JIASHAN, China, March 24, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2013.
Fourth Quarter 2013 Financial and Operating Highlights
Full Year 2013 Financial and Operating Highlights
"We achieved another quarter of record solar module shipments and record revenue, and recognized net profit for the first time in two years. It was a great achievement of which I'm very happy and proud," said Mr. Xianshou Li, ReneSola's chief executive officer. "In a year in which the global solar industry showed real signs of recovery despite persistent challenges, we are happy to have not only endured but to be returning to profitability. In 2013, our module shipments increased dramatically from last year, demonstrating our current position as one of the world's major module providers, and after only 18 months of scale production. Our business performance and financial results underscore the success of our efforts to grow our brand recognition and market share in international markets. Moreover, we have become one of the top module suppliers in the United States, Europe and Japan.
"We started our global OEM initiative two years ago and in 2013 saw remarkable progress in that strategy. We currently have overseas OEM module capacity of approximately 1GW, with facilities in Poland, South Africa, India, Malaysia, South Korea, Turkey, and most recently Japan, which are responsible for an increasing proportion of our module shipments. Our OEM strategy enables us to grow our business with minimum capital expenditure, and also provides us great flexibility in terms of capacity expansion as dictated by actual market conditions. Furthermore, given the potential of extended and additional anti-dumping and countervailing measures regarding Chinese solar products, our global OEM capability puts us in a very favorable position to manage such regulatory obstacles.
"We saw rapid growth in our international business development last year. We now have 15 overseas sales offices, with our most recent openings in established markets like France, and emerging markets like Panama, Turkey and Thailand. We are also in the process of setting up new sales offices in Southeast Asia, Latin America, the UAE, Africa, Russia, and Canada, and we now have 27 warehouses around the globe. With our local teams and distribution centers serving the majority of overseas markets, we are able to provide tailor-made local support and solutions, as well as instant product delivery. Moreover, we are able to extend the reach of our brand image and enhance our reputation for quality, which is key to our goal of becoming an integrated service and solution provider."
Fourth Quarter 2013 Results
Solar Wafer and Module Shipments
4Q13 | 3Q13 | 4Q12 | Q-o-Q% | Y-o-Y% | |
Total Solar Wafer and Module Shipments (MW) | 784.1 | 851.0 | 713.2 | (7.9%) | 10.0% |
Module Shipments (MW) | 505.3 | 462.9 | 320.5 | 9.2% | 57.7% |
Wafer Shipments (MW) | 278.9 | 388.1 | 392.7 | (28.1%) | (29.0%) |
The sequential increase in solar module shipments was mainly the result of increased demand in China. The sequential decrease in solar wafer shipments was the result of the Company's ongoing shift toward using its wafers for internal module production rather than external sales.
Net Revenues and Gross Profit
4Q13 | 3Q13 | 4Q12 | Q-o-Q% | Y-o-Y% | |
Net Revenues (US$mln) | $438.8 | $419.3 | $306.5 | 4.7% | 43.2% |
Gross Profit (US$mln) | $47.4 | $34.1 | $10.3 | 39.0% | 361.5% |
Gross Margin | 10.8% | 8.1% | 3.3% | - | - |
Revenues increased quarter-over-quarter due to an increase in the ASPs of solar modules along with growth in module shipments. The sequential increase in gross profit was due to an increase in the proportion of the Company's sales from solar modules, which generate higher margins than those of the Company's wafer business. Gross margin was positively affected by improved operation of the Company's Sichuan factory in Q4 2013 after the closure of the Phase I facility in Q3.
Operating Income (Loss)
4Q13 | 3Q13 | 4Q12 | Q-o-Q% | Y-o-Y% | |
Operating Expenses (US$mln) | $39.2 | $214.3 | $34.0 | (81.7%) | 15.3% |
Operating Income (Loss) (US$mln) | $8.2 | ($180.3) | ($23.8) | - | - |
Operating Margin | 1.9% | (43.0%) | (7.8%) | - | - |
The sequential decrease in operating expenses was primarily due to an impairment charge recognized in Q3 related to the Company's polysilicon Phase I facility.
