TIDMSOLA
In the news release, "ReneSola Ltd Announces Fourth Quarter and Full Year 2008
Results", issued earlier today by ReneSola Ltd over PR Newswire Asia, we are
advised by the company that the section of the release titled "Senior
Management Changes" should have included the following paragraph:
"Julia Xu recently joined ReneSola as vice president of investor relations.
Julia has over 10 years of experience in the financial industry. After
obtaining her bachelor's degree in Biology from Cornell University, she
worked in various divisions at Bankers Trust and Lehman Brothers in New York,
Tokyo and Hong Kong. She then joined Deutsche Bank after receiving her MBA from
the Johnson School of Cornell University. At Deutsche Bank, she was an equity
analyst covering consumer companies and also worked in the Debt Capital Markets
corporate coverage team."
Also, we are advised by the company that the column in the Balance Sheet titled
"As at September 30, 2007" should have read "As at September 30, 2008" as
originally issued inadvertently.
Full corrected release follows:
ReneSola Ltd Announces Fourth Quarter and Full Year 2008 Results
JIASHAN, China, March 12 /PRNewswire-Asia-FirstCall/ --
-- Fourth Quarter Revenues Increase 65.2% Year-Over-Year;
-- Full Year Revenues Increase 169.3% Year-Over-Year;
-- Production Capacity Reaches 645 MW
ReneSola Ltd ("ReneSola" or the "Company"), a leading global
manufacturer of solar wafers, today announced its unaudited financial results
for the fourth quarter and full year ended December 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )
Fourth Quarter 2008 Financial and Operating Highlights
-- Fourth quarter 2008 net revenues were US$158.6 million, an increase of
65.2% from US$96.0 million in the fourth quarter of 2007.
-- Fourth quarter 2008 gross loss and gross margin were US$130.1 million
and negative 82%, respectively. Excluding the US$137.0 million
inventory write-down(1), gross profit and gross margin were US$6.9
million and positive 4.4%, respectively.
-- Fourth quarter 2008 net loss was US$126.6 million, or US$6.8 million
excluding the inventory write-down.
-- Fourth quarter 2008 basic and diluted loss per share was US$0.92, and
basic and diluted loss per ADS was US$1.84. Fourth quarter 2008 basic
and diluted loss per share, excluding the inventory write-down, was
US$0.05, while basic and diluted loss per ADS was US$0.10. Each ADS
represents two shares.
-- Fourth quarter 2008 wafer shipment was 101 MW, of which 58 MW was from
wafer and ingot sales and 43 MW was from tolling services. The average
wafer ASP was US$2.16 per watt in the fourth quarter of 2008.
-- Silicon consumption rate decreased to 6.05 grams per watt in the fourth
quarter of 2008 from 6.1 grams per watt in the third quarter of 2008.
-- Average processing cost decreased to US$0.39 per watt in the fourth
quarter of 2008 compared to US$0.43 per watt in the third quarter of
2008.
-- The Company completed and commissioned 50 MW of multicrystalline ingot
and wafer capacity in the fourth quarter of 2008, achieving its
annualized ingot production capacity target of 645 MW and significantly
exceeding its annualized wafer production capacity target of 585 MW.
Approximately 325 MW of the current capacity is monocrystalline and 320
MW is multicrystalline.
(1) In the fourth quarter of 2008, the Company had a US$137.0 million
inventory write-down against the net realizable value of inventories
as a result of the rapid decrease in the market price and value of
feedstock such as polysilicon and scrap silicon materials, work in
progress materials and finished solar wafers.
Full Year 2008 Financial and Operating Highlights
-- Full year 2008 net revenues were US$670.4 million, an increase of
169.3% from US$249.0 million in the full year 2007.
-- Full year 2008 gross loss was US$14.3 million. Excluding the inventory
write-down, gross profit for the full year 2008 was US$124.1 million.
Gross margin for the full year 2008 was negative 2.1%, or positive
18.5% excluding the inventory write-down.
