CHANGZHOU, China, Nov. 23, 2015 /PRNewswire/ -- Trina Solar Limited
(NYSE: TSL) ("Trina Solar" or the
"Company"), a global leader in photovoltaic ("PV") modules,
solutions, and services, today announced its unaudited financial
results for the third quarter of 2015.
Third Quarter 2015 Financial and Operating Highlights
- Total module shipments from the Company's manufacturing
facilities were 1,703.2 MW, consisting of 1,353.2 MW of external
shipments and 350.0 MW of shipments to the Company's own downstream
PV power projects. Total module shipments increased 38.3%
sequentially and 60.1% year-over-year.
- Total PV power projects connected to the grid were 251.9 MW in
the third quarter.
- Net revenues were $792.6 million,
an increase of 9.6% from the second quarter of 2015 and 28.5% from
the third quarter of 2014.
- Gross margin was 17.4%, compared with 20.0% in the second
quarter of 2015 and 16.7% in the third quarter of 2014.
- Operating income was $5.8
million, compared with operating income of $60.7 million from the second quarter of 2015 and
$35.6 million from the third quarter
of 2014.
- Non-GAAP operating income, which excluded the impact of the
Solyndra settlement provision, was $50.8
million.
- Net loss attributable to Trina
Solar's ordinary shareholders was $20.0 million, compared with net income
attributable to its ordinary shareholders of $40.9 million in the second quarter of 2015, and
net income attributable to its ordinary shareholders of
$11.5 million in the third quarter of
2014.
- Loss per fully diluted American Depositary Share ("ADS": each
ADS represents 50 of the Company's ordinary shares) was
$0.24, compared with earnings per
fully diluted ADS of $0.42 in the
second quarter of 2015 and earnings per fully diluted ADS of
$0.14 in the third quarter of
2014.
- Non-GAAP net income attributable to Trina Solar's ordinary shareholders, excluding
the impact of the Solyndra settlement, was $18.3 million, or $0.21 per diluted ADS. See "About Non-GAAP
Finance Measures" for details of the reconciliation of GAAP to
Non-GAAP measure.
- The Company raised its guidance for 2015 total PV module
shipments to 5.5 GW to 5.6 GW from its original guidance of 4.9 GW
to 5.1 GW, of which 4.6 GW to 4.7 GW will be shipped to third party
customers. The revised guidance represents an increase of 50.3% to
53.0% from 2014.
Mr. Jifan Gao, Chairman and CEO of Trina Solar,
commented, "We had a solid quarter of operations that came in ahead
of our expectations, despite the one-off negative impact from the
settlement of the Solyndra lawsuit and currency fluctuations that
we experienced. We shipped a record 1.7 GW of modules, which
enables us to achieve a significant milestone of over 15 GW of
module shipments cumulatively since our inception. We also
connected 251.9 MW of projects to the grid in the third quarter,
making our total retained projects reach 610.4 MW. This further
strengthened our position as a leading module manufacturer and
positioned us well to become a world-class solar project player. We
maintained strong growth momentum in China and the US, with record shipments to
both markets and continued to execute our strategy to increase our
presence in new and emerging markets, such as India and Thailand. New and emerging markets have become
our third largest destination for shipments over the past two
quarters.
"We remain committed to executing our long-term strategies and
successfully diversifying our financing channels to meet our growth
initiatives. Our cost advantage was further solidified with the
help of our ongoing technological developments, and our gross
profit margin was in line with our expectations given declining
average selling prices.
"In R&D, we achieved a number of breakthroughs, including
developing the high-efficiency p-type multi-crystalline silicon
solar cell of 21.3% efficiency. We also made key advances in
silicon-based heterojunction (HJ) cells, where we achieved 22.0%
efficiency in the laboratory. In addition, we introduced a 'Desert
Double Glass' module for hot and dry climates that will be ready
for production by the end of the year.
"On the manufacturing and operations side, we remain committed
to reducing our carbon footprint throughout the lifecycle of our
products, which has brought us recognition from reputable global
institutions. We have also extended our vision by initiating the
establishment of the Energy Management System ISO50001/GBT23331 in
an effort to improve the PV industry.
