations worldwide. In
the fourth quarter, the Company continued to monetize its existing
pipelines as part of its development cycle.
Project Sales
The Company recognized revenue from six utility-scale projects
in the United Kingdom sold in the
fourth quarter. These projects had approximately 26.0 MW of
generating capacity. Additionally, the Company sold rooftop
projects of 2.0 MW in China's
domestic distributed generation market in the
quarter.
Project
Sales
|
Location
|
Size (MW)
|
Carlam
|
UK
|
5.0
|
Carlam
|
UK
|
5.0
|
Kinmel
|
UK
|
5.0
|
Kinmel
|
UK
|
5.0
|
Rhewl
|
UK
|
3.0
|
Rhewl
|
UK
|
3.0
|
DG
|
China
|
2.0
|
Project Pipeline
As of March 20, 2017, the Company
had a pipeline of over 1 GW of projects in various stages, of which
707 MW were projects that are "shovel-ready". The
shovel-ready projects include (i) projects that are overseas and
that Renesola has the legal right to develop based on definitive
agreements, and (ii) projects in China that have been filed with National
Development and Reform Commission. The Company identified a
number of opportunities in China's
domestic distributed generation market, and now has 391.9 MW of
such projects in the shovel-ready stage in its pipeline. The
Company continues to focus on developed markets which are expected
to have stable returns and healthy cash flow.
The following table sets forth our shovel-ready projects
pipeline by location:
Project
Location
|
Shovel-ready
(MW)
|
USA
|
108
|
UK
|
14.3
|
Japan
|
17.5
|
Canada
|
8.9
|
Turkey
|
116.0[3]
|
France
|
37.1
|
Poland
|
13.0
|
China DG
|
391.9
|
Total
|
706.7
|
[3] With
the start of operation, the projects will be transferred into a
joint venture, in which Renesola is expected to hold 50% of equity
interest of the 116MW of projects.
|
As the Company announced earlier in March, it currently has over
330 MW project pipelines under construction and plans to construct
over 550 MW of projects in 2017. During the construction phase, the
projects will be financed by construction loans, as well as
installment payments from buyers.
Modules and Wafers
During the fourth quarter, total external module shipments were
330.7 MW, up 72.9% from Q3 2016 and down 11.4% from Q4 2015. Total
wafer shipments were 305.9 MW, up 5.3% from Q3 2016 and up 13.2%
from Q4 2015. The sequential uptick in both module and wafer
shipments reflected higher demand in the domestic market.
LED
LED revenue of $9.3 million was up
30.8% from $7.1 million in Q3
2016. Gross margin was 25.6%. The increase in revenue
reflected growth from newly established relationships with sales
agents in certain regions.
ReneSola remains optimistic about the growth prospects for its
LED business. The market for energy efficient products is
large and growing rapidly. LED lighting is one of the most
effective products for reducing electricity consumption. The
Company believes it can leverage its brand name and global
distribution footprint to build an attractive, high margin
business. The Company expects the LED business to grow into a
meaningful financial contributor in the years ahead.
UK and Germany Anti-dumping and Countervailing Duty
Update
The Company's subsidiary in the United
Kingdom (UK), ReneSola UK Ltd., has received a decision and
subsequently a post-clearance duty demand note from Her Majesty's
Revenue and Customs (HMRC) of the UK Government, which requires
ReneSola to pay retrospective anti-dumping duty (ADD),
countervailing duty (CVD) and value added tax of approximately £1.2
million (US$1.7 million) in total
associated with certain imports of solar panels from Renesola
Singapore PTE and Enfield Solar Energy Ltd India between
December 2013 and February 2014. UK Customs disagreed with
the Company's declared country of origin of these products.
The Company is contesting the determination and has requested a
review before HMRC. The final review decision of HMRC is expected
to be announced in April or May 2017. The Company expects to
appeal any adverse decision to the competent customs tribunal in
the UK.
The Company's subsidiary in Germany, Renesola Deutschland GmbH, has
received a post-clearance duty demand note from Dutch Customs,
which requires ReneSola Deutschland GmbH to pay retrospective ADD
and CVD of approximately €11.8 million (US$13.1 million) in total associated with certain
imports of solar panels from its various Indian OEM suppliers in
late 2013 and early 2014. Dutch Customs disagreed with the
Company's declared country of origin of these imported products,
and the Company has filed an administrative appeal with Dutch
Customs and expects to receive a final decision by the end of
April 2017. If Dutch Customs
dismisses the appeal, Renesola Deutschland GmbH expects to ask for
a judicial review by lodging a judicial appeal before the Dutch
Court.
