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Solar PV Corporate News Release
Panasonic Solar Promotes First Group of Authorized Installers to Premium Level
Jul 26, 2017
Benefiting from the Leading Edge Technology, TZS Announced Mono-Crystalline Wafer Price Modification
Jul 18, 2017
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JinkoSolar Announces First Quarter 2017 Financial Results
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Hanwha Q CELLS Reports
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JA Solar Announces First Quarter 2017 Results
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Yingli Green Energy Reports Fourth Quarter and Full Year 2016 Results
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Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results
Mar 23, 2017
JA Solar Announces Fourth Quarter and Fiscal Year 2016 Results
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Mar 01, 2017
Heraeus enables significant higher efficiency gains with three new metallization pastes
Mar 01, 2017
First Solar, Inc. Announces Fourth Quarter & Full Year 2016 Financial Results
Feb 22, 2017
SunPower Reports Fourth Quarter 2016 Results
Feb 16, 2017
Trina Solar Announces Third Quarter 2016 Results
Nov 23, 2016
Canadian Solar Reports Third Quarter 2016 Results
Nov 21, 2016
JASolar Announces Third Quarter 2016 Financial Results
Nov 17, 2016
JinkoSolar Announces Third Quarter 2016 Financial Results
Nov 16, 2016
SunPower Reports Third Quarter 2016 Results
Nov 10, 2016
First Solar, Inc. Announces Third Quarter 2016 Financial Results
Nov 03, 2016
Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
Aug 23, 2016
Canadian Solar Reports Second Quarter 2016 Results
Aug 18, 2016
JA Solar Announces Second Quarter 2016 Results
Aug 17, 2016
SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
First Solar, Inc. Announces First Quarter 2016 Financial Results
Apr 27, 2016
JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results
Mar 01, 2016
First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results
Feb 24, 2016
SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
Feb 18, 2016
Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Dec 14, 2015
Hanwha Q CELLS Reports Third Quarter 2015 Results
Nov 19, 2015
JinkoSolar Announces Third Quarter 2015 Financial Results
Nov 19, 2015
JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
Jun 19, 2015
JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
Feb 05, 2015
First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
Jan 05, 2015
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Jan 05, 2015
Hanwha Solarone Files Shareholder Circular for Acquisition of Hanwha Q CELLS
Dec 29, 2014
Motech and Topcell Announced the Signing of Merger Agreement
Dec 26, 2014
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
Yingli Green Energy Reports Third Quarter 2014 Results
Nov 25, 2014
Trina Solar Announces Third Quarter 2014 Results
Nov 24, 2014
Hanwha SolarOne Reports Third Quarter 2014 Results
Nov 21, 2014
JA Solar Announces Third Quarter 2014 Results
Nov 19, 2014
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Nov 17, 2014
JA Solar Sets Power Output Record of over 280W for Multi-Si 60-cells Solar Modules
Nov 17, 2014
SunPower Announces Fiscal Year 2015 Guidance
Nov 13, 2014
WINAICO launches patented micro-crack preventing HeatCap technology at PV Taiwan
Oct 22, 2014
Trina Solar Announces Fourth Quarter and Full Year 2014 Results
Jan 01, 1970
Trina Solar Announces Second Quarter 2015 Results

Trina Solar Announces $43.1 million of Net Profits  for Second Quarter 2015 Results

CHANGZHOU, China, Aug. 18, 2015  -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced its unaudited financial results for the second quarter of 2015.

Second Quarter 2015 Financial and Operating Highlights

  • Total module shipments from the Company's manufacturing facilities were 1,231.6 MW, consisting of 1,000.7 MW of external shipments and 230.9 MW of shipments to the Company's own downstream PV power projects, an increase of 20.0% sequentially and 30.6% year-over-year. This compares to the Company's guidance of 1,100 MW to 1,140 MW of total module shipments.
  • Total 121.3 MW of PV power projects connected to the grid in the second quarter, compared with the Company's guidance of 65 MW to 70 MW.
  • Net revenues were $722.9 million, an increase of 29.5% from the first quarter of 2015 and 39.2% from the second quarter of 2014.
  • Gross margin was 20.0%, compared with 18.0% in the first quarter of 2015 and 15.4% in the second quarter of 2014.
  • Operating income was $60.7 million, an increase of 108.1% from the first quarter of 2015 and 286.5% from the second quarter of 2014.
  • Net income was $43.1 million, an increase of 174.8% from the first quarter of 2015 and 317.8% from the second quarter of 2014.
  • Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) were $0.42, compared with $0.16 in the first quarter of 2015 and $0.14 in the second quarter of 2014.
  • The Company raised its guidance for 2015 total PV module shipments to 4.9 GW to 5.1 GW from its original guidance of 4.4 GW to 4.6 GW, of which 700 MW to 800 MW of PV modules will be shipped to the Company's PV power projects. The total shipment volume represents an increase of 33.9% to 39.3% from 2014.