"Downstream, we far exceeded our 190.0 MW guidance for the
quarter by connecting a total of 251.9 MW of projects to the grid,
including 38.9 MW of distributed generation ("DG"). We have
continued to leverage our superior project execution capabilities
and diversified funding channels to position ourselves firmly ahead
of the competition.
"Looking ahead, the increasing rate of solar adoption globally
in both developed and emerging markets will be further augmented by
the growing percentage of power generated by solar. With our
leading technology, cost advantage, diversified financing channels,
and flexible manufacturing model, we are confident that
Trina Solar is well-positioned to
capture the many opportunities that lie ahead for the foreseeable
future."
Third Quarter 2015 Results
Net Revenues
Net revenues were $792.6 million,
an increase of 9.6% sequentially and 28.5% year-over-year,
including electricity revenues from downstream solar power projects
of $15.3 million. Total shipments
were 1,703.2 MW, consisting of 1,353.2 MW of external shipments,
which were recognized in revenue, and 350.0 MW of shipments to the
Company's downstream power projects. This compares with total
shipments of 1,231.6 MW, consisting of 1,000.7 MW of external
shipments and 230.9 MW of internal shipments in the second quarter
of 2015, and total shipments of 1,063.8 MW, consisting of
936.8 MW of external shipments and
127.0 MW of internal shipments in the third quarter of 2014. The
sequential and year-over-year increases in revenues and shipments
were largely driven by growing demand from China, the US and emerging markets.
Gross Profit and Margin
Gross profit was $138.2 million,
compared with $144.9 million in the
second quarter of 2015 and $102.8
million in the third quarter of 2014. Gross margin was
17.4%, compared with 20.0% in the second quarter of 2015 and 16.7%
in the third quarter of 2014. Gross profit for electricity revenues
generated from build-to-own solar power projects was $10.2 million, representing a gross margin of
66.9%. The sequential decrease in gross margin was mainly due to
average selling price decreasing in most of the major markets at a
faster rate than the decline in the Company's cost per watt, as
well as the change in sales mix as more shipments were made to
China and emerging markets such as
India in the third quarter of
2015. The year-over-year increase in gross margin was primarily due
to the Company's cost per watt decreasing at a greater rate than
the Company's average selling price. This was the result of greater
economies of scale and improvements in operational efficiency,
which drove down both material and labor costs on a per watt
basis.
Operating Expenses, Income and Margin
Operating expenses were $132.3
million, an increase of 57.2% sequentially and 97.1%
year-over-year. The sequential increase was primarily due to the
provision provided for the settlement of Solyndra lawsuit
("Solyndra settlement provision") of $45.0
million, and an increase in general and administrative
expenses primarily resulted from an increase of accounts receivable
provision. The Company's operating expenses represented 16.7% of
its third quarter net revenues, an increase from 11.6% in the
second quarter of 2015 and 10.9% in the third quarter of 2014.
Operating expenses included an accounts receivable provision of
$1.5 million in the third quarter of
2015, compared with a reversal of accounts receivable provisions of
$3.1 million in the second quarter of
2015. If excluding the Solyndra settlement provision, the Company's
operating expenses were $87.3
million, representing 11.0% of its third quarter net
revenues, a decrease from 11.6% in the second quarter of 2015 and
an increase from 10.9% in the third quarter of 2014. See" Legal
Proceedings" for more details of Solyndra settlement provision.
As a result, operating income was $5.8
million, compared with $60.7
million in the second quarter of 2015 and $35.6 million in the third quarter of 2014.
Operating margin was 0.7%, compared with 8.4% in the second quarter
of 2015 and 5.8% in the third quarter of 2014.
Non-GAAP operating income, which excluded the impact of the
Solyndra settlement provision, was $50.8
million. See "About Non-GAAP Financial Measures" for details
of the reconciliation of GAAP to non-GAAP measures.
Net Interest Expense
Net interest expense was $13.1
million, compared with $12.4
million in the second quarter of 2015 and $7.0 million in the third quarter of 2014.
Foreign Currency Exchange Gain (Loss)
The Company recorded a foreign currency exchange loss of
$13.1 million, which included a loss
on change in fair value of foreign exchange derivative instruments
of $1.6 million. This compares with a
net foreign currency exchange gain of $5.1
million in the second quarter of 2015 and a loss of
$15.1 million in the third quarter of
2014. The foreign currency exchange loss in the third quarter of
2015 primarily resulted from the depreciation of the RMB against
the USD.
