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| Share Name | Share Symbol | Market | Stock Type |
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| Renesola | SOLA | London | Ordinary Share |
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| 0.00 | 0.00% | 281.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 281.50 | 281.50 |
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Posted at 18/6/2016 08:49 by ariane Siemens, Gamesa to form world’s largest wind farmJune 18, 2016 Print Send to Friend MADRID/FRANKFURT: Siemens and Spain’s Gamesa agreed on Friday to create the world’s biggest builder of windfarms, with the German company paying 1 billion euros ($1.13 billion) for a majority stake in the combined business. The group would bring together Siemens’ strength in offshore wind power and Gamesa’s leading role in developing markets. Months in the making, the venture would overtake Denmark’s Vestas to become the world’s largest wind farm manufacturer by market share, operating in the mature North American and European markets and fast-growing markets such as India, Mexico and Brazil. Engineering company Siemens, which has struggled to make its wind turbine business profitable, will take a 59 per cent stake in the company but not have a majority on the board, Gamesa said in a statement to Spain’s market regulator. In return for taking the leading role, Siemens will pay Gamesa’s shareholders, which include Spanish utility firm Iberdrola, 1 billion euros in cash in the form of an extraordinary dividend. The businesses will be combined within Gamesa which will retain its Madrid listing. The Spanish group is creating new shares to be offered to Siemens, whose other products include trains, power network equipment and medical body scanners. Cost savings and benefits from the new business, which will be operational by the end of the first quarter of next year, will be worth 230 million euros of earnings before interest and taxes (EBIT) within four years, Gamesa said. The combined group’s order portfolio would be worth some 20 billion euros, it added. Siemens is dominant in the offshore wind market but relatively weak onshore. Gamesa is strong in emerging markets, notably Latin America, where it expanded when the Spanish government cut subsidies to clean energy producers in 2013. Iberdrola, which backed the proposed merger, will see its stake in Gamesa diluted to 8 per cent from almost 20 per cent. Shares in Gamesa, which were suspended from trading after the initial announcement, reopened up 5.3 per cent at 1245 GMT, against a 2.1 per cent rise on Spain’s blue-chip Ibex index. The combined business will have 21,000 employees, an installed power base of 69 gigawatts, and will be headquartered in Spain. Siemens will have five out of the 13 board members in the new group, Gamesa said, with Iberdrola having two of its own. The deal would be the latest in a string of mergers in the wind industry. Having weathered years of overcapacity and losses, it is now thriving as demand for carbon-free electricity increases. Getting bigger should also help to lower costs, one of the industry’s key targets in its race for more efficient turbines, which in turn will make it more competitive compared to conventional sources of energy such as gas and coal. Agencies |
Posted at 24/10/2015 13:25 by 4pens Sola interesting/funny/cr |
Posted at 07/1/2011 15:19 by corvus_corax Over the past few years I have been extremely interested in the earth's climate change, and more important the change to civilisation as we know it. The more I studied the less I became focused on global warming being the real reason for global weather system changes on earth. I started to research our planets changes from the very beginning like I would analyse charts for the stock market. You can learn from looking back in history (time) and use the knowledge for going forward. As I studied the changes of our weather patterns and global warming, my research kept pointing to four studies:1. Solar Magnetic Cycles. 2. Polar Pivotal Axis. 3. Year 2012 4. Planet X known as Ribiru. Once I had the four main ingredients of my research, I filtered each one using a spider system to try and identify fact from fiction. The scientific facts I found were as follows. Solar Magnetic Cycles : The number of sunspots visible on the Sun is not constant, but varies over an 11-year cycle known as the solar cycle like clockwork. At a typical solar minimum, few sunspots are visible, and occasionally none at all can be seen. Those that do appear are at high solar latitudes. As the sunspot cycle progresses, the number of sunspots increases and they move closer to the equator of the Sun, a phenomenon described by Spörer's law. Sunspots usually exist as pairs with opposite magnetic polarity. The magnetic polarity of the leading sunspot alternates every solar cycle, so that it will be a north magnetic pole in one solar cycle and a south magnetic pole in the next. Twenty two years to complete. The solar cycle has a great influence on space weather, and is a significant influence on the Earth's climate since luminosity has a direct relationship with magnetic activity. Polar Pivotal Axis. Axial precession (precession of the equinoxes) Axial precession is the movement of the rotational axis of an astronomical body, whereby the axis slowly traces out a cone. In the case of the Earth, this type of precession is also known as the precession of the equinoxes or precession of the equator. The Earth goes through one such complete processional cycle in a period of approximately 26,000 years, during which the positions of stars as measured in the equatorial coordinate system will slowly change; the change is actually due to the change of the coordinates. Over this cycle the Earth's north axial pole moves from where it is now, within 1° of Polaris, in a circle around the ecliptic pole, with an angular radius of about 23.5 degrees (or approximately 23 degrees 27 arc minutes [2]). The shift is 1 degree in 72 years, where the angle is taken from the observer, not from the centre of the circle. Year 2012 Mayo Prophecy? The end of an ancient Calendar? The end of the world as we know it? A cosmetic change of consciousness? Planet x known as Nibiru. The idea that there is a tenth planet or other body beyond the orbit of Pluto is becoming popular among astronomers. At a conference held at NASA's Ames Research Centre in June, 1982, a number of researchers discussed the growing evidence that something is out there: perhaps a planet, perhaps the remnant of a burned-out white dwarf or neutron star that was (is) a binary companion to the Sun, perhaps even a black hole. After 100s of hours of research, all I had to do is make sense of it all I'll keep it simple. If you are an investor, the best way to find out about a company is to look around for yourself. If I said to you as a broker buy HMV, don't take my word for it! Go into one of their high street stores and take