SHANGHAI,
June 15, 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 first quarter ended March 31, 2017.
First Quarter
2017
Highlights
|
Q1 2017
|
Q/Q Change
|
Y/Y Change
|
Revenue
|
$156.6
|
-32.5%
|
-39.9%
|
Gross Profit
|
$1.7
|
-65.4%
|
-96.1%
|
Operating Loss
|
($17.8)
|
N/A
|
N/A
|
Net Loss
|
($23.2)
|
N/A
|
N/A
|
- Revenue of $156.6 million
exceeded the high end of the guidance
range of $130 million to $150 million;
- Gross margin was 1.1%, compared to 2.1% in Q4 2016 and
17.1% in Q1 2016;
- Net loss was $23.2 million,
compared to net loss of $25.5 million
in Q4 2016 and net income of $5.7
million in Q1 2016;
- Total external module shipments were 266.8 MW
while module shipments to the Company's downstream projects
were approximately 44.3 MW;
- Total external wafer shipments were 259.2 MW, compared to
305.9 MW in Q4 2016 and 351.0 MW in Q1 2016;
- Recognized revenue of $2.2
million from sale of rooftop projects in China with aggregate capacity of 2.3
MW;
- Signed agreements to sell a 6.75 MW of utility project in
North Carolina and 1.3 MW of
utility projects in Holyoke,
Massachusetts with revenue expected to be recognized in Q2
2017;
- Connected two ground-mounted projects in the UK with a
combined capacity of approximately 10 MW; revenue is expected to be
recognized in Q2;
- As of June 2, 2017, the
Company had a solar power project pipeline of
over 1.4GW, of which 613.1
MW are "shovel-ready";
- LED sales of $9.6
million increased by approximately
3% compared to Q4 2016 with
gross margin of approximately
30.9%; and
- Total borrowings increased by
$54.3 million to
$678.6 million compared to Q4
2016.
Mr. Xianshou Li, ReneSola's Chief Executive Officer,
commented, "First quarter results were generally in-line with our
expectation, as we continued to gain traction from our downstream
project efforts and LED distribution business, while affected by
challenging market conditions of our solar power product
business. We continue to execute our strategy to shift our
business focus from manufacturing to downstream project
development, and I am excited about the progress we are
making. For the second quarter of 2017, we expect downstream
project sales to increase when compared
to the first quarter of 2017 due to continued growth in our project
pipeline and our solid execution in project
monetization."
Li continued, "We remained focused on managing our working
capital, controlling costs and improving our balance sheet.
We believe these measures have prepared us well to develop
sustainably as we progress through the current industry
down-cycle."
First Quarter 2017 Financial Results
Revenue of $156.6 million
was down 32.5% q/q and down 39.9% y/y, but exceeded the guidance of
$130 million to $150 million.
The decline in the year-over-year revenue was primarily due to
lower module ASP's and reduced product shipments to external
customers.
Gross profit of $1.7 million
was down 65.4% q/q and 96.1% y/y. Gross margin declined to 1.1%
from 2.1% in Q4 2016 and from 17.1% in Q1 2016. The
sequential margin decline was primarily due to lower module ASP's
as well as annual maintenance of our polysilicon
plant.
Operating expenses were $19.5
million, representing 12.4% of revenue, down from
$26.8 million in Q4 2016 and
$32.3 million in Q1 2016. Sales and
marketing expenses were $3.8 million,
down from $7.3 million in Q4 2016 as
we reversed certain warranty expenses to reflect the declining
module ASP.
Operating loss was $17.8
million, compared to operating loss of $21.8 million in Q4 2016 and operating income of
$12.2 million in Q1
2016.
Non-operating expenses of $9.1
million included net interest expense of $8.9 million and loss on derivative of
$0.3 million, partially offset by
foreign exchange gains of $0.2
million.
