ReneSola Ltd. Announces Third Quarter 2012 Results Exceeds guidance with record solar wafer and module shipments of 533 MW Achieves guidance with revenues of US$218.2 million Expects solar module shipments to increase over 75% quarter over quarter in Q4 2012 PR Newswire JIASHAN, China, Nov. 30, 2012 JIASHAN, China, Nov. 30, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced its unaudited financial results for the third quarter ended September 30, 2012. (Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030) Third Quarter 2012 Financial and Operating Highlights oTotal solar wafer and module shipments in Q3 2012 were 532.8 megawatts ("MW"), exceeding Company guidance and representing an increase of 5.8% from 503.7 MW in Q2 2012. oQ3 2012 net revenues were US$218.2 million, meeting Company guidance and representing a decrease of 6.4% from US$233.0 million in Q2 2012. oQ3 2012 gross loss was US$39.2 million with a gross margin of negative 18.0%, which included a US$31.6 million write-down for inventory, compared to a gross profit of US$1.3 million with a gross margin of 0.6% in Q2 2012. oQ3 2012 operating loss was US$82.8 million with an operating margin of negative 38.0%, compared to an operating loss of US$34.6 million with an operating margin of negative 14.9% in Q2 2012. oQ3 2012 net loss was US$78.6 million, representing basic and diluted loss per share of US$0.46 and basic and diluted loss per American depositary share ("ADS") of US$0.91. oCash and cash equivalents plus restricted cash were US$335.2 million as of the end of Q3 2012, compared to US$394.2 million as of the end of Q2 2012. "While we delivered record shipments in the third quarter, declining selling prices and the substantial supply-demand imbalance continued to have a large impact on our margins," said Mr. Xianshou Li, ReneSola's chief executive officer. "Nevertheless, we continued to drive down costs and improve efficiency through strong management and a dedicated R&D team. Over the year, we've leveraged our core competitive strength in wafer manufacturing and technology to develop highly efficient solar modules that have attracted customers in a number of markets, most notably Europe and Australia, and also the United States and China. Despite the difficult market conditions impacting the industry, we are confident in our ability to lower costs and develop superior technology that will grow our solar module business in both the near and long term." Third Quarter 2012 Results Solar Wafer and Module Shipments 3Q12 2Q12 3Q11 Q-o-Q% Y-o-Y% Total Solar Wafer and Module Shipments (MW) 532.8 503.7 328.5 5.8% 62.2% Solar Wafer Shipments (MW) 387.5 344.0 294.8 12.6% 31.4% Solar Module Shipments (MW) 145.3 159.7 33.7 (9.0%) 331.2% The sequential increase in solar product shipments was mainly the result of an increase in the demand of the Company's high-efficiency solar wafers from Asia-Pacific customers. Net Revenues 3Q12 2Q12 3Q11 Q-o-Q% Y-o-Y% Net Revenues (US$mln) $218.2 $233.0 $189.1 (6.4%) 15.4% Revenues in Q3 2012 decreased quarter over quarter due to a decrease in the average selling prices ("ASPs") of solar wafers and modules to US$0.28 per watt ("W") and US$0.67/W, respectively. Gross Profit (Loss) 3Q12 2Q12 3Q11 Q-o-Q% Y-o-Y% Gross Profit (Loss) (US$mln) ($39.2) $1.3 ($7.7) - - Gross Margin (18.0%) 0.6% (4.0%) - - The sequential decrease in gross profit was primarily due to an inventory write-down of US$31.6 million to reflect the decline in the price of solar wafers and polysilicon. Operating Income (Loss) 3Q12 2Q12 3Q11 Q-o-Q% Y-o-Y% Operating Expenses (US$mln) $43.6 $35.9 $26.8 21.2% 62.3% Operating Income (Loss) (US$mln) ($82.8) ($34.6) ($34.5) - - Operating Margin (38.0%) (14.9%) (18.2%) - - The sequential increase in operating expenses was primarily due to (1) an increase in sales and marketing expenses in conjunction with the Company's expansion of its business outside of China, (2) an increase in