Income Tax Expense/ Benefit
Income tax benefit was $3.1
million, compared with income tax expense of $11.8 million in the second quarter of 2015 and
income tax expense of $5.2 million in
the third quarter of 2014. The tax benefit primarily resulted from
the provision provided as a result of the settlement of the
Solyndra lawsuit which caused the loss before income taxes to the
Company in the third quarter of 2015. See" Legal Proceedings" for
more details.
Net Income/ (Loss) and
Earnings/ (Loss) per ADS
Net loss attributable to ordinary shareholders of Trina Solar was $20.0
million, compared with net income attributable to ordinary
shareholders of Trina Solar of
$40.9 million in the second quarter
of 2015 and $11.5 million in the
third quarter of 2014, respectively. Loss per fully diluted ADS was
$0.24, compared with earnings per
fully diluted ADS of $0.42 in the
second quarter of 2015 and $0.14 in
the third quarter of 2014 respectively.
Non-GAAP net income attributable to Trina Solar's ordinary shareholders, which
excluded the impact of the Solyndra settlement provision, was
$18.3 million, or $0.21 per fully diluted ADS. See "About Non-GAAP
Financial Measures" for details of the reconciliation of GAAP to
non-GAAP measures.
Financial Condition
As of September 30, 2015, the
Company had $486.1 million in cash
and cash equivalents, and restricted cash. Total bank borrowings
were $1,173.7 million, of which
$1,005.3 million consisted of
short-term borrowings and the current portion of long-term
borrowings.
Total shareholders' equity was $1,011.9
million as of September 30,
2015, a decrease from $1,031.6
million at the end of the second quarter of 2015.
Operations and Business Updates
Manufacturing Capacity
As of September 30, 2015, the
Company had the following annualized in-house manufacturing
capacities:
- ingot production capacity of approximately 2.3 GW;
- wafer capacity of approximately 1.8 GW;
- PV cell capacity of approximately 3.4 GW; and
- PV module capacity of approximately 4.7 GW.
Solar Power Project Development
In the third quarter of 2015, the Company connected a total of
251.9 MW PV power projects to the grid, including 38.9 MW of DG
projects and 213.0 MW of utility projects in China. This exceeded the Company's guidance of
180.0 MW to 200.0 MW. The 213.0 MW of utility PV power projects
consisted of a 133.0 MW project in Yunnan, which was a portion of a total 300.0
MW project, and another 80.0 MW project in Xinjiang. The 38.9 MW of
DG projects consisted of 7.9 MW in Jiangsu, 8.5 MW in Shandong, 11.8 MW in Zhejiang and 10.7 MW in Shanghai.
As of September 30, 2015 the
Company had a total of 610.4 MW downstream operating assets that
generated electricity power, including 588.2 MW in China, 4.2 MW in the US, and 18.0 MW in
Europe. The 588.2 MW projects in
China consisted of 513.0 MW of
utility projects and 75.2 MW of DG projects.
Legal Proceedings
In October 2012, the trustee of
Solyndra LLC ("Solyndra"), a manufacturer of solar panels based in
California, filed a lawsuit
against Trina Solar, including its
subsidiary Trina Solar
(U.S.), Inc., and other Chinese manufacturers of photovoltaic
solar panels in the U.S. District Court in California, asserting antitrust and related
state-law claims against the defendants in the lawsuit.
Trina Solar has entered into a
settlement agreement with Solyndra on November 17, 2015, pursuant to which it has
agreed to a settlement in the total amount of $45.0 million payable no later than December 31, 2015. The parties have agreed to a
release of all claims and a dismissal with prejudice of the
litigation against Trina Solar, and
Trina Solar has not admitted to any
wrongdoing or any validity to the allegations made against it in
the lawsuit.
Mr. Gao, Chairman and CEO of Trina
Solar, said, "We have entered into a settlement with
Solyndra to avoid a burdensome and protracted litigation. The
resolution to the litigation with Solyndra puts this matter behind
us and allows us to focus our attention and resources on our
business."