Net loss was $23.2 million,
compared to net loss of $25.5 million
in Q4 2016 and net income of $5.7
million in Q1 2016. Loss per ADS was $1.16[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 $144.4 million as
of March 31, 2017, compared to
$133.2 million as of December 31, 2016. Total borrowings were
$678.6 million, increasing by
$54.3 million from $624.3 million as of December 31, 2016.
First Quarter Operating
Highlights
The Company remains 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 first quarter, the Company continued to monetize its existing
solar power project pipelines as part of its development
cycle.
Project Sales
The Company recognized revenue of $2.2 million from the sale of rooftop projects of
2.3 MW in China's domestic
distributed generation market in Q1 2017. The Company also
signed agreements to sell a utility-scale project located in
North Carolina with a capacity of
approximately 6.75 MW and two utility-scale projects in
Holyoke, Massachusetts with a
combined capacity of approximately 1.3 MW in Q1 2017.
The Company expects to recognize revenue from the sales of
these projects in Q2 2017. The Company connected two
ground-mounted projects in the UK with a combined capacity of
approximately 10 MW with revenue expected to be recognized in
Q2.
Project Pipeline
As of June 2, 2017, the
Company had a pipeline of over 1.4 GW of projects in various
stages, of which 613.1MW are 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 are owned by ReneSola
and have been filed with National Development and Reform Commission
or third-party projects that the Company has signed definitive
agreements to provide EPC services to. The Company identified
a number of opportunities in China's domestic distributed generation
market, and had 306.8 MW of such projects in shovel-ready stage in
its pipeline as of June 2,
2017. 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
|
99.5
|
UK
|
14.3
|
Japan
|
17.5
|
Canada
|
8.9
|
Turkey
|
116.0[2]
|
France
|
37.1
|
Poland
|
13.0
|
China DG
|
306.8
|
Total
|
613.1
|
[2]
With the start of operation, ReneSola holds 50% of the economics in
the projects, which are held for sale and expected to be sold in
the normal course upon connection or shortly
thereafter.
|
The Company currently has over 270 MW project pipelines
under construction and plans to construct over an aggregate of 550
MW of projects in the year of 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 first quarter, total external module shipments
were 266.8 MW, down 19.3% from Q4 2016 and down 23.9% from Q1 2016.
Total wafer shipments were 259.2 MW, down 15.3% from Q4 2016 and
down 26.2% from Q1 2016.
LED
LED revenue of $9.6 million
was up by approximately 3% from $9.3
million in Q4 2016. Gross margin was approximately
30.9%. The sequential slowdown in LED revenue growth was
largely due to short-term adjustment to product offerings, coupled
with inventory management in the quarter.
ReneSola remains optimistic about the growth prospects in
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 LED business to grow into a
meaningful financial contributor in the years ahead.
Outlook
For Q2 2017, the Company expects revenue in the range of
$180 to $200 million, external wafer
shipments in the range of 220MW to 240MW and external module
shipments in the range of 230MW to 250MW.
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 June 15, 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
35984787.
A replay of the conference call may be accessed by phone
at the following numbers until June
23, 2017. To access the replay, please again reference
the conference passcode 35984787.
