ReneSola Ltd Announces Fourth Quarter and Full Year 2009 Results


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Mar 10, 2010
ReneSola Ltd Announces Fourth Quarter and Full Year 2009 Results
Company Achieves Record Quarterly and Full Year Product Shipment Volumes; Announces 62 MW Solar Module OEM Agreement
JIASHAN, China, March 10, 2010 /PRNewswire via COMTEX/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )

    Fourth Quarter 2009 Financial and Operating Highlights
    -- Total solar product shipments in Q4 2009 were a record 202.9 megawatts
       ("MW"), an increase of 38.1% from 146.9 MW in Q3 2009.
    -- Q4 2009 net revenues were US$179.9 million, an increase of 27.7% from
       US$140.9 million in Q3 2009.
    -- Q4 2009 gross profit was US$4.9 million with a gross profit margin of
       2.7%.
    -- Q4 2009 operating loss was US$20.5 million with an operating margin of
       negative 11.4%.
    -- Q4 2009 net loss was US$19.9 million, representing basic and diluted
       losses per share of US$0.12, and basic and diluted losses per American
       depositary share ("ADS") of US$0.23.
    -- Excluding provisions against doubtful receivables, adjusted net loss
       was US$5.3 million, representing basic and diluted losses per share of
       US$0.03, and basic and diluted losses per ADS of US$0.06.

    Full Year 2009 Financial and Operating Highlights
    -- Total solar product shipments for the full year 2009 exceeded the
       Company's guidance of 490 MW to 520 MW and were a record 526.6 MW, an
       increase of 50.4% from 350.1 MW in the full year 2008.
    -- Full year 2009 net revenues were US$510.4 million, exceeding the
       Company's guidance of US$470 million to US$500 million.
    -- Full year 2009 gross loss was US$37.2 million and a gross profit margin
       of negative 7.3%.
    -- Full year 2009 operating loss was US$90.6 million and an operating
       margin of negative 17.7%.
    -- Full year 2009 net loss was US$63.7 million, representing basic and
       diluted losses per share of US$0.43, and basic and diluted losses per
       ADS of US$0.86.
    -- Excluding inventory write-downs and provisions against doubtful
       receivables, full year 2009 adjusted net profit was US$22.2 million,
       representing basic earnings per share of US$0.15, and basic earnings
       per ADS of US$0.30.



                                    Three months   Three months   Three months
                                       ended          ended           ended
                                     12/31/09        9/30/09        12/31/08

    Net revenue (US$000)               179,885       140,945         158,623
    Gross profit (loss)
     (US$000)                            4,856         4,738        (130,139)
    Gross margin (%)                       2.7%          3.4%         (82.0%)
    Operating profit (loss)
     (US$000)                          (20,476)       (7,774)       (143,126)
    Foreign exchange loss
     (US$000)                             (495)          116          (1,052)
    Profit (loss) for the
     period (US$000)                   (19,882)      (10,171)       (128,275)





"We were pleased with our record shipment volumes for the fourth quarter and full year 2009 despite a challenging macro environment in 2009," said Li Xianshou, ReneSola's chief executive officer. "Our cost-competitive solar wafer and integrated solar module OEM manufacturing platform has proven effective in driving revenue and volume growth while helping to diversify business risks and further strengthening our core wafer customer relationships."

Charles Bai, ReneSola's chief financial officer, added, "During the fourth quarter of 2009, we continued to improve our manufacturing efficiency while expanding our market share worldwide. We worked through the remainder of our high-cost raw materials and expect first quarter 2010 polysilicon cost to be below US$60 per kilogram. We also reduced our average wafer processing cost significantly to approximately US$0.34 per watt. With anticipated further cost reductions in each segment of our business and continuing strong demand for our products and services, we expect to return to profitability in the first quarter of 2010."

Results for the Fourth Quarter and Full Year 2009

Product Shipments

Total solar product shipments in Q4 2009 were 202.9 MW, an increase of 38.1% from 146.9 MW for Q3 2009, exceeding the Company's guidance. Total solar wafer and module shipments were 187.4 MW and 14.6 MW, respectively, representing increases of 39.5% and 35.2%, respectively, from Q3 2009. For the full year 2009, total product shipments were 526.6 MW, representing an increase of 50.4% from 350.1 MW in the full year 2008.