Foreign Exchange Gain
The Company had a foreign exchange gain of US$1.2 million and recognized a US$0.9 million loss on derivatives in Q4 2013.
Change in Fair Value of Warrant Derivative Liabilities
The Company recognized a gain from a change in fair value of warrant derivative liabilities of US$5.9 million in Q4 primarily due to the decrease in the Company's stock price.
Net Income (Loss) Attributable to Holders of Ordinary Shares
4Q13 | 3Q13 | 4Q12 | |
Net Income (Loss) (US$mln) | $0.8 | ($200.3) | ($88.9) |
Diluted Earnings (Loss) per Share | $0.00 | ($1.12) | ($0.51) |
Diluted Earnings (Loss) per ADS | $0.01 | ($2.23) | ($1.03) |
Liquidity and Capital Resources
Net cash outflow from operating activities was US$29.3 million in Q4 2013, compared to net cash inflow of US$79.6 million in Q3 2013.
Net cash and cash equivalents plus restricted cash were US$348.9 million at December 31, 2013, compared to US$438.5 million at September 30, 2013.
Total debt was US$742.6 million at December 31, 2013, compared to US$831.2 million at September 30, 2013, excluding US$111.6 million of convertible notes due March 15, 2018, unless repurchased or converted at an earlier date. Short-term borrowings were US$673.1 million at December 31, 2013, compared to US$695.6 million at September 30, 2013.
Full Year 2013 Results
Solar Wafer and Module Shipments
FY13 | FY12 | Y-o-Y% | |
Total Solar Wafer and Module Shipments (MW) | 3,146.5 | 2,209.0 | 42.4% |
Module Shipments (MW) | 1,728.8 | 712.8 | 142.5% |
Wafer Shipments (MW) | 1,417.7 | 1,496.2 | (5.2%) |
The significant increase in module shipments during 2013 was mainly the result of the Company's successful efforts to improve its brand recognition and grow its market share globally as a leading module provider and improved market conditions.
Net Revenues and Gross Profit (Loss)
FY13 | FY12 | Y-o-Y% | |
Net Revenues (US$mln) | $1,519.6 | $969.1 | 56.8% |
Gross Profit (Loss) (US$mln) | $103.3 | ($35.7) | - |
Gross Margin | 6.8% | (3.7%) | - |
The increase in revenues was the result of an increase in solar module shipments, which offset a decrease in solar module ASPs. The return to gross profit from gross loss was driven by an increase in solar module shipments and a gradual recovery in the global solar market from a situation of significant oversupply.
Operating Loss
FY13 | FY12 | Y-o-Y% | |
Operating Expenses (US$mln) | $325.3 | $143.3 | 127.0% |
Operating Loss (US$mln) | ($222.1) | ($179.0) | 24.0% |
Operating Margin | (14.6%) | (18.5%) | - |
The increase in operating expenses was primarily due to (1) an impairment charge of US$202.8 million recognized in 2013 primarily related to the Company's polysilicon facility, and (2) an increase in sales and marketing expenses in conjunction with the Company's international business development activities. The increase in operating expenses was offset by a gain of US$34.7 million on the forfeiture by a customer of a deposit the Company received in connection with a long-term supply contract. Operating expenses represented 21.4% of total revenues in 2013, compared to 14.8% in 2012. Excluding the non-cash impairment charge and the gain, operating expenses represented 10.3% of total revenues in 2013, compared to 13.1% in 2012 excluding other impairment charges of US$ 16.4 million.
Change in Fair Value of Warrant Derivative Liabilities
The Company recognized a gain from a change in fair value of warrant derivative liabilities of US$3.2 million in 2013.
Net Loss Attributable to Holders of Ordinary Shares
FY13 | FY12 | |
Net Loss (US$mln) | ($259.5) | ($242.5) |
Diluted Loss per Share | ($1.42) | ($1.40) |
Diluted Loss per ADS | ($2.85) | ($2.81) |
Liquidity and Capital Resources
Net cash inflow from operating activities was US$119.8 million in 2013, compared to net cash outflow of US$94.7 million in 2012.