general and administrative expenses as a result of a US$1.8 million bad debt provision for difficulty collecting receivables, (3) an impairment loss on long-lived assets of US$6.1 million related to the discontinuation of 200 MW of monocrystalline wafer furnace production capacity and (4) a goodwill impairment charge of US$5.8 million related to the Company's solar cell and module business acquired in 2009, offset by a decrease of US$5.6 million in research and development ("R&D") expenses in order to save costs. Operating expenses represented 20.0% of total revenues in Q3 2012, compared to 15.4% in Q2 2012. Foreign Exchange Gain (Loss) The Company had a foreign exchange net gain of US$2.1 million in Q3 2012, primarily due to the appreciation of the euro against the U.S. dollar and the depreciation of the U.S. dollar against the renminbi ("RMB"). The Company also recognized a US$0.3 million loss on derivatives in Q3 2012, compared to a loss of US$0.7 million in Q2 2012. Net Income (Loss) Attributable to Holders of Ordinary Shares 3Q12 2Q12 3Q11 Net Income (Loss) (US$mln) ($78.6) ($34.8) ($8.2) Diluted Earnings (Loss) per Share ($0.46) ($0.20) ($0.05) Diluted Earnings (Loss) per ADS ($0.91) ($0.40) ($0.09) Business Highlights Research and Development ReneSola continued to invest in R&D to enhance the technology behind its products and manufacturing with the primary goals of lowering cost and improving efficiency. The Company's Virtus II products are currently in full production, with average efficiencies of 15.7%. A 60-cell Virtus II module produces an average of 255 W. Additionally, the Company's microinverter, Micro Replus, successfully completed its initial testing phase in the United States, Australia and Europe. ReneSola has also began research on small-scale storage systems, with the aim of providing these products to the market by the middle of next year, as well as began R&D on developing its own AC-OC optimizer, with the aim of providing this product to the market by the end of next year. Solar Module Business ReneSola delivered 145.3 MW of solar modules, of which 101.7 MW were Virtus modules, in Q3 2012, down slightly quarter over quarter due to seasonality. For Q3 2012, the Company's total solar module selling cost was approximately US$0.65/W, slightly lower compared to Q2 2012. Gross margin for the Company's solar module business was approximately 1.0% in Q3 2012. The Company expects to continue to reduce its solar module manufacturing costs through improvements in its manufacturing methods as well as a reduction in material costs and capitalize on the module business's higher margins relative to solar wafer production. In Q4 2012, the Company expects its total solar module production cost to decrease to approximately US$0.57/W and its shipments to increase to a range of 250 MW to 270 MW. Solar Wafer Business ReneSola reached its year-end blended non-silicon solar wafer processing cost target of US$0.15/W in Q3 2012, a decrease from US$0.17/W in Q2 2012 as a result of the Company's continued cost-reduction efforts. As announced last quarter, the Company has began manufacturing Virtus A++ wafers, which use new proprietary manufacturing technology that allows the Company to produce a larger number of high-efficiency solar wafers per ingot, in its newest facilities. The Company expects non-silicon solar wafer processing cost in these new facilities to reach US$0.11/W by the end of 2012. Overall, the Company expects to further drive down its blended non-silicon solar wafer processing cost to US$0.12/W by the end of 2012. Polysilicon Production In Q3 2012, ReneSola produced approximately 1,175.7 metric tons ("MT") of polysilicon, an increase from approximately 1,119.4 MT in Q2 2012. At the end of Q3 2012, the Company had a polysilicon production capacity of 4,000 MT. The Company expects polysilicon production capacity to reach 10,000 MT by the end of Q1 2013 through the completion