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Trina Solar Announces Fourth Quarter and Fiscal Year 2012 Results

      Trina Solar Announces Fourth Quarter and Fiscal Year 2012 Results

Quarterly Shipments Exceed Guidance

PR Newswire

CHANGZHOU, China, Feb. 26, 2013

CHANGZHOU, China, Feb. 26, 2013 /PRNewswire/ --Trina Solar Limited (TSL)
("Trina Solar" or the "Company"), a global leader in photovoltaic modules,
solutions, and services, today announced its financial results for the fourth
quarter and fiscal year 2012.

Fourth Quarter 2012 Financial and OperatingHighlights

  oSolar module shipments were approximately 415 MW for the fourth quarter of
    2012, compared to approximately 380 MW during the third quarter of 2012, a
    sequential increase of 9.0%
  oNet revenues were $302.7 million, an increase of 1.6% sequentially
  oGross profit was $5.6 million, an increase of 139.1% sequentially
  oGross margin was 1.9%, compared to 0.8% in the third quarter
  oOperating loss was $70.4 million, compared to an operating loss of $76.0
    million in the third quarter of 2012
  oOperating margin, including a provision for doubtful receivables of $14.5
    million, was negative 23.3%, compared to negative 25.5% in the third
    quarter of 2012
  oNet loss was $87.2 million, compared to a net loss of $57.5 million in the
    third quarter of 2012
  oLoss per fully diluted American Depositary Share ("ADS") were $1.23,
    compared to $0.81 in the third quarter of 2012

Full Year 2012 Results Financial and Operating Highlights

  oSolar module shipments were approximately 1.59 GW, compared to the
    Company's previous guidance of between 1.55 GW to 1.6 GW, an increase of
    5.4% from 2011
  oTotal net revenues were $1.30 billion, a decrease of 36.7% from 2011
  oGross profit was $57.2 million, a decrease of 82.8% from 2011
  oGross margin was 4.4%, compared to 16.2% in 2011
  oOperating loss was $264.9 million, compared to operating income of $31.0
    million in 2011
  oNet loss for the full year was $266.6 million, compared to $37.8 in 2011
  oLoss per fully diluted ADS for 2012 were $3.77, compared to $0.54 in 2011
    

"While realizing sequential improvements in shipments in the fourth quarter,
our bottom line continued to be adversely impacted by a supply-demand
imbalance and aggressive pricing by some competitors," said Mr. Jifan Gao,
Chairman and CEO of Trina Solar. "Amidst these commercial conditions, our
focus on profitable sales, inventory management, and on-going expense
reductions allowed us to achieve positive operating cashflows. During the
fourth quarter we also made progress in the global development of our in-house
system business, and expect to commence grid-scale opportunities in China and
the Americas later this year."

"Looking ahead, we believe that the further decrease in module and total
system costs will drive increased global demand for the PV industry in 2013,
despite the decrease in favorable government policy in traditional European
markets. Meanwhile, we are seeing a ramping up in PV adoption and planning in
new markets within Africa, the Americas and the Middle East. We are also
encouraged by recent announcements in Asia, most notably in China and Japan,
that governments are strengthening their commitment to solar energy and
raising the target for solar power contribution to the national grid
capacity."

"As solar-generated power increasingly competes against traditional energy
forms for large-scale power purchase agreements, we continue efforts to expand
our project systems business as a percentage of our overall business, while
continuing to deliver innovative products and services through increasing
partnerships with the PV industry's leading global technology developers. Our
efforts were recently recognized by Fast Company Magazine, which named Trina
Solar in their list of The World's Top 10 Most Innovative Companies in China.
We believe that because of these factors, Trina Solar will continue to
solidify its position as a brand and partner of choice across multiple
geographies and end user segments."

