ReneSola Ltd. Announces Fourth Quarter and Full Year 2012 Results

      ReneSola Ltd. Announces Fourth Quarter and Full Year 2012 Results

Exceeds guidance with record quarterly solar wafer and module shipments of 713
MW

Exceeds guidance with record quarterly solar module shipments of 321 MW

Exceeds guidance with quarterly revenues of US$306.5 million, up 40% quarter
over quarter

Achieves gross profit margin of 3.3% in the fourth quarter

PR Newswire

JIASHAN, China, March 14, 2013

JIASHAN, China, March 14, 2013 /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 fourth quarter and the full year ended December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )

Fourth Quarter 2012 Financial and Operating Highlights

  oTotal solar wafer and module shipments in Q4 2012 were 713.2 megawatts
    ("MW"), exceeding Company guidance and representing an increase of 33.9%
    from 532.8 MW in Q3 2012.
  oQ4 2012 net revenues were US$306.5 million, exceeding Company guidance and
    representing an increase of 40.5% from US$218.2 million in Q3 2012.
  oQ4 2012 gross profit was US$10.3 million with a gross margin of 3.3%,
    compared to gross loss of US$39.2 million with a gross margin of negative
    18.0% in Q3 2012.
  oQ4 2012 operating loss was US$23.8 million with an operating margin of
    negative 7.8%, compared to an operating loss of US$82.8 million with an
    operating margin of negative 38.0% in Q3 2012.
  oQ4 2012 net loss was US$49.8 million, representing basic and diluted loss
    per share of US$0.29, and basic and diluted loss per American depositary
    share ("ADS") of US$0.58.
  oCash and cash equivalents plus restricted cash were $268.1 million as of
    the end of Q4 2012, compared to US$335.2 million as of the end of Q3 2012.
  oQ4 2012 net cash inflow from operating activities was US$25.8 million
    compared to net cash outflow of US$46.0 million in Q3 2012.

Full Year 2012 Financial and Operating Highlights

  oTotal solar wafer and module shipments for the full year 2012 were a
    record 2.2 gigawatts ("GW"), in line with Company guidance and
    representing an increase of 70.6% from 1.3 GW for the full year 2011.
  oFull year 2012 net revenues were US$969.1 million, a decrease of 1.6% from
    US$985.3 million in 2011.
  oFull year 2012 gross loss was US$35.7 million with a gross margin of
    negative 3.7%, compared to a gross profit of US$96.1 million with a gross
    margin of 9.7% in 2011.
  oFull year 2012 operating loss was US$179.0 million with an operating
    margin of negative 18.5%, compared to an operating income of US$11.5
    million with an operating margin of 1.2% in 2011.
  oFull year 2012 net loss was US$203.4 million, representing basic and
    diluted loss per share of US$1.18 and basic and diluted loss per ADS of
    US$2.36.

"The fast growth of our solar module business, driven by our proprietary
Virtus technology, low production costs and global sales teams, contributed to
a positive gross margin of 3.3% in the fourth quarter of 2012," said Mr.
Xianshou Li, ReneSola's chief executive officer. "Last year, we leveraged our
core competitive strength in wafer manufacturing to greatly expand our solar
module business and made inroads in several key markets, including Australia,
the United States, India, China and across Europe. In addition, we continued
to make progress with downstream products like our Micro Replus microinverter
and plan to offer residential PV solutions soon. Although we delivered record
shipments in the fourth quarter, the selling prices for solar modules and
wafers continued to decline as a result of the global supply-demand imbalance.
While we believe prices are beginning to stabilize, we will continue to focus
on lowering our costs, an area in which we have excelled, to improve our
margins and better position us once conditions improve. Furthermore, we will
continue to invest in new technology and expand our solar module business to
attract new customers and grow our business in 2013."

Fourth Quarter 2012 Results

Solar Wafer and Module Shipments

                             4Q12  3Q12  4Q11  Q-o-Q% Y-o-Y%
Total Solar Wafer and Module 713.2 532.8 339.9 33.9%  109.8%
Shipments (MW)
Wafer Shipments (MW)         392.7 387.5 245.4 1.3%   60.0%
Module Shipments (MW)        320.5 145.3 94.5  120.6% 239.2%

The sequential increase in solar product shipments was mainly the result of
increased demand for the Company's solar modules across a number of geographic
regions, particularly China, as well as the result of seasonally strong
year-end demand and the increasing competitiveness of solar power as a power
source.