-- Full year 2008 net loss was US$53.3 million. Excluding the inventory
write-down, full year 2008 net income was US$67.9 million, an increase
of 58.2% from $42.9 million in the full year 2007.
-- Full year 2008 basic and diluted loss per share was US$0.42, and basic
and diluted loss per ADS was US$0.84. Full year 2008 basic and diluted
earnings per share, excluding the inventory write-down, was US$0.53 and
US$0.52, respectively, while basic and diluted earnings per ADS was
US$1.06 and US$1.04, respectively.
-- The Company's wafer shipment for full year 2008 was 350 MW, of which
approximately 228 MW was from wafer and ingot sales and 122 MW was from
tolling services. The ASP was US$2.52 per watt in the full year 2008.
-- The Company had US$112.3 million in cash and cash equivalents on its
balance sheet as of December 31, 2008.
Three Twelve Three
months months months
ended ended ended
12/31/07 12/31/07 9/30/08
Net revenue (US$000) 96,046 248,973 215,754
Gross profit (loss) (US$000) 19,619 53,496 45,809
Gross margin (%) 20.4% 21.5% 21.2%
Operating profit (loss) (US$000) 15,000 43,433 36,888
Foreign exchange loss (US$000) (1,174) (4,047) (1,192)
Profit (loss) for the period (US$000) 17,471 42,936 32,385
Three Three Twelve Twelve
months months months months
ended ended ended ended
12/31/08 12/31/08* 12/31/08 12/31/08*
Net revenue (US$000) 158,623 158,623 670,366 670,366
Gross profit (loss) (US$000) (130,139) 6,916 (14,310) 124,119
Gross margin (%) (82.0%) 4.4% (2.1%) 18.5%
Operating profit (loss) (US$000) (141,108) (4,053) (46,498) 91,931
Foreign exchange loss (US$000) (1,052) (1,052) (3,097) (3,097)
Profit (loss) for the
period (US$000) (126,620) (6,839) (53,251) 67,904
* Figures noted exclude the US$137.0 million fourth quarter 2008
inventory write-down.
"We delivered a solid operating performance in 2008 and exceeded our net
revenue, production output and capacity expansion targets despite extremely
challenging market conditions during the fourth quarter," commented Mr.
Xianshou Li, ReneSola's chief executive officer. "Our strong and continuously
improving operational capabilities, long-term relationships with leading
global solar customers and our increasing brand recognition were key drivers
in us exceeding our targets."
Mr. Li continued, "In 2008, we achieved several operational milestones
through a keen focus on execution and cost reduction. With our significant
increase in ingot and wafer production capacity we strengthened our position
as one of the world's leading solar wafer producers and increased our market
share across key global markets. Our R&D investment contributed to further
reductions in our silicon consumption rate and processing costs and, as a
result, we generated positive operating cash flows in the fourth quarter
despite the difficulties in the market. We have also made good progress in the
development of our wholly-owned 3,000 metric tonne (MT) polysilicon project in
Sichuan, with Phase 1 scheduled to be operational by mid-2009 and Phase 2
expected to be operational by the end of the third quarter of 2009. The
addition of in-house polysilicon manufacturing will further enhance our
competitiveness and our position as a leading, low-cost wafer producer."
"Looking ahead to 2009 and beyond, we believe that although the solar
industry is experiencing short term demand weakness, the declining ASPs and
other production costs along the solar value chain are improving end-user
affordability and should ultimately increase demand for solar generated
electricity. We remain confident that we can continue to reduce production
costs while improving operational efficiency to stay ahead of the
competition."
Financial Results for the Fourth Quarter and Full Year 2008
Net Revenues
Net revenues for the fourth quarter of 2008 were US$158.6 million, an
increase of 65.2% year-over-year and a decrease of 26.5% sequentially. For the
full year 2008, ReneSola reported net revenues of US$670.4 million,
representing a 169.3% increase year-over-year from US$249.0 million in 2007.