Net Revenues

Net revenues for Q4 2009 were US$179.9 million, an increase of 27.7% from US$140.9 million for Q3 2009, exceeding the Company's guidance. Net revenues for Q4 2008 were US$158.6 million. For the full year 2009, ReneSola reported net revenues of US$510.4 million, representing a decrease of 23.9% from US$670.4 million in the full year 2008.

Gross Profit (Loss)

Gross profit for Q4 2009 was US$4.9 million, compared to gross profit of US$4.7 million in Q3 2009 and gross loss of US$130.1 million in Q4 2008.

Gross loss for the full year 2009 was US$37.2 million, compared to gross loss of US$14.3 million in the full year 2008.

Operating Loss

Total operating expenses for Q4 2009 were US$25.3 million, an increase from US$12.5 million in Q3 2009 and US$13.0 million in Q4 2008. The sequential increase was primarily attributable to a provision of US$14.6 million against doubtful receivables from Linzhou Zhongsheng Semiconductor ("Linzhou Zhongshen") during the quarter. Total operating expenses for the full year 2009 were US$53.3 million, an increase from US$34.2 million in the full year 2008.

As previously announced, the Company sold its 49% equity interest in Linzhou Zhongsheng, a joint venture between the Company and Zhongsheng Steel Co. Ltd. (the "JV Partner") to its JV Partner in September 2008 at a total consideration of RMB200 million (US$29.3 million) under certain conditions. The agreement was amended in December 2008 stipulating that, of the total consideration payable to ReneSola, RMB40 million (US$5.9 million) would be paid in cash and RMB160 million (US$23.4 million) would be paid either as a credit through a discount to spot market price against future delivery of polysilicon from the JV, or in cash, at the Company's discretion. However, Linzhou Zhongsheng continued to fail in its obligations to deliver feedstock and the Company has decided to take action to collect the receivables in cash. A provision has been made against the receivables.

Operating loss for Q4 2009 was US$20.5 million, compared to operating losses of US$7.8 million for Q3 2009 and US$143.1 million in Q4 2008. Adjusted operating loss for Q4 2009 was US$5.9 million excluding the provision for doubtful receivables.

Operating loss for the full year 2009 was US$90.6 million, compared to US$48.5 million in the full year 2008. Adjusted operating loss for the full year 2009 was US$4.7 million excluding inventory write-downs and the provision for doubtful receivables. Operating margin for the full year 2009 was negative 17.7%, compared to negative 7.2% in the full year 2008.

Loss Before Income Tax

Loss before income tax for Q4 2009 was US$22.5 million, compared to losses of US$11.5 million for Q3 2009 and US$146.9 million in Q4 2008. Loss before income tax for full year 2009 was US$99.7 million, compared to a loss of US$56.5 million for full year 2008.

Taxation

A tax benefit of approximately US$2.6 million was recognized for Q4 2009, compared with tax benefits of US$1.4 million in Q3 2009 and US$18.3 million in Q4 2008. For the full year 2009, a tax benefit of US$36.0 million was recognized, primarily resulting from inventory write-downs, up from US$2.4 million in the full year 2008.

Net Loss Attributable to Holders of Ordinary Shares

Net loss attributable to holders of ordinary shares for Q4 2009 was US$19.9 million, compared to net losses attributable to holders of ordinary shares of US$10.2 million in Q3 2009 and US$128.3 million in Q4 2008. Adjusted net loss for Q4 2009 was US$5.3 million.

Q4 2009 basic and diluted losses per share were US$0.12, and basic and diluted losses per ADS were US$0.23. Q3 2009 basic and diluted losses per share were US$0.07, and basic and diluted losses per ADS were US$0.14. One ADS is equivalent to two ordinary shares.

Net loss for the full year 2009 was US$63.7 million, compared to net loss of US$54.9 million in the full year 2008. Adjusted net profit for the full year 2009 was US$22.2 million excluding inventory write-downs and the provision for doubtful receivables.