"We achieved our second straight quarter of record results and our strongest quarter ever for both upstream and downstream in almost all financial and operating metrics," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We not only beat the high end of our guidance with record module shipments of 1.23 GW and project connections of 121.3 MW, we also experienced strong top-line and bottom-line growth and improved fundamentals while focusing on profitable growth. We achieved this result with a combination of cost reductions through continued improvements in supply chain management, technological development, and strategic deployment of our resources in promising and fast-growing markets."

"Demand in the global solar markets continues to trend upwards, led by China, the U.S. and India in the second quarter. Our asset-light capacity expansion, cooperation with diverse partners in China and overseas, and efficient supply chain management have enabled us to maintain flexibility on the manufacturing side and capture both upstream and downstream growth opportunities while maintaining a strong balance sheet. We believe these strategic measures, along with our industry-leading production scale and cost leadership, have positioned us well during a period of industry consolidation."

"Our dedication to technological development continues to generate exciting results, including the early trials of highly efficient cells using advanced interdigitated back contact (IBC) technology. The scientists and researchers at our State Key Laboratory of PV Science and Technology have built a pilot-line of the first low-cost industrial versions of IBC cells, which have reached a market-leading efficiency of 23.1% and have an average efficiency of greater than 22%. We will continue to develop new technology for particular climates and specific applications, as well as smarter PV products, as we work to reduce the levelized cost of electricity."

"In our downstream business, we far exceeded our goal for the quarter by connecting 121.3 MW of projects to the grid, including 31.3 MW of distributed generation ("DG"). We were able to do this by quickly responding to changing market trends, providing superior project execution capabilities, and leveraging diversified funding channels. With our first mover advantage among Chinese module players in the DG sector, and our prominence in the upstream business, we are well positioned to be a leading player in the DG segment, which has the potential to become the fastest-growing segment in the Chinese solar market in the coming years."

"Looking ahead, we are expecting a historically strong year in the global solar market. China is poised to generate even greater demand as the Chinese government made renewable energy a top priority and is strongly committed to achieving its 2015 grid connection target. I am confident that with our leading technology, strong brand name and superior products, we will further solidify our market leading position. We are well positioned to capitalize on strong global demand, outpace growth in the sector, and become a first class project operator and developer while remaining a leading module manufacturer. Given our solid visibility for the second half, we are confident that we will meet our revised full year module shipment guidance of 4.9 GW to 5.1 GW, which will be over 10% greater than our previous forecast of 4.4 GW to 4.6 GW."

Second Quarter 2015 Results

Net Revenues
Net revenues were $722.9 million, an increase of 29.5% sequentially and 39.2% year-over-year. Total shipments were 1,231.6 MW, consisting of 1,000.7 MW of external shipments, which were recognized in revenue, and 230.9 MW of shipments to the Company's downstream power projects. This compares with total shipments of 1,026.2 MW, consisting of 891.7 MW of external shipments and 134.5 MW of internal shipments, in the first quarter of 2015 and total shipments of 943.3 MW, including 794.6 MW of external shipments and 148.7 MW of internal shipments, in the second quarter of 2014. The sequential and year-over-year increases in revenues and shipments were largely driven by growing demand from China, the U.S. and emerging markets, which helped to offset a drop in shipments from Europe and Japan due to seasonally lower demand in the second quarter as a result of the effectiveness of new feed-in-tariffs.

Gross Profit and Margin
Gross profit was $144.9 million, compared with $100.3 million in the first quarter of 2015 and $80.2 million in the second quarter of 2014. Gross margin was 20.0%, compared with 18.0% in the first quarter of 2015 and 15.4% in the second quarter of 2014. The sequential increase in gross margin was mainly due to a reduction in cost per watt as a result of greater economies of scale and improvements in the efficiency of our operations, which drives down both material and labor costs on per watt basis. The year-over-year increase in gross margin was primarily because the annual decline in our cost per watt was greater than the decrease in the Company's ASP.