a good look around. Footfall counts, if the footfall is down (lack of people) this tells you all is not well. Now do the same with the weather on a global scale. We have just had the coldest December on record within the U.K (fact) sea levels are rising (fact) flood barriers are breaking (fact) ice cap is melting (fact) earth quakes are increasing (fact) Our planet is heating up! It is logical to think global warming is to blame and in truth it is not helping, but there is a far more serious explanation. Scientific under water research has found that our magnetic poles have changed more than once throughout history, and only this week in Florida Tampa airport had to close runways in order to re align markers to their new pole positions. We have all seen Queensland's floods on the news this last few weeks as floods take on new highs. Since the beginning of 2010, we have witnessed and immediate and noticeable increase in the number of earthquakes occurring all over the place. In California on January 9, 2010 an earthquake struck off the shores of Northern California measuring at 6.5. On January 12, 2010, the island of Haiti was struck by an earthquake measuring on the Richter scale at 7.0. Weeks later and on February 12, 2010, Cuba itself experienced a minor earthquake measuring at 5.4, and in other parts of the world even countries such as Russia and China experienced a jolt and earth pains of their own on February 17, 2010 measuring at 6.5. As we watch once again, no doubt, many may be asking what does all this death and destruction worldwide mean. Our planets poles are moving once again. This is caused by the suns solar systems pull, a energy called solar magnetic cycles that pulls the earth's magnetic poles. If you spin a bicycle wheel at fast speed and throw a small bamboo Cain into the wheel as it is spinning, the wheel's forward energy will become distorted. The wheel will jump and slow down and in some cases the force will send the wheel in the opposite direction. Our planets poles are being slowly pulled as the energy from our sola system increases. Something has entered our solar system, this something is called planet X or Nibiru. Nibiru is the bamboo cane that entered the wheel. Nibiru was discovered as fact by NASA in 1983 IRAS . The world media wrote about the discovery, but soon stopped when they knew Nibiru was the size of Jupiter and had a direct ticket to earth having entered our solar syatem. All media news was blacked out. NASA now deny any discovery with media black out. Fact The South Pole Telescope (SPT). Far more powerful capable and survivable than the 1983 IRAS spacecraft and Hubble Space Telescope put together, this manned observatory is tracking Planet X / Nibiru from the pristine skies of Antarctica. Why have America spent a massive fortune to transport this massive facility with massive C-130 airlift to the most desolate, inhospitable and inaccessible region of the world to track this massive inbound? Because this is where astronomers will find their ultimate Kodak moment and this is good news. Their resulting multi-spectrum observations will translate into life-saving data. The Maya Calendar ends at 11:11 GMT on December 21, 2012. This is a fact. Many of us are aware of the Mayan calendar but not many people truly understand what it means and how it works. Yes the calendar does end on December 21, 2012, but what does that mean? The Mayans where an extremely clever mathematical race who spent days plotting time. The Mayan calendar has been proven to be more advance than the 365 day calendar we use today. The calender stops on December 21st 2012. Many people speculate the end of the world, this is not true, it is the start of a new world. This does not mean humans are invited. The earth has been in the sola system for millions of years and will continue its path. This apocalyptic date of December 21, 2012 is also supposedly found in Hopi myths, the I-Ching, Aztec writings, Egyptian hieroglyphs, Roman Oracles, writing of Seneca Elders, the chief Shaman of the Cherokee Tribe in NC, and even the writings of Nostradamus, The Russian mathematician Sergey Smelyakov of Khartov University taking the constant Phi (1.6180339), the so called Golden Mean or the Fibonacci sequence, and applying it to solar activity and planetary orbits, found that everything seemed to spiral in on itself on December 21, 2012 implying a time implosion or point of bifurcation. We have written tablets and writings that indicate every 360,000 years Nibiru enters our solar system and destroys our planet as we know it. Nibiru has entered our solar system once again and the 360,000 cycle will complete on 2012 December 21st. The effects of Nibiru are taking place right now as the planet closes in on earth. Governments around the world have been building underground arks for the past 25yrs, but only the elite will be picked and unfortunately we are not invited. The proof is out there, your own eyes do not lie. Do not be fooled just keep looking |
Posted at 17/11/2010 12:17 by liyangnano Major 1st tier poly-silicon makers pushed the spot price to US$80.Due to the strong demand from solar PV wafer makers, major poly-silicon follow the market demand to push their selling price to around US$80 in Nov. However, this also made solar PV wafer makers continue to drive solar PV wafer prices up as well. Although all solar PV players believe that solar PV system demand will drop in 1Q11, all solar PV component prices should drop in 1Q11. After the solar PV component price drop in 1Q11, some solar PV makers expect that solar PV system demand will be back after 1Q11 and solar PV demand will pick up again. Unfortunately, because of the poly-silicon price up in the past two months, all solar PV makers forecast that solar PV component prices will be higher than their original forecast in 3Q10. PVinsights think that high solar PV component prices will definitely slow solar PV demand. I just cant believe what happened with SOLA in the past weeks. :((((((((((!!!!!!!!! |