|
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)
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Mar
31,
|
|
|
2017
|
|
2016
|
|
2016
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
26,634
|
|
37,336
|
|
38,687
|
Restricted
cash
|
|
117,783
|
|
95,866
|
|
151,339
|
Accounts
receivable, net of allowances for doubtful
accounts
|
|
108,230
|
|
116,677
|
|
176,391
|
Inventories
|
|
153,220
|
|
143,976
|
|
181,659
|
Advances to
suppliers-current
|
|
15,727
|
|
14,943
|
|
28,316
|
Amounts due
from related parties
|
|
9,385
|
|
13,066
|
|
95
|
Value added tax
recoverable
|
|
10,956
|
|
3,260
|
|
20,573
|
Prepaid income
tax
|
|
1,115
|
|
1,081
|
|
1,900
|
Prepaid
expenses and other current assets
|
|
16,002
|
|
22,838
|
|
15,901
|
Project
assets
|
|
75,574
|
|
48,177
|
|
34,949
|
Deferred
convertible notes issue costs-current
|
|
|
|
|
|
-
|
Derivative
assets
|
|
|
|
2,716
|
|
-
|
Assets
held-for-sale
|
|
8,540
|
|
7,558
|
|
-
|
Deferred tax
assets-current, net
|
|
|
|
|
|
2,242
|
Total
current assets
|
|
543,166
|
|
507,494
|
|
652,052
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
486,278
|
|
491,255
|
|
603,248
|
Prepaid land
use right, net
|
|
31,923
|
|
31,850
|
|
37,179
|
Deferred tax
assets-non-current, net
|
|
19,168
|
|
15,539
|
|
14,121
|
Advances for
purchases of property, plant and equipment
|
|
1,824
|
|
846
|
|
1,288
|
Deferred
project costs
|
|
19,153
|
|
16,375
|
|
20,874
|
Project
assets-noncurrent
|
|
6,103
|
|
6,710
|
|
-
|
Other
long-lived assets
|
|
18,706
|
|
18,337
|
|
10,144
|
Total
assets
|
|
1,126,321
|
|
1,088,406
|
|
1,338,906
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Convertible
bond payable-current
|
|
|
|
|
|
|
Short-term
borrowings
|
|
647,587
|
|
595,434
|
|
735,610
|
Accounts
payable
|
|
221,580
|
|
223,303
|
|
301,976
|
Advances from
customers-current
|
|
36,701
|
|
21,998
|
|
24,985
|
Amounts due to
related parties
|
|
4,575
|
|
1,257
|
|
3,189
|
Other current
liabilities
|
|
59,655
|
|
62,126
|
|
62,727
|
Income tax
payable
|
|
302
|
|
315
|
|
124
|
Derivative
liabilities
|
|
371
|
|
|
|
343
|
Warrant
liability
|
|
|
|
|
|
158
|
Total
current liabilities
|
|
970,771
|
|
904,433
|
|
1,129,112
|
|
|
|
|
|
|
|
Convertible
notes payable-non-current
|
|
|
|
|
|
|
Long-term
borrowings
|
|
31,057
|
|
28,836
|
|
1,551
|
Deferred
revenue
|
|
32,566
|
|
32,243
|
|
32,376
|
Warranty
|
|
28,114
|
|
35,059
|
|
38,070
|
Deferred
subsidies and other
|
|
20,943
|
|
20,824
|
|
23,116
|
Other long-term
liabilities
|
|
939
|
|
866
|
|
15
|
Total
liabilities
|
|
1,084,390
|
|
1,022,261
|
|
1,224,240
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Common
shares
|
|
476,658
|
|
476,658
|
|
477,419
|
Additional paid-in capital
|
|
8,420
|
|
8,229
|
|
7,707
|
Accumulated loss
|
|
(493,215)
|
|
(469,975)
|
|
(429,544)
|
Accumulated other comprehensive income
|
|
50,068
|
|
51,233
|
|
59,084
|
Total equity
attribute to ReneSola Ltd
|
|
41,931
|
|
66,145
|
|
114,666
|
Total
shareholders' equity
|
|
41,931
|
|
66,145
|
|
114,666
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
1,126,321
|
|
1,088,406
|
|
1,338,906
|
|
|
|
|
|
|
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Income
|
(US dollar in
thousands, except ADS and share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
Mar 31,
2017