Operating Expense, Income and Margin
Operating expenses were $84.2 million, an increase of 18.3% sequentially and 30.4% year-over-year. The sequential increase was primarily due to an increase in selling expenses, particularly higher shipping expenses resulting from higher shipment volumes. The Company's operating expenses represented 11.6% of its second quarter net revenues, a decrease from 12.8% in the first quarter of 2015 and a decrease from 12.4% in the second quarter of 2014. Operating expenses included a reversal of accounts receivable provision of $3.1 million in the second quarter of 2015, compared with a reversal of accounts receivable provisions of $0.06 million in the first quarter of 2015.

As a result, operating income was $60.7 million, compared with $29.2 million in the first quarter of 2015 and $15.7 million in the second quarter of 2014. Operating margin was 8.4%, compared with 5.2% in the first quarter of 2015 and 3.0% in the second quarter of 2014.

Net Interest Expense

Net interest expense was $12.4 million, compared with $10.7 million in the first quarter of 2015 and $8.1 million in the second quarter of 2014.

Foreign Currency Exchange Gain (Loss)

The Company recorded a net foreign currency exchange gain of $5.1 million, which included a loss on change in fair value of foreign exchange derivative instruments of $0.9 million. This compares with a net loss of $1.7 million in the first quarter of 2015 and a gain of $3.3 million in the second quarter of 2014.

Income Tax Expense

Income tax expense was $11.8 million, compared with income tax expense of $3.2 million in the first quarter of 2015 and income tax expense of $2.2 million in the second quarter of 2014. The quarter-over-quarter increase is primarily a result of our subsidiary companies, both in China and overseas, generating greater profit as the industry and our business continue to grow.  

Net Income and Earnings per ADS

Net income was $43.1 million, compared with $15.7 million in the first quarter of 2015 and $10.3 million in the second quarter of 2014.

Net margin was 6.0%, compared with 2.8% in the first quarter of 2015 and 2.0% in the second quarter of 2014.

Net income attributable to ordinary shareholders of Trina Solar was $40.9 million, compared with $13.9 million in the first quarter of 2015 and $10.7 million in the second quarter of 2014.

Earnings per fully diluted ADS were $0.42, compared with $0.16 in the first quarter of 2015 and $0.14 in the second quarter of 2014.

Financial Condition

As of June 30, 2015, the Company had $616.3 million in cash and cash equivalents and restricted cash. Total bank borrowings were $1,019.1 million, of which $924.2 million consisted of short-term borrowings and the current portion of long-term borrowings. 

Shareholders' equity was $1,031.6 million as of June 30, 2015, an increase from $988.4 million at the end of the first quarter of 2015.

Operations and Business Updates

Manufacturing Capacity

As of June 30, 2015, the Company had annualized in-house manufacturing capacities:

  • ingot production capacity of approximately 2.3 GW;
  • wafer capacity of approximately 1.8 GW;
  • PV cell capacity of approximately 3.2 GW; and
  • PV module capacity of approximately 4.4 GW.

Solar Power Project Development

In the second quarter of 2015, the Company connected to the grid a total of 121.3 MW PV power projects, including 31.3 MW DG projects and 90 MW utility projects in China, compared to the Company's guidance of 65 MW to 70 MW. The 90 MW utility PV power projects consist of a 70 MW project in Yunnan, which is a portion of a total 300 MW project, and another 20 MW project in Xinjiang. The 31.3 MW of DG projects consist of 13.7 MW in Shandong, 14.5 MW in Zhejiang and 3.1 MW in Shanghai.

In addition, the Company connected to the grid a total of 53.9 MW utility and DG projects in the third quarter by August 18, 2015.

In the UK, the Company sold a 50.0 MW solar power plant in Norfolk, UK, to Bluefield Solar Income Fund Limited. A majority of the revenue from this sale was recognized in the second quarter of 2015, and the remaining GBP 3 million will be recognized when certain conditions are met, in accordance with the relevant share purchase agreement.

As of June 30, 2015 the Company has a total of 358.5 MW downstream operating assets that are generating electricity power, including 336.3 MW in China, 4.2 MW in the U.S., and 18.0 MW in Europe. The 336.3 MW projects in China consist of 300.0 MW utility projects and 36.3 MW DG projects.

Third Quarter and Fiscal Year 2015 Guidance

Third Quarter of 2015 Guidance

The Company expects to ship between 1,450 MW and 1,500 MW of PV modules, of which 170 MW to 190 MW will be shipped to the Company's downstream PV projects, for which revenues will not be recognized. In addition, the Company might purchase modules from third party suppliers to meet the module requirement for the downstream projects. The Company expects to connect 180 MW to 200 MW of PV projects to the grid in the third quarter of 2015.