of Phase II of its polysilicon production plant. On November 1, 2012, the Company temporarily halted polysilicon production to upgrade its facilities and equipment, as well as integrate Phase II with Phase I. Trial production for Phase II is expected to begin in January 2013. ReneSola's internal polysilicon production cost decreased to approximately US$23.57 per kilogram ("kg") at the end of Q3 2012, compared to approximately US$25.80/kg at the end of Q2 2012, as a result of improvements in the Company's manufacturing techniques. The Company expects its polysilicon production facilities to have a polysilicon production cost below US$18/kg by the end of Q1 2013. Projects and Systems Business To date, ReneSola has 40 MW of projects under construction in China and 6 MW of projects under construction in Romania. The Company will selectively evaluate and engage in solar project opportunities as they arise. China Development Bank has, in the past, indicated its support for the Company's additional solar power projects. Recent Business Developments oIn November 2012, ReneSola announced that its high-wattage 300 W poly module passed the potential-induced degradation ("PID") test performed by TUV SUD, a leading provider of testing, inspection and certification solutions. oIn November 2012, ReneSola announced that its solar PV modules sold in the United States are not subject to tariffs on PV modules made with Chinese-manufactured solar cells, as the Company sources its cells from countries other than China. oIn November 2012, ReneSola introduced its new Virtus II multicrystalline modules to the Indian market at the 6th Renewable Energy India 2012 Expo and announced the Company had started providing locally produced PV modules to the Indian market with the expectation of providing 250 MW of India-made PV modules over a two-year period. oIn November 2012, ReneSola announced that its customer Solar Planet Power Inc. ("Solar Planet"), a U.S. company specializing in PV system solutions for commercial properties including system due diligence, financing, design and installation, commissioned several ground and rooftop projects composed entirely of ReneSola modules at elementary and high schools in West Jefferson and Blacklick, Ohio. oIn October 2012, ReneSola invited several of its U.S. customers to tour its Yixing manufacturing facilities, which include solar cell and module production lines, in China's Jiangsu province. oIn October 2012, ReneSola established its Asia-Pacific, Middle East and Africa regional sales headquarters in Singapore. oIn October 2012, ReneSola announced that, as a result of the Company's diversified supply chain, its products will not be subject to anti-dumping and countervailing duties imposed by the U.S. Department of Commerce on a range of solar imports originating in China. oIn October 2012, ReneSola shipped 10 MW of its high-quality solar modules to saferay GmbH, a leading large-scale PV power plant installer in Germany. oIn October 2012, ReneSola launched its new solar module series products, the Virtus II solar module, the optimized Virtus II Plus 250 solar module and the Micro Replus microinverter, to the Australian market at All Energy Australia 2012. oIn September 2012, ReneSola announced Segen Ltd, the UK's leading value-added distributor of solar PV products, would be adding a new range of quality PV panels from ReneSola to its comprehensive portfolio. oIn September 2012, ReneSola contracted to sell 512 kilowatts ("kW") of its high-quality, high-efficiency solar modules to Cummings Properties, one of the most prominent full-service commercial real estate development and property management organizations in Massachusetts, for use on the rooftop solar system of Cummings Center, a two-million square foot corporate campus and retail center in Beverly, Massachusetts. oIn September 2012, ReneSola announced its high-wattage 300 W and 305 W 72-cell poly line was ready