|
|
Dec 31,
2016
|
|
Mar 31,
2016
|
|
|
|
|
|
|
|
Net revenues
from third parties
|
|
148,267
|
|
207,502
|
|
260,696
|
Net revenues
from related parties
|
|
8,343
|
|
24,572
|
|
|
Total net
revenues
|
|
156,610
|
|
232,074
|
|
260,696
|
Cost of
revenues
|
|
(154,889)
|
|
(227,103)
|
|
(216,191)
|
Gross
profit
|
|
1,721
|
|
4,971
|
|
44,505
|
GP%
|
|
1.10%
|
|
2.1%
|
|
17.1%
|
|
|
|
|
|
|
|
Operating
(expenses) income:
|
|
|
|
|
|
|
Sales and
marketing
|
|
(3,776)
|
|
(7,268)
|
|
(13,500)
|
General and
administrative
|
|
(12,450)
|
|
(12,277)
|
|
(13,269)
|
Research and
development
|
|
(5,707)
|
|
(5,362)
|
|
(8,190)
|
Other operating
income
|
|
2,458
|
|
2,737
|
|
2,694
|
Impairment of
long-lived assets and
advances for purchases of
property,
plant and
equipment
|
|
|
|
(4,625)
|
|
|
Total
operating expenses
|
|
(19,475)
|
|
(26,795)
|
|
(32,265)
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
(17,754)
|
|
(21,824)
|
|
12,240
|
|
|
|
|
|
|
|
Non-operating
(expenses) income:
|
|
|
|
|
|
|
Interest
income
|
|
312
|
|
293
|
|
777
|
Interest
expense
|
|
(9,248)
|
|
(7,368)
|
|
(9,860)
|
Foreign
exchange gains (losses)
|
|
161
|
|
4,916
|
|
2,945
|
Gains (losses)
on derivatives, net
|
|
(332)
|
|
2,002
|
|
(602)
|
Investment(loss) gain on disposal of
subsidiaries
|
|
|
|
(75)
|
|
7
|
Gains on
repurchase of convertible
bonds
|
|
|
|
|
|
213
|
Fair value
change of warrant liability
|
|
|
|
-
|
|
420
|
|
|
|
|
|
|
|
Income
(loss) before income tax,
noncontrolling interests
|
|
(26,861)
|
|
(22,056)
|
|
6,140
|
|
|
|
|
|
|
|
Income tax
(expense) benefit
|
|
3,621
|
|
(3,407)
|
|
(407)
|
Net income
(loss)
|
|
(23,240)
|
|
(25,463)
|
|
5,733
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributed to
noncontrolling interests
|
|
|
|
|
|
|
Net income
(loss) attributed to
holders of ordinary shares
|
|
(23,240)
|
|
(25,463)
|
|
5,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
Basic
|
|
(0.12)
|
|
(0.13)
|
|
0.03
|
Diluted
|
|
(0.12)
|
|
(0.13)
|
|
0.03
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
Basic
|
|
(1.16)
|
|
(1.26)
|
|
0.28
|
Diluted
|
|
(1.16)
|
|
(1.26)
|
|
0.28
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing loss per
share
|
|
|
|
Basic
|
|
200,538,902
|
|
201,774,449
|
|
203,163,310
|
Diluted
|
|
200,538,902
|
|
201,774,449
|
|
203,163,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
2017
|
|
Dec 31,
2016
|
|
Mar 31,
2016
|
Net income
(loss)
|
|
(23,240)
|
|
(25,463)
|
|
5,733
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
Foreign
exchange translation adjustment
|
(1,165)
|
|
233
|
|
(2,493)
|
Other
comprehensive income (loss)
|
|
(1,165)
|
|
233
|
|
(2,493)
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
(24,405)
|
|
(25,230)
|
|
3,240
|
Less:comprehensive loss attributable to
non-controlling interest
|
|
|
|
-
|
Comprehensive income (loss) attributable to
Renesola
|
(24,405)
|
|
(25,230)
|
|
3,240
|
|
|
|
|
|
|
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Cash Flow
|
(US dollar in
thousands)
|
|
|
Three Months
Ended
|
|
|
Mar 31,
2017
|
|
Mar 31,
2016
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net
profit/(loss)
|
|
(23,240)
|
|
5,733
|
Adjustment
to reconcile net loss to net cash provided by (used in) operating
activity:
|
Inventory write-down
|
|
1,615
|
|
0
|