Posted at 09/11/2010 10:07 by markhutch News of other solars - all beating estimates and upgrading full year guidance.........has to be positive for Sola....maybe the pullback after results has closed all the recent gaps on the $ chart and we can now push northwards...I will get this right one day.....LDK Solar Co. /quotes/comstock/13* Solar stocks eclipsed most other industries Monday, boosting the group further up the rankings. STR Holdings (STRI) and GT Solar (SOLR) led the group. STR popped 8% and GT Solar vaulted 7%, both in heavy trade. There was no apparent news on STR. But GT Solar posted its fiscal Q2 results after the market closed Friday. Earnings shot up 367%, well above analysts' expectations. Revenue more than doubled to $244.6 million, vs. analysts' consensus of $199.2 million. GT Solar holds an EPS Rating of 99, but has yet to form its first base above $10. The company makes equipment used to manufacture silicon solar cells and other components. It has been a key player in outfitting the rapid buildup of China's solar component industry. Jinko Solar (JKS), Yingli Green Energy (YGE) and Trina Solar (TSL) are rapidly expanding manufacturing capacity and production, leading the expansion of the industry in China. GT last year reported that 62% of its $544 million in revenue came from China-based customers. In the second quarter, GT's operating margins jumped to 29.9%, up from 14.8% a year ago and from 20% in the first fiscal quarter. The company said net new orders for the quarter were $264.1 million vs. $30.7 million a year ago. GT also raised its fiscal year earnings and revenue guidance well above expectations. On Monday, GT Solar said it would repurchase and retire 26.5 million shares from private equity investors at approximately $7.66 each. The deal would lower shares outstanding from about 151 million to some 124 million, the company said. LDK Solar (LDK) rose 2% during normal trade, then jumped after hours. After the close, the company reported EPS and sales above expectations, and raised its Q4 and full-year guidance. |
Posted at 05/11/2010 10:48 by topinfo DJ ReneSola LTD ReneSola Ltd Announces Third Quarter 2010 Results TIDMSOLA ReneSola Ltd Announces Third Quarter 2010 Results Company achieves record results with revenues of US$358.7 million, quarterly solar wafer and module shipments of 324.9 MW and net income of US$60.1 million JIASHAN, China, Nov. 5, 2010 /PRNewswire-Asia-Fir (Logo: ) (Logo: ) Third Quarter 2010 Financial and Operating Highlights * Total solar wafer and module shipments in Q3 2010 were a record 324.9 megawatts ("MW"), an increase of 25.8 % from 258.3 MW in Q2 2010. * Q3 2010 net revenues were a record US$358.7 million, an increase of 41.3% from US$253.9 million in Q2 2010. * Q3 2010 gross profit was US$116.7 million with a gross margin of 32.5%, compared to gross profit of US$76.6 million with a gross margin of 30.2% in Q2 2010. * Q3 2010 operating income was US$86.4 million with an operating margin of 24.1%, compared to operating income of US$52.5 million with an operating margin of 20.6% in Q2 2010. * Q3 2010 net income was a record US$60.1 million, representing basic and diluted earnings per share of US$0.35 and basic and diluted earnings per American depositary share ("ADS") of US$0.70. * The Company generated strong operating cash flow of US$118.7 million in Q3 2010, bringing cash and cash equivalents and restricted cash at the end of Q3 2010 to US$286.6 million, compared with US$246.6 million at the end of Q2 2010, while further reducing total debt from US$577.1 million at the end of Q2 2010 to US$542.2 million at the end of Q3 2010. "Continuous cost reduction efforts coupled with robust market demand has led us to deliver another quarter of impressive financial and operating results," said Mr. Xianshou Li, ReneSola's chief executive officer. "As we focus on the production of high-quality wafers supported by module services, our growing in-house polysilicon production capacity will allow us to more effectively hedge our upstream risk and seize opportunities that will further define our company as a leading provider of solar energy." Julia Xu, ReneSola's chief financial officer, added, "Our ongoing emphasis on improving manufacturing efficiencies has led to another quarter of improved margins and a substantial increase in our top and bottom line results. Additionally, our strong cash flow generation and prudent capital expenditures have resulted in a net cash balance of US$286.6 million for the first nine months of 2010, improving our capital structure and positioning us well for further expansion in 2011." Results for the Third Quarter 2010 Product Shipments |
Posted at 20/8/2010 13:16 by standtall DJ ReneSola LTD ReneSola Announces Long-term Agreements TIDMSOLA ReneSola Announces Long-term Wafer Supply Agreements Totalling 836 MW JIASHAN, China, Aug. 20 /PRNewswire-Asia-Fir (Logo: ) (Logo: ) The Company signed a wafer supply agreement with Neo Solar Power Corp ("NSP"). Under the terms of the contract, ReneSola will supply NSP with approximately 293 MW of multicrystalline wafers from July 2010 to December 2013 and approximately 141 MW of monocrystalline wafers from October 2010 to December 2013. The Company also signed a wafer supply agreement with Solartech Energy Corp ("Solartech Energy"). Under the terms of the contract, ReneSola will supply Solartech Energy with approximately 402 MW of multicrystalline wafers from July 2010 to December 2013. Mr. Xianshou Li, ReneSola's chief executive officer, commented, "We continue to leverage the strength of our core wafer business in securing new long-term contracts with key downstream solar companies. Our competitively priced and cost-efficient wafers help to attract strategic global customers and are an important part of many companies' solar solutions. We remain committed to building our core wafer business as we strive to be the industry leader in high-quality solar wafers." About ReneSola ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, low-cost production capabilities and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and OEM services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola's shares are traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). 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: Ms. Feng Qi ReneSola Ltd Tel: +86-573-8477-3903 Email: feng.qi@renesola.com Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-8520-6284 Email: derek.mitchell@ogilv In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: jessica.cohen@ogilvy In the United Kingdom: Mr. Tim Feather / Mr. Richard Baty Westhouse Securities Limited, London Tel: +44-20-7601-6100 Email: tim.feather@westhous richard.baty@westhou END (END) Dow Jones Newswires 20-08-10 1215GMT |
Posted at 23/3/2010 12:36 by deepeshmodasia ReneSola Announces Highlights from Its 2010 Analyst and Investor DayJIASHAN, China, March 23 /PRNewswire-Asia-Fir (Logo: ) Members from ReneSola's senior management team led in-depth discussions regarding the Company's performance and strategies, as well as provided guided tours of its wafer, cell, module and polysilicon production facilities in Jiashan, Zhejiang province; Yixing, Jiangsu province; and Meishan, Sichuan province. Speakers at the event included Mr. Xianshou Li, Director and CEO; Mr. Charles Bai, CFO and recently appointed CSO effective April 1, 2010; Dr. Panjian Li, COO; and Ms. Julia Xu, VP of Corporate Finance and Corporate Communications and recently appointed CFO effective April 1, 2010. Mr. Xianshou Li commented on the event, "We are excited to have hosted our first Analyst and Investor Day, in which we were able to reiterate our strategic vision to become a leading producer of high-quality solar products with large-scale, cost-competitive wafer manufacturing and complementary solar module OEM services." Mr. Li opened the event at the Company's Jiashan headquarters with a presentation