for shipment from its east and west coast warehouses in the United States. oIn September 2012, ReneSola released its microinvertor, Micro Replus, which is available as a standalone microinverter or integrated with a ReneSola panel as a turnkey AC module. oIn August 2012, ReneSola agreed to sell 4.6 MW of its 255 W poly modules to Solar Planet. Liquidity and Capital Resources Net cash outflow from operating activities was US$46.0 million for Q3 2012, compared to net cash inflow of US$14.2 million in Q2 2012. Net cash and cash equivalents plus restricted cash were US$335.2 million at the end of Q3 2012, compared to US$394.2 million at the end of Q2 2012. Total debt was US$850.3 million at the end of Q3 2012, compared to US$821.3 million at the end of Q2 2012, 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$715.8 million in Q3 2012, an increase from US$691.1 million in Q2 2012. Capital expenditures were US$30.6 million for Q3 2012, primarily for the Company's PV project business, as well as expanding its polysilicon production capacity and improving its manufacturing processes. 2012 Capacity Expansion Plans and Related CAPEX The Company expects to spend approximately US$14.8 million in Q4 2012 to expand its polysilicon production capacity and integrate Phase II of its Sichuan polysilicon production plant, as well as build up its horizontal and project businesses. Amendment of 2007 Employee Stock Option Plan to Establish New Exercise Price In Q3 2012, ReneSola's board of directors approved the amendment of 7,835,600 stock options previously granted under the 2007 employee stock option plan to establish a new exercise price for such stock options held by current employees equal to $1.47 per ADS, which was the closing price of the Company's ADSs on August 8, 2012. Outlook For Q4 2012, the Company expects total solar wafer and module shipments to be in the range of 635 MW to 675 MW, with solar module shipments expected to be in the range of 250 MW to 270 MW. Revenues are expected to be in the range of US$240 million to US$260 million and gross margin is expected to be positive in Q4 2012. For the full year of 2012, the Company expects total solar wafer and module shipments to be close to 2.2 GW. Conference Call Information ReneSola's management will host an earnings conference call on Friday, November 30, 2012 at 8 am U.S. Eastern Time (9 pm Beijing/Hong Kong time). Dial-in details for the earnings conference call are as follows: U.S. / International: +1-718-354-1231 Hong Kong: +852-2475-0994 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 December 7, 2012: International: +1-646-254-3697 Passcode: 73036035 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 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: Mr. Tony Hung ReneSola Investor Relations Tel: +86-573-8473-9011 Email: firstname.lastname@example.org Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-3073 Email: email@example.com In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: firstname.lastname@example.org RENESOLA LTD Unaudited Consolidated Balance Sheet (US dollars in thousands) Sep 30, Jun 30, Sep 30, 2012 2012 2011 ASSETS Current assets: Cash and cash equivalents 265,421 314,229 406,280 Restricted cash 69,749 79,939 43,999 Available-for-sale investment - - 1,837 Accounts receivable, net of allowances for 139,473 211,184 107,856 doubtful accounts Inventories 236,477 209,765 218,777 Advances to suppliers-current 17,757 26,694 29,674 Amounts due from related parties 828 1,358 352 Value added tax recoverable 50,270 43,953 62,499 Income tax recoverable 1,689 2,614 4,991 Prepaid expenses and other current assets 27,801 15,056 13,330 Project assets 21,622 18,527 - Prepayment for investment 1,298 - - Deferred convertible bond issue costs-current 784 784 923 Derivative assets 269 24 6,676 Assets held-for-sale - 6,103 3,248 Deferred tax assets-current 28,725 20,535 22,636 Total current assets 862,163 950,765 