Trina Solar Announces Receipt of Favorable Arbitration Award and Adjusts Fourth Quarter and Full Year 2013 Earnings Results

   Trina Solar Announces Receipt of Favorable Arbitration Award and Adjusts
              Fourth Quarter and Full Year 2013 Earnings Results

PR Newswire

CHANGZHOU, China, March 20, 2014

CHANGZHOU, China, March 20, 2014 /PRNewswire/ -- Trina Solar Limited (NYSE:
TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV")
modules, solutions, and services, today announced it has received US$20.4
million from a customer in an arbitration settlement involving an outstanding
account balance under a solar module purchase agreement. The arbitration panel
determined that Trina Solar was entitled to US$20.4 million, which included
the full amount of the outstanding accounts receivable of US$17.4 million
sought by the Company, plus sales tax and accrued interests.

Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our
efforts to pursue outstanding accounts receivable in overseas markets are
delivering positive results. Sound financial management is a key focus for
Trina Solar. We remain strongly committed to maintaining a healthy balance
sheet to support Trina's long-term growth."

The arbitration fund was received subsequent to the Company's fourth quarter
and full year 2013 earnings results. As a result, the accounts receivable
provision of US$5.7 million for bad debt previously accrued has been reversed
in the fourth quarter of 2013. Consequently, related financial numbers
previously stated in the Company's fourth quarter and full year 2013 earnings
release are being adjusted to reflect this event.

For a comparison of the difference in the financial numbers, please refer to
the tables below. To access the Company's full adjusted financial results for
the fourth quarter and full year 2013, please refer to the full income
statements and balance sheets attached at the end of this press release.

Trina Solar Limited
Unaudited Condensed Consolidated Statements of Operations
(US dollars in thousands, except ADS and share data)
                                FortheThreeMonthsEnded  For Year Ended
                                Dec.31, 2013                Dec.31,2013
Line Items                      Adjusted      Previous       Adjusted Previous
General and administrative      19,741        25,445         103,523  109,228
expenses
Total operating expenses        59,314        65,018         256,273  261,978
Operating income (loss)         19,807        14,103         (38,079) (43,784)
Income (loss) before income     14,124        8,420          (85,266) (90,971)
taxes
Net income (loss)               15,258        9,554          (72,236) (77,940)
Net income (loss) attributable  15,464        9,760          (72,026) (77,730)
to Trina Solar Limited
Earnings (loss) per ADS                                            

Basic                           0.22          0.14           (1.01)   (1.09)

Diluted                         0.21          0.13           (1.01)   (1.09)



Trina Solar Limited
Unaudited Condensed Consolidated Statements of Comprehensive Income
(US dollars in thousands)
                                 For the Three Months Ended  For Year Ended
                                 Dec. 31, 2013               Dec. 31, 2013
Line Items                       Adjusted      Previous      Adjusted Previous
Net income (loss)                15,258        9,554         (72,236) (77,940)
Comprehensive income (loss)      18,114        12,410        (66,039) (71,743)
Comprehensive income (loss)
attributable to Trina Solar      18,321        12,617        (65,830) (71,534)
Limited



Trina Solar Limited
Unaudited Condensed Consolidated Balance Sheets Dec. 31, 2013
(US dollars in thousands)
Line Items                                     Adjusted  Previous
Accounts receivable, net                       435,092   429,387
Total Currents assets                          1,521,701 1,515,996
TOTAL ASSETS                                   2,567,229 2,561,525
Retained earnings                              143,369   137,665
Total Trina Solar Limited shareholder's equity 822,196   816,492
Total equity                                   822,479   816,775
TOTAL LIABILITIES AND EQUITY                   2,567,229 2,561,525

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 its 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.

For further information, please contact:

                                        Brunswick Group
Trina Solar Limited                     Ilse Schache
Teresa Tan, CFO
Phone: + (86) 519-8517-6823 (Changzhou) Phone: + (86) 21-6039-6388 (Shanghai)

                                        Email: trina@brunswickgroup.com
Yvonne Young
Head of Investor Relations
Phone: + (86) 519-8517-6878 (Changzhou)
Email: ir@trinasolar.com