The rise in full year 2008 revenues was primarily attributable to increases in
production capacities and wafer ASPs during the first three quarters of the
year.
Gross Profit (Loss)
Gross loss for the fourth quarter of 2008 was US$130.1 million, compared
to gross profit of US$45.8 million for the third quarter of 2008 and US$19.6
million for the fourth quarter of 2007. Gross profit for the fourth quarter of
2008 was US$6.9 million excluding the inventory write-down. Gross margin for
the fourth quarter of 2008 was negative 82.0%, compared to positive 21.2% and
20.4% for the third quarter of 2008 and fourth quarter of 2007, respectively.
Gross margin for the fourth quarter of 2008 was positive 4.4% excluding the
inventory write-down.
Gross loss for the full year 2008 was US$14.3 million, compared to gross
profit of US$53.5 million for the full year 2007. Gross profit for the full
year 2008 was US$124.1 million excluding the inventory write-down. Gross
margin for the full year 2008 was negative 2.1%, compared to positive 21.5%
for the full year 2007. Gross margin for the full year 2008 was positive 18.5%
excluding the inventory write-down. The decrease in gross margin was primarily
attributable to reductions in ASPs and the inventory write-down during the
fourth quarter of 2008.
Operating Profit (Loss)
Operating loss for the fourth quarter of 2008 was US$141.1 million,
compared to operating profit of US$36.9 million in the third quarter of 2008
and US$15.0 million in the fourth quarter of 2007. Operating loss for the
fourth quarter of 2008 was US$4.1 million excluding the inventory write-down.
Operating margin for the fourth quarter of 2008 was negative 89.0%,
compared to positive 17.1% and 15.6% for the third quarter of 2008 and fourth
quarter of 2007, respectively. Operating margin for the fourth quarter of 2008
was negative 2.6% excluding the inventory write-down. Total operating expenses
in the fourth quarter of 2008 were US$11.0 million, up from US$8.9 million in
the third quarter of 2008. Of the total operating expenses in the fourth
quarter of 2008, US$7.1 million was attributable to general and administrative
expenses, up from US$5.5 million in the third quarter of 2008 and US$3.6
million in the fourth quarter of 2007.
Operating loss for the full year 2008 was US$46.5 million, compared to
operating profit of US$43.4 million for the full year 2007. Operating profit
for the full year 2008 was US$91.9 million excluding the inventory write-down.
Operating margin for the full year 2008 was negative 6.9%, compared to
positive 17.4% for the full year 2007. Operating margin for the full year 2008
was positive 13.7% excluding the inventory write-down. The change in operating
margin was primarily attributable to the inventory write-down during the
fourth quarter of 2008 along with rapid reductions in ASPs. Total operating
expenses for the full year 2008 were US$32.2 million, up from US$10.1 million
for the full year 2007. The increase in operating expenses for the full year
2008 was primarily due to increased general and administrative expenses
reflecting higher salary and benefit payments as a result of the need for a
greater number of employees to meet the Company's fast growing business, as
well as an increase in R&D costs, professional fees and compliance expenses.
Earnings (Loss) Before Income Tax, Minority Interest and Equity in
Earnings of Investee
Loss before income tax, minority interest and equity in earnings of
investee for the fourth quarter of 2008 was US$144.9 million, compared to
earnings of US$32.7 million in the third quarter of 2008 and US$12.4 million
in the fourth quarter of 2007. Loss before income tax, minority interest and
equity in earnings of investee for the fourth quarter of 2008 was US$7.9
million excluding the inventory write-down. Loss before income tax, minority
interest and equity in earnings of investee for the full year 2008 was US$59.7
million, compared to earnings of US$36.8 million in the full year 2007.
Earnings before income tax, minority interest and equity in earnings of
investee for the full year 2008 were US$78.7 million excluding the inventory
write-down. Finance costs increased by 12.6% sequentially, reflecting the rise
in bank borrowings to US$224.8 million as of December 31, 2008. The fourth
quarter 2008 foreign exchange loss was approximately US$1.1 million compared
to a foreign exchange loss of US$1.2 million in the third quarter of 2008.