Net Revenues

                      4Q12   3Q12   4Q11   Q-o-Q% Y-o-Y%
Net Revenues (US$mln) $306.5 $218.2 $187.7 40.5%  63.3%

Revenues in Q4 2012 increased substantially quarter over quarter, despite a
decrease in the average selling prices ("ASPs") of solar wafers and modules
from US$0.28 per watt ("W") and US$0.67/W, respectively, to US$0.24/W and
US$0.63/W, respectively, as a result of a significant increase in solar module
shipments, particularly to China.

Gross Profit (Loss)

                             4Q12  3Q12    4Q11    Q-o-Q% Y-o-Y%
Gross Profit (Loss) (US$mln) $10.3 ($39.2) ($43.4) -      -
Gross Margin                 3.3%  (18.0%) (23.1%) -      -

The sequential increase in gross profit was due to increased sales of the
Company's solar modules, which present higher margins than the Company's wafer
business, as well as the inventory write-down of US$31.6 million recorded in
Q3 2012 to reflect the decline in the price of solar wafers and polysilicon.

Operating Loss

                            4Q12    3Q12    4Q11    Q-o-Q%  Y-o-Y%
Operating Expenses (US$mln) $34.0   $43.6   $9.3    (22.0%) 265.6%
Operating Loss (US$mln)     ($23.8) ($82.8) ($52.7) -       -
Operating Margin           (7.8%)  (38.0%) (28.1%) -       -

The sequential decrease in operating expenses was primarily due to (1) the
impairment loss on long-lived assets of US$6.1 million recorded in Q3 2012 for
the discontinuation of 200 MW of monocrystalline wafer furnace production
capacity and (2) the goodwill impairment charge of US$5.8 million recorded in
Q3 2012 for the Company's solar cell and module business acquired in 2009,
offset by (3) an intangible asset impairment loss of $3.8 million to reflect a
decrease in the value of the business license for the Company's Sichuan
polysilicon plant and (4) a normalizing of research and development ("R&D")
expenses, after the Company had decreased its R&D expenses in Q3 2012 to save
costs. Operating expenses represented 11.1% of total revenues in Q4 2012,
compared to 20.0% in Q3 2012.

Foreign Exchange Gain

The Company had a foreign exchange gain of US$3.1 million in Q4 2012,
primarily due to the appreciation of the renminbi ("RMB") against the US
dollar. The Company also recognized a US$0.9 million gain on derivatives,
compared to a loss of US$0.3 million in Q3 2012, as the price of the Company's
RMB hedging and purchase contracts were higher than the current exchange
rates.

Net Loss Attributable to Holders of Ordinary Shares

                       4Q12    3Q12    4Q11
Net Loss (US$mln)      ($49.8) ($78.6) ($36.7)
Diluted Loss per Share ($0.29) ($0.46) ($0.21)
Diluted Loss per ADS   ($0.58) ($0.91) ($0.43)

The Company's Q4 2012 net income was negatively impacted by a US$16.7 million
impairment of deferred tax assets.

Full Year 2012 Results

Solar Wafer and Module Shipments

                             FY12    FY11    Y-o-Y%
Total Solar Wafer and Module 2,209.0 1,294.8 70.6%
Shipments (MW)
Wafer Shipments (MW)         1,496.2 1,014.1 47.5%
Module Shipments (MW)        712.8   280.7   153.9%

The increase in solar product shipments was the result of strong demand for
both the Company's solar wafers and modules, especially the Company's Virtus
products.

Net Revenues

                      FY12   FY11   Y-o-Y%
Net Revenues (US$mln) $969.1 $985.3 (1.6%)

The decrease in revenues was the result of the declines in solar wafer and
module ASPs, offset by an increase in solar product shipments.

Gross Profit (Loss)

                             FY12    FY11  Y-o-Y%
Gross Profit (Loss) (US$mln) ($35.7) $96.1 (137.2%)
Gross Margin                 (3.7%)  9.7%  -

The decrease in gross profit was primarily due to the declines in solar wafer
and module ASPs, as well to as inventory write-downs to reflect the
significant drop in prices for polysilicon, solar wafers and solar modules.