Net cash and cash equivalents plus restricted cash were US$348.9 million as of the end of 2013, compared to US$268.1 million as of the end of 2012.
As of the end of 2013, total debt was US$742.6 million, compared to US$790.2 million as of the end of 2012, excluding US$111.6 million of convertible notes due March 15, 2018, unless repurchased or converted at an earlier date. As of the end of 2013, short-term borrowings were US$673.1 million, compared to US$733.6 million as of the end of 2012.
Polysilicon Update
The total output of polysilicon for full year 2013 was 2,875 metric tons, with an output of 1,768 metric tons in Q4 2013. The operation of the Company's Sichuan polysilicon factory was temporarily suspended for equipment maintenance and optimization purposes in Q1 2014. Full operations resumed in March of this year. With polysilicon prices recently going up and remaining stable, the Company expects to benefit from its in-house polysilicon capability going forward.
Business Highlights
Geographic Breakdown of Module Shipments
2013 Q1 | 2013 Q2 | 2013 Q3 | 2013 Q4 | FY 2013 | |
U.S. | 4.4% | 13.0% | 30.8% | 27.4% | 20.4% |
Europe | 59.7% | 49.4% | 38.8% | 26.5% | 41.8% |
Japan | 3.2% | 7.4% | 6.5% | 5.2% | 5.7% |
China | 17.9% | 14.6% | 9.5% | 21.6% | 15.9% |
Other | 14.8% | 15.6% | 14.4% | 19.3% | 16.2% |
For 2014, the Company expects a material increase in module shipments to Japan.
Research and Development
During Q4, ReneSola continued to invest in the development of new technologies and to increase the efficiency of its current solar products.
Wafers and Modules
During Q4, the Company began trial production of its new A+++ wafer, and expects to begin mass production in Q2 2014. The new A+++ wafer will have an average efficiency increase of 0.25% compared to the A++ wafer.
The Company expects to launch a new Virtus III module using its own A+++ wafer in Q2 2014. The increased efficiency of the new module is expected to result in a slightly lower cost per watt compared to the Virtus II module.
The Company began mass production of its full-black mono-cell module during Q4. This is a high-end, limited supply module designed for residential rooftop use. The full-black module blends seamlessly with the black back panel and provides high efficiency along with a sleek appearance.
The Company's newly developed glass-glass module, which features exceptional reliability in terms of fireproof performance, as well as great durability under harsh environments such as desert conditions and salt and snow exposure. It is expected to start the certification process and enter trial production soon.
Inverter
The Company's micro-inverter now features remote regulation functionality, which enables customers to regulate the voltage and frequency range of the grid to meet field requirements. In Q4, the Company obtained certification for its string inverter across a number of markets, including Germany, South Africa, and the United States.
LED
The Company currently has developed 600 models of LED products, and expects to obtain TUV-CE, UL and CUL, and SAA and CTICK certificates for over 100 of these models during Q2 2014. The Company's full line of LED products is currently being marketed globally.
Recent Business Developments
Outlook
For Q1 2014, the Company expects total solar module shipments to be in the range of 500MW to 520 MW, and gross margin to be in the range of 9% to 11%.
For full year 2014, the Company expects total solar module shipments to be in the range of 2.3 GW to 2.5 GW.
For year 2014, the Company does not have any plans for internal capacity expansion.
Conference Call Information
ReneSola's management will host an earnings conference call on Monday, March 24, 2014 at 8 am U.S. Eastern Time (8 pm Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S. / International: +1-845-507-1610
Hong Kong: +852-3051-2792
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 April 1, 2014:
International: +1-646-254-3697
Passcode: 9934282
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola'swebsite at http://www.renesola.com.
