(SOLA.L) ReneSola Ltd Buy/Sell

RNS Number : 8944I ReneSola Limited 19 March 2010

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PMEKKCDNABKDPND

ReneSola to Hold Its 2010 Analyst and Investor Day from March 18-19

Company to broadcast management's remarks via audio webcast and telephone

JIASHAN, China, March 15 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("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 that it will hold its 2010 Analyst and Investor Day from March 18-19, 2010. Members from ReneSola's senior management team will lead in-depth discussions regarding the Company's performance and strategies, as well as provide guided tours of its wafer, module and polysilicon production facilities in Jiashan, Zhejiang province; Yixing, Jiangsu province; and Chengdu, Sichuan province.

A live and archived audio webcast of the management discussion will be available on the Investor Relations section of ReneSola's website at http://www.renesola.com beginning at 9:00pm U.S. Eastern Daylight Time on Wednesday, March 17, 2010 (1:00am Greenwich Mean Time / 9:00am Beijing/Hong Kong time on Thursday, March 18, 2010) and will last for approximately two hours.

In addition, the broadcast can be accessed via telephone through the following numbers:

U.S. / International: +1-617-786-2903

United Kingdom: +44-207-365-8426
Hong Kong: +852-3002-1672

Please dial in 10 minutes before the broadcast is scheduled to begin and provide the passcode to join the call. The passcode is "ReneSola Call."

A replay of the broadcast may be accessed by phone at the following number until March 24, 2010:

International: +1-617-801-6888

Passcode: 14003330

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).

For more information, 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@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel: +1-646-460-9989

Email: jessica.cohen@ogilvypr.com

In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty

Westhouse Securities Limited, London

Tel: +44-20-7601-6100

Email: tim.feather@westhousesecurities.com
richard.baty@westhousesecurities.com

SOURCE ReneSola Ltd

END

LONDON, March 10 (Reuters) - ReneSola Ltd:

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-FirstCall/ -- ReneSola Ltd ("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: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )

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

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 http://www.renesola.com .

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.com

Mr. Derek Mitchell

Ogilvy Financial, Beijing

Tel: +86-10-8520-6284

Email: derek.mitchell@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel: +1-646-460-9989

Email: jessica.cohen@ogilvypr.com

In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty

Westhouse Securities Limited, London

Tel: +44-20-7601-6100

Email: tim.feather@westhousesecurities.com
richard.baty@westhousesecurities.com

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

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,

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

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,

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