Fourth Quarter and Fiscal Year 2015 Guidance
Fourth Quarter of 2015 Guidance
The Company expects to ship between 1, 500 MW to 1, 650 MW of PV
modules, of which 1, 350 MW to 1, 450 MW will be shipped to third
party customers. The Company's downstream projects will
obtain module supplies from its own manufacturing business or third
party suppliers as the situation may require. The Company expects
to connect 280 MW to 320 MW of PV projects to the grid in the
fourth quarter of 2015.
Fiscal Year 2015 Guidance
The Company raises its full-year guidance of total PV module
shipments to 5.5 GW to 5.6 GW from its original guidance of 4.9 GW
to 5.1 GW, of which 4.6 GW to 4.7 GW will be shipped to third party
customers. This revised guidance would represent an increase of
50.3% to 53.0% from 2014.
The Company reiterates its guidance to connect to the grid
between 700 MW and 750 MW of downstream PV power projects across
the world, including 30% to 40% of DG projects in China.
Conference Call
The Company will host a conference call on Monday, November
23, 2015 at 8:00 a.m. U.S. Eastern Time (9:00
p.m. Beijing /Hong Kong, November 23, 2015), to
discuss results for the third quarter of 2015.
Joining Jifan Gao, Chairman and CEO of Trina Solar, on
the call will be Teresa Tan, Chief Financial
Officer, and Yvonne Young, Investor Relations Director.
The Company plans to distribute its earnings announcement before
the call.
To participate in the conference call, please dial the following
number five to ten minutes prior to the scheduled conference call
time +1 (800) 884-2382. International callers should dial +1 (660)
422-4933. The conference ID for the call is 7434 8388.
If you are unable to participate in the call at this time, a
replay will be available from 11:30 a.m. Eastern
Time on November 23, 2015 through 11:59 p.m. Eastern
Time on December 8, 2015. To access the replay, please
dial +1(855)859-2056, international callers should dial
+1(404)537-3406, and enter the conference ID 7434 8388.
This conference call will be broadcast live over the Internet
and can be accessed by all interested parties on Trina
Solar's website www.trinasolar.com. To listen to the live
webcast, please go to Trina Solar's website at least
fifteen minutes prior to the start of the call to register,
download, and install any necessary audio software. For those
unable to participate during the live broadcast, a replay will be
available shortly after the call on Trina Solar's website
for 90 days.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a global leader in PV
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-leading 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. These forward-looking statements can
be identified by words such as "will," "may," "expect,"
"anticipate," "aim," "intend," "plan," "believe," "estimate,"
"potential," "continue," and other similar statements. 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; our expectations regarding the
expansion of the Company's manufacturing capacities; the Company's
future business development; the Company's downstream project
development and pipeline; the Company's beliefs regarding its
production output and production outlook; 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.
In addition, the commencement of any downstream project is
subject to a number of factors, some of which are beyond the
Company's control, such as the availability of network transmission
and interconnection facilities, as well as obtaining certain
government approvals, project rights based on the land location,
land use rights as well as the right to construct manufacturing
facilities in the relevant locations.
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:
Trina Solar
Limited
|
Christensen
IR
|
Teresa Tan,
CFO
|
Linda
Bergkamp
|
|
Phone: +1 480 614
3014 (US)
|
Email:
teresa.tan@trinasolar.com
|
Email:
lbergkamp@ChristensenIR.com
|
|
|
Yvonne
Young
|
|
Investor Relations
Director
|
|
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
|
|
|
Sep.
30,
|
|
Jun.
30,
|
|
Sep.