923,078 Property, plant and equipment, net 1,021,147 1,003,293 911,190 Prepaid land use right 48,883 48,488 49,937 Deferred tax assets-non-current 45,032 39,195 11,256 Deferred convertible bond issue 1,922 2,118 3,189 costs-non-current Advances to suppliers-non-current 10,191 12,490 22,128 Advances for purchases of property, plant and 43,198 46,305 25,103 equipment Other long-term assets 11,570 10,597 6,253 Goodwill 324 6,041 5,642 Total assets 2,044,430 2,119,292 1,957,776 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 715,825 691,065 523,530 Accounts payable 395,637 404,021 209,493 Advances from customers-current 35,574 46,714 59,810 Amounts due to related parties 3,291 9,455 - Other current liabilities 105,795 108,756 112,327 Income tax payable 1,472 2,784 3,611 Deferred tax liabilities 1,057 1,099 3,438 Derivative liabilities 1,766 765 6,657 Total current liabilities 1,260,417 1,264,659 918,866 Convertible bond payable-non-current 111,616 111,616 130,800 Long-term borrowings 134,451 130,237 167,830 Advances from customers-non-current 38,668 43,486 57,389 Warranty 8,124 7,006 12,137 Deferred gain 29,925 29,093 - Other long-term liabilities 12,171 12,234 39,624 Total liabilities 1,595,372 1,598,331 1,326,646 Shareholders' equity Common shares 421,452 420,370 422,314 Additional paid-in capital 4,628 4,666 3,150 Treasury stock - - (1,944) Retained earnings (accumulated losses) (48,745) 29,862 141,553 Accumulated other comprehensive income 71,200 65,709 66,057 Total equity attribute to ReneSola Ltd 448,535 520,607 631,130 Noncontrolling interest 523 354 - Total shareholders' equity 449,058 520,961 631,130 Total liabilities and shareholders' equity 2,044,430 2,119,292 1,957,776 RENESOLA LTD Unaudited Consolidated Statements of Income Data (US dollar in thousands, except ADS and share data) Three Months Ended Nine Months Ended Sep 30, Jun 30, Sep 30, Sep 30, Sep 30, 2012 2012 2011 2012 2011 Net revenues 218,155 233,038 189,062 662,678 797,588 Cost of revenues (257,381) (231,735) (196,716) (708,634) (658,165) Gross profit (loss) (39,226) 1,303 (7,654) (45,956) 139,423 GP% (18.0%) 0.6% (4.0%) (6.9%) 17.5% Operating (expenses) income: Sales and marketing (9,741) (7,169) (5,064) (22,549) (11,746) General and (14,985) (11,260) (12,157) (38,808) (30,281) administrative Research and (8,087) (13,690) (12,152) (33,490) (35,509) development Other operating 1,116 (3,539) 2,525 (2,280) 2,343 income (expenses) Impairment of (6,104) (291) - (6,395) - long-lived assets Goodwill impairment (5,783) - - (5,783) - Total operating (43,584) (35,949) (26,848) (109,305) (75,193) expenses Income (loss) from (82,810) (34,646) (34,502) (155,261) 64,230 operations Non-operating (expenses) income: Interest income 1,668 1,264 3,587 5,738 5,675 Interest expense (12,821) (12,550) (10,018) (37,679) (26,148) Foreign exchange 2,054 (4,523) (865) (1,668) 4,796 gain (loss) Other-than-temporary impairment loss on - - (1,705) - (4,371) available-for-sale investment Gain on repurchase - - 20,153 - 20,153 of convertible bonds (Loss) gain on (302) (669) 10,055 (935) (19,092) derivative, net Total non-operating (9,401) (16,478) 21,207 (34,544) (18,987) (expenses) income Income (loss) before income tax, (92,211) (51,124) (13,295) (189,805) 45,243 noncontrolling interests Income tax benefit 13,586 16,321 5,145 36,156 (8,218) (expense) Net income (loss) (78,625) (34,803) (8,150) (153,649) 37,025 Less: Net loss attributed to (18) (16) - (45) - noncontrolling interests Net income (loss) attributed to (78,607) (34,787) (8,150) (153,604) 37,025 holders of ordinary shares Earnings per share Basic (0.46) (0.20) (0.05) (0.89) 0.21 Diluted (0.46) (0.20) (0.05) (0.89) 0.19 Earnings per ADS Basic (0.91) (0.40) (0.09) (1.78) 0.43 Diluted (0.91) (0.40) (0.09) (1.78) 0.37 Weighted average number of shares used in computing earnings per share Basic 172,773,664 172,773,664 173,752,298 172,773,664 173,914,549 Diluted 172,773,664 172,773,664 