SHANGHAI, Sept. 27, 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 products, today provides a business update and
announces its unaudited second quarter 2017 results.
As announced on September 25, the
Company has entered into a definitive share repurchase and
subscription agreement (the "SPA") with Mr. Xianshou Li, the
Company's Chairman and Chief Executive Officer (the "Buyer") for
the sale of the Company's manufacturing (including polysilicon,
solar wafer, solar cell and solar module manufacturing) and LED
distribution businesses (the "Acquired Businesses"). The
transaction will also transfer substantially all of ReneSola's
related indebtedness to Li. The transaction will result in:
i) The Company will no longer be liable for the bank borrowings
in excess of RMB 3 billion, and the
Buyer and his spouse will continue to provide personal guarantees
for a majority of such bank's borrowings;
ii) The acquired businesses will cancel approximately
$217.3 million of intercompany
payables owed to it by the Company; and
iii) The Company will issue 180 million ordinary shares to
ReneSola Singapore Pte. Ltd., an entity to be fully owned by the
Buyer upon completion.
Mr. Li commented, "This transaction completes the strategic
transformation that was initiated in 2015. We will exit the
manufacturing business, which has been impaired by overcapacity,
pricing pressure and low profitability, and will become a pure play
in the rapidly growing and profitable project development
market. We believe this is the best path forward for
ReneSola. The losses and a
weakened balance sheet of the manufacturing business have been
significant constraints on the growth of our downstream
business. I am very excited to see ReneSola start anew with a stronger balance
sheet, a highly capable team and significant growth opportunities.
This transaction represents the beginning of a new chapter for
ReneSola."
This transaction will significantly improve the Company's
balance sheet, providing the financial flexibility necessary to
drive the growth of the Company's project development business. The
table below summarizes the pro forma changes in the Company's
balance sheet, based on the terms of the transaction when it is
completed.
All amounts, other
than
percentages, are in millions
of US$
|
Post-
Transaction
June 30,
2017
|
Pre-Transaction
June 30,
2017
|
Total
Asset
|
250.0
|
1,154.9
|
Total
Liabilities
|
169.5
|
1,140.2
|
----Bank
Borrowings
|
33.5
|
701.7
|
Total
Equity
|
80.5
|
14.7
|
Debt-Asset
Ratio
|
67.8%
|
98.7%
|
The table below outlines the key benefits that ReneSola expects to derive from this
transaction.
Key
Benefits
|
Details
|
Low
Leverage
|
Eliminate over RMB 3
billion of bank debt
|
|
Debt-asset ratio of
68% down from 98.7% as of
June 30, 2017
|
Lower Management
& Financial Costs
|
Management costs are
expected to drop from $46
million to $12 million per year
|
|
Financial costs to
further decrease
|
Enhanced Financing
Ability for Projects
|
Lower corporate
leverage improves project
bankability
|
|
Healthy balance sheet
enables the Company to
lower financing cost and achieve attractive IRR
for projects
|
Restore Investor
Confidence
|
Operate growing
project business with proven
track record
|
|
Spin-off indebted
manufacturing business
|
|
Solid global project
pipeline to ensure future
growth
|
Strategic
Success
|
Completes multi-year
transition to downstream
business
|
Project Development Strategy
Since entering the project development business, ReneSola has
developed over 480 MW of projects around the world. These
projects range from utility scale to smaller rooftop distributed
generation. They share the common traits of operating in
stable, mature markets with attractive subsidies. The Company
believes that its strong track record in solar project development
will enable it to accelerate the development of its project
pipeline, as well as attract project financing on favorable
terms.
While Build-Transfer continues to be an important strategy for
the foreseeable future, ReneSola
also intends to retain more projects in selected regions and become
an independent power producer ("IPP"). The IPP model is
especially attractive, due to the resulting high margin recurring
revenue. Over time, the Company intends to shift a meaningful
amount of its revenue to recurring power sales.
The Company believes the China
rooftop solar market is an especially lucrative opportunity and has
aggressively established its presence in that market. Rooftop
projects can provide steady cash flow, double-digit IRRs, and
reduced risk of curtailment or subsidy delays. ReneSola currently owns over 130 MW of rooftop
projects under development, concentrated in a handful of eastern
provinces of China with attractive
development environments. The Company anticipates to own 150 MW of
China's rooftop projects by the
end of 2017.