Recent Business Highlights

During the fourth quarter of 2012, the Company:

  oAnnounced the duty rates determined by theU.S. Department of Commercein
    the anti-dumping and countervailing duties investigations oncrystalline
    silicon photovoltaic cells fromChina assembled into modules and that
    theU.S. International Trade Commission (the "ITC")also made negative
    findings with regard to critical circumstances in this investigation, such
    that no retroactive duties would be imposed onTrina Solar. The Company
    also announced that it is currently evaluating whether it is necessary and
    prudent to appeal these final determinations issued by the ITC.
  oAnnounced that its APMEA (Asia Pacific, Middle East and Africa)
    headquarters in Singapore has begun its formal operations.
  oAnnounced it obtained Carbon Footprint Verification for the Company's
    solar PV modules from the British Standards Institution, a leading
    international standards and certification body. The verification process
    involved assessing the Company's carbon footprint throughout various
    stagesof the life cycles of our products, suggesting the carbon payback
    time for its module products during their usage period.
  oAnnounced that it obtained the Client Test Data Program certification from
    Underwriters Laboratory ("UL"). The Company is the first global solar PV
    company to receive this certification, which will allow it to
    independently conduct testing programs and issue UL-recognized test data
    without the on-site presence of UL-dispatched engineers.
  oAnnounced the donation of solar modules to three health care centres in
    Malawi servicing over 85,000 people. Together with its partner,
    Innovation: Africa, Trina Solar makes clean energy available to two remote
    medical centers and a community-based organization offering HIV/AIDS
    support, vocational training, adult education, orphan care and more.
  oAnnounced that its PV modules have obtained certification for salt mist,
    sand blast and potential induced degredation ("PID") testing from leading
    certification bodies. TUV NORD has certified Trina Solar's modules to the
    latest IEC61701:2011 Severity 1 standard for salt mist corrosion testing.
    The Company's modules also excelled in the most rigorous blowing sand test
    conducted in accordance with the DIN EN 60086-2-68 LC2 standard by SGS, a
    world leading inspection, verification, testing and certification company.
    Trina Solar's multi-crystalline panels also recently received PID
    Certification from PV Evolution Labs.

Subsequent Events

Subsequent to the fourth quarter of 2012, the Company:

  oAnnounced that it has obtained approval from the Gansu Provincial
    Development and Reform Commission to develop a 50 MW grid-connected solar
    power plant project in Wuwei, Gansu. The project is expected to support
    economic stimulus in a region challenged by semi-desert conditions. The
    Wuwei municipality is well-suited for solar energy production due to
    favorable irradiance and the ability to sell off electricity to other
    regions in addition to supplying local needs.
  oAnnounced that it has supplied 61 MW of its PV modules for theGreen
    Towerproject in the German federal state of Brandenburg. More than
    252,000 multi-crystallineTrina Solarmodules have been installed on the
    former Preschen airfield in Jocksdorf, Brandenburg to cover the annual
    energy needs of approximately 17,000 households.
  oAnnounced that it will supply 30 MW of photovoltaic modules to Gestamp
    Solar, one of the world's leading companies in the development and
    management of photovoltaic parks, for two projects in South Africa.
    Large-scale solar systems will be installed in South Africa's Northern
    Cape Province, in the towns of Prieska and De Aar, with the capacity to
    generate 20MW and 10MW, respectively. According to terms of the agreement,
    deliveries will be made in the third quarter of 2013.
  oAnnounced the 60-cell PDG5, the first in Trina Solar's new line of dual
    rated frameless modules. The PDG5 is resistant to PID and micro-cracking,
    and does not require grounding. The PDG5 is optimized for reliable
    performance under stressful environmental conditions and is among the most
    durable modules on the market.
  oAnnounced that its subsidiary Trina Solar US Development Company LLC has
    entered into a teaming agreement with Silicon Valley-based QBotix Inc.,
    recognized as the first company to utilize mobile, intelligent and rugged
    robotics for the operation of solar power plants. Under terms of the
    agreement, Trina Solar and QBotix will collaborate this year on test and
    commercial projects within and outside the United States, and develop a
    scalable "building block" design solution for commercial project
    developers.
  oAnnounced that it has achieved the No. 1 position inAustralia's PV market
    according to a new report from Solar Business Services.