30,
|
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
792,599
|
|
$
722,942
|
|
$ 616,844
|
Cost of
revenues
|
|
654,449
|
|
578,082
|
|
514,050
|
Gross
profit
|
|
138,150
|
|
144,860
|
|
102,794
|
Operating
expenses
|
|
|
|
|
|
|
Selling
expenses
|
|
45,389
|
|
43,715
|
|
36,433
|
General and
administrative expenses
|
|
34,790
|
|
32,450
|
|
25,233
|
Research and
development expenses
|
|
7,166
|
|
8,012
|
|
5,481
|
Provision for
settlement of lawsuit with
Solyndra
|
|
45,000
|
|
-
|
|
-
|
Total operating
expenses
|
|
132,345
|
|
84,177
|
|
67,147
|
Operating
income
|
|
5,805
|
|
60,683
|
|
35,647
|
Foreign exchange gain
(loss)
|
|
(11,485)
|
|
6,000
|
|
(16,445)
|
Interest
expenses
|
|
(13,503)
|
|
(13,036)
|
|
(7,878)
|
Interest
income
|
|
432
|
|
668
|
|
874
|
Gain (loss) on change
in fair value of derivative
|
|
(1,586)
|
|
(925)
|
|
1,392
|
Other income,
net
|
|
2,681
|
|
1,416
|
|
2,210
|
Income (loss) before
income taxes
|
|
(17,656)
|
|
54,806
|
|
15,800
|
Income tax benefit
(expense)
|
|
3,149
|
|
(11,755)
|
|
(5,222)
|
Net income
(loss)
|
|
(14,507)
|
|
43,051
|
|
10,578
|
(Income)/Loss
attributable to the
noncontrolling interests
|
|
(5,483)
|
|
(2,140)
|
|
909
|
Net income (loss)
attributable to Trina Solar Limited
|
|
$
(19,990)
|
|
$
40,911
|
|
$
11,487
|
|
|
|
|
|
|
|
Earnings (loss) per
ADS*
|
|
|
|
|
|
|
Basic
|
|
$
(0.24)
|
|
$
0.48
|
|
$
0.14
|
Diluted
|
|
$
(0.24)
|
|
$
0.42
|
|
$
0.14
|
Weighted average ADS
outstanding*
|
|
|
|
|
|
|
Basic
|
|
84,662,352
|
|
84,459,232
|
|
81,685,868
|
Diluted
|
|
84,662,352
|
|
105,239,740
|
|
82,699,772
|
* "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
|
|
|
Sep.
30,
|
|
Jun.
30,
|
|
Sep.
30,
|
|
|
2015
|
|
2015
|
|
2014
|
Net income
(loss)
|
|
$
(14,507)
|
|
$
43,051
|
|
$
10,578
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(2,430)
|
|
699
|
|
4,507
|
Comprehensive income
(loss)
|
|
(16,937)
|
|
43,750
|
|
15,085
|
Comprehensive
(income)/ loss attributable
to non-controlling interests
|
|
(4,030)
|
|
(2,279)
|
|
945
|
Comprehensive income
(loss) attributable
to Trina Solar Limited
|
|
$
(20,967)
|
|
$
41,471
|
|
$
16,030
|
Trina Solar
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
|
As of Sep.
30,
|
|
As of Jun.
30,
|
|
As of Sep.
30,
|
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
279,112
|
|
$
456,537
|
|
$ 318,832
|
Restricted
cash
|
|
206,964
|
|
159,714
|
|
97,657
|
Inventories
|
|
507,018
|
|
351,784
|
|
451,529
|
Build-to-sell project
assets
|
|
30,194
|
|
24,787
|
|
46,594
|
Accounts receivable,
net
|
|
687,961
|
|
633,262
|
|
556,654
|
Current portion of
advances to suppliers, net
|
|
48,048
|
|
55,064
|
|
51,019
|
Prepaid expenses and
other current assets, net
|
|
223,697
|
|
160,936
|
|
160,892
|
Total current
assets
|
|
1,982,994
|
|
1,842,084
|
|
1,683,177
|
Property, plant and
equipment, net
|
|
1,906,112
|
|
1,544,567
|
|
1,096,438
|
(including
build-to-own project assets
|
|
|
|
|
|
|
of
$970,447, $687,879 and $226,600
as of each period-end, respectively)
|
|
|
|
|
|
|
Build-to-sell project
assets
|
|
-
|
|
-
|
|
1,980
|
Prepaid land use
rights, net
|
|
51,632
|
|
52,660
|
|
48,266
|
Advances to
suppliers, net of current portion
|
|
13,045
|
|
14,222
|
|
34,096
|
Investment in equity
affiliates
|
|
26,177
|
|
26,318
|
|
11,483
|
Deferred income tax
assets, net
|
|
31,942
|
|
29,965
|
|
31,992
|
Other noncurrent
assets
|
|
93,563
|
|
81,844
|
|
48,982
|
TOTAL
ASSETS
|
|
$
4,105,465
|
|
$ 3,591,660
|
|
$ 2,956,414
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings, including current