Taxation
A tax benefit of US$17.9 million was recognized in the fourth quarter of
2008, with US$17.3 million of the total tax benefit arising from the inventory
write-down. For the full year 2008, a tax benefit of US$2.1 million was
recognized, down from US$6.2 million in 2007, due to the promulgation of the
new taxation law which ceased the granting of tax credit for the purchase of
domestic equipment after January 1, 2008.
Net Profit (Loss)
Net loss for the fourth quarter of 2008 was US$126.6 million, compared to
net profit of US$32.4 million in the third quarter of 2008 and US$17.5 million
in the fourth quarter of 2007. Net loss for the fourth quarter of 2008 was
US$6.8 million excluding the inventory write-down. Fourth quarter 2008 basic
and diluted loss per share was US$0.92, and basic and diluted loss per ADS was
US$1.84. Fourth quarter 2008 basic and diluted loss per share, excluding the
inventory write-down, was US$0.05, while basic and diluted loss per ADS was
US$0.10.
Net loss for the full year 2008 was US$53.3 million, compared to net
profit of US$42.9 million for the full year 2007. Net profit for the full year
2008 was US$67.9 million excluding the inventory write-down. Full year 2008
basic and diluted loss per share was US$0.42, and basic and diluted loss per
ADS was US$0.84. Full year 2008 basic and diluted earnings per share,
excluding the inventory write-down, was US$0.53 and US$0.52, respectively,
while basic and diluted earnings per ADS was US$1.06 and US$1.04, respectively.
2009 Outlook
As announced on March 3, 2009, ReneSola currently estimates net revenues
for 2009 to be in the range of US$650 million to US$700 million and full year
wafer shipment of between 620 MW to 670 MW. The Company has pre-sold output of
approximately 550 MW of wafers out of the 620 MW to 670 MW projected output
for 2009. The Company expects to achieve wafer manufacturing capacity of 825
MW by July 2009 with the implementation of additional production capacity
expansion to be determined by market demand.
Construction of the Sichuan polysilicon facility remains on schedule with
many facets nearing or having reached completion. Piping, wiring and equipment
installation is in progress with much of it in testing phase. Pipe rack
transmission systems are complete and ready for testing. Construction of the
trichlorosilane distillation towers and the control building is complete.
Phase 1 of the facility is expected to reach mechanical completion in the
middle of 2009 and Phase 2 mechanical completion is expected around the end of
third quarter of 2009. Each phase will have annualized production capacity of
1,500 MT of polysilicon.
Senior Management Changes
Dr. Panjian (Paul) Li, ReneSola's chief strategy officer, was recently
appointed as the Company's chief operating officer. Dr. Li will step down as
chief strategy officer to focus on his duties as chief operating officer. The
Company has no immediate plan to appoint a new chief strategy officer. Dr. Li
had been the Company's chief strategy officer since April 2008 and before that
was vice president of business development beginning in November 2006. Dr. Li
was the president of the International Society for Bioceramics in 2004. He
worked as the research and development manager from 2002 to 2006 and as a
senior and then principal scientist from 1996 to 2002 at Johnson & Johnson. He
received both his bachelor's degree in metallurgy and his master's degree in
ceramics from Zhejiang University in 1984 and 1986, respectively. Dr. Li
worked in Kyoto University in Japan in 1991 before he moved to Leiden
University in the Netherlands where he received his Ph.D. in biomaterials in
1993. Dr. Li spent two years as a postdoctoral research fellow at the
University of Pennsylvania before he joined the Medical Device Group of
Johnson & Johnson in 1996. Dr. Li is the inventor or co-inventor of seven U.S.
patents in material chemistry and has published numerous papers in
international journals. He was the recipient of Jean Leray Award of European
Society for Biomaterials.