Trina Solar Limited
Unaudited Condensed Consolidated Statements of Operations
(US dollars in thousands, except ADS and share data)
                 For the Three Months Ended          For Year Ended
                 Dec.31,   Sep.30,   Dec.31,   Dec.31,   Dec.31,
                 2013        2013                    2013        2012
                                         2012
Net revenues     $ 525,638   $ 548,386   $ 302,746   $1,774,971  $1,296,655
Cost of          446,517     464,955     297,112     1,556,777   1,239,412
revenues
Gross profit     79,121      83,431      5,634       218,194     57,243
Operating
expenses
Selling          33,566      37,511      30,350      132,823     118,885
expenses
General and
administrative   19,741      35,527      40,320      103,523     176,719
expenses
Research and
development      6,007       4,360       5,392       19,926      26,511
expenses
Total operating  59,314      77,398      76,062      256,273     322,115
expenses
Operating        19,807      6,033       (70,428)    (38,079)    (264,872)
income (loss)
Foreign
exchange gain    1,064       8,050       2,582       (13,576)    908
(loss)
Interest         (8,975)     (13,355)    (12,682)    (48,445)    (51,887)
expenses
Interest income  770         1,335       1,244       3,958       8,552
Gain (loss) on
change in fair   729         (79)        2,153       2,180       8,542
value of
derivative
Other income,    729         2,995       1,209       8,696       6,797
net
Income (loss)
before income    14,124      4,979       (75,922)    (85,266)    (291,960)
taxes
Income tax
benefit          1,134       4,918       (11,256)    13,030      25,405
(expense)
Net income       15,258      9,897       (87,178)    (72,236)    (266,555)
(loss)
Loss
attributable to
the              206         4           -           210         -
noncontrolling
interests
Net income
(loss)                                                           $
attributable to  $ 15,464    $ 9,901     $ (87,178)  $ (72,026)  (266,555)
Trina Solar
Limited
Earnings (loss)
per ADS*
Basic            $ 0.22      $ 0.14      $ (1.23)    $ (1.01)    $ (3.77)
Diluted          $ 0.21      $ 0.14      $ (1.23)    $ (1.01)    $ (3.77)
Weighted
average ADS
outstanding*
Basic            71,064,192  71,017,284  70,772,050  71,071,055  70,696,594
Diluted          72,526,455  71,757,097  70,772,050  71,071,055  70,696,594
* "ADS" refers to any of our American depository shares, each
representing 50 ordinary shares.
Trina Solar Limited
 Unaudited Condensed
Consolidated Statements of Comprehensive Income
(US dollars in thousands)
                 For the Three Months Ended          For Year Ended
                 Dec.31,   Sep.30,   Dec.31,   Dec.31,   Dec.31,

                 2013        2013        2012       2013        2012
Net income       $ 15,258    $ 9,897     $ (87,178)  (72,236)    (266,555)
(loss)
Other
comprehensive
income (loss):
 Foreign
currency         2,856       (1,021)     (877)       6,197       (2,985)
translation
adjustments
Comprehensive    18,114      8,876       (88,055)    (66,039)    (269,540)
income (loss)

Comprehensive
loss             207         4           -           209         -
attributable to
non-controlling
interests
Comprehensive
income (loss)                                                    $
attributable to  $ 18,321    $ 8,880     $ (88,055)  $ (65,830)  (269,540)
Trina Solar
Limited



Trina Solar Limited
Unaudited Condensed Consolidated Balance Sheets
(US dollars in thousands)
                                           Dec. 31,   Sep. 30,       Dec. 31,
                                           2013       2013           2012
ASSETS
Current assets:
Cash and cash equivalents                  $       $   448,602  $   
                                           486,686                  807,276
Restricted cash                            74,720     109,180        110,920
Inventories                                244,532    278,124        318,504
Project assets, current portion            73,305     58,948         7,960
Accounts receivable, net                   435,092    603,009        390,157
Current portion of advances to suppliers,  68,253     65,518         57,846
net
Prepaid expenses and other current         139,113    98,455         72,824
assets, net
Total current assets                       1,521,701  1,661,836      1,765,487
Property, plant and equipment, net         889,752    838,841        893,340
Project assets, net of current             6,097      10,271         23,398
portion
Land use rights, net                       43,287     43,451         41,961
Advances to suppliers, net of current      41,908     69,405         86,993
portion
Investment in equity affiliates            11,770     12,899         10,961
Deferred income tax assets, net            50,901     62,411         41,048
Other noncurrent assets                    1,813      1,364          1,669
TOTAL ASSETS                               $        $ 2,700,478   $  
                                           2,567,229                 2,864,857
LIABILITIES AND EQUITY
Current liabilities:
 Short-term borrowings, including      $                      $   
current portion of                         935,590   $   965,569  875,821
 long-term borrowings
 Accounts payable                         476,533    573,744        428,626
 Convertible senior notes                 -          -              83,582
 Accrued expenses and other current       128,420    122,316        91,126
liabilities
Total current liabilities                  1,540,543  1,661,629      1,479,155
Long-term bank borrowings, excluding       100,502    136,136        415,150
current portion
Accrued warranty costs                     81,743     76,924         65,780
Other noncurrent liabilities               21,962     23,765         22,987
Total liabilities                          1,744,750  1,898,454      1,983,072
Ordinary shares                            36         40             40
Additional paid-in capital                 663,388    661,304        656,944
Retained earnings                          143,369    127,905        215,395
Accumulated other comprehensive income     15,403     12,546         9,206
Total Trina Solar Limited shareholders'    822,196    801,795        881,585
equity
Non-controlling interests                  283        229            200
Total equity                               822,479    802,024        881,785
TOTAL LIABILITIES AND EQUITY               $        $ 2,700,478   $  
                                           2,567,229                 2,864,857

SOURCE Trina Solar Limited

Website: http://www.trinasolar.com
 
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