The Company is vigorously contesting these claims,
and it is currently unable to estimate the possibility of
success or loss from its requests for review and/or appeal.
The general statute of limitations to collect arrears of
custom duties expires after three year from the date on which an
import declaration was filed provided that no deliberate customs
fraud possibly leading to criminal liability has been committed. As
such and since the Company has not received any additional claims
up to the date of this announcement, the Company's products
imported into the European Union before March 28, 2014 should not be subject to further
duty demand by relevant customs. Moreover, the Company has
fully exited from using OEMs from India, and made no further shipments to the
European Union since the termination of its undertaking agreement
to sell PV products at or above the Minimum Import Price in June
2015. However, any unfavorable outcome from these actions and
disputes, including appeal of the outcome in these actions or
disputes, may have a material adverse effect on the Company's
financial position, results of operations or resources in the
future.
Outlook
For Q1 2017, the Company expects revenue in the range of
$130 to $150 million, external wafer
shipments in the range of 240MW to 260MW and external module
shipments in the range of 250MW to 260MW.
For full year 2017, the Company expects revenue in the range of
$900 million to $1,000
million.
Conference Call Information
ReneSola's management will host an earnings conference call on
March 28, 2017 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. China Time).
Dial-in details for the earnings conference call are as
follows:
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
8456750437
|
+1
8665194004
|
Hong Kong
|
+852
30186771
|
+852
800906601
|
Mainland
China
|
+86
8008190121
+86
4006208038
|
|
Other
International
|
+65
67135090
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is
87882671.
A replay of the conference call may be accessed by phone at the
following numbers until April 5,
2017. To access the replay, please again reference the
conference passcode 87882671.
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
6462543697
|
+1
8554525696
|
Hong Kong
|
+852
30512780
|
+852
800963117
|
Mainland
China
|
+86
8008700206
+86
4006022065
|
|
Other
International
|
+61
281990299
|
|
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
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand and
technology provider of energy efficient products. Leveraging its
global presence and expansive distribution and sales network,
ReneSola is well positioned to provide its highest quality green
energy products and on-time services for EPC, installers, and green
energy projects around the world. For more information, please
visit 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," "plans,"
"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:
ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
RENESOLA
LTD
|
Unaudited
Consolidated Balance Sheets
|
(US dollars
in thousands)
|
|
|
|
Dec
31,
|
|
Sep
30,
|
|
|
Dec
31,
|
|
|
2016
|
|
2016
|
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
37,336
|
|
28,834
|
|
|
38,045
|
Restricted
cash
|
|
95,866
|
|
110,538
|
|
|
140,338
|
Accounts
receivable, net of allowances for doubtful
accounts
|
|
116,677
|
|
172,747
|
|
|
161,166
|
Inventories
|
|
143,976
|
|
185,210
|
|
|
193,171
|
Advances to
suppliers-current
|
|
14,943
|
|
17,528
|
|
|
