UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES
EXCHANGE ACT OF 1934
For the
month of March 2010
--------------
Commission
File Number: 001-33911
----------
RENESOLA
LTD
No. 8
Baoqun Road, YaoZhuang
Jiashan,
Zhejiang 314117
People’s
Republic of China
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):________________
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):________________
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o
No x
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-
N/A
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
RENESOLA
LTD
|
|||
|
By:
|
/s/ Xianshou
Li
|
||
|
Name:
|
Xianshou
Li
|
||
|
Title:
|
Chief
Executive Officer
|
||
Date:
March 12, 2010
2
Exhibit
Index
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
release regarding fourth quarter and full year 2009
results
|
|
|
99.2
|
Press
release regarding management
appointments
|
3
Exhibit
99.1
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
– 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.
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.
|
4
|
Three
months ended
12/31/09
|
Three
months ended
9/30/09
|
Three
months ended
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.
5
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.
6
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.
7
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 pm Beijing/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).
8
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
9
|
RENESOLA
LTD
|
||||||||||||
|
Unaudited
Consolidated Balance Sheet
|
||||||||||||
|
(US
dollars in thousands)
|
||||||||||||
|
December
31
|
September
30
|
December
31
|
||||||||||
|
2009
|
2009
|
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 | 0 | 0 | |||||||||
|
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 | 0 | |||||||||
|
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
|
0 | 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 | 0 | |||||||||
|
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
|
0 | 0 | 279 | |||||||||
|
Total
equity
|
397,403 | 355,529 | 382,088 | |||||||||
|
TOTAL
LIABILITIES AND SHAREHOLDER'S EQUITY
|
1,285,841 | 1,270,645 | 1,007,788 | |||||||||
10
|
RENESOLA
LTD
|
||||||||||||||||||||
|
Unaudited
Consolidated Statements of Income Data
|
||||||||||||||||||||
|
(US
dollar in thousands, except ADS and share data)
|
||||||||||||||||||||
|
Three
Months
|
Three
Months
|
Three
Months
|
For
the year
|
For
the year
|
||||||||||||||||
|
ended
Dec 31,
|
ended
Sep 30,
|
ended
Dec 31,
|
ended
Dec 31,
|
ended
Dec 31,
|
||||||||||||||||
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||
|
Net
revenues
|
179,885 | 140,945 | 158,623 | 510,405 | 670,366 | |||||||||||||||
|
Cost
of revenues
|
(175,029 | ) | (136,207 | ) | (288,762 | ) | (547,647 | ) | (684,676 | ) | ||||||||||
|
Gross
profit (loss)
|
4,856 | 4,738 | (130,139 | ) | (37,242 | ) | (14,310 | ) | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||
|
Sales
and marketing
|
(2,034 | ) | (1,752 | ) | (43 | ) | (5,399 | ) | (620 | ) | ||||||||||
|
General
and administrative
|
(20,776 | ) | (5,809 | ) | (9,465 | ) | (35,044 | ) | (23,194 | ) | ||||||||||
|
Research
and development
|
(2,860 | ) | (4,800 | ) | (2,770 | ) | (14,507 | ) | (9,713 | ) | ||||||||||
|
Impairment
loss on property, plant and equipment
|
0 | 0 | (763 | ) | 0 | (763 | ) | |||||||||||||
|
Other
general income (expenses)
|
338 | (151 | ) | 54 | 1,634 | 84 | ||||||||||||||
|
Total
operating expenses
|
(25,332 | ) | (12,512 | ) | (12,987 | ) | (53,316 | ) | (34,206 | ) | ||||||||||
|
Income
(loss) from operations
|
(20,476 | ) | (7,774 | ) | (143,126 | ) | (90,558 | ) | (48,516 | ) | ||||||||||
|
Non-operating
(expenses) income:
|
||||||||||||||||||||
|
Interest
income
|
815 | 269 | 929 | 1,716 | 1,783 | |||||||||||||||
|
Interest
expenses
|
(4,950 | ) | (4,152 | ) | (3,692 | ) | (17,122 | ) | (11,869 | ) | ||||||||||
|
Foreign
exchange gain (loss)
|
(495 | ) | 116 | (1,052 | ) | (1,433 | ) | (3,097 | ) | |||||||||||
|
Debt
conversion profit
|
2,642 | 0 | 0 | 7,995 | 0 | |||||||||||||||
|
Equity
in earnings of investee
|
0 | 0 | 0 | (291 | ) | 5,175 | ||||||||||||||
|
Total
non-operating (expenses) income
|
(1,988 | ) | (3,767 | ) | (3,815 | ) | (9,135 | ) | (8,008 | ) | ||||||||||
|
Income
(loss) before income tax