About ReneSola
Founded in 2005, ReneSola (NYSE:SOL) is a leading global manufacturer of high-efficiency solar PV modules and wafers. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more information, please visit 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 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. Laura Chen
ReneSola Ltd
Tel: +86-21-62809180-162
Email: ir@renesola.com
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
Email: sol@ogilvy.com
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
Tel: +1-616-551-9714
Email: sol@ogilvy.com
RENESOLA LTD Unaudited Consolidated Balance Sheet (US dollars in thousands) | ||||||
Dec 31, | Sep 30, | Dec 31, | ||||
2013 | 2013 | 2012 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 86,773 | 95,240 | 93,283 | |||
Restricted cash | 262,127 | 343,277 | 174,828 | |||
Accounts receivable, net of allowances for doubtful | 236,576 | 321,183 | 216,835 | |||
Inventories | 359,577 | 342,174 | 254,880 | |||
Advances to suppliers-current | 14,210 | 14,558 | 23,614 | |||
Amounts due from related parties | 408 | 4,850 | 10,804 | |||
Value added tax recoverable | 30,113 | 36,756 | 34,962 | |||
Income tax recoverable | 2,667 | 2,810 | 2,753 | |||
Prepaid expenses and other current assets | 50,031 | 22,673 | 32,799 | |||
Project assets | 34,173 | 51,868 | 25,802 | |||
Deferred convertible notes issue costs-current | 784 | 784 | 784 | |||
Derivative assets | 1,503 | 602 | 660 | |||
Assets held-for-sale | 122,638 | - | - | |||
Deferred tax assets-current, net | 5,218 | 2,501 | 1,773 | |||
Total current assets | 1,206,798 | 1,239,276 | 873,777 | |||
Property, plant and equipment, net | 863,093 | 950,702 | 1,102,562 | |||
Prepaid land use right, net | 44,996 | 45,848 | 49,937 | |||
Deferred tax assets-non-current, net | 13,659 | 18,873 | 13,530 | |||
Deferred convertible notes issue costs-non-current | 941 | 1,137 | 1,726 | |||
Advances for purchases of property, plant and equipment | 5,627 | 2,406 | 8,317 | |||
Advances to suppliers-non-current | 2,214 | 5,928 | 5,928 | |||
Other long-lived assets | 2,423 | 2,596 | 2,546 | |||
Total assets | 2,139,751 | 2,266,766 | 2,058,323 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings | 673,096 | 695,604 | 733,618 | |||
Accounts payable | 656,243 | 820,009 | 483,025 | |||
Advances from customers-current | 99,499 | 51,577 | 40,384 | |||
Amounts due to related parties | 9,210 | 12,922 | 18,826 | |||
Other current liabilities | 161,880 | 173,186 | 162,849 | |||
Income tax payable | 5,306 | 1,741 | 2,552 | |||
Derivative liabilities | 1,463 | 1,552 | 975 | |||
Warrant derivative liabilities | 9,345 | 15,197 | - | |||
Liabilities held-for-sale | 99,434 | - | - | |||
Total current liabilities | 1,715,476 | 1,771,788 | 1,442,229 | |||
Convertible notes payable-non-current | 111,616 | 111,616 | 111,616 | |||
Long-term borrowings | 69,489 | 135,560 | 56,580 | |||
Advances from customers-non-current | 8,154 | 9,172 | 32,271 | |||
Warranty | 20,612 | 18,067 | 10,317 | |||
Deferred subsidies and other | 46,733 | 42,569 | 29,894 | |||
Other long-term liabilities | 1,157 | 7,404 | 11,014 | |||
Total liabilities | 1,973,237 | 2,096,176 | 1,693,921 | |||
Shareholders' equity | ||||||
Common shares | 475,816 | 475,781 | 421,461 | |||
Additional paid-in capital | 4,058 | 6,099 | 5,250 | |||
Accumulated losses | (397,183) | (397,974) | (137,656) | |||
Accumulated other comprehensive income | 83,614 | 86,348 | 74,835 | |||
Total equity attributable to ReneSola Ltd | 166,305 | 170,254 | 363,890 | |||
Noncontrolling interest | 209 | 336 | 512 | |||