Full year 2009 basic and diluted losses per share were US$0.43, and basic and diluted losses per ADS were US$0.86. Full year 2008 basic and diluted losses per share were US$0.43, and basic and diluted losses per ADS were US$0.86.

Recent Business Developments

600 MW Solar Module OEM Agreement

As announced on February 11, 2010, ReneSola signed an OEM agreement to provide 600 MW of solar modules to a major global solar company over a period of three years. According to the terms of the contract, the Company will provide 200 MW of solar modules annually for three years commencing in 2010.

62 MW Solar Module OEM Agreement

In addition to the above agreement, the Company has recently signed an additional OEM agreement to provide 62 MW of solar modules to a major global solar company during 2010.

CEO Li Xianshou commented, "Our two recent solar module OEM contracts represent important milestones for ReneSola as the company transitions into a leading global wafer company with expanded downstream OEM services. These contracts also demonstrate our ability to leverage our solid relationships with existing wafer customers to win additional OEM business."

Sichuan Polysilicon Facility

Phase I polysilicon trial production commenced in July 2009 and achieved production output of approximately 194 metric tonnes ("MT") in 2009, lower than previous estimates due to continuous system testing and trial runs. Production cost was higher than previously expected due to continuous trial runs, system testing, outsourced Trichlorosilane ("TCS") and minimal activated hydrogenation processes. With mechanical installation of TCS and hydrogenation equipment completed, trial production of integrated closed loop manufacturing for Phase I is expected in March 2010.

Phase II trial production commenced recently and will be incrementally integrated with Phase I. Full integration into the manufacturing system is expected within approximately four to five months. Once fully operational, the integrated closed loop manufacturing system is expected to reduce production costs to US$40 per kilogram by the end of 2010. The Company expects polysilicon production output in 2010 to be in the range of 1,500 MT to 1,900 MT.

Convertible Bond Repurchase

During Q4 2009, the Company repurchased approximately US$65.0 million (equivalent to RMB444.1 million) aggregate principal amount of its RMB 928,700,000 U.S. Dollar Settled 1.0% Convertible Bonds due March 26, 2012 (the "Bonds"), for a total consideration of approximately US$64.3 million (equivalent to RMB439.3 million). The Company recognized a gain of approximately US$2.64 million. As of December 31, 2009, the Company had approximately US$32.5 million (equivalent to RMB221.7 million) of Bonds outstanding.

ReneSola may from time-to-time seek to make additional repurchases of its Bonds. Such repurchases, if any, will depend on prevailing market conditions, the Company's liquidity requirements and other factors.

2010 Outlook

The Company has witnessed robust market demand in the beginning of 2010, which it expects to remain through the first half of 2010, with stabilizing polysilicon prices and increased wafer spot pricing. For Q1 2010, ReneSola expects total solar product shipments in the range of 215 MW to 230 MW, revenues in the range of US$195 million to US$205 million and gross profit margin to be in the range of 16% to 18%. Although the Company anticipates solar wafer price declines in the range of 10% to 15% in the second half of 2010 due to increased competition and feed-in tariff cuts in international markets such as Germany, the Company maintains its full year 2010 total solar product shipment guidance to be in the range of 900 MW to 950 MW. The Company expects to be profitable with average gross profit margin in the range of 17% to 20% for the full year 2010.

Conference Call Information

ReneSola's management will host an earnings conference call on Wednesday, March 10, 2010 at 8 am U.S. Eastern Standard Time / 9 pmBeijing/Hong Kong time / 1 pm Greenwich Mean Time.


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

    U.S. / International: +1-617-614-3473
    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 17, 2010:

International: +1-617-801-6888


    Passcode:             81970616



Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesola.com .

About ReneSola

ReneSola is a leading global manufacturer of solar wafers. Capitalizing on economies of scale, low cost production capabilities and technology innovations, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and solar module OEM services. The company 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 traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA).