Operating Income (Loss)

                                 FY12     FY11  Y-o-Y%
Operating Expenses (US$mln)      $143.3   $84.5 69.6%
Operating Income (Loss) (US$mln) ($179.0) $11.5 (1,651.1%)
Operating Margin                (18.5%)  1.2%  -

The increase in operating expenses was primarily due to (1) an increase of
US$16.4 million in sales and marketing expenses in conjunction with the
Company's expansion of its business outside of China (2) an increase of
US$12.3 million in general and administrative expenses as a result of
increased headcount associated with the expansion of the Company's solar
module business and (3) a one-time gain of US$13.5 million recorded in 2011
for the forfeiture of a prepaid deposit due to the breach of a solar wafer
contract by one of the Company's clients, as well as (4) an impairment loss on
long-lived assets of US$6.4 million, (5) a goodwill impairment charge of
US$6.2 million and (6) an intangible asset impairment loss of $3.8 million to
reflect a decrease in the value of the business license for the Company's
Sichuan polysilicon plant in 2012. Operating expenses represented 14.8% of
total revenues in 2012, compared to 8.6% in 2011.

Net Income (Loss) Attributable to Holders of Ordinary Shares

                                  FY12     FY11
Net Income (Loss) (US$mln)        ($203.4) $0.3
Diluted Earnings (Loss) per Share ($1.18)  $0.002
Diluted Earnings (Loss) per ADS   ($2.36)  $0.004

Business Highlights

Research and Development

ReneSola continued to invest in R&D in Q4 2012 to improve the technology
behind its products and manufacturing. With regard to solar wafers, the
Company's next generation Virtus A+++ wafers with average efficiencies of
17.6% to 17.8% are now in trial production. With regard to solar modules, the
Company's 60-cell 260 W Virtus II modules with efficiencies of 16% are now
also in trial production, and the Company's 60-cell 260 W Virtus I modules are
now in full production. ReneSola is currently developing a frame-integrated
microinverter, the second-generation Micro Replus, which is expected to reduce
costs to ReneSola customers by 20% compared to the first generation model. The
Company also aims to provide its DC optimizer product in the second half of
2013, and continues to research small-scale storage systems with a plan to
market such products by mid 2013. In addition, ReneSola is developing a PV
home kit solution with a plan to market it by mid 2013.

Solar Module Business

ReneSola delivered 320.5 MW of solar modules, of which nearly all were Virtus
modules, in Q4 2012, compared to 145.3 MW of solar modules, of which 101.7 MW
were Virtus modules, in Q3 2012. For Q4 2012, the Company's solar module ASP
was US$0.63/W and total solar module selling cost was approximately US$0.60/W,
compared to approximately US$0.65/W in Q3 2012. Gross margin for the Company's
solar module business was approximately 4.7% in Q4 2012, compared to
approximately 1.0% in Q3 2012. The Company expects to continue to reduce its
solar module manufacturing costs through improvements in its manufacturing
methods and reductions in material costs. In Q1 2013, the Company expects its
total solar module production cost to decrease to approximately US$0.55/W and
its shipments to decrease to a range of 280 MW to 300 MW due to seasonality.
For the full year 2013, the Company expects its total solar module shipments
to increase 100% year over year to a range of 1.4 GW to 1.6 GW. The Company
will not expand solar module capacity, but may instead outsource some
production to third parties under ReneSola's supervision and brand, and in
compliance with localization rules in some jurisdictions.

In order to address the challenges presented by potential European
countervailing duties, the Company has signed over 400 MW of overseas tolling
contracts and may expand this further after the final ruling.

Solar Wafer Business

For Q4 2012, ReneSola's solar wafer ASP was US$0.24/W and blended non-silicon
solar wafer processing cost was US$0.12/W, a decrease from US$0.15/W in Q3
2012 as a result of the Company's continued cost-reduction efforts. In Q4
2012, the Company produced approximately 514 MW of solar wafers, of which 484
MW were Virtus A++ wafers. The Company's next generation Virtus A+++ wafers
with average efficiencies of 17.6% to 17.8% are now in trial production. Gross
margin for the Company's solar wafer business was approximately 1.9% in Q4
2012, compared to approximately negative 7.5% in Q3 2012. The Company expects
non-silicon solar wafer processing cost in its Virtus A++ manufacturing
facilities to reach US$0.11/W by the end of Q1 2013, with overall blended
non-silicon solar wafer processing cost expected to remain at this level
throughout 2013. The Company's solar wafer capacity is expected to remain at
2.0 GW throughout 2013.