|
(22,464 | ) | (11,541 | ) | (146,941 | ) | (99,693 | ) | (56,524 | ) | ||||||||||
|
Income
tax benefit (expense)
|
2,582 | 1,370 | 18,278 | 36,032 | 2420 | |||||||||||||||
|
Net
income (loss)
|
(19,882 | ) | (10,171 | ) | (128,663 | ) | (63,661 | ) | (54,104 | ) | ||||||||||
|
Less:
net (income) loss attributed to
non-controlling
interests
|
0 | 0.00 | 388 | 0 | (802 | ) | ||||||||||||||
|
Net
income (loss) attributable to holders of
ordinary
shares
|
(19,882 | ) | (10,171 | ) | (128,275 | ) | (63,661 | ) | (54,906 | ) | ||||||||||
|
Earnings
(Loss) per share
|
||||||||||||||||||||
|
Basic
|
(0.12 | ) | (0.07 | ) | (0.93 | ) | (0.43 | ) | (0.43 | ) | ||||||||||
|
Diluted
|
(0.12 | ) | (0.07 | ) | (0.93 | ) | (0.43 | ) | (0.43 | ) | ||||||||||
|
Earnings
(Loss) per ADS
|
||||||||||||||||||||
|
Basic
|
(0.23 | ) | (0.14 | ) | (1.86 | ) | (0.86 | ) | (0.86 | ) | ||||||||||
|
Diluted
|
(0.23 | ) | (0.14 | ) | (1.86 | ) | (0.86 | ) | (0.86 | ) | ||||||||||
|
Weighted
average number of shares used in
computing
earnings per share
|
||||||||||||||||||||
|
Basic
|
171,277,086 | 141,624,912 | 137,624,912 | 147,553,679 | 127,116,062 | |||||||||||||||
|
Diluted
|
171,277,086 | 141,624,912 | 137,624,912 | 147,553,679 | 127,116,062 | |||||||||||||||
11
|
RENESOLA
LTD
|
||||||||||||||||||||
|
Unaudited
Consolidated Statements of Cash Flow
|
||||||||||||||||||||
|
(US
dollar in thousands)
|
||||||||||||||||||||
|
Six
Months
|
Six
Months
|
Six
Months
|
For
the year
|
For
the year
|
||||||||||||||||
|
ended
Dec 31,
|
ended
Jun 30,
|
ended
Dec 31,
|
ended
Dec 31,
|
ended
Dec 31,
|
||||||||||||||||
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||
|
|
||||||||||||||||||||
|
Operation
activity:
|
||||||||||||||||||||
|
Net income
(loss)
|
(30,053 | ) | (33,608 | ) | (96,210 | ) | (63,661 | ) | (54,104 | ) | ||||||||||
|
Adjustment to
reconcile net income to net cash used in
operation
activity:
|
||||||||||||||||||||
|
Equity
in earnings of investee
|
0 | 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 | ) | 0 | 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
|
0 | (1 | ) | (1 | ) | (1 | ) | (574 | ) | |||||||||||
|
Share-based
compensation
|
1,435 | 1,861 | 1,242 | 3,296 | 3,087 | |||||||||||||||
|
Loss
on impairment of long-lived assets
|
0 | 0 | 763 | 0 | 763 | |||||||||||||||
|
Loss
on disposal of long-lived assets
|
(1 | ) | 14 | 6 | 13 | 6 | ||||||||||||||
|
Gain
from repurchase of convertible bonds
|
(2,642 | ) | (5,353 | ) | 0 | (7,995 | ) | 0 | ||||||||||||
|
Gain
from advance settlement
|
(555 | ) | 0 | 0 | (555 | ) | 0 | |||||||||||||
|
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 | ) | 0 | (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 | 0 | 561 | 0 | |||||||||||||||
|
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
|
0 | 5,959 | 6,031 | 5,959 | 6,031 | |||||||||||||||
|
Proceeds
from disposal of property, plant and equipment
|
0 | 0 | 1 | 0 | 1 | |||||||||||||||
|
Proceeds
from disposal of investment
|
0 | (635 | ) | 6,335 | (635 | ) | 6,335 | |||||||||||||
|
Restricted
cash
|
32,764 | (51,722 | ) | (5,828 | ) | (18,958 | ) | (5,828 | ) | |||||||||||
|
Cash
decreased due to acquisition
|
0 | (16,831 | ) | 0 | (16,831 | ) | 0 | |||||||||||||
|
Cash
decreased due to deconsolidation
|
0 | 0 | 0 | 0 | (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 | 0 | 0 | 69,905 | 294,012 | |||||||||||||||
|
Cash
paid for issuance cost
|
(1,545 | ) | 0 | 0 | (1,545 | ) | 0 | |||||||||||||
|
Proceeds
from exercise of stock options
|
0 | 0 | 0 | 0 | 243 | |||||||||||||||
|
Dividend
paid to non-controlling shareholder
|
0 | 0 | (103 | ) | 0 | (103 | ) | |||||||||||||
|
Cash
paid for repurchase of convertible bonds
|
(64,340 | ) | (19,781 | ) | 0 | (84,121 | ) | 0 | ||||||||||||
|
Cash
received from related parties
|
0 | 0 | 0 | 0 | 15 | |||||||||||||||
|
Cash
paid to related parties
|
0 | 0 | (15 | ) | 0 | (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 | |||||||||||||||
12
Exhibit
99.2
ReneSola
Announces Management Appointments
CFO
to Become CSO;
VP
of International Corporate Finance and Corporate Communications to Serve as
CFO;
Company
Appoints New VP of Finance and New VP of Wafer Sales
JIASHAN, China, March 10, 2010 -- 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 the following
management appointments:
|
·
|
Mr.