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 more information, 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:

     Ms. Jessica Barist Cohen
     Ogilvy Financial, New York
     Tel:   +1-646-460-9989
     Email: jessica.cohen@ogilvypr.com

    In the United Kingdom:

     Mr. Tim Feather / Mr. Richard Baty
     Westhouse Securities Limited, London
     Tel:   +44-20-7601-6100
     Email: tim.feather@westhousesecurities.com
            richard.baty@westhousesecurities.com




                                                   RENESOLA LTD
                                         Unaudited Consolidated Balance Sheet
                                               (US dollars in thousands)
                                            December   September    December
                                            31, 2009    30, 2009    31, 2008
    ASSETS
    Current assets:
    Cash and cash equivalents                106,808      95,210     112,333
    Restricted cash                           25,266      28,852       5,958
    Available for sale investment             12,474          --          --
    Trade receivable, net of allowances
     for doubtful receivables                107,987      86,780      43,160
    Inventories, net of inventory
     provisions                              137,844     162,196     193,036
    Advances to suppliers, current
     portion                                  20,164      39,729      36,991
    Amounts due from related parties             440         439         457
    Value added tax recoverable               51,843      44,411      15,498
    Prepaid expenses and other current
     assets                                    7,326       6,184      13,722
    Deferred tax assets, current portion      22,828      22,799      18,979
    Total current assets                     492,980     486,600     440,134

    Property, plant and equipment, net       702,816     618,732     341,427
    Prepaid land rent, net                    23,137      23,277      13,472
    Other Intangible assets                    1,349       2,474          --
    Deferred tax assets, non-current
     portion                                  36,470      36,020       2,340
    Deferred convertible bond issue costs         86         549       1,970
    Advances to suppliers, non-current
     portion                                      --      19,140      45,729
    Advances for purchases of property,
     plant and equipment                      20,840      76,948     161,705
    Other long-term assets                     2,840       1,582       1,011
    Goodwill                                   5,323       5,323          --
    TOTAL ASSETS                           1,285,841   1,270,645   1,007,788

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current liabilities:
    Short-term borrowings                    343,984     312,560     191,987
    Accounts payable                          93,406      78,414      37,942
    Advances from customers, current
     portion                                  53,852      59,682      49,284
    Amounts due to related parties                24          40      11,863
    Other current liabilities                 71,332      74,116      42,060
    Total current liabilities                562,598     524,812     333,136

    Convertible bond payable                  32,475      99,330     138,904
    Long-term borrowings                     203,929     170,666      32,833
    Advances from customers, non-current
     portion                                  78,578      99,428     105,203
    Other long-term liabilities               10,858      20,880      15,624
    Total liabilities                        888,438     915,116     625,700

    Shareholders' equity
     Common shares                           413,753     345,645     330,666
     Additional paid-in capital               21,065      20,410      17,769
     Retained earnings                       (52,367)    (32,483)     11,294
     Accumulated other comprehensive
      income                                  14,952      21,957      22,080
    Total ReneSola Ltd. shareholders'
     equity                                  397,403     355,529     381,809

    Non-controlling interests                     --          --         279
    Total equity                             397,403     355,529     382,088

    TOTAL LIABILITIES AND SHAREHOLDER'S
     EQUITY                                1,285,841   1,270,645   1,007,788



                                                     RENESOLA LTD
                             Unaudited Consolidated Statements of Income Data
                           (US dollar in thousands, except ADS and share data)

                                       Three Months Three Months Three Months
                                          ended Dec    ended Sep    ended Dec
                                           31, 2009     30, 2009     31, 2008

    Net revenues                            179,885      140,945      158,623
    Cost of revenues                       (175,029)    (136,207)    (288,762)
    Gross profit (loss)                       4,856        4,738     (130,139)

    Operating expenses:
     Sales and marketing                     (2,034)      (1,752)         (43)
     General and administrative             (20,776)      (5,809)      (9,465)
     Research and development                (2,860)      (4,800)      (2,770)
     Impairment loss on property, plant
      and equipment                              --           --         (763)
     Other general income (expenses)            338         (151)          54
    Total operating expenses                (25,332)     (12,512)     (12,987)

    Income (loss) from operations           (20,476)      (7,774)    (143,126)