Polysilicon Production

In Q4 2012, ReneSola produced approximately 327.2 metric tons ("MT") of
polysilicon, a decrease from approximately 1,175.7 MT in Q3 2012 as a result
of the temporary halt of polysilicon production at the end of October 2012 to
upgrade the Company's facilities and equipment, as well as integrate Phase II
with Phase I. Combined production for the newly integrated polysilicon plant
is now in trial production. The Company's polysilicon production capacity is
currently 10,000 MT.

As a result of the temporary production halt, upgrade and integration of the
Company's polysilicon facilities, the Company now expects its polysilicon
production facilities to have a polysilicon production cost of approximately
US$18/kg for the combined phases by the end of Q2 2013.

Company Headcount

ReneSola currently has approximately 8,200 employees, compared to 7,595
employees as of the end of 2011.

Recent Business Developments

  oIn March 2013, ReneSola announced that its installer and EPC customers may
    now offer leases to qualified residential customers without a down payment
    through Sunnova's leasing program.
  oIn March 2013, ReneSola began offering SolarSafe warranty insurance, which
    offers both performance guarantees and warranties of product quality, for
    its solar PV modules.
  oIn February 2013, ReneSola announced it had shipped over 100 MW of PV
    modules to customers in Australia since January 2012.
  oIn February 2013, ReneSola introduced its new PV home kit solution at the
    6th International Photovoltaic Power Generation Expo in Tokyo, Japan.
  oIn February 2013, ReneSola announced it had established a Japanese
    subsidiary, ReneSola Japan Ltd., in October 2012 to drive sales and
    business development in Japan. In addition, the Company applied for its
    products to be listed by the Japan Photovoltaic Expansion Center for
    eligibility to receive installation subsidies from the Japanese
    government.
  oIn February 2013, ReneSola announced its 72-cell polysilicon modules were
    listed by Underwriters Laboratories ("UL") as meeting required standards
    for use in PV systems up to 1,000 volts. At the same time, its 60-cell and
    72-cell modules were listed by UL as meeting required standards for use in
    PV systems up to 600 volts.
  oIn February 2013, ReneSola announced that a total of more than 100 MW of
    its PV modules had been distributed, installed and connected to the grid
    in Greece since November 2011.
  oIn January 2013, ReneSola announced its 60- and 72-cell polysilicon and
    monosilicon solar modules exceeded their power output guidelines when
    assessed by a third-party flash test.
  oIn January 2013, ReneSola showcased its latest solar energy-based
    solutions at the World Future Energy Summit in Abu Dhabi, UAE.
  oIn January 2013, ReneSola announced that it had been awarded its first
    contract in the Middle East, by Taibah University in Medina, Makkah
    Province, Saudi Arabia, to provide 15 kilowatts of solar modules to be
    used to test off-grid solutions.
  oIn January 2013, ReneSola announced its 245 W quasi-monocrystalline Virtus
    I module ranked first in terms of performance ratio among all comparable
    modules for the month of October, as tested by PHOTON International, a
    leading solar power trade publication.
  oIn December 2012, ReneSola announced its microinverter, Micro Replus,
    formally obtained a Certificate of Approval from SAA Approvals, a
    third-party certification body accredited to issue Certificates of
    Approval for electrical equipment that complies with the safety
    requirements of the applicable Australian standard.
  oIn December 2012, ReneSola announced it had agreed to ship 4.3 MW of its
    high-quality solar modules to E.ON Climate & Renewables GmbH, an
    award-winning unit responsible for industrial-scale renewable activities
    within E.ON AG, one of the world's largest investor-owned power and gas
    companies.

Liquidity and Capital Resources

Net cash inflow from operating activities was US$25.8 million in Q4 2012,
compared to net cash outflow of US$46.0 million in Q3 2012. Net cash and cash
equivalents plus restricted cash were US$268.1 million at the end of Q4 2012,
compared to US$335.2 million at the end of Q3 2012.

