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 August 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): 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)(7): o
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
1
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:
August 10, 2010
2
Exhibit
Index
|
Exhibit No.
|
Description
|
||
|
99.1
|
Press
release regarding second quarter 2010 results
|
3
Exhibit
99.1
ReneSola
Ltd Announces Second Quarter 2010 Results
Company
achieves record results with revenues of US$253.9 million, quarterly shipments
of 258.3 MW and net income of US$36.1 million
JIASHAN, China, August 9, 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 second quarter ended June 30, 2010.
Second
Quarter 2010 Financial and Operating Highlights
|
·
|
Total
solar product shipments in Q2 2010 were a record 258.3 megawatts (“MW”),
an increase of 6.6% from 242.4 MW in Q1
2010.
|
|
·
|
Q2
2010 net revenues were a record US$253.9 million, an increase of 22.9%
from US$206.6 million in Q1 2010.
|
|
·
|
Q2
2010 gross profit was US$76.6 million with a gross profit margin of 30.2%,
compared to gross profit of US$35.3 million with a gross margin of 17.1%
in Q1 2010.
|
|
·
|
Q2
2010 operating income was US$52.5 million with an operating margin of
20.6%, compared to operating income of US$21.2 million with an operating
margin of 10.3% in Q1 2010.
|
|
·
|
Q2
2010 net income was a record US$36.1 million, representing basic and
diluted earnings per share of US$0.21, and basic and diluted earnings per
American depositary share (“ADS”) of
US$0.42.
|
|
·
|
The
Company generated strong operating cash flow of US$168.4 million in the
first half of 2010, bringing cash and cash equivalents at the end of Q2
2010 to US$171.2 million, compared with US$106.8 million at the end of
2009.
|
“We
achieved record results in terms of revenues, net income and shipment volumes in
the second quarter of 2010,” said Mr. Xianshou Li, ReneSola’s chief executive
officer. “We delivered a strong gross profit margin of over 30% during the
quarter as we continued to lead the industry as a cost-competitive solar
manufacturer and executed on our OEM module servicing strategy. Strong market
demand coupled with our cost-efficient structure should place ReneSola in a
position to increase profitability in the coming quarters.”
Results
for the Second Quarter 2010
Product
Shipments
|
2Q10
|
1Q10
|
2Q09
|
Q-o-Q%
|
Y-o-Y%
|
|
|
Total
Solar Product Shipments (MW)
|
258.3
|
242.4
|
85.9
|
6.6%
|
200.7%
|
|
Wafer
Shipments (MW)
|
206.7
|
226.9
|
83.2
|
(8.9%)
|
148.4%
|
|
Module
Shipments (MW)
|
50.6
|
15.4
|
2.7
|
228.6%
|
1,774.1%
|
Net
Revenues
|
2Q10
|
1Q10
|
2Q09
|
Q-o-Q%
|
Y-o-Y%
|
|
|
Net
Revenues (US$mln)
|
$253.9
|
$206.6
|
$82.6
|
22.9%
|
207.4%
|
Record
high revenues in Q2 2010 were driven by higher wafer average selling prices and
higher module shipments.
Gross
Profit
|
2Q10
|
1Q10
|
2Q09
|
Q-o-Q%
|
Y-o-Y%
|
|
|
Gross
Profit (US$mln)
|
$76.6
|
$35.3
|
$4.3
|
117.0%
|
1,681.4%
|
|
Gross
Margin
|
30.2%
|
17.1%
|
5.1%
|
-
|
-
|
The
significant improvement in the Company’s gross margin from 17.1% in Q1 2010 to
30.2% in Q2 2010 was driven by overall wafer processing cost reduction and a
large decrease in polysilicon costs to market-equivalent prices in Q2
2010.
Operating
Income (Loss)
|
2Q10
|
1Q10
|
2Q09
|
Q-o-Q%
|
Y-o-Y%
|
|
|
Operating
Expenses (US$mln)
|
$24.2
|
$14.1
|
$8.2
|
68.8%
|
190.2%
|
|
Operating
Income (Loss) (US$mln)
|
$52.5
|
$21.2
|
($4.0)
|
149.1%
|
-
|
|
Operating
Margin
|
20.6%
|
10.3%
|
(4.8%)
|
-
|
-
|
Increases
in operating expenses were primarily due to a US$0.8 million bad debt provision
against doubtful accounts receivables, a US$1.4 million provision against
equipment suppliers’ pre-payments and other operating expenses, including US$2.1
million in management bonuses accumulated for 2010.