"Julia Xu recently joined ReneSola as vice president of investor relations.
Julia has over 10 years of experience in the financial industry. After
obtaining her bachelor's degree in Biology from Cornell University, she worked
in various divisions at Bankers Trust and Lehman Brothers in New York, Tokyo
and Hong Kong. She then joined Deutsche Bank after receiving her MBA from the
Johnson School of Cornell University. At Deutsche Bank, she was an equity
analyst covering consumer companies and also worked in the Debt Capital
Markets corporate coverage team."
Conference Call Information
ReneSola's management will host an earnings conference call on Thursday,
March 12, 2009 at 8 am U.S. Eastern Time / 8 pm Beijing/Hong Kong time / 12 pm
Greenwich Mean Time.
Dial-in details for the earnings conference call are as follows:
U.S. / International: +1-617-614-3923
United Kingdom: +44-207-365-8426
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 31, 2009:
International: +1-617-801-6888
Passcode: 74786263
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 Ltd ("ReneSola") is a leading global manufacturer of solar
wafers based in China. Capitalizing on proprietary technologies and technical
know-how, ReneSola manufactures monocrystalline and multicrystalline solar
wafers. In addition, ReneSola strives to enhance its competitiveness through
upstream integration into virgin polysilicon manufacturing. ReneSola possesses
a global network of suppliers and customers that include some of the leading
global manufacturers of solar cells and modules. ReneSola's shares are
currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the
London Stock Exchange (AIM: SOLA). For more information about ReneSola, please
visit http://www.renesola.com .
Safe Harbor Statement
This press release contains statements that constitute "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act of 1995.
Whenever you read a statement that is not simply a statement of historical
fact (such as when we describe what we "believe," "expect" or
"anticipate" will occur, what "will" or "could" happen, and other similar
statements), you must remember that our expectations may not be correct, even
though we believe that they are reasonable. We do 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 our filings with the U.S. Securities and Exchange
Commission, including our annual report on Form 20-F. We undertake 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 our situation may change in the future.
For investor and media inquiries, please contact:
In China:
Ms. Julia Xu
ReneSola Ltd
Tel: +86-573-8477-3372
Email: julia.xu@renesola.com
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
Email: derek.mitchell@ogilvy.com
In the United States:
Mr. Thomas Smith
Ogilvy Financial, New York
Tel: +1-212-880-5269
Email: thomas.smith@ogilvypr.com
In the UK:
Mr. Tim Feather / Mr. Richard Baty
Hanson Westhouse Limited
Tel: +44-20-7601-6100
Email: tim.feather@hansonwesthouse.com /
richard.baty@hansonwesthouse.com
CONSOLIDATED BALANCE SHEET
As at As at As at
December September December
31, 2007 30, 2008 31, 2008
US$000 US$000 US$000
ASSETS
Current assets:
Cash and cash equivalents 53,137 99,441 112,333
Restricted cash -- 25,755 5,958
Accounts receivable, net of
allowances for doubtful receivables 8,755 3,367 43,160
Inventories 110,630 319,744 193,036
Advances to suppliers 53,727 123,955 37,573
Amounts due from related parties 17,213 5,954 457
Value added tax recoverable 117 982 15,498
Prepaid expenses and other current
assets 9,654 15,048 15,158
Deferred tax assets 10,487 1,330 18,616
Total current assets 263,720 595,576 441,789
Property, plant and equipment, net 136,598 260,864 341,427