Depreciation and amortization
|
|
20,920
|
|
21,218
|
Amortization of deferred convertible bond issuances costs and
premium
|
|
|
|
33
|
Allowance of doubtful receivables, advance to suppliers and
prepayment for
purchases of property, plant and
equipment
|
|
(28)
|
|
(1,108)
|
Gain
(loss) on derivatives
|
|
332
|
|
(56)
|
Fair
value change of warrant liability
|
|
|
|
(420)
|
Gain
from settlement of certain payables
|
|
|
|
|
Gain
from advances from customers
|
|
|
|
0
|
Share-based compensation
|
|
191
|
|
225
|
Gain
(loss) on disposal of long-lived assets
|
|
676
|
|
1,208
|
Gain on
disposal of solar project
|
|
|
|
(2,527)
|
Impairment of goodwill
|
|
|
|
|
Impairment of Intangible assets
|
|
|
|
|
Impairment of long-lived assets
|
|
|
|
|
Reversal
of firm purchase commitment
|
|
|
|
|
Gain on
disposal of subsidiaries
|
|
|
|
|
Gain on CB
repurchase
|
|
|
|
(212)
|
Changes in
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
6,295
|
|
(15,263)
|
Inventories
|
|
(11,209)
|
|
2,489
|
Project
assets and deferred project cost
|
|
(26,691)
|
|
(3,227)
|
Advances
to suppliers
|
|
(522)
|
|
(9,728)
|
Amounts
due from related parties
|
|
3,793
|
|
509
|
Value
added tax recoverable
|
|
(7,593)
|
|
4,413
|
Prepaid
expenses and other assets
|
|
7,051
|
|
10,415
|
Prepaid
land use rights, net
|
|
204
|
|
230
|
Accounts
payable
|
|
(4,044)
|
|
(1,196)
|
Advances
from customers
|
|
12,441
|
|
(3,465)
|
Income
tax payable
|
|
(41)
|
|
1,548
|
Other current liabilities
|
|
(3,360)
|
|
(15,696)
|
Deferred
revenue
|
|
|
|
|
Other
non-current assets
|
|
|
|
|
Other
long-term assets
|
|
|
|
|
Warranty
|
|
(7,241)
|
|
1,854
|
Deferred
taxes assets
|
|
(3,366)
|
|
(1,044)
|
Other
long-term liabilities
|
|
65
|
|
(319)
|
Net cash
provided by (used in) operating activities
|
|
(33,752)
|
|
(4,386)
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(11,441)
|
|
(2,240)
|
Advances
for purchases of property, plant and equipment
|
|
(865)
|
|
-
|
Cash
received from government subsidy
|
|
|
|
-
|
Proceeds from
disposal of property, plant and equipment
|
|
63
|
|
-
|
Advance from
disposal of property, plant and equipment
|
|
2,905
|
|
|
Changes
in restricted cash
|
|
(21,076)
|
|
(10,211)
|
Net cash
received (paid) on settlement of derivatives
|
|
284
|
|
420
|
Proceeds
from disposal of subsidiaries
|
|
|
|
5,140
|
Net
cash provided by (used in) investing
activities
|
|
(30,130)
|
|
(6,891)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Proceeds
from bank borrowings
|
|
269,850
|
|
264,262
|
Proceeds
from related parties
|
|
3,340
|
|
-
|
Repayment of bank borrowings
|
|
(222,513)
|
|
(227,058)
|
Proceeds
from exercise of stock options
|
|
|
|
|
Paid for CB
repurchase
|
|
|
|
(25,931)
|
Cash paid for
ADS/s repurchase
|
|
|
|
(733)
|
Net cash
provided by (used in) financing
activities
|
|
50,677
|
|
10,540
|
|
|
|
|
|
Effect of
exchange rate changes
|
|
2,503
|
|
1,379
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(10,702)
|
|
642
|
Cash and cash
equivalents, beginning of period/year
|
|
37,336
|
|
38,045
|
Cash and
cash equivalents, end of period/year
|
|
26,634
|
|
38,687
|
Logo - http://photos.prnewswire.com/prnh/20080506/CNTU030
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/renesola-announces-first-quarter-2017-results-300474570.html
SOURCE ReneSola Ltd.