Net
Income (Loss) Attributable to Holders of Ordinary Shares
|
2Q10
|
1Q10
|
2Q09
|
|
|
Net
Income (Loss) (US$mln)
|
$36.1
|
$11.8
|
($3.6)
|
|
Earnings
(Loss) Per Share
|
$0.21
|
$0.07
|
($0.03)
|
|
Earnings
(Loss) Per ADS
|
$0.42
|
$0.14
|
($0.05)
|
The
Company achieved record net income of US$36.1 million, an increase of over 200%
from US$11.8 million in Q1 2010. Basic and diluted earnings per share were
US$0.21, and basic and diluted earnings per ADS were US$0.42.
Business
Highlights
Wafer
Business – Achieving Gross Profit Margin of Over 30%
The
Company’s wafer business achieved gross profit margin of over 30% fueled by
robust market demand for high-quality products and significant cost reductions
achieved by the Company. The average polysilicon raw material costs have fallen
to market-equivalent prices, while the overall total wafer cost has been reduced
to US$0.56/W (“per Watt”). ReneSola is committed to becoming the industry leader
as a cost-competitive producer of wafer products, capitalizing on its advanced
manufacturing and technologically driven platform to consistently reduce cost.
Wafer costs are expected to be driven down further to between US$0.46/W to
US$0.48/W by the end of 2011.
Module
Business – A Significant Revenue and Profit Contributor
In the
downstream module business, ReneSola delivered record module shipments of 50.6
MW with an average selling price of US$1.75/W. These results underscore the
tremendous potential in the OEM servicing sector and ReneSola remains confident
that the Company’s downstream platform will further strengthen its core customer
relationships and help enhance ReneSola’s leadership position in the global
wafer market. The Company expects to ship between 145 MW to 165 MW to new and
existing customers in the second half of 2010.
Strong
Operating Cash Flows and Cash Position
The
Company generated strong operating cash flows of US$168.4 million in the first
half of 2010, with a net cash and cash equivalents position of US$171.2 million
at the end of Q2 2010 compared to a net cash and cash equivalents position of
US$98.0 million at the end of Q1 2010. The Company expects to continue to
generate strong operating cash flows during the second half of
2010.
Improving
Financial Leverage
At the
end of Q2 2010, the Company had interest-bearing debt of US$577.1 million,
consisting of US$189.1 million of long-term debt and US$388.0 million of
short-term debt. The Company had over US$750 million in credit facilities as of
the end of Q2 2010 and is well positioned to reduce financial leverage as the
Company continues to generate strong operating cash flows.
2011
Capacity Expansion Plans and Related CAPEX
In 2011,
the Company plans to expand wafer production capacity to 1.8 GW from the current
1.2 GW, while expanding module production capacities to 600 MW from the current
375 MW.
The 2010
capital expenditure budget is US$150 million, of which approximately US$100
million covered the already implemented increases in wafer, cell and module
capacities to 1.2 GW, 240 MW and 375 MW, respectively, as well as the final
amount to be paid for the Sichuan polysilicon facility. The remaining US$50
million from the 2010 budget will be used in building capacity towards the 2011
targets referred to above. A further US$140 million of capital expenditure in
2011 is currently budgeted for achieving those targets.
AIM
Cancellation
On July
27, 2010, the Company announced that a resolution would be proposed to cancel
its AIM quotation at the upcoming annual general meeting (the “AGM”) on August
20, 2010. Cancellation is conditional upon the consent of the Company’s
shareholders, by a majority of not less than 75% of the votes cast on the
resolution to be proposed at the AGM.
ReneSola
was admitted to trading on AIM in August 2006 and subsequently obtained a
listing of its ADSs on the New York Stock Exchange (the “NYSE”) in January 2008.
Since its NYSE listing, the Company has seen an increasing number of
shareholders migrating their shareholdings in the Company from AIM to the NYSE
due to higher levels of liquidity. There are significant costs associated with
maintaining the Company’s AIM quotation, including the annual fees payable to
the London Stock Exchange, nominated adviser and broker fees and other related
professional costs. Cancellation will, accordingly, reduce the Company’s
recurring administrative overheads.
Company
Appoints New Vice President of Human Resources
The
Company recently appointed Mr. Tim Jia as vice president of human resources.