Prepaid land rent, net 7,502 7,900 13,472
Deferred tax assets 284 227 2,340
Deferred convertible bond issue costs 3,336 2,384 1,970
Advances to suppliers over one year -- -- 41,462
Advances for purchases of property,
plant and equipment 29,648 182,586 161,705
Equity investment -- 23,423 --
Other long-term assets -- 760 1,011
Total assets 441,088 1,073,720 1,005,176
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings 71,691 167,225 191,987
Accounts payable 13,147 20,177 37,942
Advances from customers 59,626 152,189 49,284
Amount due to related party -- -- 11,863
Other current liabilities 13,912 28,283 42,060
Total current liabilities 158,376 367,874 333,136
Convertible bond payable 128,265 139,173 138,904
Long-term borrowings 17,797 44,773 32,833
Advances from customers -- -- 105,203
Other long-term liabilities 1,246 7,875 11,357
Total liabilities 305,684 559,695 621,433
Minority interest: 9,696 775 279
Shareholders' equity
Common shares 36,266 330,666 330,666
Additional paid-in capital 14,827 17,674 17,769
Retained earnings 66,200 139,569 12,949
Accumulated other comprehensive
income 8,415 25,341 22,080
Total shareholders' equity 125,708 513,250 383,464
Total liabilities and shareholders'
equity 441,088 1,073,720 1,005,176
CONSOLIDATED INCOME STATEMENT
Three Three Three
months months months
ended ended ended
December September December
31, 2007 30, 2008 31, 2008
US$000 US$000 US$000
Net revenues 96,046 215,754 158,623
Cost of revenues (76,427) (169,945) (288,762)
Gross profit (loss) 19,619 45,809 (130,139)
Operating expenses:
Sales and marketing (169) (79) (43)
General and administrative (3,635) (5,471) (7,142)
Research and development (898) (2,997) (2,771)
Impairment loss on property, plant
and equipment -- -- (763)
Other general income (expenses) 83 (374) (250)
Total operating expenses (4,619) (8,921) (10,969)
Income (loss) from operations 15,000 36,888 (141,108)
Non-operating (expenses) income:
Interest income 229 314 929
Interest expenses (1,690) (3,278) (3,692)
Foreign exchange (loss) gain (1,174) (1,192) (1,052)
Total non-operating (expenses)
income (2,635) (4,156) (3,815)
Income (loss) before income tax ,
minority interest and equity in
earnings of investee 12,365 32,732 (144,923)
Income tax benefit (expenses) 5,171 (5,454) 17,915
Minority interest (65) (68) 388
Equity in earnings of investee -- 5,175 --
Net income (loss) 17,471 32,385 (126,620)
Earnings (Loss) per share
Basic 0.17 0.24 (0.92)
Diluted 0.17 0.23 (0.92)
Weighted average number of shares
used in computing earnings per
share:
Basic shares 100,000,032 137,624,912 137,624,912
Diluted shares 110,645,584 148,480,310 137,624,912
Year ended Year ended
December 31, December 31,
2007 2008
US$000 US$000
Net revenues 248,973 670,366
Cost of revenues (195,477) (684,676)
Gross profit (loss) 53,496 (14,310)
Operating expenses:
Sales and marketing (584) (620)
General and administrative (8,754) (20,871)
Research and development (1,143) (9,714)
Impairment loss on property, plant
and equipment -- (763)
Other general income (expenses) 418 (220)
Total operating expenses (10,063) (32,188)
Income (loss) from operations 43,433 (46,498)
Non-operating (expenses) income:
Interest income 1,934 1,783
Interest expenses (4,512) (11,869)
Foreign exchange (loss) gain (4,047) (3,097)
Total non-operating (expenses) income (6,625) (13,183)
Income (loss) before income tax ,
minority interest and equity in
earnings of investee 36,808 (59,681)
Income tax benefit (expenses) 6,155 2,057
Minority interest (27) (802)
Equity in earnings of investee -- 5,175
Net income (loss) 42,936 (53,251)
Earnings (Loss) per share
Basic 0.43 (0.42)
Diluted 0.43 (0.42)
