omniture

ReneSola Ltd Announces Fourth Quarter and Full Year 2008 Results

2009-03-12 22:47 810

JIASHAN, China, March 12 /PRNewswire-Asia/ --

-- 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.prnasia.com/sa/200806261902.jpg )

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
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