Total equity | 166,514 | 170,590 | 364,402 | |||
Total liabilities and equity | 2,139,751 | 2,266,766 | 2,058,323 | |||
RENESOLA LTD | |||||||||||||
Unaudited Consolidated Statements of Income | |||||||||||||
(US dollar in thousands, except ADS and share data) | |||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
Dec 31, 2013 | Sep 30, 2013 | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2012 | |||||||||
Net revenues | 438,837 | 419,271 | 306,454 | 1,519,635 | 969,132 | ||||||||
Cost of revenues | (391,478) | (385,203) | (296,193) | (1,416,372) | (1,004,826) | ||||||||
Gross profit (loss) | 47,359 | 34,068 | 10,261 | 103,263 | (35,694) | ||||||||
GP% | 10.8% | 8.1% | 3.3% | 6.8% | (3.7%) | ||||||||
Operating (expenses) income: | |||||||||||||
Sales and marketing | (18,201) | (18,817) | (11,097) | (67,037) | (33,646) | ||||||||
General and administrative | (12,659) | (15,900) | (12,074) | (54,960) | (50,882) | ||||||||
Research and development | (11,265) | (14,197) | (10,612) | (46,452) | (44,102) | ||||||||
Other operating income, net | 2,960 | 37,350 | 3,894 | 45,886 | 1,656 | ||||||||
Impairment of long-lived assets | - | (202,757) | - | (202,757) | (6,438) | ||||||||
Goodwill impairment | - | - | (378) | - | (6,161) | ||||||||
Intangible asset impairment | - | - | (3,764) | - | (3,764) | ||||||||
Total operating expenses | (39,165) | (214,321) | (34,031) | (325,320) | (143,337) | ||||||||
Income (loss) from operations | 8,194 | (180,253) | (23,770) | (222,057) | (179,031) | ||||||||
Non-operating (expenses) income: | |||||||||||||
Interest income | 2,735 | 2,212 | 1,380 | 8,443 | 7,118 | ||||||||
Interest expense | (13,105) | (11,910) | (12,950) | (52,109) | (50,629) | ||||||||
Foreign exchange gain (loss) | 1,187 | 2,532 | 3,054 | (368) | 1,386 | ||||||||
(Loss) gain on derivatives, net | (741) | (3,651) | 881 | 634 | (54) | ||||||||
Change in fair value of warrant | 5,852 | (2,650) | - | 3,203 | - | ||||||||
(4,072) | (13,467) | (7,635) | (40,197) | (42,179) | |||||||||
Income (loss) before income tax, | 4,122 | (193,720) | (31,405) | (262,254) | (221,210) | ||||||||
Income tax (expense) benefit | (3,321) | (6,535) | (57,508) | 2,723 | (21,352) | ||||||||
Net income (loss) | 801 | (200,255) | (88,913) | (259,531) | (242,562) | ||||||||
Less: Net income (loss) attributed to | 10 | (2) | (2) | (4) | (47) | ||||||||
Net income (loss) attributed to | 791 | (200,253) | (88,911) | (259,527) | (242,515) | ||||||||
Earnings (loss) per share | |||||||||||||
Basic | 0.00 | (1.12) | (0.51) | (1.42) | (1.40) | ||||||||
Diluted | 0.00 | (1.12) | (0.51) | (1.42) | (1.40) | ||||||||
Earnings (loss) per ADS | |||||||||||||
Basic | 0.01 | (2.23) | (1.03) | (2.85) | (2.81) | ||||||||
Diluted | 0.01 | (2.23) | (1.03) | (2.85) | (2.81) | ||||||||
Weighted average number of shares used in computing | |||||||||||||
Basic | 203,341,160 | 179,375,057 | 172,773,664 | 182,167,908 | 172,671,369 | ||||||||
Diluted | 206,374,834 | 179,375,057 | 172,773,664 | 182,167,908 | 172,671,369 | ||||||||
RENESOLA LTD | |||||||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||
(US dollar in thousands) | |||||||||||||||
Three Months ended | Twelve Months Ended | ||||||||||||||
Dec 31, 2013 | Sep 30, 2013 | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2012 | |||||||||||
Net income (loss) | 801 | (200,255) | (88,913) | (259,531) | (242,562) | ||||||||||
Other comprehensive income (loss) | |||||||||||||||
Foreign exchange translation | (2,734) | 2,657 | 4,129 | 8,779 | 3,190 | ||||||||||
Other comprehensive income (loss) | (2,734) | 2,657 | 4,129 | 8,779 | 3,190 | ||||||||||