Before joining ReneSola, Mr. Jia served as director of Ingersoll Rand
Engineering and Technology Center’s human resources and engineering
administration department in Shanghai, China from 2003 to 2010. He has
approximately 20 years of managerial experience with more than a decade of
experience in human resources. Prior to Ingersoll Rand, Mr. Jia worked at
Shuangliang Group and Shuangliang Trane Joint Venture for 18 years, where he
served in several managerial positions including the director of human
resources. Mr. Jia received undergraduate degrees in Machinery Engineering from
Wuxi Mechanical Technology College in 1986 and Computer Engineering from Nanjing
University in 1991. He also received an MBA from the Open University of Hong
Kong in 2000 and is currently a Ph.D. candidate in Law at the China University
of Political Science and Law.
Outlook
For the
full year 2010, the Company expects revenues to be in the range of US$1.0
billion to US$1.05 billion and gross profit margin to be in the range of 25% to
27%, while maintaining second half gross profit margin in the range of 28% to
30%.
For Q3
2010, the Company expects total solar product shipments to be in the range of
280 MW to 310 MW and revenues to be in the range of US$300 million to US$320
million.
Conference
Call Information
ReneSola's
management will host an earnings conference call on Monday, August 9, 2010 at 8
am U.S. Eastern Daylight Time / 8 pm Beijing/Hong Kong time / 1 pm British
Summer Time.
Dial-in
details for the earnings conference call are as follows:
|
U.S.
/ International:
|
+1-857-350-1682
|
|
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
August 16, 2010:
|
International:
|
+1-617-801-6888
|
|
Passcode:
|
14646078
|
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 and producer of solar power
products based in China. Capitalizing on proprietary technologies, economies of
scale, low-cost production capabilities and technological innovations and
know-how, 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 OEM services. The Company possesses a
global network of suppliers and customers that includes 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 the
Company describes what it "believes," "expects" or "anticipates" will occur,
what "will" or "could" happen, and other similar statements), you must remember
that the Company’s expectations may not be correct, even though it believes that
they are reasonable. The Company does not guarantee that the forward-looking
statements will happen as described or that they will happen at all. Further
information regarding risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements is included in
the Company’s filings with the U.S. Securities and Exchange Commission,
including the Company’s annual report on Form 20-F. The Company undertakes no
obligation, beyond that required by law, to update any forward-looking statement
to reflect events or circumstances after the date on which the statement is
made, even though the Company’s situation may change in the future.
For
investor and media inquiries, please contact:
In
China:
Ms. Feng
Qi
ReneSola
Ltd
|
Tel:
|
+86-573-8477-3903
|
|
Email:
|
feng.qi@renesola.com
|
Mr. Derek
Mitchell
Ogilvy
Financial, Beijing
|
Tel:
|
+86-8520-6284
|
|
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)
|
||||||||||||
|
June
30,
|
March
31,
|
December
31,
|
||||||||||
|
2010
|
2010
|
2009
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
and cash equivalents
|
171,208 | 98,041 | 106,808 | |||||||||
|
Restricted
cash
|
75,384 | 44,195 | 25,266 | |||||||||
|
Available
for sale investment
|
4,975 | 6,207 | 6,207 | |||||||||
|
Trade
receivable, net of allowances for doubtful receivables
|
102,629 | 146,386 | 107,987 | |||||||||
|
Inventories
, net of inventory provisions
|
164,770 | 122,335 | 137,844 | |||||||||
|
Advances