Operating
Assets
|
Capacity
(MW)
|
China
DG
|
131.2
|
-Zhejiang
|
33.3
|
-Anhui
|
28.8
|
-Henan
|
57.9
|
-Jiangsu
|
5.7
|
-Shandong
|
5.5
|
Romania
|
15.4
|
Mr. Li further commented, "We have demonstrated our ability to
successfully build and transfer solar power projects
globally. Our project development team consists of 314
dedicated employees around the world. Our strong and capable
team, extensive financing relationships and track record of success
give us high confidence that we can profitably grow the 'new'
ReneSola."
The following table sets forth the Company's late-stage project
pipeline by location:
Project
Location
|
Shovel-ready
(MW)
|
USA
|
151.8
|
UK
|
4.3
|
Japan
|
17.5
|
Canada
|
8.6
|
Turkey
|
133.0[1]
|
France
|
0.3
|
Poland
|
55.0
|
Thailand
|
5.0
|
China DG
|
104.5
|
Total
|
480.0
|
[1] 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.
|
As of September 10, 2017, the
Company had a pipeline of over 1 GW of projects in various stages,
of which 480 MW are projects that are "shovel-ready". The
shovel-ready projects include (i) oversea projects that ReneSola
has the right to develop or has self-originated in that ReneSola
has obtained definitive agreement, and (ii) projects in
China that are either owned by
ReneSola and have been filed with PRC National Development and
Reform Commission, or third-party projects to which the Company has
signed definitive agreements for EPC services. The Company has
identified a number of opportunities in China's domestic distributed generation
market, and had 104.5 MW of such projects in the shovel-ready stage
as of September 10, 2017.
Outlook
For the third quarter of 2017, the Company's project business is
expected to generate revenue in the range of $40 to $45 million and overall gross margin in
the range of 15% to 20% with the gross margin of IPP business in
the range of 65%-70%. The Company expects to connect 20 to 30 MW of
projects during the third quarter of 2017.
Second Quarter 2017 Financial Results
The Company today also announced its unaudited financial results
for the second quarter of 2017. Because the majority of
revenue and losses are related to the Acquired Businesses being
sold, the consolidated results are not indicative of the Company's
future financial outlook. As such, the Company is only
presenting a brief summary for informational purposes.
Second quarter revenue of $151.6
million was down 3.2% sequentially and down 39.4%
year-over-year. Net loss was $31.5
million, compared to net loss of $23.2 million in Q1 2017 and net income of
$5.5 million in Q2 2016.
The Company recognized revenue of $3.1
million from the sale of rooftop projects of 3.0 MW in
China's domestic distributed
generation market in Q2 2017. The Company also signed an
agreement to sell a utility-scale project located in North Carolina with a capacity of
approximately 6.75 MW with revenue expected to be recognized in Q3
2017. Subsequent to the end of the quarter, the Company signed
additional agreements to sell projects overseas, including (i) two
ground-mount projects in the United
Kingdom with a combined capacity of approximately 10
MW; and (ii) a portfolio of
ground-mount projects in North
Carolina with an aggregate capacity of 24 MW. These projects
are expected to be connected to the grid by December 2017.
Conference Call Information
ReneSola's management will host an earnings conference call on
September 27, 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
77739816.
A replay of the conference call may be accessed by phone at the
following numbers until October 5,
2017. To access the replay, please again reference the
conference passcode 77739816.