    Non-operating (expenses) income:
     Interest income                            815          269          929
     Interest expenses                       (4,950)      (4,152)      (3,692)
     Foreign exchange gain (loss)              (495)         116       (1,052)
     Debt conversion profit                   2,642           --           --
    Equity in earnings of investee               --           --           --
    Total non-operating (expenses)
     income                                  (1,988)      (3,767)      (3,815)

    Income (loss) before income tax         (22,464)     (11,541)    (146,941)

    Income tax benefit (expense)              2,582        1,370       18,278
    Net income (loss)                       (19,882)     (10,171)    (128,663)

    Less: net (income) loss attributed
     to non-controlling interests                --           --          388
    Net income (loss) attributable to
     holders of ordinary shares             (19,882)     (10,171)    (128,275)

    Earnings (Loss) per share
     Basic                                    (0.12)       (0.07)       (0.93)
     Diluted                                  (0.12)       (0.07)       (0.93)

    Earnings (Loss) per ADS
     Basic                                    (0.23)       (0.14)       (1.86)
     Diluted                                  (0.23)       (0.14)       (1.86)

    Weighted average number of shares
     used in computing earnings per
     share
     Basic                              171,277,086  141,624,912  137,624,912
     Diluted                            171,277,086  141,624,912  137,624,912


                                              For the year ended
                                                 ended Dec 31,
                                               2009         2008

    Net revenues                            510,405      670,366
    Cost of revenues                       (547,647)    (684,676)
    Gross profit (loss)                     (37,242)     (14,310)

    Operating expenses:
     Sales and marketing                     (5,399)        (620)
     General and administrative             (35,044)     (23,194)
     Research and development               (14,507)      (9,713)
     Impairment loss on property, plant
      and equipment                              --         (763)
     Other general income (expenses)          1,634           84
    Total operating expenses                (53,316)     (34,206)

    Income (loss) from operations           (90,558)     (48,516)

    Non-operating (expenses) income:
     Interest income                          1,716        1,783
     Interest expenses                      (17,122)     (11,869)
     Foreign exchange gain (loss)            (1,433)      (3,097)
     Debt conversion profit                   7,995           --
    Equity in earnings of investee             (291)       5,175
    Total non-operating (expenses)
     income                                  (9,135)      (8,008)

    Income (loss) before income tax         (99,693)     (56,524)

    Income tax benefit (expense)             36,032        2,420
    Net income (loss)                       (63,661)     (54,104)

    Less: net (income) loss attributed
     to non-controlling interests                --         (802)
    Net income (loss) attributable to
     holders of ordinary shares             (63,661)     (54,906)

    Earnings (Loss) per share
     Basic                                    (0.43)       (0.43)
     Diluted                                  (0.43)       (0.43)

    Earnings (Loss) per ADS
     Basic                                    (0.86)       (0.86)
     Diluted                                  (0.86)       (0.86)

    Weighted average number of shares
     used in computing earnings per
     share
     Basic                              147,553,679  127,116,062
     Diluted                            147,553,679  127,116,062



                                              RENESOLA LTD
                               Unaudited Consolidated Statements of Cash Flow
                                       (US dollar in thousands)
                               Six       Six        Six
                              Months    Months     Months
                              ended     ended      ended   For the year ended
                              Dec 31,   Jun 30,    Dec 31,     ended Dec 31,
                               2009      2009      2008      2009       2008

    Operation activity:
    Net income (loss)         (30,053)  (33,608)  (95,890)  (63,661)  (54,906)
    Adjustment to reconcile
     net income to net cash
     used in operation
     activity:
     Non-controlling
      interests                    --        --      (320)       --       802
     Equity in earnings of
      investee                     --       291    (5,175)      291    (5,175)
     Inventory write-down       3,206    68,047   132,568    71,253   132,568
     Provision for purchase
      commitment               (5,960)       --     5,862    (5,960)    5,862
     Depreciation and
      amortization             19,288    13,457     9,405    32,745    15,517
     Amortization of
      deferred convertible
      bond issuances costs
      and premium               2,085     1,426     1,593     3,511     3,121
     Allowance of doubtful
      receivables              15,202       631     3,774    15,833     4,027
     Prepaid land use right
      expensed                    313       127       140       440       257
     Change in fair value of
      derivatives                  --        (1)       (1)       (1)     (574)
     Share-based
      compensation              1,435     1,861     1,242     3,296     3,087
     Loss on impairment of
      long-lived assets            --        --       763        --       763
     Loss on disposal of
      long-lived assets            (1)       14         6        13         6
     Gain from repurchase of
      CB                       (2,642)   (5,353)       --    (7,995)       --
     Gain from advance
      settlement                 (555)       --        --      (555)       --