Charles Bai, ReneSola's chief financial officer, has been appointed chief
strategy officer;
|
|
·
|
Ms.
Julia Xu, ReneSola's vice president of international corporate finance and
corporate communications, will succeed Mr. Bai as
CFO;
|
|
·
|
Mr.
Henry Wang has been appointed vice president of
finance;
|
|
·
|
Mr.
Stephen Huang has been appointed vice president of wafer
sales.
|
All
management appointments have been approved by the Company's Board of Directors
and will take effect as of April 1, 2010.
Li
Xianshou, ReneSola's chief executive officer, commented, "I am very pleased to
announce several new updates to our management team. First, I would like to
congratulate Charles on his move from CFO to CSO. Over the past four years,
Charles has done an exceptional job overseeing and improving our financial
management and internal controls while guiding us through our AIM and NYSE
listings and leading our fund raising campaigns. In his new role as CSO, Charles
will lead our strategic partnering initiatives by further developing and
fostering relationships with global solar companies which will allow us to
continue building upon our leading solar wafer and solar module OEM platform.
Second, I am delighted that Julia will assume the role of CFO. Since joining
ReneSola last year as vice president of international corporate finance and
corporate communications, she has helped to strengthen our financial practice
while becoming an integral part of our management team. Julia's in-depth
understanding of ReneSola's business and extensive financial background will
allow her to make a natural transition and I am very confident she will serve us
well in her new role."
Regarding
the newly hired vice presidents of finance and wafer sales, Mr. Li added, "It is
my pleasure to announce the additions of Mr. Henry Wang and Mr. Stephen Huang to
ReneSola's management team. Their excellent track records and deep industry
experience are excellent additions to our team and we look forward to
capitalizing on their capabilities to further drive our business
initiatives."
Mr. Henry
Wang has over 15 years of experience in financial services with extensive
experience in accounting and mergers and acquisitions. Before joining ReneSola,
Mr. Wang served as vice president of finance for Jiayu Logistic Group and
financial controller for Expeditors International Incorporation. Mr. Wang holds
CPA and CIA certifications and received his bachelor's degree from Wuhan
University and MBA from Hong Kong Opening University.
Mr.
Stephen Huang, a former reserve officer for the Taiwan Marine Corps, has over 18
years of managerial and sales experience, including 15 years in the solar
industry. Prior to joining ReneSola, Mr. Huang served as project director for
Taipei County Solar City. Mr. Huang received his bachelor's degree in
Agricultural Economics from Taiwan University.
13
In
addition to the management appointments announced above, Mr. Yuncai Wu will step
down as vice president and serve solely as executive director. Dr. Mingde Wang
has left the Company and will no longer serve as vice president of
manufacturing.
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
investor and media inquiries, please contact:
In
China:
ReneSola
Ltd
Ms. Julia
Xu
|
Tel:
|
+86-573-8477-3372
|
|
Email:
|
julia.xu@renesola.com
|
Ogilvy
Financial, Beijing
Mr. Derek
Mitchell
|
Tel:
|
+86-10-8520-6284
|
|
Email:
|
derek.mitchell@ogilvy.com
|
In
the United States:
Ogilvy
Financial, New York
Ms.
Jessica Barist Cohen
|
Tel:
|
+1-646-460-9989
|
|
Email:
|
jessica.cohen@ogilvypr.com
|
In
the United Kingdom:
Westhouse
Securities Limited, London
Mr. Tim
Feather / Mr. Richard Baty
|
Tel:
|
+44-20-7601-6100
|
|
Email:
|
tim.feather@westhousesecurities.com
|
richard.baty@westhousesecurities.com
14