highlighting ReneSola's recent milestones and company performance while emphasizing ReneSola's scale and cost advantages as significant drivers for the Company's success. In 2009, ReneSola ranked as one of the top global wafer producers in the world based on total wafer production capacity. The Company expects to achieve continued cost reductions by capitalizing on economies of scale and improved technologies, which are expected to reduce wafer cost to US$0.55 per watt by the end of 2010. Following the presentation and wafer plant tour, participants travelled to Yixing for a tour of JC Solar, the Company's downstream solar module OEM provider. ReneSola expects to see a significant contribution from JC Solar, whose OEM services provide existing wafer customers value-added manufacturing capabilities. The Company currently has contracts for over 250 megawatts ("MW") of solar modules in 2010 and expects solar module production capacity to reach 375 MW by the end of March. Mr. Li noted that the Company's OEM contracts, which are usually large and fixed orders over an extended period of time, provide stable returns for the Company. The tour concluded in Sichuan province with participants visiting the Company's polysilicon plant in Meishan. The plant's two phases have begun trial production with Phase 1 expected to achieve closed loop manufacturing integration in March following the activation of Trichlorosilane ("TCS") synthesis and hydrogenation. Closed loop manufacturing for Phase 2 is expected to be fully integrated within a few months. Mr. Li noted that the plant's Meishan location provides important competitive advantages including access to low-cost electricity and a talented pool of experienced engineers located in Sichuan province. ReneSola plans to produce 1,500 to 1,900 metric tonnes ("MT") of polysilicon in 2010, which is expected to help decrease in-house polysilicon production cost to approximately US$40 per kilogram by the end of 2010. ReneSola reiterated that for the full year 2010, the Company expects to ship 900 MW to 950 MW of solar products, while achieving gross margins of 17% to 20% and positive net income. ReneSola also expects to reach wafer production capacity of approximately 1 GW in 2010, contributing to the Company's goal of achieving 10% to 12% of global market share in terms of total solar product shipments. An archived webcast and presentation slides are available on the Investor Relations section of the Company's website at . About ReneSola ReneSola is a leading global manufacturer of solar wafers. Capitalizing on economies of scale, low cost production capabilities and technology innovations, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and solar module OEM services. The Company possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). 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 we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do 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 our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake 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 our situation may change in the future. For investor and media inquiries, please contact: In China: Ms. Feng Qi ReneSola Ltd Tel: +86-573-8477-3903 Email: feng.qi@renesola.com Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-6284 Email: derek.mitchell@ogilv In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: jessica.cohen@ogilvy In the United Kingdom: Mr. Tim Feather / Mr. Richard Baty Westhouse Securities Limited, London Tel: +44-20-7601-6100 Email: tim.feather@westhous richard.baty@westhou SOURCE ReneSola Ltd Back to top RELATED LINKS |
Posted at 10/3/2010 12:22 by deepeshmodasia Fourth Quarter and Full Year 2009 ResultsTIDMSOLA ReneSola Ltd Announces Fourth Quarter and Full Year 2009 Results Company Achieves Record Quarterly and Full Year Product Shipment Volumes; Announces 62 MW Solar Module OEM Agreement JIASHAN, China, March 10 /PRNewswire-Asia-Fir ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009. (Logo: ) Fourth Quarter 2009 Financial and Operating Highlights -- Total solar product shipments in Q4 2009 were a record 202.9 megawatts ("MW"), an increase of 38.1% from 146.9 MW in Q3 2009. -- Q4 2009 net revenues were US$179.9 million, an increase of 27.7% from US$140.9 million in Q3 2009. -- Q4 2009 gross profit was US$4.9 million with a gross profit margin of 2.7%. -- Q4 2009 operating loss was US$20.5 million with an operating margin of negative 11.4%. -- Q4 2009 net loss was US$19.9 million, representing basic and diluted losses per share of US$0.12, and basic and diluted losses per American depositary share ("ADS") of US$0.23. -- Excluding provisions against doubtful receivables, adjusted net loss was US$5.3 million, representing basic and diluted losses per share of US$0.03, and basic and diluted losses per ADS of US$0.06. Full Year 2009 Financial and Operating Highlights -- Total solar product shipments for the full year 2009 exceeded the Company's guidance of 490 MW to 520 MW and were a record 526.6 MW, an increase of 50.4% from 350.1 MW in the full year 2008. -- Full year 2009 net revenues were US$510.4 million, exceeding the Company's guidance of US$470 million to US$500 million. -- Full year 2009 gross loss was US$37.2 million and a gross profit margin of negative 7.3%. -- Full year 2009 operating loss was US$90.6 million and an operating margin of negative 17.7%. -- Full year 2009 net loss was US$63.7 million, representing basic and diluted losses per share of US$0.43, and basic and diluted losses per ADS of US$0.86. -- Excluding inventory write-downs and provisions against doubtful receivables, full year 2009 adjusted net profit was US$22.2 million, representing basic earnings per share of US$0.15, and basic earnings per ADS of US$0.30. Three months Three months Three months ended ended ended 12/31/09 9/30/09 12/31/08 Net revenue (US$000) 179,885 140,945 158,623 Gross profit (loss) (US$000) 4,856 4,738 (130,139) Gross margin (%) 2.7% 3.4% (82.0%) Operating profit (loss) (US$000) (20,476) (7,774) (143,126) Foreign exchange loss (US$000) (495) 116 (1,052) Profit (loss) for the period (US$000) (19,882) (10,171) (128,275) "We were pleased with our record shipment volumes for the fourth quarter and full year 2009 despite a challenging macro environment in 2009," said Li Xianshou, ReneSola's chief executive officer. "Our cost-competitive solar wafer and integrated solar module OEM manufacturing platform has proven effective in driving revenue and volume growth while helping to diversify business risks and further strengthening our core wafer customer relationships." Charles Bai, ReneSola's chief financial officer, added, "During the fourth quarter of 2009, we continued to improve our manufacturing efficiency while expanding our market share worldwide. We worked through the remainder of our high-cost raw materials and expect first quarter 2010 polysilicon cost to be below US$60 per kilogram. We also reduced our