    Changes in operation
     assets and liabilities:    2,318    46,892    53,967    49,210   105,355
     Accounts receivables     (72,610)    9,951   (40,463)  (62,659)  (34,937)
     Inventories               12,525   (14,246) (120,477)   (1,721) (204,847)
     Advances to suppliers      4,509    19,379    34,387    23,888    (9,254)
     Amount due from related
      parties                       9   (11,816)   28,405   (11,807)   29,308
     Value added tax
      recoverable             (14,295)  (19,082)  (13,317)  (33,377)  (13,312)
     Prepaid expenses and
      other current assets     (2,645)    7,323   (10,186)    4,678   (13,902)
     Prepaid land use right       110      (110)      (49)       --    (1,628)
     Accounts payable          35,069     2,954    15,709    38,023    23,185
     Advances from customers  (25,554)    2,334    59,154   (23,220)   89,948
     Other liabilities         (2,192)    2,981       885       789     4,884
     Accrued warranty cost        496        65        --       561        --
     Deferred tax                (517)  (37,527)  (14,995)  (38,044)   (9,615)
    Net cash used in
     operation activities     (62,777)    9,098    (6,980)  (53,679)  (34,815)

    Investing activities:
     Purchases of property,
      plant and equipment    (194,060) (164,024) (135,314) (358,084) (208,312)
     Advances for purchases
      of property, plant and
      equipment               114,105    18,186   (71,721)  132,291  (128,975)
     Purchases of other
      long-term assets           (964)     (447)   (1,038)   (1,411)   (1,038)
     Cash received from
      government subsidy           --     5,959     6,031     5,959     6,031
     Proceeds from disposal
      of property, plant and
      equipment                    --        --         1        --         1
     Proceeds from disposal
      of investment                --      (635)    6,335      (635)    6,335
     Restricted cash           32,764   (51,722)   (5,828)  (18,958)   (5,828)
     Cash decreased due to
      acquisition                  --   (16,831)       --   (16,831)       --
     Cash decreased due to
      deconsolidation              --        --        --        --    (4,416)
    Net cash used in
     investing activities     (48,155) (209,514) (201,534) (257,669) (336,202)

    Financing activities:
     Proceeds from
      borrowings              330,412   436,780   148,542   767,192   269,480
     Repayment of bank
      borrowings             (290,240) (155,437) (101,055) (445,677) (141,403)
     Net proceeds from
      issuance of common
      shares                   69,905        --        --    69,905   294,012
     Cash paid for issuance
      cost                     (1,545)       --        --    (1,545)       --
     Proceeds from exercise
      of stock options             --        --        --        --       243
     Dividend paid to non-
      controlling
      shareholder                  --        --      (103)       --      (103)
     Cash paid for
      repurchase of CB        (64,340)  (19,781)       --   (84,121)       --
     Cash received from
      related parties              --        --        --        --        15
     Cash paid to related
      parties                      --        --       (15)       --       (15)
    Net cash provided by
     financing activity        44,192   261,562    47,369   305,754   422,229

    Effect of exchange rate
     changes                        5        64      (675)       69     7,984

    Net increase in cash and
     cash equivalent          (66,735)   61,210  (161,820)   (5,525)   59,196
    Cash and cash
     equivalent, beginning
     of year                  173,543   112,333   274,153   112,333    53,137
    Cash and cash
     equivalent, end of year  106,808   173,543   112,333   106,808   112,333



SOURCE ReneSola Ltd

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