18,480
|
Amounts due
from related parties
|
|
13,066
|
|
13,252
|
|
|
111
|
Value added tax
recoverable
|
|
3,260
|
|
16,537
|
|
|
24,525
|
Prepaid income
tax
|
|
1,081
|
|
1,451
|
|
|
3,609
|
Prepaid
expenses and other current assets
|
|
22,838
|
|
12,054
|
|
|
27,770
|
Project
assets
|
|
48,177
|
|
53,766
|
|
|
20,214
|
Deferred
convertible notes issue costs-current
|
|
-
|
|
-
|
|
|
35
|
Derivative
assets
|
|
2,716
|
|
624
|
|
|
56
|
Assets
held-for-sale
|
|
7,558
|
|
-
|
|
|
4,241
|
Deferred tax
assets-current, net
|
|
-
|
|
-
|
|
|
5,989
|
Total
current assets
|
|
507,494
|
|
612,541
|
|
|
637,750
|
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
491,255
|
|
547,748
|
|
|
630,462
|
Prepaid land
use right, net
|
|
31,850
|
|
35,491
|
|
|
37,240
|
Deferred tax
assets-non-current, net
|
|
15,539
|
|
12,188
|
|
|
10,238
|
Advances for
purchases of property, plant and
equipment
|
|
846
|
|
285
|
|
|
382
|
Deferred
project costs
|
|
16,375
|
|
17,275
|
|
|
20,874
|
Project
assets-noncurrent
|
|
6,710
|
|
8,573
|
|
|
-
|
Other
long-lived assets
|
|
18,337
|
|
12,522
|
|
|
9,374
|
Total
assets
|
|
1,088,406
|
|
1,246,623
|
|
|
1,346,320
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Convertible
bond payable-current
|
|
-
|
|
-
|
|
|
26,145
|
Short-term
borrowings
|
|
595,434
|
|
699,035
|
|
|
668,788
|
Accounts
payable
|
|
223,303
|
|
281,257
|
|
|
300,176
|
Advances from
customers-current
|
|
21,998
|
|
11,193
|
|
|
28,101
|
Amounts due to
related parties
|
|
1,257
|
|
1,762
|
|
|
2,677
|
Other current
liabilities
|
|
62,126
|
|
69,506
|
|
|
77,237
|
Income tax
payable
|
|
315
|
|
128
|
|
|
130
|
Derivative
liabilities
|
|
-
|
|
-
|
|
|
30
|
Warrant
liability
|
|
-
|
|
-
|
|
|
578
|
Total
current liabilities
|
|
904,433
|
|
1,062,881
|
|
|
1,103,862
|
|
|
|
|
|
|
|
|
Convertible
notes payable-non-current
|
|
|
|
|
|
|
|
Long-term
borrowings
|
|
28,836
|
|
-
|
|
|
38,777
|
Deferred
revenue
|
|
32,243
|
|
30,101
|
|
|
32,376
|
Warranty
|
|
35,059
|
|
39,614
|
|
|
36,024
|
Deferred
subsidies and other
|
|
20,824
|
|
21,904
|
|
|
23,242
|
Other long-term
liabilities
|
|
866
|
|
375
|
|
|
105
|
Total
liabilities
|
|
1,022,261
|
|
1,154,875
|
|
|
1,234,386
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Common
shares
|
|
476,658
|
|
477,171
|
|
|
477,965
|
Additional paid-in capital
|
|
8,229
|
|
8,089
|
|
|
7,669
|
Accumulated loss
|
|
(469,975)
|
|
(444,512)
|
|
|
(435,277)
|
Accumulated other comprehensive income
|
|
51,233
|
|
51,000
|
|
|
61,577
|
Total equity
attribute to ReneSola Ltd
|
|
66,145
|
|
91,748
|
|
|
111,934
|
Total
shareholders' equity
|
|
66,145
|
|
91,748
|
|
|
111,934
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
1,088,406
|
|
1,246,623
|
|
|
1,346,320
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Income
|
(US dollar
in thousands, except ADS and share data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
Dec 31,
2016
|
|
Sep 30,
2016
|
|
Dec 31,
2015
|
|
FY2016
|
|
FY2015
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
from third parties
|
|
207,502
|
|
171,428
|
|
296,388
|
|
889,664
|
|
1,282,031
|
Net revenues
from related parties
|
|
24,572
|
|
15,600
|
|
|
|
40,172
|
|
|
Total net
revenues
|
|
232,074
|
|
187,028
|
|
296,388
|
|
929,836
|
|
1,282,031
|
Cost of
revenues
|
|
(227,103)
|
|
(168,160)
|
|
(248,917)
|
|
(820,340)
|
|
(1,094,157)
|
Gross
profit
|
|
4,971
|
|
18,868
|
|
47,471
|
|
109,496
|
|
187,874
|
GP%
|
|
2.1%
|
|
10.1%
|
|
16.0%
|
|
11.8%
|
|