to suppliers, current portion
|
18,917 | 12,123 | 12,092 | |||||||||
|
Amounts
due from related parties
|
412 | 440 | 440 | |||||||||
|
Value
added tax recoverable
|
44,341 | 43,611 | 51,843 | |||||||||
|
Prepaid
expenses and other current assets
|
10,783 | 9,294 | 7,412 | |||||||||
|
Deferred
tax assets, current portion
|
25,124 | 25,125 | 24,325 | |||||||||
|
Total
current assets
|
618,543 | 507,757 | 480,224 | |||||||||
|
Property,
plant and equipment, net
|
743,079 | 721,156 | 702,816 | |||||||||
|
Prepaid
land rent, net
|
25,351 | 25,450 | 23,137 | |||||||||
|
Other
Intangible assets
|
425 | 562 | 1,349 | |||||||||
|
Deferred
tax assets, non-current portion
|
27,723 | 36,406 | 40,227 | |||||||||
|
Advances
to suppliers, non-current portion
|
7,204 | 7,193 | 8,072 | |||||||||
|
Advances
for purchases of property, plant and equipment
|
13,402 | 21,209 | 20,840 | |||||||||
|
Other
long-term assets
|
2,669 | 1,989 | 2,840 | |||||||||
|
Goodwill
|
5,323 | 5,323 | 5,323 | |||||||||
|
Total
assets
|
1,443,719 | 1,327,045 | 1,284,829 | |||||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Short-term
borrowings
|
388,028 | 406,609 | 358,634 | |||||||||
|
Accounts
payable
|
190,779 | 129,159 | 93,406 | |||||||||
|
Advances
from customers, current portion
|
51,276 | 54,029 | 53,852 | |||||||||
|
Amounts
due to related parties
|
24 | 40 | 24 | |||||||||
|
Other
current liabilities
|
73,848 | 71,413 | 71,460 | |||||||||
|
Convertible
bond payable, current portion
|
- | - | 32,475 | |||||||||
|
Total
current liabilities
|
703,955 | 661,250 | 609,851 | |||||||||
|
Long-term
borrowings
|
189,073 | 171,409 | 189,279 | |||||||||
|
Advances
from customers, non-current portion
|
90,198 | 73,919 | 78,578 | |||||||||
|
Other
long-term liabilities
|
12,911 | 12,008 | 10,858 | |||||||||
|
Total
liabilities
|
996,137 | 918,586 | 888,566 | |||||||||
|
Shareholders'
equity
|
||||||||||||
|
Common
shares
|
414,585 | 414,068 | 413,753 | |||||||||
|
Additional
paid-in capital
|
21,896 | 21,165 | 21,065 | |||||||||
|
Accumulated
deficits
|
(12,772 | ) | (48,832 | ) | (60,609 | ) | ||||||
|
Accumulated
other comprehensive income
|
23,873 | 22,058 | 22,054 | |||||||||
|
Total
shareholders' equity
|
447,582 | 408,459 | 396,263 | |||||||||
|
Total liabilities and
shareholders' equity
|
1,443,719 | 1,327,045 | 1,284,829 | |||||||||
|
RENESOLA
LTD
|
||||||||||||
|
Unaudited
Consolidated Statements of Income Data
|
||||||||||||
|
(US
dollars in thousands, except ADS and share data)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
June
30, 2010
|
March
31, 2010
|
June
30, 2009
|
||||||||||
|
Net
revenues
|
253,879 | 206,551 | 82,629 | |||||||||
|
Cost
of revenues
|
(177,255 | ) | (171,228 | ) | (78,378 | ) | ||||||
|
Gross
profit (loss)
|
76,624 | 35,323 | 4,251 | |||||||||
|
Operating
expenses:
|
||||||||||||
|
Sales
and marketing
|
(1,815 | ) | (1,426 | ) | (1,497 | ) | ||||||
|
General
and administrative
|
(13,371 | ) | (4,727 | ) | (4,503 | ) | ||||||
|
Research
and development
|
(7,459 | ) | (6,168 | ) | (3,401 | ) | ||||||
|
Other
general (expense) income
|
(1,529 | ) | (1,798 | ) | 1,188 | |||||||
|
Total
operating expenses
|
(24,174 | ) | (14,119 | ) | (8,213 | ) | ||||||
|
Income
(loss) from operations
|
52,450 | 21,204 | (3,962 | ) | ||||||||
|
Non-operating
(expenses) income:
|
||||||||||||
|
Interest
income
|
378 | 101 | 176 | |||||||||
|
Interest
expenses
|
(5,299 | ) | (4,968 | ) | (3,972 | ) | ||||||
|
Foreign
exchange gain (loss)
|
(7 | ) | (911 | ) | (504 | ) | ||||||
|
Gain
on early extinguishment of debt, net of inducement charges
|
- | - | 5,353 | |||||||||
|
Fair
value change on derivative assets
|
(147 | ) | - | - | ||||||||
|
Investment
income
|
293 | - | - | |||||||||
|
Total
non-operating (expenses) income
|
(4,782 | ) | (5,778 | ) | 1,053 | |||||||
|
Income
(loss) before income tax
|