Fourth Quarter 2012 Results

Net Revenues
Net revenues in the fourth quarter of 2012 were $302.7 million, an increase of
1.6% sequentially and a decrease of 30.5% year-over-year. Total shipments were
414.5 MW, exceeding the Company's previous guidance of between 380 MW to 400
MW, compared to 380.3 MW in the third quarter of 2012 and 424.9 MW in the
fourth quarter of 2011. The sequential increase in total shipments was
primarily due to increased sales to China-based customers and the slight
decrease in shipments compared to the fourth quarter 2011 was primarily due to
the revision and effective timing of new government subsidies in some European
markets. The sequential increase in revenues was caused by increased shipment,
offset by a decrease in the average selling price ("ASP") of solar modules and
the year-over-year decrease was due largely to the decrease in the ASP of
solar modules.

Gross Profit and Margin
Gross profit in the fourth quarter of 2012 was $5.6 million, compared to $2.4
million in the third quarter of 2012 and $31.0 million in the fourth quarter
of 2011.

Gross margin was 1.9% in the fourth quarter of 2012, compared to the Company's
previous guidance of low single digit in percentage terms. The fourth quarter
gross margin of 1.9% compares favorably to 0.8% in the third quarter of 2012,
but negatively to 7.1% in the fourth quarter of 2011 largely due to declined
module ASP.

Operating Expense, Loss and Margin
Operating expenses in the fourth quarter of 2012, which included a provision
for doubtful receivables of $14.5 million as a result of a single customer in
India, were $76.1 million, representing decreases of 2.9% sequentially and
19.0% year-over-year. The Company's operating expenses represented 25.1% of
its fourth quarter net revenues, a decrease from 26.3% in the third quarter of
2012 and an increase from 21.6% in the fourth quarter of 2011.

The sequential percentage decrease was primarily due to organizational
restructuring, staff reductions and other expense control measures begun in
the third quarter of 2012, offset by a provision for doubtful receivables of
$14.5 million, while the yearly percentage increase was primarily due to lower
ASP. Operating expenses in the fourth quarter of 2012 also included $0.1
million in share-based compensation expenses, compared to $1.1 million in the
third quarter of 2012 and $2.0 million in the fourth quarter of 2011.

As a result of the foregoing, operating loss in the fourth quarter of 2012 was
$70.4 million, compared to a loss of $76.0 million in the third quarter of
2012 and a loss of $62.9 million in the fourth quarter of 2011. Operating
margin was negative 23.3% in the fourth quarter of 2012, compared to negative
25.5% in the third quarter of 2012 and negative 14.4% in the fourth quarter of
2011.

Net Interest Expense
Net interest expense in the fourth quarter of 2012 was $11.4 million, compared
to $13.8 million in the third quarter of 2012 and $8.3 million in the fourth
quarter of 2011.

Foreign Currency Exchange
The Company had a foreign currency exchange gain of $4.7 million in the fourth
quarter of 2012, which included the changes in fair value of derivative
instruments, compared to net gains of $18.2 million in the third quarter of
2012 and a net loss of $4.3 million in the fourth quarter of 2011. This net
gain was primarily due to the appreciation of the Euro against the U.S.
dollar, which was augmented by gains from foreign currency forward contracts
used by the Company to hedge its foreign currency risk exposure.

The Company continued to hedge for foreign exchange rate volatility during the
fourth quarter of 2012 using forward contracts involving the Euro, Renminbi,
and U.S. dollar currencies.

Income Tax Expense and Benefit
Income tax expense was $11.3 million in the fourth quarter of 2012, compared
to income tax benefits of $11.7 million in the third quarter of 2012 and $5.1
million in the fourth quarter of 2011. Income tax expense in the fourth
quarter of 2012 reflected a valuation allowance of deferred tax assets.

Net Loss and Loss per
ADS
Net loss was $87.2 million in the fourth quarter of 2012, an increase from a
loss of $57.5 million in the third quarter of 2012 and $65.8 million in the
fourth quarter of 2011.

Net margin was negative 28.8% in the fourth quarter of 2012, compared to
negative 19.3% in the third quarter of 2012 and negative 15.1% in the fourth
quarter of 2011.

Loss per fully diluted ADS was $1.23 in the fourth quarter of 2012.