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
6462543697
|
+1
8554525696
|
Hong Kong
|
+852
30512780
|
+852
800963117
|
Mainland
China
|
+86
8008700206
+86
4006322162
|
|
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 of
solar project developer and technology provider of energy efficient
products. Leveraging its global presence, expansive distribution
and sales network, ReneSola is well positioned to develop green
energy projects with attractive return and provide its highest
quality green energy products 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," "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)
|
|
|
Jun 30,
|
|
Mar 31,
|
|
Jun
30,
|
|
|
2017
|
|
2017
|
|
2016
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
28,633
|
|
26,634
|
|
23,723
|
Restricted
cash
|
|
110,661
|
|
117,783
|
|
139,645
|
Accounts
receivable, net of allowances for doubtful
accounts
|
|
112,185
|
|
108,230
|
|
185,573
|
Inventories
|
|
92,291
|
|
153,220
|
|
165,470
|
Advances to
suppliers-current
|
|
15,891
|
|
15,727
|
|
23,286
|
Amounts due
from related parties
|
|
12,553
|
|
9,385
|
|
77
|
Value added tax
recoverable
|
|
8,084
|
|
10,956
|
|
5,911
|
Prepaid income
tax
|
|
1,142
|
|
1,115
|
|
4,338
|
Prepaid
expenses and other current assets
|
|
20,723
|
|
16,002
|
|
18,288
|
Project
assets
|
|
116,869
|
|
75,574
|
|
64,756
|
Deferred
convertible notes issue costs-current
|
|
|
|
|
|
|
Derivative
assets
|
|
124
|
|
-
|
|
2,077
|
Assets
held-for-sale
|
|
-
|
|
8,540
|
|
-
|
Deferred tax
assets-current, net
|
|
-
|
|
-
|
|
-
|
Total
current assets
|
|
519,156
|
|
543,166
|
|
633,144
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
537,595
|
|
486,278
|
|
568,090
|
Prepaid land
use right, net
|
|
32,204
|
|
31,923
|
|
35,842
|
Deferred tax
assets-non-current, net
|
|
16,766
|
|
19,168
|
|
14,403
|
Advances for
purchases of property, plant and
equipment
|
|
3,554
|
|
1,824
|
|
285
|
Deferred
project costs
|
|
20,913
|
|
19,153
|
|
17,576
|
Project
assets-noncurrent
|
|
4,537
|
|
6,103
|
|
9,463
|
Other
long-lived assets
|
|
20,201
|
|
18,706
|
|
9,943
|
Total
assets
|
|
1,154,926
|
|
1,126,321
|
|
1,288,746
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Convertible
bond payable-current
|
|
|
|
|
|
|
Short-term
borrowings
|
|
671,432
|
|
647,587
|
|
716,512
|
Accounts
payable
|
|
203,185
|
|
221,580
|
|
280,609
|
Advances from
customers-current
|
|
83,954
|
|
36,701
|
|
20,342
|
Amounts due to
related parties
|
|
5,076
|
|
4,575
|
|
2,831
|
Other current
liabilities
|
|
61,473
|
|
59,655
|
|
66,536
|
Income tax
payable
|
|
318
|
|
302
|
|
128
|
Derivative
liabilities
|
|
-
|
|
371
|
|
-
|
Warrant
liability
|
|
-
|
|
-
|
|
26
|
Total
current liabilities
|
|
1,025,438
|
|
970,771
|
|
1,086,984
|
|
|
|
|
|
|
|
Convertible
notes payable-non-current
|
|
|
|
|
|
|
Long-term
borrowings
|
|
30,328
|
|
31,057
|
|
-
|
Deferred
revenue
|
|
33,305
|
|
32,566
|
|
28,366
|
Warranty
|
|
28,704
|
|
28,114
|
|
38,870
|
Deferred
subsidies and other
|
|
21,267
|
|
20,943
|
|
22,203
|
Other long-term
liabilities
|
|
1,139
|
|
939
|
|
15
|
Total
liabilities
|
|
1,140,181
|
|
1,084,390
|
|
1,176,438
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Common
shares
|
|
476,658
|
|
476,658
|
|
477,171
|
Additional paid-in capital
|
|
8,569
|
|
8,420
|
|
7,994
|
Accumulated loss
|
|
(524,665)
|
|
(493,215)
|
|
(424,020)
|
Accumulated other comprehensive income
|
|
53,385
|
|
50,068
|
|
51,163
|
Total equity
attribute to ReneSola Ltd
|
|
13,947
|
|
41,931
|
|
112,308
|
Noncontrolling
interest
|
|
798
|
|
-
|
|
-
|
Total
shareholders' equity
|
|
14,745
|
|
41,931
|
|
112,308
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
1,154,926
|
|
1,126,321