Total debt was US$790.2 million at the end of Q4 2012, compared to US$850.3
million at the end of Q3 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$733.6 million in Q4 2012, compared to US$715.8
million in Q3 2012.

Capital expenditures were US$21.3 million in Q4 2012, primarily to expand the
Company's polysilicon production capacity and integrate Phase II of its
Sichuan polysilicon production plant, as well as build up its horizontal and
project businesses.

2013 Capacity Expansion Plans and Related Capital Expenditure

The Company expects to spend approximately US$60 million this year to complete
its polysilicon production capacity upgrade, as well as to maintain and
upgrade its existing businesses.

Outlook

For Q1 2013, the Company expects total solar wafer and module shipments to be
in the range of 660 MW to 680 MW, with solar module shipments expected to be
in the range of 280 MW to 300 MW. Revenues are expected to be in the range of
US$260 million to US$270 million and gross margin is expected to be positive.

For the full year 2013, the Company expects total solar wafer and module
shipments to be in the range of 2.7 GW to 2.9 GW, with solar module shipments
expected to be in the range of 1.4 GW to 1.6 GW.

Conference Call Information

ReneSola's management will host an earnings conference call on Thursday, March
14, 2013 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:  +1-718-354-1231
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 March 21, 2013:

International:   +1-646-254-3697
Passcode:  16435640

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 Ltd
Tel: +86-573-8473-9011
Email: ir@renesola.com 

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel:+86-10-8520-3073
Email: sol@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: sol@ogilvy.com



RENESOLA LTD
Unaudited Consolidated Balance Sheet
(US dollars in thousands)
                                               Dec 31,    Sep 30,    Dec 31,
                                               2012       2012       2011
ASSETS
Current assets:
Cash and cash equivalents                    93,283     265,421    379,039
Restricted cash                              174,828    69,749     58,335
Accounts receivable, net of allowances for    216,835    139,473    129,636
doubtful accounts
Inventories                                   254,880    236,477    154,182
Advances to suppliers-current                 23,614     17,757     16,164
Amounts due from related parties              10,804     828        6,207
Value added tax recoverable                   34,962     50,270     41,858
Income tax recoverable                        2,753      1,689      7,956
Prepaid expenses and other current assets    32,799     27,801     18,718
Project assets                                25,802     21,622     -
Prepayment for investment                     -          1,298      -
Deferred convertible bond issue costs-current 784        784        784
Derivative assets                             660        269        881
Assets held-for-sale                          -          -          6,453
Deferred tax assets-current                   6,399      28,725     12,709
Total current assets                         878,403    862,163    832,922
Property, plant and equipment, net            1,102,562  1,021,147  980,165
Prepaid land use right                        49,937     48,883     48,564
Deferred tax assets-non-current               48,818     45,032     25,157
Deferred convertible bond issue               1,726      1,922      2,510
costs-non-current
Advances to suppliers-non-current             6,540      10,191     17,644
Advances for purchases of property, plant and 8,317      43,198     25,867
equipment
Other long-term assets                        2,546      11,570     10,501
Goodwill                                      -          324        5,646
Total assets                                 2,098,849  2,044,430  1,948,976
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings                        733,618    715,825    570,894
Accounts payable                             483,637    395,637    235,814
Advances from customers-current               40,384     35,574     58,238
Amounts due to related parties               18,826     3,291      4,913
Other current liabilities                    162,737    105,795    114,969
Income tax payable                            2,906      1,472      4,111
Deferred tax liabilities                      112        1,057      220
Derivative liabilities                        975        1,766      218
Total current liabilities                    1,443,195  1,260,417  989,377
Convertible bond payable-non-current          111,616    111,616    111,616
Long-term borrowings                         56,580     134,451    144,669
Advances from customers-non-current           32,271     38,668     48,051
Warranty                                     10,317     8,124      12,835
Deferred gain                                 29,894     29,925     29,141
Other long-term liabilities                  11,014     12,171     12,145
Total liabilities                            1,694,887  1,595,372  1,347,834
Shareholders' equity
 Common shares                              421,461    421,452    422,314
 Additional paid-in capital                 5,250      4,628      4,111
 Treasury stock                              -          -          (1,944)
 Retained earnings/(Accumulated losses)      (98,590)   (48,745)   104,859
 Accumulated other comprehensive income     75,329     71,200     71,646
Total equity attribute to ReneSola Ltd        403,450    448,535    600,986
Noncontrolling interest                       512        523        156
Total shareholders' equity                   403,962    449,058    601,142
Total liabilities and shareholders' equity   2,098,849  2,044,430  1,948,976