Full Year 2012 Results

For 2012, net revenues were $1.30 billion, a decrease of 36.7% from $2.05
billion in 2011, primarily due to decreased ASP that offset increased
shipments. Total shipments were 1.59 GW, an increase of 5.4% from 1.51 GW in
2011. Gross profit for 2012 was $57.2 million, a decrease of 82.8% from $332.6
million in 2011. Overall gross margin was 4.4% in 2012, compared to 16.2% in
2011. The gross margin decrease was primarily due to decreases in ASP in
excess of both lower polysilicon purchase prices and reduction in non-silicon
manufacturing cost per watt in 2012.

Operating loss for 2012 was $264.9 million, compared to operating income of
$31.0 million in 2011.Operating margin was negative 20.4% in 2012 compared to
1.5% in 2011.

Net loss was $266.6 million, compared to $37.8 million in 2011. Net margin was
negative 20.6% in 2012, compared to negative 1.8% in 2011. The net margin
decrease was primarily due to the Company's reduced gross margin combined with
an increasein operating expenses as a percentage of net revenue in 2012.

Losses per fully-diluted ADS for 2012 were $3.77, compared to $0.54 per fully
diluted ADS for the full year 2011.

Financial Condition

As of December 31, 2012, the Company had $918.2 million in cash and cash
equivalents and restricted cash, and its working capital balance was $286.3
million. Total bank borrowings stood at $1.29 billion, of which $415.2 million
were long-term borrowings.The Company increased its short-term borrowings by
$186.1 million in the fourth quarter of 2012 to approximately $875.8 million
as of December 31, 2012.

During the fourth quarter of 2012, the Company entered into a one-year, $170
million and a three-year, $80 million credit facilities agreements with the
China Development Bank. These credit facilities, which are denominated in U.S.
dollar, are intended for working capital purposes and bear interest at rates
linked to LIBOR.

During the fourth quarter of 2012, the Company repurchased $5.0 million of its
convertible senior notes due July 2013, which resulted in a gain of $0.6
million.

Shareholders' equity was $881.6 million as of December 31, 2012, a decrease
from $969.5 million at the end of the third quarter of 2012.

First Quarter and Fiscal Year 2013 Guidance

For the first quarter of 2013, the Company expects its shipment volume for PV
modules to be between 420 MW and 430 MW.

The Company expects its overall gross margin for the first quarter of 2013
will be low single digit in percentage terms, taking into account wafer and
cell requirements outsourced to third party suppliers . Such guidance is based
on the average exchange rate between the Euro and U.S. dollar from January 1,
2013 to February 26, 2013. For the full year of 2013, the Company expects
total combined PV module shipments and system deliveries between 2.0 GW and
2.1 GW, which would represent an increase of 25.5% to 31.8%, respectively,
from 2012.

Operations and Business Outlook

Non-Silicon Cost
In the fourth quarter of 2012, the Company's non-silicon manufacturing cost
for its core raw materials in module production, including the effects of
higher unit depreciation costs from lower sequential capacity utilization, was
approximately $0.51 per watt, compared to$0.54per watt in the third quarter
of 2012, and its previously announced target of $0.50 per watt by the end of
2012. The sequential reductions in non-silicon manufacturing cost were
primarily due tomore efficient manufacturing and higher cell conversion
efficiencies, as well as reduced supply chain costs created by increased
on-site recycling of consumable and non-consumable materials.

Silicon Procurement
As a result of the renegotiation, extension, or market-based pricing of its
long-term silicon supply agreements, the Company expects to maintain
competitive silicon costs relative to the current market price in the first
quarter of 2013.

2012 Manufacturing Capacity
As of December 31, 2012, the Company's annualized in-house ingot and wafer
production capacity was approximately 1.2 GW and its PV cell and module
production capacity was approximately 2.4 GW.

Cell Technology Update
Based on test production, the Company is targeting a 21.5% cell efficiency by
the middle of 2013 for its announced mono-crystalline cell technology
development with the Solar Energy Research Institute of Singapore.

The Company is also engaged in cell technology research and development with
the Chinese Academy of Science in Shanghai and Australian National University,
and is a key member of the Australian Centre for Advanced Photovoltaics with
the University of New South Wales.

The Company is focused on high performing module products and developing
high-efficiency multi and mono-crystalline silicon PV modules incorporating
innovative technologies. These include advanced crystallization and wafer
technologies, special metallization, improved low light performance, reduced
reflectivity and improved light trapping through better texturing, selective
emitter technology and rear side passivation.