|
|
1,288,746
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Income
|
(US dollar in
thousands, except ADS and share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 30,
2017
|
|
Mar 31,
2017
|
|
Jun 30,
2016
|
|
Jun 30,
2017
|
|
Jun 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
from third parties
|
|
151,632
|
|
148,267
|
|
250,038
|
|
299,899
|
|
510,734
|
Net revenues
from related parties
|
|
-
|
|
8,343
|
|
-
|
|
8,343
|
|
0
|
Total net
revenues
|
|
151,632
|
|
156,610
|
|
250,038
|
|
308,242
|
|
510,734
|
Cost of
revenues
|
|
(147,509)
|
|
(154,889)
|
|
(208,886)
|
|
(302,398)
|
|
(425,077)
|
Gross
profit
|
|
4,123
|
|
1,721
|
|
41,152
|
|
5,844
|
|
85,657
|
GP%
|
|
2.72%
|
|
1.10%
|
|
16.50%
|
|
1.9%
|
|
16.8%
|
Operating
(expenses) income:
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
(11,753)
|
|
(3,776)
|
|
(15,152)
|
|
(15,529)
|
|
(28,652)
|
General and
administrative
|
|
(12,649)
|
|
(12,450)
|
|
(13,525)
|
|
(25,099)
|
|
(26,794)
|
Research and
development
|
|
(5,352)
|
|
(5,707)
|
|
(7,424)
|
|
(11,059)
|
|
(15,614)
|
Other operating
income
|
|
5,250
|
|
2,458
|
|
1,324
|
|
7,708
|
|
4,018
|
Total
operating expenses
|
|
(24,504)
|
|
(19,475)
|
|
(34,777)
|
|
(43,979)
|
|
(67,042)
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
(20,381)
|
|
(17,754)
|
|
6,375
|
|
(38,135)
|
|
18,615
|
|
|
-13.40%
|
|
-6.30%
|
|
2.50%
|
|
-12.37%
|
|
3.64%
|
Non-operating
(expenses) income:
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
378
|
|
312
|
|
715
|
|
690
|
|
1,492
|
Interest
expense
|
|
(8,571)
|
|
(9,248)
|
|
(8,477)
|
|
(17,819)
|
|
(18,337)
|
Foreign
exchange gains (losses)
|
|
(78)
|
|
161
|
|
4,336
|
|
83
|
|
7,281
|
Gains (losses)
on derivatives, net
|
|
(411)
|
|
(332)
|
|
2,869
|
|
(743)
|
|
2,267
|
Investment gain on
disposal of subsidiaries
|
-
|
|
-
|
|
-
|
|
0
|
|
7
|
Gains on repurchase
of convertible bonds
|
-
|
|
-
|
|
-
|
|
0
|
|
213
|
Fair value
change of warrant liability
|
|
-
|
|
-
|
|
131
|
|
0
|
|
551
|
Income
(loss) before income tax,
noncontrolling interests
|
|
(29,063)
|
|
(26,861)
|
|
5,949
|
|
(55,924)
|
|
12,089
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense) benefit
|
|
(2,396)
|
|
3,621
|
|
(425)
|
|
1,225
|
|
(832)
|
Net income
(loss)
|
|
(31,459)
|
|
(23,240)
|
|
5,524
|
|
(54,699)
|
|
11,257
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributed to
noncontrolling interests
|
|
(9)
|
|
0
|
|
0
|
|
(9)
|
|
0
|
Net income
(loss) attributed to
holders of ordinary shares
|
|
(31,450)
|
|
(23,240)
|
|
5,524
|
|
(54,690)
|
|
11,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.16)
|
|
(0.12)
|
|
0.03
|
|
(0.27)
|
|
0.06
|
Diluted
|
|
(0.16)
|
|
(0.12)
|
|
0.03
|
|
(0.27)
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(1.57)
|
|
(1.16)
|
|
0.27
|
|
(2.73)
|
|
0.56
|
Diluted
|
|
(1.57)
|
|
(1.16)
|
|
0.27
|
|
(2.73)
|
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing loss per share
|
|
|
|
|
|
|
|
Basic
|
|
200,538,902
|
|
200,538,902
|
|
201,998,340
|
|
200,538,902
|
|
202,580,825
|
Diluted
|
|
200,538,902
|
|
200,538,902
|
|
201,998,340
|
|
200,538,902
|
|
202,580,825
|
|
|
|
|
|
|
|
|
|
|
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Comprehensive Income (loss)
|
(US dollar in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 30,
2017
|
Mar 31,
2017
|
|
Jun 30,
2016
|
|
Jun 30,
2017
|
|
Jun 30,
2016
|
Net income
(loss)
|
|
(31,459)
|
|
(23,240)
|
|
5,524
|
|
(54,699)
|
|
11,257
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
Foreign
exchange translation adjustment
|
3,317
|
|
(1,165)
|
|
(7,921)
|
|
2,152
|
|
(10,414)
|
Other
comprehensive income (loss)
|
|
3,317
|
|
(1,165)
|
|
(7,921)
|
|
2,152
|
|
(10,414)