average wafer processing cost significantly to approximately US$0.34 per watt. With anticipated further cost reductions in each segment of our business and continuing strong demand for our products and services, we expect to return to profitability in the first quarter of 2010." Results for the Fourth Quarter and Full Year 2009 Product Shipments Total solar product shipments in Q4 2009 were 202.9 MW, an increase of 38.1% from 146.9 MW for Q3 2009, exceeding the Company's guidance. Total solar wafer and module shipments were 187.4 MW and 14.6 MW, respectively, representing increases of 39.5% and 35.2%, respectively, from Q3 2009. For the full year 2009, total product shipments were 526.6 MW, representing an increase of 50.4% from 350.1 MW in the full year 2008. Net Revenues Net revenues for Q4 2009 were US$179.9 million, an increase of 27.7% from US$140.9 million for Q3 2009, exceeding the Company's guidance. Net revenues for Q4 2008 were US$158.6 million. For the full year 2009, ReneSola reported net revenues of US$510.4 million, representing a decrease of 23.9% from US$670.4 million in the full year 2008. Gross Profit (Loss) Gross profit for Q4 2009 was US$4.9 million, compared to gross profit of US$4.7 million in Q3 2009 and gross loss of US$130.1 million in Q4 2008. Gross loss for the full year 2009 was US$37.2 million, compared to gross loss of US$14.3 million in the full year 2008. Operating Loss Total operating expenses for Q4 2009 were US$25.3 million, an increase from US$12.5 million in Q3 2009 and US$13.0 million in Q4 2008. The sequential increase was primarily attributable to a provision of US$14.6 million against doubtful receivables from Linzhou Zhongsheng Semiconductor ("Linzhou Zhongshen") during the quarter. Total operating expenses for the full year 2009 were US$53.3 million, an increase from US$34.2 million in the full year 2008. As previously announced, the Company sold its 49% equity interest in Linzhou Zhongsheng, a joint venture between the Company and Zhongsheng Steel Co. Ltd. (the "JV Partner") to its JV Partner in September 2008 at a total consideration of RMB200 million (US$29.3 million) under certain conditions. The agreement was amended in December 2008 stipulating that, of the total consideration payable to ReneSola, RMB40 million (US$5.9 million) would be paid in cash and RMB160 million (US$23.4 million) would be paid either as a credit through a discount to spot market price against future delivery of polysilicon from the JV, or in cash, at the Company's discretion. However, Linzhou Zhongsheng continued to fail in its obligations to deliver feedstock and the Company has decided to take action to collect the receivables in cash. A provision has been made against the receivables. Operating loss for Q4 2009 was US$20.5 million, compared to operating losses of US$7.8 million for Q3 2009 and US$143.1 million in Q4 2008. Adjusted operating loss for Q4 2009 was US$5.9 million excluding the provision for doubtful receivables. Operating loss for the full year 2009 was US$90.6 million, compared to US$48.5 million in the full year 2008. Adjusted operating loss for the full year 2009 was US$4.7 million excluding inventory write-downs and the provision for doubtful receivables. Operating margin for the full year 2009 was negative 17.7%, compared to negative 7.2% in the full year 2008. Loss Before Income Tax Loss before income tax for Q4 2009 was US$22.5 million, compared to losses of US$11.5 million for Q3 2009 and US$146.9 million in Q4 2008. Loss before income tax for full year 2009 was US$99.7 million, compared to a loss of US$56.5 million for full year 2008. Taxation A tax benefit of approximately US$2.6 million was recognized for Q4 2009, compared with tax benefits of US$1.4 million in Q3 2009 and US$18.3 million in Q4 2008. For the full year 2009, a tax benefit of US$36.0 million was recognized, primarily resulting from inventory write-downs, up from US$2.4 million in the full year 2008. Net Loss Attributable to Holders of Ordinary Shares Net loss attributable to holders of ordinary shares for Q4 2009 was US$19.9 million, compared to net losses attributable to holders of ordinary shares of US$10.2 million in Q3 2009 and US$128.3 million in Q4 2008. Adjusted net loss for Q4 2009 was US$5.3 million. Q4 2009 basic and diluted losses per share were US$0.12, and basic and diluted losses per ADS were US$0.23. Q3 2009 basic and diluted losses per share were US$0.07, and basic and diluted losses per ADS were US$0.14. One ADS is equivalent to two ordinary shares. Net loss for the full year 2009 was US$63.7 million, compared to net loss of US$54.9 million in the full year 2008. Adjusted net profit for the full year 2009 was US$22.2 million excluding inventory write-downs and the provision for doubtful receivables. Full year 2009 basic and diluted losses per share were US$0.43, and basic and diluted losses per ADS were US$0.86. Full year 2008 basic and diluted losses per share were US$0.43, and basic and diluted losses per ADS were US$0.86. Recent Business Developments 600 MW Solar Module OEM Agreement As announced on February 11, 2010, ReneSola signed an OEM agreement to provide 600 MW of solar modules to a major global solar company over a period of three years. According to the terms of the contract, the Company will provide 200 MW of solar modules annually for three years commencing in 2010. 62 MW Solar Module OEM Agreement In addition to the above agreement, the Company has recently signed an additional OEM agreement to provide 62 MW of solar modules to a major global solar company during 2010. CEO Li Xianshou commented, "Our two recent solar module OEM contracts represent important milestones for ReneSola as the company transitions into a leading global wafer company with expanded downstream OEM services. These contracts also demonstrate our ability to leverage our solid relationships with existing wafer customers to win additional OEM business." Sichuan Polysilicon Facility Phase I polysilicon trial production commenced in July 2009 and achieved production output of approximately 194 metric tonnes ("MT") in 2009, lower than previous estimates due to continuous system testing and trial runs. Production cost was higher than previously expected due to continuous trial runs, system testing, outsourced Trichlorosilane ("TCS") and minimal activated hydrogenation processes. With mechanical installation of TCS and hydrogenation equipment completed, trial production of integrated closed loop manufacturing for Phase I is expected in March 2010. Phase II trial production commenced recently and will be incrementally integrated with Phase I. Full integration into the manufacturing system is expected within approximately four to five months. Once fully operational, the integrated closed loop manufacturing system is expected to reduce production costs to US$40 per kilogram by the end of 2010. The Company expects polysilicon production output in 2010 to be in the range of 1,500 MT to 1,900 MT. Convertible Bond Repurchase During Q4 2009, the Company repurchased approximately US$65.0 million (equivalent to RMB444.1 million) aggregate principal amount of its RMB 928,700,000 U.S. Dollar Settled 1.0% Convertible Bonds due March 26, 2012 (the "Bonds"), for a total consideration of approximately US$64.3 million (equivalent to RMB439.3 million). The Company recognized a gain of approximately US$2.64 million. As of December 31, 2009, the Company had approximately US$32.5 million (equivalent to RMB221.7 million) of Bonds outstanding. ReneSola may from time-to-time seek to make additional repurchases of its Bonds. Such repurchases, if any, will depend on prevailing market conditions, the Company's liquidity requirements and other factors. 