Comprehensive loss | (1,933) | (197,598) | (84,784) | (250,752) | (239,372) | ||||||||||
Less:comprehensive income (loss) | 10 | (2) | (2) | (4) | (47) | ||||||||||
Comprehensive loss attributed to | (1,943) | (197,596) | (84,782) | (250,748) | (239,325) | ||||||||||
RENESOLA LTD Unaudited Consolidated Statements of Cash Flow (US dollar in thousands) For the year ended December 31, | ||||
2013 | 2012 | |||
Cash flow from operating activities: | ||||
Net loss | (259,531) | (242,562) | ||
Adjustment to reconcile net loss to net cash provided by | ||||
Inventory write-down | 740 | 59,313 | ||
Depreciation and amortization | 112,894 | 93,502 | ||
Amortization of deferred convertible bond issuances | 784 | 784 | ||
Allowance for doubtful receivables and advance to suppliers | 3,658 | 852 | ||
Losses on derivatives | 634 | 54 | ||
Fair value change of warranty liabilities | (3,203) | - | ||
Gain on early extinguishment of debt | (34,707) | - | ||
Share-based compensation | (265) | 2,221 | ||
Loss on disposal of long-lived assets | 632 | 935 | ||
Gain on disposal of land use right | (4,694) | - | ||
Impairment of goodwill | - | 6,161 | ||
Impairment of Intangible assets | - | 3,764 | ||
Impairment of long-lived assets | 202,757 | 6,438 | ||
Reversal of firm purchase commitment | - | (3,931) | ||
Changes in assets and liabilities: | ||||
Accounts receivable | (25,362) | (98,242) | ||
Inventories | (97,019) | (157,339) | ||
Project assets | (25,101) | (21,896) | ||
Advances to suppliers | 10,146 | 4,474 | ||
Amounts due from related parties | 477 | 9,378 | ||
Value added tax recoverable | (7,842) | 7,234 | ||
Prepaid expenses and other current assets | 9,726 | (4,775) | ||
Prepaid land use rights | - | 767 | ||
Proceeds from disposal of land use right | 8,207 | - | ||
Accounts payable | 156,692 | 243,304 | ||
Advances from customers | 67,651 | (33,634) | ||
Income tax payables | 2,870 | 3,658 | ||
Other current liabilities | 6,384 | 3,921 | ||
Other long-term liabilities | (8,690) | (982) | ||
Accrued warranty cost | 9,842 | (2,617) | ||
Deferred taxes assets | (3,832) | 22,441 | ||
(Payment) Provision for litigation | (4,017) | 2,046 | ||
Net cash provided by (used in) operating activities | 119,831 | (94,731) | ||
Cash flow from investing activities: | ||||
Purchases of property, plant and equipment | (90,140) | (113,534) | ||
Advances for purchases of property, plant and equipment | (36,098) | (22,887) | ||
Cash received from government subsidy | 16,819 | 1,458 | ||
Proceeds from disposal of property, plant and equipment | 442 | 187 | ||
Changes in restricted cash | (80,916) | (114,453) | ||
Net cash (paid)/received on settlement of derivatives | (978) | 769 | ||
Purchases of investment securities | - | (759) | ||
Net cash used in investing activities | (190,871) | (249,219) | ||
Cash flow from financing activities: | ||||
Proceeds from bank borrowings | 1,452,032 | 1,115,847 | ||
Proceeds from issuance of common shares | 70,050 | - | ||
Repayment of bank borrowings | (1,450,352) | (1,056,351) | ||
Proceeds from exercise of stock options | 487 | - | ||
Share issuance costs | (4,552) | - | ||
Contribution from noncontrolling interests | (36) | 404 | ||
Issue cost refund | - | 8 | ||
Net cash provided by financing activities | 67,629 | 59,908 | ||
Effect of exchange rate changes | (3,099) | (1,714) | ||
Net decrease in cash and cash equivalent | (6,510) | (285,756) | ||
Cash and cash equivalent, beginning of year | 93,283 | 379,039 | ||
Cash and cash equivalent, end of year | 86,773 | 93,283 |
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