Weighted average number of shares
used in computing earnings per share:
Basic shares 100,000,032 127,116,062
Diluted shares 108,221,480 127,116,062
CONSOLIDATED CASH FLOW STATEMENT
Three Twelve Three Three Twelve
months months months months months
ended ended ended ended ended
December December September December December
31, 2007 31, 2007 30, 2008 31, 2008 31, 2008
US$000 US$000 US$000 US$000 US$000
Cash flows from
operating activities:
Net income (loss) 17,471 42,936 32,385 (126,620) (53,251)
Adjustments for:
Minority interest 65 27 68 (388) 802
Equity in earnings of
investee -- -- (5,175) -- (5,175)
Provision for inventory
write-down -- -- 1,374 131,193 132,567
Provision for purchase
commitment -- -- -- 5,862 5,862
Depreciation and
amortization 1,733 4,170 4,273 5,133 15,518
Amortization of deferred
convertible bond issue
costs and premium 728 2,181 797 797 3,122
Allowances for doubtful
receivables 378 469 942 814 2,009
Prepaid land rent
expensed 46 147 51 89 257
Loss on change in fair
value of derivatives 525 525 -- -- (573)
Share-based compensation 670 929 1,064 178 3,087
Impairment loss on
property, plant and
equipment -- -- -- 763 763
Loss of disposal of
property, plant and
equipment -- -- -- 6 6
Deferred taxes (5,234) (6,422) 4,203 (18,835) (9,252)
Changes in operating
assets and liabilities:
Accounts receivable (3,040) (7,839) (600) (39,863) (34,937)
Inventories (13,621) (60,437) (113,726) (6,750) (204,846)
Advances to suppliers (17,818) (34,276) (23,045) 58,981 (7,705)
Amounts due from related
parties 991 (6,934) 22,037 6,368 29,308
Value added tax
recoverable 3,899 5,040 1,049 (14,366) (13,312)
Prepaid expenses and
other current assets 5,211 (6,561) (10,406) (2,769) (16,891)
Prepaid land rent (25) (2,985) (1) (48) (1,628)
Accounts payable 2,960 7,598 (1,722) 17,431 23,185
Advances from customers 22,259 21,898 56,561 2,593 89,948
Other liabilities 7,366 7,873 3,801 (2,918) 4,882
Net cash provided by
(used in) operating
activities 24,564 (31,661) (26,070) 17,651 (36,254)
Cash flows from
investing activities:
Purchases of property,
plant and equipment (38,870) (101,398) (71,126) (64,188) (208,312)
Advances for purchases
of property, plant and
equipment (5,947) (13,121) (91,379) 19,659 (128,974)
Purchase of other long-
term assets -- -- -- (1,038) (1,038)
Cash received from
government subsidy
income -- -- 6,126 (95) 6,031
Proceeds from disposal
of investment -- -- -- 7,775 7,775
Restricted cash -- -- (25,755) 19,927 (5,828)
Cash provided to related
party (3,681) (3,681) -- -- --
Cash decreased due to
deconsolidation -- -- -- -- (4,416)
Net cash used in
investing activities (48,498) (118,200) (182,134) (17,960) (334,762)
Cash flows from
financing activities:
Net proceeds from short-
term borrowings 6,292 70,895 32,058 14,119 126,767
Proceeds from capital
contribution -- 2,133 -- -- --
Contribution from
minority shareholder of
subsidiaries -- 361 -- -- --
Proceeds from issuance
of common shares -- -- -- -- 315,779
Share issuance costs -- -- -- -- (21,524)
Net proceeds from
issuance of convertible
bond -- 115,770 -- -- --
Dividend paid -- -- -- (103) (103)
Cash received from
related parties 269 111 -- -- 15
Cash paid to related
parties (277) -733 -- (15) (15)
Net cash provided by
financing activities 6,284 188,537 32,058 14,001 420,919
Effect of exchange rate
changes 1,852 4,599 1,434 (800) 9,293
Net increase in cash and
cash equivalents (15,798) 43,275 (174,712) 12,892 59,196
Cash and cash
equivalents, beginning
of year 68,935 9,862 274,153 99,441 53,137
Cash and cash
equivalents, end of
year 53,137 53,137 99,441 112,333 112,333
SOURCE ReneSola Ltd
END
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