2010 Outlook The Company has witnessed robust market demand in the beginning of 2010, which it expects to remain through the first half of 2010, with stabilizing polysilicon prices and increased wafer spot pricing. For Q1 2010, ReneSola expects total solar product shipments in the range of 215 MW to 230 MW, revenues in the range of US$195 million to US$205 million and gross profit margin to be in the range of 16% to 18%. Although the Company anticipates solar wafer price declines in the range of 10% to 15% in the second half of 2010 due to increased competition and feed-in tariff cuts in international markets such as Germany, the Company maintains its full year 2010 total solar product shipment guidance to be in the range of 900 MW to 950 MW. The Company expects to be profitable with average gross profit margin in the range of 17% to 20% for the full year 2010. Conference Call Information ReneSola's management will host an earnings conference call on Wednesday, March 10, 2010 at 8 am U.S. Eastern Standard Time / 9 pm Beijing/Hong Kong time / 1 pm Greenwich Mean Time. Dial-in details for the earnings conference call are as follows: U.S. / International: +1-617-614-3473 United Kingdom: +44-207-365-8426 Hong Kong: +852-3002-1672 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 17, 2010: International: +1-617-801-6888 Passcode: 81970616 Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at . About ReneSola ReneSola is a leading global manufacturer of solar wafers. Capitalizing on economies of scale, low cost production capabilities and technology innovations, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and solar module OEM services. The company possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). 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 we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do 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 our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake 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 our situation may change in the future. For more information, please contact: In China: Ms. Julia Xu ReneSola Ltd Tel: +86-573-8477-3372 Email: julia.xu@renesola.co Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-6284 Email: derek.mitchell@ogilv In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: jessica.cohen@ogilvy In the United Kingdom: Mr. Tim Feather / Mr. Richard Baty Westhouse Securities Limited, London Tel: +44-20-7601-6100 Email: tim.feather@westhous richard.baty@westhou RENESOLA LTD Unaudited Consolidated Balance Sheet (US dollars in thousands) December September December 31, 2009 30, 2009 31, 2008 ASSETS Current assets: Cash and cash equivalents 106,808 95,210 112,333 Restricted cash 25,266 28,852 5,958 Available for sale investment 12,474 -- -- Trade receivable, net of allowances for doubtful receivables 107,987 86,780 43,160 Inventories, net of inventory provisions 137,844 162,196 193,036 Advances to suppliers, current portion 20,164 39,729 36,991 Amounts due from related parties 440 439 457 Value added tax recoverable 51,843 44,411 15,498 Prepaid expenses and other current assets 7,326 6,184 13,722 Deferred tax assets, current portion 22,828 22,799 18,979 Total current assets 492,980 486,600 440,134 Property, plant and equipment, net 702,816 618,732 341,427 Prepaid land rent, net 23,137 23,277 13,472 Other Intangible assets 1,349 2,474 -- Deferred tax assets, non-current portion 36,470 36,020 2,340 Deferred convertible bond issue costs 86 549 1,970 Advances to suppliers, non-current portion -- 19,140 45,729 Advances for purchases of property, plant and equipment 20,840 76,948 161,705 Other long-term assets 2,840 1,582 1,011 Goodwill 5,323 5,323 -- TOTAL ASSETS 1,285,841 1,270,645 1,007,788 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 343,984 312,560 191,987 Accounts payable 93,406 78,414 37,942 Advances from customers, current portion 53,852 59,682 49,284 Amounts due to related parties 24 40 11,863 Other current liabilities 71,332 74,116 42,060 Total current liabilities 562,598 524,812 333,136 Convertible bond payable 32,475 99,330 138,904 Long-term borrowings 203,929 170,666 32,833 Advances from customers, non-current portion 78,578 99,428 105,203 Other long-term liabilities 10,858 20,880 15,624 Total liabilities 888,438 915,116 625,700 Shareholders' equity Common shares 413,753 345,645 330,666 Additional paid-in capital 21,065 20,410 17,769 Retained earnings (52,367) (32,483) 11,294 Accumulated other comprehensive income 14,952 21,957 22,080 Total ReneSola Ltd. shareholders' equity 397,403 355,529 381,809 Non-controlling interests -- -- 279 Total equity 397,403 355,529 382,088 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 1,285,841 1,270,645 1,007,788 RENESOLA LTD Unaudited Consolidated Statements of Income Data (US dollar in thousands, except ADS and share data) Three Months Three Months Three Months ended Dec ended Sep ended Dec 31, 2009 30, 2009 31, 2008 Net revenues 179,885 140,945 158,623 Cost of revenues (175,029) (136,207) (288,762) Gross profit (loss) 4,856 4,738 (130,139) Operating expenses: Sales and marketing (2,034) (1,752) (43) General and administrative (20,776) (5,809) (9,465) Research and development (2,860) (4,800) (2,770) Impairment loss on property, plant and equipment -- -- (763) Other general income (expenses) 338 (151) 54 Total operating expenses (25,332) (12,512) (12,987) Income (loss) from operations (20,476) (7,774) (143,126) Non-operating (expenses) income: Interest income 815 269 929 Interest expenses (4,950) (4,152) (3,692) Foreign exchange gain (loss) (495) 116 (1,052) Debt conversion profit 2,642 -- -- Equity in earnings of investee -- -- -- Total non-operating (expenses) income (1,988) (3,767) (3,815) Income (loss) before income tax (22,464) (11,541) (146,941) Income tax benefit (expense) 2,582 1,370 18,278 Net income (loss) (19,882) (10,171) (128,663) Less: net (income) loss attributed to non-controlling interests -- -- 388 Net income (loss) attributable to holders of ordinary shares (19,882) (10,171) (128,275) Earnings (Loss) per share Basic (0.12) (0.07) (0.93) Diluted (0.12) (0.07) (0.93) Earnings (Loss) per ADS Basic (0.23) (0.14) (1.86) Diluted (0.23) (0.14) (1.86) Weighted