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
|
(28,142)
|
|
(24,405)
|
|
(2,397)
|
|
(52,547)
|
|
843
|
Less:comprehensive loss attributable to
non-controlling interest
|
(9)
|
|
-
|
|
-
|
|
(9)
|
|
0
|
Comprehensive income (loss) attributable to
ReneSola
|
(28,133)
|
|
(24,405)
|
|
(2,397)
|
|
(52,538)
|
|
843
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Cash Flow
|
(US dollar in
thousands)
|
|
|
|
|
Six Months
Ended
|
|
|
Jun 30,
2017
|
|
Jun 30,
2016
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
Net
profit/(loss)
|
|
(54,690)
|
|
11,257
|
Adjustment
to reconcile net loss to net cash provided by (used in) operating
activity:
|
Inventory write-down
|
|
4,032
|
|
-
|
Depreciation and amortization
|
|
38,766
|
|
39,275
|
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
|
|
1,570
|
|
131
|
Gain
(loss) on derivatives
|
|
743
|
|
(2,088)
|
Fair
value change of warrant liability
|
|
-
|
|
(551)
|
Gain
from settlement of certain payables
|
|
|
|
|
Gain
from advances from customers
|
|
|
|
|
Share-based compensation
|
|
339
|
|
512
|
Gain
(loss) on disposal of long-lived assets
|
|
(3,087)
|
|
5,358
|
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
|
|
114
|
|
(29,480)
|
Inventories
|
|
2,008
|
|
1,119
|
Project
assets and deferred project cost
|
|
(64,395)
|
|
(25,676)
|
Advances
to suppliers
|
|
(283)
|
|
(6,354)
|
Amounts
due from related parties
|
|
119
|
|
257
|
Value
added tax recoverable
|
|
(4,342)
|
|
18,668
|
Prepaid
expenses and other assets
|
|
7,464
|
|
6,658
|
Prepaid
land use rights, net
|
|
1,342
|
|
464
|
Accounts
payable
|
|
(26,413)
|
|
(12,643)
|
Advances
from customers
|
|
63,261
|
|
(8,198)
|
Income
tax payable
|
|
(51)
|
|
(778)
|
Other current liabilities
|
|
2,099
|
|
(10,050)
|
Deferred
revenue
|
|
-
|
|
(4,010)
|
Other
non-current assets
|
|
-
|
|
(458)
|
Other
long-term assets
|
|
|
|
|
Warranty
|
|
(7,002)
|
|
3,821
|
Deferred
taxes assets
|
|
(468)
|
|
1,959
|
Other
long-term liabilities
|
|
249
|
|
-
|
Net cash
provided by (used in) operating activities
|
|
(38,625)
|
|
(13,513)
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(22,750)
|
|
(4,162)
|
Advances
for purchases of property, plant and equipment
|
|
(5,368)
|
|
5,140
|
Cash
received from government subsidy
|
|
|
|
|
Proceeds from
disposal of property, plant and equipment
|
|
74
|
|
-
|
Advance from
disposal of property, plant and equipment
|
|
2,916
|
|
-
|
Changes
in restricted cash
|
|
(12,248)
|
|
(2,895)
|
Cash
consideration for investment, net of cash
received
|
|
(885)
|
|
-
|
Net cash
received (paid) on settlement of derivatives
|
|
(621)
|
|
179
|
Purchases of investment securities
|
|
|
|
|
Proceeds
from disposal of subsidiaries
|
|
|
|
|
Net
cash provided by (used in) investing
activities
|
|
(38,882)
|
|
(1,738)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Proceeds
from bank borrowings
|
|
473,657
|
|
497,630
|
Proceeds
from related parties
|
|
4,374
|
|
-
|
Repayment of bank borrowings
|
|
(412,199)
|
|
(464,338)
|
Proceeds
from exercise of stock options
|
|
|
|
|
Paid for CB
repurchase
|
|
|
|
|
Share
issuance costs
|
|
|
|
|
Repurchace from noncontrolling interests
|
|
798
|
|
-
|
Repurchase of convertible notes
|
|
-
|
|
(25,931)
|
Cash paid for
ADS/s repurchase
|
|
-
|
|
(981)
|
Net cash
provided by (used in) financing
activities
|
|
66,630
|
|
6,380
|
|
|
|
|
|
Effect of
exchange rate changes
|
|
2,174
|
|
(5,451)
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(8,703)
|
|
(14,322)
|
Cash and cash
equivalents, beginning of period/year
|
|
37,336
|
|
38,045
|
Cash and
cash equivalents, end of period/year
|
|
28,633
|
|
23,723
|
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SOURCE ReneSola Ltd.