14.7%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(expenses) income:
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
(7,268)
|
|
(11,544)
|
|
(12,465)
|
|
(47,464)
|
|
(72,295)
|
General and
administrative
|
|
(12,277)
|
|
(12,387)
|
|
(15,211)
|
|
(51,458)
|
|
(59,290)
|
Research and
development
|
|
(5,362)
|
|
(6,311)
|
|
(9,518)
|
|
(27,287)
|
|
(43,905)
|
Other operating
income
|
|
2,737
|
|
(489)
|
|
6,651
|
|
6,266
|
|
16,920
|
Impairment of
long-lived assets and advances for
purchases of property, plant and equipment
|
|
(4,625)
|
|
-
|
|
-
|
|
(4,625)
|
|
-
|
Total
operating expenses
|
|
(26,795)
|
|
(30,731)
|
|
(30,543)
|
|
(124,568)
|
|
(158,570)
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
(21,824)
|
|
(11,863)
|
|
16,928
|
|
(15,072)
|
|
29,304
|
|
|
1.3%
|
|
2.2%
|
|
5.7%
|
|
2.8%
|
|
2.3%
|
Non-operating
(expenses) income:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
293
|
|
568
|
|
544
|
|
2,353
|
|
2,875
|
Interest
expense
|
|
(7,368)
|
|
(8,235)
|
|
(10,352)
|
|
(33,940)
|
|
(43,418)
|
Foreign
exchange gains (losses)
|
|
4,916
|
|
(3,324)
|
|
2,056
|
|
8,873
|
|
(2,138)
|
Gains (losses)
on derivatives, net
|
|
2,002
|
|
323
|
|
(1,159)
|
|
4,592
|
|
(6,031)
|
Investment(loss) gain on disposal of
subsidiaries
|
|
(75)
|
|
68
|
|
-
|
|
-
|
|
-
|
Gains on
repurchase of convertible bonds
|
|
-
|
|
-
|
|
-
|
|
213
|
|
13,694
|
Fair value
change of warrant liability
|
|
-
|
|
26
|
|
(315)
|
|
577
|
|
1,314
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income tax, noncontrolling
interests
|
|
(22,056)
|
|
(22,437)
|
|
7,702
|
|
(32,404)
|
|
(4,400)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense) benefit
|
|
(3,407)
|
|
1,945
|
|
(1,046)
|
|
(2,294)
|
|
(675)
|
Net income
(loss)
|
|
(25,463)
|
|
(20,492)
|
|
6,656
|
|
(34,698)
|
|
(5,075)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributed to noncontrolling
interests
|
|
|
|
|
|
|
|
-
|
|
-
|
Net income
(loss) attributed to holders of ordinary
shares
|
|
(25,463)
|
|
(20,492)
|
|
6,656
|
|
(34,698)
|
|
(5,075)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.13)
|
|
(0.10)
|
|
0.03
|
|
(0.17)
|
|
(0.02)
|
Diluted
|
|
(0.13)
|
|
(0.10)
|
|
0.03
|
|
(0.17)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.25)
|
|
(0.20)
|
|
0.07
|
|
(0.34)
|
|
(0.05)
|
Diluted
|
|
(0.25)
|
|
(0.20)
|
|
0.07
|
|
(0.34)
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS(1/5 Stock Split) 1=10shares
|
|
|
|
|
|
|
|
|
|
|
Basic(1/5 Stock Split) 1=10shares
|
|
(1.26)
|
|
(1.01)
|
|
0.33
|
|
(1.72)
|
|
(0.25)
|
Diluted(1/5 Stock Split) 1=10shares
|
|
(1.26)
|
|
(1.01)
|
|
0.33
|
|
(1.72)
|
|
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing loss per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
201,774,449
|
|
201,990,602
|
|
203,137,831
|
|
202,229,767
|
|
204,085,041
|
Diluted
|
|
201,774,449
|
|
201,990,602
|
|
203,137,831
|
|
202,229,767
|
|
204,085,041
|
|
|
|
Three Months
ended
|
|
Twelve Months
Ended
|
|
|
Dec 31,
2016
|
|
Sep 30,
2016
|
|
Dec 31,
2015
|
|
Dec 31,
2016
|
|
Dec 31,
2015
|
Net income
(loss)
|
|
(25,463)
|
|
(19,465)
|
|
6,656
|
|
(34,698)
|
|
(5,075)
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
Foreign
exchange translation adjustment
|
|
233
|
|
(162)
|
|
(4,629)
|
|
(10,344)
|
|
(19,503)
|
Other
comprehensive income (loss)
|
|
233
|
|
(162)
|
|
(4,629)
|
|
(10,344)
|
|
(19,503)
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
(25,230)
|
|
(19,627)
|
|
2,027
|
|
(45,042)
|
|
(24,578)
|
Less:comprehensive loss attributable to