average number of shares used in computing earnings per share Basic 171,277,086 141,624,912 137,624,912 Diluted 171,277,086 141,624,912 137,624,912 For the year ended ended Dec 31, 2009 2008 Net revenues 510,405 670,366 Cost of revenues (547,647) (684,676) Gross profit (loss) (37,242) (14,310) Operating expenses: Sales and marketing (5,399) (620) General and administrative (35,044) (23,194) Research and development (14,507) (9,713) Impairment loss on property, plant and equipment -- (763) Other general income (expenses) 1,634 84 Total operating expenses (53,316) (34,206) Income (loss) from operations (90,558) (48,516) Non-operating (expenses) income: Interest income 1,716 1,783 Interest expenses (17,122) (11,869) Foreign exchange gain (loss) (1,433) (3,097) Debt conversion profit 7,995 -- Equity in earnings of investee (291) 5,175 Total non-operating (expenses) income (9,135) (8,008) Income (loss) before income tax (99,693) (56,524) Income tax benefit (expense) 36,032 2,420 Net income (loss) (63,661) (54,104) Less: net (income) loss attributed to non-controlling interests -- (802) Net income (loss) attributable to holders of ordinary shares (63,661) (54,906) Earnings (Loss) per share Basic (0.43) (0.43) Diluted (0.43) (0.43) Earnings (Loss) per ADS Basic (0.86) (0.86) Diluted (0.86) (0.86) Weighted average number of shares used in computing earnings per share Basic 147,553,679 127,116,062 Diluted 147,553,679 127,116,062 RENESOLA LTD Unaudited Consolidated Statements of Cash Flow (US dollar in thousands) Six Six Six Months Months Months ended ended ended For the year ended Dec 31, Jun 30, Dec 31, ended Dec 31, 2009 2009 2008 2009 2008 Operation activity: Net income (loss) (30,053) (33,608) (95,890) (63,661) (54,906) Adjustment to reconcile net income to net cash used in operation activity: Non-controlling interests -- -- (320) -- 802 Equity in earnings of investee -- 291 (5,175) 291 (5,175) Inventory write-down 3,206 68,047 132,568 71,253 132,568 Provision for purchase commitment (5,960) -- 5,862 (5,960) 5,862 Depreciation and amortization 19,288 13,457 9,405 32,745 15,517 Amortization of deferred convertible bond issuances costs and premium 2,085 1,426 1,593 3,511 3,121 Allowance of doubtful receivables 15,202 631 3,774 15,833 4,027 Prepaid land use right expensed 313 127 140 440 257 Change in fair value of derivatives -- (1) (1) (1) (574) Share-based compensation 1,435 1,861 1,242 3,296 3,087 Loss on impairment of long-lived assets -- -- 763 -- 763 Loss on disposal of long-lived assets (1) 14 6 13 6 Gain from repurchase of CB (2,642) (5,353) -- (7,995) -- Gain from advance settlement (555) -- -- (555) -- Changes in operation assets and liabilities: 2,318 46,892 53,967 49,210 105,355 Accounts receivables (72,610) 9,951 (40,463) (62,659) (34,937) Inventories 12,525 (14,246) (120,477) (1,721) (204,847) Advances to suppliers 4,509 19,379 34,387 23,888 (9,254) Amount due from related parties 9 (11,816) 28,405 (11,807) 29,308 Value added tax recoverable (14,295) (19,082) (13,317) (33,377) (13,312) Prepaid expenses and other current assets (2,645) 7,323 (10,186) 4,678 (13,902) Prepaid land use right 110 (110) (49) -- (1,628) Accounts payable 35,069 2,954 15,709 38,023 23,185 Advances from customers (25,554) 2,334 59,154 (23,220) 89,948 Other liabilities (2,192) 2,981 885 789 4,884 Accrued warranty cost 496 65 -- 561 -- Deferred tax (517) (37,527) (14,995) (38,044) (9,615) Net cash used in operation activities (62,777) 9,098 (6,980) (53,679) (34,815) Investing activities: Purchases of property, plant and equipment (194,060) (164,024) (135,314) (358,084) (208,312) Advances for purchases of property, plant and equipment 114,105 18,186 (71,721) 132,291 (128,975) Purchases of other long-term assets (964) (447) (1,038) (1,411) (1,038) Cash received from government subsidy -- 5,959 6,031 5,959 6,031 Proceeds from disposal of property, plant and equipment -- -- 1 -- 1 Proceeds from disposal of investment -- (635) 6,335 (635) 6,335 Restricted cash 32,764 (51,722) (5,828) (18,958) (5,828) Cash decreased due to acquisition -- (16,831) -- (16,831) -- Cash decreased due to deconsolidation -- -- -- -- (4,416) Net cash used in investing activities (48,155) (209,514) (201,534) (257,669) (336,202) Financing activities: Proceeds from borrowings 330,412 436,780 148,542 767,192 269,480 Repayment of bank borrowings (290,240) (155,437) (101,055) (445,677) (141,403) Net proceeds from issuance of common shares 69,905 -- -- 69,905 294,012 Cash paid for issuance cost (1,545) -- -- (1,545) -- Proceeds from exercise of stock options -- -- -- -- 243 Dividend paid to non- controlling shareholder -- -- (103) -- (103) Cash paid for repurchase of CB (64,340) (19,781) -- (84,121) -- Cash received from related parties -- -- -- -- 15 Cash paid to related parties -- -- (15) -- (15) Net cash provided by financing activity 44,192 261,562 47,369 305,754 422,229 Effect of exchange rate changes 5 64 (675) 69 7,984 Net increase in cash and cash equivalent (66,735) 61,210 (161,820) (5,525) 59,196 Cash and cash equivalent, beginning of year 173,543 112,333 274,153 112,333 53,137 Cash and cash equivalent, end of year 106,808 173,543 112,333 106,808 112,333 SOURCE ReneSola Ltd END |
Posted at 16/11/2009 12:18 by chesty1 TIDMSOLA ReneSola Ltd Announces Third Quarter 2009 Results Company Achieves Record Quarterly Product Shipment Volume; Net Revenues Exceed Guidance JIASHAN, China, Nov. 16 /PRNewswire-Asia-Fir ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a vertically integrated Chinese manufacturer of solar power products, today announced its unaudited financial results for the third quarter ended September 30, 2009. (Logo: ) Third Quarter 2009 Financial and Operating Highlights -- Q3 2009 net revenues exceeded guidance and were US$140.9 million, an increase of 70.6% from US$82.6 million in Q2 2009. -- Total solar product shipments in Q3 2009 were a record 146.9 megawatts ("MW"), an increase of 71.0% from 85.9 MW in Q2 2009. -- The Company successfully completed the integration of Wuxi Jiacheng Solar Energy Technology Co. ("JC Solar") following its acquisition on May 31, 2009. Approximately 11 MW of modules were shipped in Q3 2009 with a gross profit margin of over 20%. Three months Three months Three months ended ended ended September 30, June 30, September 30, 2008 2009 2009 (Unaudited) (Unaudited) (Unaudited) Product shipment (MW) 90.4 85.9 146.9 Net revenue (US$000) 215,754 82,629 140,945 Gross profit (US$000) 45,809 4,251 4,738 Gross margin (%) 21.2% 5.1% 3.4% Operating profit (loss) (US$000) 36,888 (3,962) (7,774) Profit (loss) for the period (US$000) 32,385 (3,589) (10,171) "We witnessed a strong rebound in customer demand for our quality products in the third quarter of 2009 and reached a corporate landmark as ReneSola achieved the highest quarterly shipments of solar products in its history," said Mr. Xianshou Li, ReneSola's chief executive officer. "The benefits of our strategic acquisition of JC Solar