47,668 | 15,426 | (2,909 | ) | ||||||||
|
Income
tax benefit (expense)
|
(11,607 | ) | (3,649 | ) | (680 | ) | ||||||
|
Net
income (loss) attributed to holders of ordinary
shares
|
36,061 | 11,777 | (3,589 | ) | ||||||||
|
Earnings
(Loss) per share
|
||||||||||||
|
Basic
|
0.21 | 0.07 | (0.03 | ) | ||||||||
|
Diluted
|
0.21 | 0.07 | (0.03 | ) | ||||||||
|
Earnings
(Loss) per ADS
|
||||||||||||
|
Basic
|
0.42 | 0.14 | (0.05 | ) | ||||||||
|
Diluted
|
0.42 | 0.14 | (0.05 | ) | ||||||||
|
Weighted
average number of shares used in computing earnings per
share
|
||||||||||||
|
Basic
|
172,706,512 | 172,668,245 | 139,383,154 | |||||||||
|
Diluted
|
172,706,512 | 172,668,245 | 139,383,154 | |||||||||
| CONSOLIDATED CASH FLOW STATEMENT | ||||||||
|
Six
months ended
|
||||||||
|
June
30, 2010
|
June
30, 2009
|
|||||||
|
US$000
|
US$000
|
|||||||
|
Operating
activities:
|
||||||||
|
Net
income (loss)
|
47,837 | (33,608 | ) | |||||
|
Adjustment
to reconcile net income (loss) to net
cash
used in operating activities:
|
||||||||
|
Equity
in earnings of investee
|
- | 291 | ||||||
|
Inventory
write-down
|
- | 68,047 | ||||||
|
Depreciation
and amortization
|
24,346 | 13,457 | ||||||
|
Amortization
of deferred convertible bond issue costs and premium
|
327 | 1,426 | ||||||
|
Allowances
for doubtful receivables and advance to suppliers
|
1,961 | 631 | ||||||
|
Prepaid
land use right expensed
|
404 | 127 | ||||||
|
Change
in fair value of derivatives
|
147 | (1 | ) | |||||
|
Gain
on early extinguishment of debt, net of inducement charges
|
- | (5,353 | ) | |||||
|
Share-based
compensation
|
1,360 | 1,861 | ||||||
|
Loss
on disposal of long-lived assets
|
133 | 14 | ||||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
Accounts
receivable
|
5,114 | 9,951 | ||||||
|
Inventories
|
(25,861 | ) | (14,246 | ) | ||||
|
Advances
to suppliers
|
(7,859 | ) | 19,379 | |||||
|
Amounts
due from related parties
|
31 | (11,816 | ) | |||||
|
Value
added tax recoverable
|
7,791 | (19,082 | ) | |||||
|
Prepaid
expenses and other current assets
|
(4,463 | ) | 7,323 | |||||
|
Prepaid
land use right
|
- | (110 | ) | |||||
|
Accounts
payable
|
96,277 | 2,954 | ||||||
|
Advances
from customers
|
8,496 | 2,334 | ||||||
|
Other
liabilities
|
(1,098 | ) | 2,981 | |||||
|
Deferred
taxes
|
12,291 | (37,527 | ) | |||||
|
Accrued
Warranty
|
1,141 | 65 | ||||||
|
Net
cash provided by (used in) operating activities
|
168,375 | 9,098 | ||||||
|
Investing
activities:
|
||||||||
|
Purchases
of property, plant and equipment
|
(53,562 | ) | (164,024 | ) | ||||
|
Advances
for purchases of property, plant and equipment
|
6,083 | 18,186 | ||||||
|
Purchase
of other long-term assets
|
67 | (447 | ) | |||||
|
Cash
received from government subsidy
|
- | 5,959 | ||||||
|
Proceeds
from disposal of investment
|
- | (635 | ) | |||||
|
Proceeds
from disposal of property, plant and equipment
|
51 | - | ||||||
|
Restricted
cash
|
(49,631 | ) | (51,722 | ) | ||||
|
Cash
consideration for acquisition
|
- | (16,831 | ) | |||||
|
Net
proceeds from redemption of financial assets
|
79 | - | ||||||
|
Net
cash used in investing activities
|
(96,913 | ) | (209,514 | ) | ||||
|
Financing
activities:
|
||||||||
|
Proceeds
from borrowings
|
447,676 | 436,780 | ||||||
|
Repayment
of bank borrowings
|
(422,239 | ) | (155,437 | ) | ||||
|
Cash
paid for issuance cost
|
(252 | ) | - | |||||
|
Proceeds
from exercised stock option
|
304 | - | ||||||
|
Cash
consideration paid to repurchase convertible bonds
|
(32,715 | ) | (19,781 | ) | ||||
|
Net
cash provided by financing activities
|
(7,226 | ) | 261,562 | |||||
|
Effect
of exchange rate changes
|
164 | 64 | ||||||
|
Net
increase in cash and cash equivalents
|
64,400 | 61,210 | ||||||
|
Cash
and cash equivalents, beginning of year
|
106,808 | 112,333 | ||||||
|
Cash
and cash equivalents, end of period
|
171,208 | 173,543 | ||||||