Fiscal Year 2015 Guidance

2015 Manufacturing Capacity

The Company expects to achieve the following in-house annualized capacities by the end of 2015:

  • ingot production capacity of approximately 2.5 GW, from original guidance of 2.2 GW;
  • wafer capacity of approximately 1.8 GW, from original guidance of 1.7 GW;
  • PV cell capacity of approximately 3.5 GW; and
  • PV module capacity of approximately 4.8 GW.

The capacity increase for ingots and wafers are largely driven by upgrades of our existing equipment and technology advancements.

The Company raises its full-year guidance of total PV module shipments to between 4.9 GW to 5.1 GW, from original guidance of 4.4 GW to 4.6 GW, of which 700 MW to 800MW will be shipped to the Company's downstream projects. The total shipment volume represents an increase of 33.9% to 39.3% from 2014.

The Company reiterates its full-year guidance to connect to the grid between 700 MW and 750 MW of downstream PV power projects across the world, including 30% to 40% of all DG projects in China.

Conference Call

The Company will host a conference call at 8:00 a.m. U.S. EDT on August 18th, 2015 (8:00 p.m. Beijing /Hong Kong, August 18th, 2015), to discuss results for the second quarter of 2015.

Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Teresa Tan, Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time +1 (800) 884-2382. International callers should dial +1 (660) 422-4933. The conference ID for the call is 9275 0566.

If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on August 18th, 2015 through 11:59 p.m. Eastern Time on August 31st, 2015. To access the replay, please dial +1 (855) 859-2056, international callers should dial +1 (404) 537-3406, and enter the conference ID 9275 0566.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.

About Trina Solar Limited

Trina Solar Limited (NYSE:TSL) is a global leader in PV modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The Company's industry-leading position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. All statements, other than statements of historical fact, in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance its activities; the effectiveness, profitability and marketability of its products; our expectations regarding the expansion of the Company's manufacturing capacities; the Company's future business development; the Company's downstream project development and pipeline; the Company's beliefs regarding its production output and production outlook;  the future trading of the securities of the Company; the Company's ability to operate as a public company; the period of time for which the Company's current liquidity will enable the Company to fund its operations; general economic and business conditions; demand in various markets for solar products; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.

In addition, the commencement of any downstream project is subject to a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, as well as obtaining certain government approvals, project rights based on the land location, land use rights as well as the right to construct manufacturing facilities in the relevant locations.

These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

For further information, please contact: 

Trina Solar Limited

Christensen IR            

Teresa Tan, CFO

Linda Bergkamp

 

Phone: +1 480 614 3014 (US)

Email: teresa.tan@trinasolar.com

Email: lbergkamp@ChristensenIR.com

 

 

Yvonne Young

 

Investor Relations Director

 

Phone: + (86) 519-8517-6878 (Changzhou)

 

Email: ir@trinasolar.com

 

 

 

Trina Solar Limited

Unaudited Condensed Consolidated Statements of Income

(US dollars in thousands, except ADS and share data)

 

 

 

 

 

 

 

For the Three Months Ended

 

Jun. 30,

 

Mar. 31,

 

Jun. 30,

 

2015

 

2015

 

2014

 

 

 

 

 

 

Net revenues

$              722,942

 

$      558,089

 

$     519,425

Cost of revenues

578,082

 

457,768

 

439,190

Gross profit

144,860

 

100,321

 

80,235

Operating expenses

 

 

 

 

 

Selling expenses

43,715

 

35,780

 

34,275

General and administrative expenses

32,450

 

27,708

 

25,116

Research and development expenses

8,012

 

7,679

 

5,145

Total operating expenses

84,177

 

71,167

 

64,536

Operating income 

60,683

 

29,154

 

15,699

Foreign exchange gain (loss)

6,000

 

(6,961)

 

2,166

Interest expenses

(13,036)

 

(11,363)

 

(8,770)

Interest income 

668

 

642

 

664

Gain (loss) on change in fair value of derivative

(925)

 

5,250

 

1,168

Other income, net

1,416

 

2,166

 

1,545

Income before income taxes

54,806

 

18,888

 

12,472

Income tax expense

(11,755)

 

(3,222)

 

(2,168)

Net income 

43,051

 

15,666

 

10,304

(Income)/Loss attributable to the noncontrolling interests

(2,140)

 

(1,753)

 

424

Net income attributable to Trina Solar Limited

$                40,911

 

$        13,913

 

$       10,728

 

 

 

 

 

 

Earnings per ADS* 

 

 

 

 

 

Basic

$                    0.48

 

$            0.17

 

$           0.15

Diluted

$                    0.42

 

$            0.16

 

$           0.14

Weighted average ADS outstanding*

 

 

 

 

 

Basic

84,459,232

 

84,296,573

 

73,361,347

Diluted

105,239,740

 

97,161,189

 

76,707,976

* "ADS" refers to any of our American depository shares, each representing 50 ordinary shares.