173,752,298 172,773,664 198,308,624 RENESOLA LTD Unaudited Condensed Consolidated Statement of Comprehensive Income (US dollar in thousands) Three Months ended Nine Months Ended Sep 30, Jun 30, Sep 30, Sep 30, Sep 30, 2012 2012 2011 2012 2011 Net income (loss) (78,625) (34,803) (8,150) (153,648) 37,025 Other comprehensive income, net of tax Foreign exchange translation 5,490 (5,466) 10,575 (446) 26,805 adjustment Change in fair value of - - - - 2,330 available for sale investment Changes in fair value of cash - - - - 1,603 flow hedges Other comprehensive income, 5,490 (5,466) 10,575 (446) 30,738 net of tax Comprehensive income (loss) (73,135) (40,269) 2,425 (154,094) 67,763 Less: comprehensive income (loss) attributable to (18) (16) - (45) - non-controlling interest Comprehensive income (loss) attributable (73,117) (40,253) 2,425 (154,049) 67,763 to ReneSola RENESOLA LTD Unaudited Consolidated Statements of Cash Flow (US dollar in thousands) Nine Months Ended Sep 30, 2012 Sep 30, 2011 Operating activity: Net income (loss) (153,648) 37,025 Adjustment to reconcile net income to net cash - - used in operating activities: Inventory write-down 58,606 22,747 Depreciation and amortization 69,612 59,338 Amortization of deferred convertible bond 588 669 issuances costs and premium Allowance of doubtful receivables and advance to suppliers and prepayment 1,819 (1,324) for purchases of property, plant and equipment Loss on derivatives 935 18,900 Share-based compensation 1,599 3,399 Impairment of long-lived assets 6,395 192 Loss on disposal of long-lived assets 226 331 Impairment of goodwill 5,783 - Other-than-temporary impairment loss on - 4,371 available-for-sale investment Gain on repurchase of convertible bonds - (20,153) Reversal of purchase commitment (3,940) - Provision for litigation 1,726 - Changes in assets and liabilities: Accounts receivable (29,173) (35,407) Inventories (140,572) (65,130) Project assets (21,622) - Advances to suppliers 5,856 (9,743) Amounts due from related parties 3,736 25 Value added tax recoverable (8,315) (16,540) Prepaid expenses and other current assets (6,545) 3,276 Prepaid land use rights 201 1,597 Accounts payable 159,823 (17,228) Advances from customers (32,047) (18,439) Income tax payables 3,613 - Other current liabilities (3,782) (11,111) Other long-term liabilities (708) - Deferred tax assets (34,854) (6,712) Accrued warranty cost (4,704) 3,072 Net cash (used in) operating activities (119,392) (46,845) Investing activities: Purchases of property, plant and equipment (88,194) (84,491) Advances for purchases of property, plant and (26,921) (16,564) equipment Purchases of other long-lived assets (1,064) (121) Proceeds from disposal of property, plant and 95 - equipment Cash received from government subsidy 1,448 1,070 Changes in restricted cash (11,268) (8,864) Cash consideration for acquisition, net of cash (1,298) (1,102) received Net proceeds from (pay to) settlement of 1,449 (8,388) derivatives Net cash used in investing activities (125,753) (118,460) Financing activities: Proceeds from bank borrowings 839,380 648,194 Repayment of bank borrowings (706,355) (498,319) Cash paid for issuance costs - (7,150) Proceeds from exercise of stock options - 148 Contribution from noncontrolling interests 411 - Cash paid for repurchase of convertible bonds - (46,714) Cash paid for ADSs repurchase - (1,944) Proceeds from issuance of convertible bonds - 200,000 Refund (purchase) of conversion spread hedges - (23,842) Net cash provided by financing activities 133,436 270,373 Effect of exchange rate changes (1,909) 10,510 Net (decrease) increase in cash and cash (113,618) 115,578 equivalents Cash and cash equivalents, beginning of year 379,039 290,702 Cash and cash equivalents, end of year 265,421 406,280 SOURCE ReneSola Ltd. Website: http://www.renesola.com
ReneSola Ltd. Announces Third Quarter 2012 Results
Press spacebar to pause and continue. Press esc to stop.