and evolution into a n OEM based, vertically integrated solar manufacturer expedited with the recently announced acquisition of Dynamic Green Energy are allowing us to build upon our strong wafer manufacturing platform and deliver high quality, low cost products throughout the solar production value chain. " Mr. Charles Bai, ReneSola's chief financial officer, added, "We were pleased to see strong improvements in revenues and shipment volumes during the third quarter as we continue to witness strong customer demand and continue to gain market share globally. We are one quarter away from completely working through our high cost inventories. As such, we expect substantial margin improvements and a return to profitabilityin Q1 2010." Results for the Third Quarter of 2009 Product Shipment Total solar product shipment in Q3 2009 was 146.9 MW, an increase of 71.0% from 85.9 MW for Q2 2009. Net Revenues Net revenues for Q3 2009 were US$140.9 million, an increase of 70.6% from US$82.6 million sequentially, exceeding guidance. Net revenues for Q3 2008 were US$215.8 million. Gross Profit Gross profit for Q3 2009 was US$4.7 million, compared to US$4.3 million in Q2 2009 and US$45.8 million in Q3 2008. Gross margin for Q3 2009 was 3.4%, compared to 5.1% for Q2 2009 and 21.2% for Q3 2008.The sequential decrease in gross margin was a result of further wafer ASP decline and the residual higher cost of inventory worked through during the quarter. Operating Profit (Loss) Operating loss for Q3 2009 was US$7.8 million, compared to an operating loss of US$4.0 million for Q2 2009 and operating profit of US$36.9 million for Q3 2008. Operating margin for Q3 2009 was negative 5.5%, compared to negative 4.8% for Q2 2009 and positive 17.1% for Q3 2008. Total operating expenses for Q3 2009 were US$12.5 million, an increase from US$8.2 million for Q2 2009 and US$8.9 million for Q3 2008, mainly due to a one-off government subsidy granted in Q2 2009 and increases in general and administrative expenses and R&D expenses that were partly attributable to the integration of JC Solar. Earnings (Loss) Before Income Tax Loss before income tax for Q3 2009 was US$11.5 million, compared to a loss of US$2.9 million for Q2 2009 and earnings before income tax of US$37.9 million for Q3 2008. Taxation A tax benefit of approximately US$1.4 million was recognized for Q3 2009, compared with tax expenses of US$0.7 million for Q2 2009 and US$5.5 million for Q3 2008, as a result of deferred tax assets realized in the quarter. Net Income (Loss) Attributable to Holders of Ordinary Shares Net loss attributable to holders of ordinary shares for Q3 2009 was US$10.2 million, compared to net loss attributable to holders of ordinary shares of US$3.6 million for Q2 2009 and net income attributable to holders of ordinary shares of US$32.4 million for Q3 2008. Q3 2009 basic and diluted loss per share was US$0.07, and basic and diluted loss per American depositary share, or ADS , was US$0.14. Q2 2009 basic and diluted loss per share was US$0.03, and basic and diluted loss per ADS was US$0.05. One ADS is equivalent to two ordinary shares. Recent Business Developments Follow-on offering ReneSola closed its follow-on public offering of 15,500,000 ADSs, each representing two shares of no par value in the Company, on October 5, 2009. The Company received aggregate net proceeds of approximately US$70.0 million, after deducting discounts and commissions but before offering expenses. Acquisition of Dynamic Green Energy As announced on September 23, 2009 ReneSola has signed a share purchase agreement with Dynamic Green Energy Limited ("DGE") and its shareholders to acquire 100% of the shares in DGE for 26,787,210 newly issued ReneSola ordinary shares and a US$10 million convertible promissory note. ReneSola has been working closely with DGE to meet the conditions precedent for the closing of the acquisition, which is expected to be completed before the end of 2009. Cost of production from Phase I of Sichuan Polysilicon Facility is now below US$55/kg while Phase II of Sichuan Polysilicon Facility is to Launch Production in Q4 2009 Trial production of Phase I of the facility commenced in July 2009 and output from this phase is expected to be approximately 200 MT to 250 MT in Q4 2009. The cost of production from Phase I has been reduced to below US$55/kg, and it is expected to further reduce to US$40/kg by the end of 2010. The mechanical completion and commencement of production of Phase II are expected in Q4 2010. Successful Integration of JC Solar ReneSola has completed integration of JC Solar following the close of its acquisition on May 31, 2009. In Q3 2009, ReneSola shipped approximately 11 MW of modules from JC Solar. JC Solar had annualized cell and module manufacturing capacities of 25 MW and 50 MW, respectively , by the end of September 2009. By the end of 2009, ReneSola expects to increase both cell and module capacities to 120 MW and 135 MW, respectively. With the strategic acquisition of JC Solar and the commencement of polysilicon production, ReneSola has successfully transformed itself into an end-to-end vertically integrated solar product company spanning from polysilicon to module manufacturing. 2009 and 2010 Outlook ReneSola updates its previously announced outlook for 2009 from total solar product shipments in the range of 450 MW to 500 MW to a range of 490 MW to 520 MW. For 2010, the Company expects its full year 2010 total solar product shipments to be in the range of 900 MW to 950 MW (net of potential contributions from DGE). The Company expects to be profitable with average gross profit margin in the mid-teens for the whole of 2010. Conference Call Information ReneSola's management will host an earnings conference call on Monday, November 16, 2009 at 8 am U.S. Eastern Standard Time / 9 pm Beijing/Hong Kong time / 1 pm Greenwich Mean Time. Dial-in details for the earnings conference call are as follows: U.S. / International: +1-617-614-2711 United Kingdom: +44-207-365-8426 Hong Kong: +852-3002-1672 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 November 23, 2009: International: +1-617-801-6888 Passcode: 18272544 Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at www.renesola.com . About ReneSola ReneSola Ltd ("ReneSola") is a leading Chinese manufacturer of solar power products based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola's vertically integrated manufacturing capabilities include virgin polysilicon, monocrystalline and multicrystalline solar wafers, solar cells and solar modules. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). 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 we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do 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 our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake 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 our situation may change in the future. |
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