RENESOLA LTD
Unaudited Consolidated Statements of Income
(US dollar in thousands, except ADS and share data)
                     Three Months Ended                     Twelve Months Ended
                     Dec 31,      Sep 30,      Dec 31,      Dec 31,      Dec 31,
                     2012         2012         2011         2012         2011
Net revenues         306,454      218,155      187,691      969,132      985,279
Cost of revenues     (296,193)    (257,381)    (231,061)    (1,004,826)  (889,226)
Gross profit (loss)  10,261       (39,226)     (43,370)     (35,694)     96,053
GP%                  3.3%         (18.0%)      (23.1%)      (3.7%)       9.7%
Operating (expenses)
income:
Sales and marketing  (11,097)     (9,741)      (5,487)      (33,646)     (17,233)
General and          (12,074)     (14,985)     (8,269)      (50,882)     (38,550)
administrative
Research and         (10,612)     (8,087)      (11,546)     (44,102)     (47,055)
development
Other
operatingincome     3,894        1,116        15,984       1,613        18,327
(expenses), net
Impairment of
long-lived           -            (6,104)      -            (6,395)      -
assets
Goodwill impairment  (378)        (5,783)      -            (6,161)      -
Intangible asset     (3,764)      -            -            (3,764)      -
impairment
Total operating      (34,031)     (43,584)     (9,318)      (143,337)    (84,511)
expenses
Income (loss) from   (23,770)     (82,810)     (52,688)     (179,031)    11,542
operations
Non-operating
(expenses) income:
Interest income      1,380        1,668        2,187        7,118        7,862
Interest expense     (12,950)     (12,821)     (11,042)     (50,629)     (37,190)
Foreign exchange     3,054        2,054        1,816        1,386        6,612
gain
Other-than-temporary
impairment loss on   -            -            (1,836)      -            (6,207)
available-for-sale
investment
Gain on repurchase
of                   -            -            8,197        -            28,350
convertible bonds
Gain (loss) on
derivatives,         881          (302)        3,603        (54)         (15,297)
net
Investment loss      -            -            -            -            (192)
Total non-operating  (7,635)      (9,401)      2,925        (42,179)     (16,062)
(expenses) income
Income (loss) before
income tax,          (31,405)     (92,211)     (49,763)     (221,210)    (4,520)
noncontrolling
interests
Income tax benefit   (18,442)     13,586       13,069       17,714       4,851
(expense)
Net income (loss)    (49,847)     (78,625)     (36,694)     (203,496)    331
Less: Net loss
attributed to        (2)          (18)         (2)          (47)         (2)
noncontrolling
interests
Net income (loss)
attributed to        (49,845)     (78,607)     (36,692)     (203,449)    333
holders of
ordinary shares
Earnings per share
 Basic              (0.29)       (0.46)       (0.21)       (1.18)       0.00
 Diluted            (0.29)       (0.46)       (0.21)       (1.18)       0.00
Earnings per ADS
 Basic              (0.58)       (0.91)       (0.43)       (2.36)       0.00
 Diluted            (0.58)       (0.91)       (0.43)       (2.36)       0.00
Weighted average number of shares
used in
computing earnings per share
 Basic              172,773,664  172,683,229  172,613,664  172,671,369  173,496,901
 Diluted            172,773,664  172,683,229  172,613,664  172,671,369  173,870,162