portion of long-term borrowings
|
|
$
1,005,260
|
|
$
924,229
|
|
$ 783,883
|
Accounts
payable
|
|
1,130,404
|
|
800,981
|
|
669,792
|
Accrued expenses and
other current liabilities
|
|
292,766
|
|
262,879
|
|
155,234
|
Total current
liabilities
|
|
2,428,430
|
|
1,988,089
|
|
1,608,909
|
Long-term bank
borrowings, excluding current portion
|
|
168,486
|
|
94,826
|
|
103,623
|
Convertible senior
notes
|
|
287,500
|
|
287,500
|
|
172,500
|
Accrued warranty
costs
|
|
122,066
|
|
115,195
|
|
96,363
|
Other noncurrent
liabilities
|
|
45,319
|
|
41,620
|
|
21,398
|
Total
liabilities
|
|
3,051,801
|
|
2,527,230
|
|
2,002,793
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
43
|
|
43
|
|
41
|
Additional paid-in
capital
|
|
756,957
|
|
755,668
|
|
721,765
|
Retained
earnings
|
|
237,541
|
|
257,531
|
|
192,092
|
Accumulated other
comprehensive income
|
|
17,381
|
|
18,358
|
|
16,983
|
Total Trina Solar
Limited shareholders' equity
|
|
1,011,922
|
|
1,031,600
|
|
930,881
|
Non-controlling
interests
|
|
41,742
|
|
32,830
|
|
22,740
|
Total
equity
|
|
1,053,664
|
|
1,064,430
|
|
953,621
|
TOTAL LIABILITIES AND
EQUITY
|
|
$
4,105,465
|
|
$ 3,591,660
|
|
$ 2,956,414
|
About Non-GAAP Financial Measures
To provide investors with additional information about our
financial results, we disclose certain non-GAAP financial
measures. We provide below reconciliation between the
non-GAAP financial measures against the most directly comparable
GAAP financial measures. We present non-GAAP operating
income, non-GAAP net income, non-GAAP net income attributable to
our ordinary shareholders and non-GAAP diluted earnings per ADS so
that readers of the press release can better understand the
underlying business performance of our company before the impact of
the Solyndra settlement provision in the third quarter of
2015. See "Legal Proceedings" for more details on the
settlement of the lawsuit. While we believe that these
non-GAAP financial measures are useful in evaluating our business
performance, the information should be considered as supplemental
in nature and is not meant as a substitute of the GAAP
results. In addition, other companies may calculate the
impact of such event differently, which limits the comparability of
the measures.
Trina Solar
Limited
|
Reconciliation of
GAAP measures to Non-GAAP measures
|
(US dollars in
thousands, except ADS and share data)
|
|
|
|
|
For the Three
Months Ended
|
|
|
Sep.
30,
|
|
|
2015
|
|
|
|
GAAP operating
income
|
|
$ 5,805
|
GAAP to Non-GAAP
reconciling items:
|
|
|
Provision for
settlement of lawsuit with Solyndra
|
|
45,000
|
|
|
|
Non-GAAP operating
income
|
|
$ 50,805
|
|
|
|
GAAP net
loss
|
|
$ (14,507)
|
GAAP to Non-GAAP
reconciling items:
|
|
|
Provision for
settlement of lawsuit with Solyndra
|
|
45,000
|
Income tax
benefit
|
|
(6,750)
|
Non-GAAP net
income
|
|
$ 23,743
|
|
|
|
GAAP net loss
attributable to Trina Solar
Limited ordinary shareholders
|
|
$ (19,990)
|
GAAP to Non-GAAP
reconciling items:
|
|
|
Provision for
settlement of lawsuit with Solyndra
|
|
45,000
|
Income tax
benefit
|
|
(6,750)
|
Non-GAAP net
income attributable to
Trina Solar Limited ordinary shareholders
|
|
$ 18,260
|
|
|
|
GAAP loss per ADS
-diluted
|
|
$ (0.24)
|
Non-GAAP earnings per
ADS -diluted
|
|
$ 0.21
|
|
|
|
GAAP weighted average
ADS outstanding - diluted
|
|
84,662,352
|
Non-GAAP weighted
average ADS outstanding - diluted
|
|
97,259,197
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/trina-solar-announces-third-quarter-2015-results-300183109.html
SOURCE Trina Solar Limited