In June, 2012 the Company announced that, to its best knowledge, Honey Ultra,
the second generation ofits Honey cell technology had achieved a new world
record for multicrystalline modules. The standard-size module (1650x992mm)
reached 284.7 watts peak power output in May 2012, which has been confirmed by
TUV Rheinland.

The Company is also developing high-efficiency cells based on N-type
substrates, and has already achieved cell efficiencies over 20% with low cost
processes.

Project Development
The Companyhas entered into framework agreements with local municipal
governments for multi-year power plant development projects in all four of its
commercial operating regions. Commencement of the projects is expected in 2013
and 2014, but is conditional upon a number of factors, some of which are
beyond the Company's control, such as the availability of network transmission
and interconnection facilities, and the attainment of certain project rights,
including land use rights and the right to access local manufacturing
facilities.

In the fourth quarter of 2012, the Company entered into a long-term land use
rights lease agreement with authorities inEastern China for the development
of a large-scale, multi-phase utility project, which is expected to commence
in 2013. In January of 2013, the Company obtained approval from China'sGansu
Provincial Development and Reform Commissionto develop a 50 MW grid-connected
solar power plant project in Wuwei,Gansu.

Conference Call

The Company will host a conference call at 8:00 a.m. ET on February 26, 2013,
to discuss the results for the quarter ended December 31, 2012. Joining Jifan
Gao, Chairman and CEO of Trina Solar, will be Terry Wang, Chief Financial
Officer, Zhiguo Zhu, Module Business Unit President, and Thomas Young, Vice
President, Investor Relations. Supplemental information will be made available
on the Investors Section of Trina Solar's website at
http://www.trinasolar.com. 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 9824-6310.

If you are unable to participate in the call at this time, a replay will be
available on February 26 at 10:00 a.m. ET, through March 1, at 11:59 p.m. ET.
To access the replay, dial 1 (855) 859-2056, international callers should dial
+1 (404) 537-3406, and enter the conference ID 9824-6310.

This conference call will be broadcast live over the Internet and can be
accessed by all interested parties on Trina Solar's website at
http://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 photovoltaic 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-shaping 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. 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 the Company's
activities; the effectiveness, profitability and marketability of its
products; 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.
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.



Trina Solar Limited
Unaudited Condensed Consolidated Statements of Operations
(US dollars in thousands, except ADS and share data)
                                                         ThreeMonths    ThreeMonths      ThreeMonths    Year ended
                                                         ended Dec       endedSept30,    ended Dec 31,    December 31,
                                                         31,
                                                         2012            2012              2011             2012          2011
Net revenues                                           $ 302,746       $ 297,974         $ 435,690        $ 1,296,655   $ 2,047,902
Costofrevenues                                         297,112         295,618           404,664          1,239,412     1,715,260
Gross profit                                             5,634           2,356             31,026           57,243        332,642
Operatingexpenses
Selling expenses                                         30,350          32,217            26,547           118,885       100,427
Generalandadministrativeexpenses                      40,320          38,156            59,562           176,719       157,129
Researchanddevelopmentexpenses                        5,392           7,934             7,834            26,511        44,120
Total operating expenses                                 76,062          78,307            93,943           322,115       301,676
Operating (loss) gain                                    (70,428)        (75,951)          (62,917)         (264,872)     30,966
Foreign exchange gain (loss)                             2,582           16,638            (12,230)         908           (27,435)
Interest expenses                                        (12,682)        (15,597)          (9,095)          (51,887)      (35,021)
Interest income                                          1,244           1,808             757              8,552         3,056
Gain(loss)onchangeinfairvalueofderivative        2,153           1,558             7,895            8,542         (11,393)
Other income, net                                        1,209           2,353             4,680            6,797         9,317
Loss before income taxes                                 (75,922)        (69,191)          (70,910)         (291,960)     (30,510)
Income tax (expense) benefit                            (11,256)        11,736            5,140            25,405        (7,310)
Net loss                                                 (87,178)        (57,455)          (65,770)         (266,555)     (37,820)
Income attributable to the noncontrolling interest       -               (5)               (1)              -             -
Net loss attributable to Trina Solar Limited           $ (87,178)      $ (57,460)        $ (65,771)       $ (266,555)   $ (37,820)
Loss per ADS*
Basic                                                  $ (1.23)        $ (0.81)          $ (0.93)         $ (3.77)      $ (0.54)
Diluted                                                $ (1.23)        $ (0.81)          $ (0.93)         $ (3.77)      $ (0.54)
Weighted average ADS outstanding*
Basic                                                    70,772,050      70,751,231        70,549,620       70,696,594    70,423,648
Diluted                                                  70,772,050      70,751,231        70,549,620       70,696,594    70,423,648
* "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)
Net loss                                              $ (87,178)      $ (57,455)        $ (65,770)       $ (266,555)   $ (37,820)
Other comprehensive loss:
Foreign currency translation adjustments                 (877)           1,263             (5,081)          (2,985)       1,184
Comprehensive loss                                      (88,055)        (56,192)          (70,851)         (269,540)     (36,636)
Income attributable to non-controlling interest          -               (5)               (1)              -             -
ComprehensivelossattributabletoTrinaSolarLimited $ (88,055)      $ (56,197)        $ (70,852)       $ (269,540)   $ (36,636)