non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to
Renesola
|
|
(25,230)
|
|
(19,627)
|
|
2,027
|
|
(45,042)
|
|
(24,578)
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Cash Flow
|
(US dollar
in thousands)
|
|
|
|
For the year
ended December 31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net
profit/(loss)
|
|
(34,698)
|
|
(5,075)
|
Adjustment
to reconcile net loss to net cash provided by (used in)
operating activity:
|
|
|
|
|
Inventory write-down
|
|
1,963
|
|
620
|
Depreciation and amortization
|
|
83,206
|
|
90,113
|
Amortization of deferred convertible bond issuances costs and
premium
|
|
33
|
|
765
|
Allowance of doubtful receivables, advance to suppliers and
prepayment for
purchases of property, plant and equipment
|
|
1,327
|
|
118
|
Gain
(loss) on derivatives
|
|
(4,592)
|
|
6,031
|
Fair
value change of warrant liability
|
|
(577)
|
|
(1,313)
|
Gain
from settlement of certain payables
|
|
|
|
(9,126)
|
Share-based compensation
|
|
747
|
|
1,527
|
Gain
(loss) on disposal of long-lived assets
|
|
(1,013)
|
|
308
|
Gain on
disposal of solar project
|
|
(2,527)
|
|
-
|
Impairment of long-lived assets
|
|
4,625
|
|
4,350
|
Gain on CB
repurchase
|
|
(212)
|
|
(13,693)
|
Changes in
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
22,036
|
|
(58,763)
|
Inventories
|
|
10,471
|
|
121,765
|
Project
assets and deferred project cost
|
|
(5,317)
|
|
20,655
|
Advances
to suppliers
|
|
860
|
|
8,283
|
Amounts
due from related parties
|
|
(14,648)
|
|
(433)
|
Value
added tax recoverable
|
|
20,644
|
|
4,279
|
Prepaid
expenses and other assets
|
|
(7,746)
|
|
15,169
|
Prepaid
land use rights, net
|
|
2,002
|
|
695
|
Accounts
payable
|
|
(52,547)
|
|
(158,969)
|
Advances
from customers
|
|
(1,909)
|
|
(58,666)
|
Income
tax payable
|
|
2,686
|
|
(2,424)
|
Other current liabilities
|
|
118
|
|
(2,951)
|
Deferred
revenue
|
|
(133)
|
|
32,376
|
Warranty
|
|
1,344
|
|
5,759
|
Deferred
taxes assets
|
|
1,447
|
|
2,538
|
Other
long-term liabilities
|
|
(56)
|
|
(1,728)
|
Net cash
provided by (used in) operating activities
|
|
27,534
|
|
2,210
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(11,626)
|
|
(14,438)
|
Advances
for purchases of property, plant and equipment
|
|
4,522
|
|
(2,383)
|
Proceeds from
disposal of property, plant and equipment
|
|
7,508
|
|
5,751
|
Changes
in restricted cash
|
|
36,675
|
|
(24,504)
|
Net cash
received (paid) on settlement of derivatives
|
|
1,890
|
|
(4,371)
|
Proceeds
from disposal of subsidiaries
|
|
3,191
|
|
(83)
|
Net
cash provided by (used in) investing
activities
|
|
42,160
|
|
(40,028)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Proceeds
from bank borrowings
|
|
1,013,574
|
|
1,100,033
|
Proceeds
from related parties
|
|
-
|
|
(4,000)
|
Repayment of bank borrowings
|
|
(1,048,524)
|
|
(1,052,643)
|
Proceeds
from exercise of stock options
|
|
-
|
|
641
|
Paid for CB
repurchase
|
|
(25,931)
|
|
(54,377)
|
Cash paid for
ADS/s repurchase
|
|
(1,493)
|
|
(812)
|
Net cash
provided by (used in) financing
activities
|
|
(62,374)
|
|
(11,158)
|
|
|
|
|
|
Effect of
exchange rate changes
|
|
(8,029)
|
|
(12,827)
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(709)
|
|
(61,803)
|
Cash and cash
equivalents, beginning of period/year
|
|
38,045
|
|
99,848
|
Cash and
cash equivalents, end of period/year
|
|
37,336
|
|
38,045
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/renesola-announces-fourth-quarter-and-full-year-2016-results-300430282.html
SOURCE ReneSola Ltd.