RENESOLA LTD
Unaudited Condensed Consolidated Statement of Comprehensive Income
(US dollar in thousands)
                            Three Months ended             Twelve Months Ended
                            Dec 31,   Sep 30,   Dec 31,   Dec 31,     Dec 31,
                            2012      2012       2011      2012        2011
Net income (loss)           (49,847)  (78,625)   (36,694)  (203,496)   331
Other comprehensive
income,
net of tax
Foreign exchange
translation                 4,129     5,490      5,588     3,683       32,422
adjustment
Change in fair value of
available                   -         -          -         -           2,330
for sale investment
Changes in fair value of
cash                        -         -          -         -           713
flow hedges
Other comprehensive
income, net                 4,129     5,490      5,588     3,683       35,465
of tax
Comprehensive income        (45,718)  (73,135)   (31,106)  (199,813)   35,796
(loss)
Less: comprehensive loss
attributable to             (2)       (18)       -         (47)        (2)
non-controlling
interest
Comprehensive income
(loss)                      (45,716)  (73,117)   (31,106)  (199,766)   35,798
attributable to Renesola



RENESOLA LTD
Unaudited Consolidated Statements of Cash Flow
(US dollar in thousands)
                                              For the year ended December 31,
                                              2012                2011
Cash flow from operating activities:
Net income (loss)                             (203,496)           331
Adjustment to reconcile net income to net
cash (used in) provided by operating
activity:
 Impairment of long-lived assets             6,438               -
 Investment loss                             -                   193
 Inventory write-down                        59,313              48,992
 Depreciation and amortization               93,504              82,731
 Amortization of deferred convertible bond   784                 881
issuances costs and premium
 Allowance of doubtful receivables and       659                 (1,375)
advance to suppliers
 Loss on derivatives                         54                  15,297
 Share-based compensation                    2,221               4,360
 Loss on disposal of long-lived assets       935                 558
Gain on repurchase of convertible bonds      -                   (28,350)
Other-than-temporary impairment loss on      -                   6,207
available-for-sale investment
Provision(Reversal) for firm purchase        (3,931)             3,940
commitment
Provision for litigation                     2,046               -
Impairment of goodwill                       6,161               -
Impairment of Intangible assets              3,764               -
Changes in assets and liabilities:
 Accounts receivables                        (98,242)            (79,456)
 Inventories                                 (157,339)           (24,251)
 Advances to suppliers                       3,862               7,196
 Amounts due from related parties            9,378               (888)
 Value added tax recoverable                 7,234               4,274
 Prepaid expenses and other current assets   (4,775)             (954)
 Prepaid land use rights                     767                 (5,056)
 Cash received from government subsidy       -                   1,836
 Accounts payable                            243,916             4,560
 Advances from customers                     (33,634)            (27,025)
 Income tax payable                          4,007               (16,303)
 Other current liabilities                  3,918               (13,293)
 Other long-term liabilities                 (983)               4,681
 Accrued warranty cost                       (2,617)             3,614
 Deferred taxes assets                       (16,975)            (14,759)
 Project assets                              (20,598)            -
Net cash used in operating activities         (93,629)            (22,059)
Cash flow from investing activities:
 Purchases of property, plant and            (113,533)           (132,827)
equipment
 Advances for purchases of property, plant   (22,887)            (19,892)
and equipment
 Purchases of other long-term assets         -                   (239)
 Cash received from government subsidy       1,458               5,296
 Proceeds from disposal of property, plant   187                 155
and equipment
 Changes in restricted cash                  (114,453)           (22,455)
 Cash consideration for acquisition, net     (1,298)             (1,173)
of cash received
 Net cash paid for settlement of             769                 (6,332)
derivatives
 Purchase of investment securities           (759)               -
Net cash used in investing activities        (250,516)           (177,467)
Cash flow from financing activities:
 Proceeds from bank borrowings               1,115,847           898,776
 Repayment of bank borrowings                (1,056,351)         (735,173)
 Cash paid for issuance cost                 -                   (7,155)
 Proceeds from exercise of stock options     -                   149
 Cash paid for ADSs repurchase               -                   (1,944)
 Proceeds from issuance of convertible       -                   200,000
bonds
 Purchase of conversion spread hedges        -                   (23,841)
 Contribution from noncontrolling            404                 157
interests
 Cash paid for repurchase of convertible     -                   (57,055)
bonds
Issue cost refund                           9                   -
Net cash provided by (used in) financing      59,909              273,914
activities
Effect of exchange rate changes               (1,520)             13,949
Net increase in cash and cash equivalent      (285,756)           88,337
Cash and cash equivalent, beginning of year   379,039             290,702
Cash and cash equivalent, end of year         93,283              379,039

SOURCE ReneSola Ltd.

Website: http://www.renesola.com
 
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