Trina Solar Limited
Unaudited Condensed Consolidated Balance Sheets
(US dollars in thousands)
                                                   Dec. 31      Sep. 30      Dec. 31
                                                   2012         2012         2011
ASSETS
Current assets:
Cash and cash equivalents                        $ 807,276    $ 599,887    $ 816,780
Restricted cash                                    110,920      103,487      79,602
Marketable Securities                              -            -            -
Inventories                                        318,504      367,126      249,779
Project assets                                     7,960        6,660        8,861
Accounts receivable, net                           390,157      469,300      466,537
Advances to suppliers                              57,846       70,046       63,492
Prepaidexpensesandothercurrentassets,net     72,824       120,353      83,671
Total current assets                               1,765,487    1,736,859    1,768,722
Property, plant and equipment, net                 893,340      903,083      919,727
Project assets- long term                          23,398       30,077       2,902
Land use rights, net                               41,961       42,130       42,848
Advances to suppliers - long-term                  86,993       98,739       120,144
Investment in affiliates                           10,961       14,618       4,067
Deferred tax assets                                41,048       33,130       19,038
Other noncurrent assets                            1,669        1,878        -
TOTAL ASSETS                                     $ 2,864,857  $ 2,860,514  $ 2,877,448
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings, including current         $ 875,821    $ 689,742    $ 389,472
portion of long-term debt
Accounts payable                                   428,626      474,972      478,840
Convertible note payable                           83,582       88,582       -
Accrued expenses and other current liabilities     91,126       122,985      139,123
Total current liabilities                          1,479,155    1,376,281    1,007,435
Long-term bank borrowings                          415,150      431,023      520,151
Convertible note payable                           -            -            127,756
Accrued warranty costs                             65,780       67,550       58,810
Other noncurrent liabilities                       22,987       15,963       17,971
Total liabilities                                  1,983,072    1,890,817    1,732,123
Ordinary shares                                    40           40           40
Additional paid-in capital                         656,944      656,801      650,944
Retained earnings                                  215,395      302,573      481,951
Accumulated other comprehensive income             9,206        10,083       12,190
Total Trina Solar Limited shareholders' equity     881,585      969,497      1,145,125
Non-controlling interest                           200          200          200
Total equity                                       881,785      969,697      1,145,325
TOTAL LIABILITIES AND EQUITY                     $ 2,864,857  $ 2,860,514  $ 2,877,448

For further information, please contact:

Trina Solar Limited                            Brunswick Group
Terry Wang, CFO                           Michael Fuchs
Phone: + (86) 519-8548-2010 (Changzhou)        Phone: + (86) 10-6566-2256
                                               Email: trina@brunswickgroup.com

Thomas Young, Vice President, Investor
Relations
Phone: + (86)138.6118.3779 (Global)
Email: ir@trinasolar.com



SOURCE Trina Solar Limited

Website: http://www.trinasolar.com
 
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