 

 

Trina Solar Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income

(US dollars in thousands)

 

 

 

 

 

 

 

For the Three Months Ended

 

Jun. 30,

 

Mar. 31,

 

Jun. 30,

 

2015

 

2015

 

2014

Net income 

$                43,051

 

$        15,666

 

$       10,304

Other comprehensive income (loss):

 

 

 

 

 

Foreign currency translation adjustments

699

 

(150)

 

(746)

Comprehensive income 

43,750

 

15,516

 

9,558

Comprehensive (income)/ loss
attributable to non-controlling interests

(2,279)

 

(1,515)

 

421

Comprehensive income attributable to
Trina Solar Limited

$                41,471

 

$        14,001

 

$         9,979

 

Trina Solar Limited

Unaudited Condensed Consolidated Balance Sheets

(US dollars in thousands)

 

 

 

 

 

 

 

 

 

As of Jun. 30,

 

As of Mar. 31,

 

As of Jun. 30,

 

 

2015

 

2015

 

2014

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$                         456,537

 

$        516,026

 

$     452,156

Restricted cash

 

159,714

 

166,857

 

110,517

Inventories

 

351,784

 

342,699

 

451,218

Build-to-sell project assets

 

24,787

 

80,916

 

47,164

Accounts receivable, net

 

633,262

 

568,380

 

457,812

Current portion of advances to suppliers, net

55,064

 

42,239

 

58,771

Prepaid expenses and other current assets, net

160,936

 

136,302

 

132,985

Total current assets

 

1,842,084

 

1,853,419

 

1,710,623

Property, plant and equipment, net

 

1,544,567

 

1,304,223

 

1,019,506

(including build-to-own project assets  

 

 

 

 

 

 

of $687,879, $457,452 and $170,277
as of each period-end, respectively)

 

 

 

 

 

 

Build-to-sell project assets

 

-

 

-

 

1,980

Prepaid land use rights, net

 

52,660

 

52,595

 

48,532

Advances to suppliers, net of current portion

14,222

 

15,730

 

35,041

Investment in equity affiliates

 

26,318

 

25,835

 

11,620

Deferred income tax assets, net

 

29,965

 

30,619

 

47,188

Other noncurrent assets

 

81,844

 

55,956

 

5,645

TOTAL ASSETS

 

$                      3,591,660

 

$     3,338,377

 

$  2,880,135

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Short-term borrowings, including current portion
of long-term borrowings

 

$                         924,229

 

$        883,823

 

$     669,472

Accounts payable

 

800,981

 

714,623

 

728,730

Accrued expenses and other current liabilities

262,879

 

261,161

 

161,517

Total current liabilities

 

1,988,089

 

1,859,607

 

1,559,719

Long-term bank borrowings, excluding current portion

94,826

 

28,378

 

105,223

Convertible senior notes

 

287,500

 

287,500

 

172,500

Accrued warranty costs

 

115,195

 

109,102

 

89,977

Other noncurrent liabilities

 

41,620

 

35,687

 

20,201

Total liabilities

 

2,527,230

 

2,320,274

 

1,947,620

 

 

 

 

 

 

 

Ordinary shares

 

43

 

43

 

41

Additional paid-in capital

 

755,668

 

753,892

 

719,814

Retained earnings

 

257,531

 

216,620

 

180,605

Accumulated other comprehensive income

 

18,358

 

17,799

 

12,440

Total Trina Solar Limited shareholders' equity

1,031,600

 

988,354

 

912,900

Non-controlling interests

 

32,830

 

29,749

 

19,615

Total equity

 

1,064,430

 

1,018,103

 

932,515

TOTAL LIABILITIES AND EQUITY

 

$                      3,591,660

 

$     3,338,377

 

$  2,880,135

 SOURCE Trina Solar Limited

- See more at: http://ir.trinasolar.com/phoenix.zhtml?c=206405&p=irol-newsArticle&ID=2080181#sthash.TT16IiDi.dpuf

 

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