UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2016

 

Commission File Number: 001-33195

 

TRINA SOLAR LIMITED

 

No. 2 Tian He Road

Electronics Park, New District

Changzhou, Jiangsu 213031

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F  x

Form 40-F  o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  o

 

 

 



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

TRINA SOLAR LIMITED

 

 

 

 

 

By:

/s/ Teresa Tan

 

Name:

Teresa Tan

 

Title:

Chief Financial Officer

 

 

 

Date: March 3, 2016

 

 

 

[Signature Page to Form 6-K]

 

2



 

Exhibit Index

 

Exhibit 99.1 — Press Release

 

3




Exhibit 99.1

 

GRAPHIC

 

Trina Solar Announces Fourth Quarter and Full Year 2015 Results

 

CHANGZHOU, China, March 3, 2016 — 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 fourth quarter and full year of 2015.

 

Fourth Quarter 2015 Financial and Operating Highlights

 

·                  Total module shipments were 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company’s own downstream power projects. This compares with total shipments of 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 power projects in the third quarter of 2015.

 

·                  Net revenues were $961.9 million, an increase of 21.4% from the third quarter of 2015 and 36.4% from the fourth quarter of 2014.

 

·                  Gross profit was $183.3 million, an increase of 32.7% from the third quarter of 2015 and 65.1% from the fourth quarter of 2014.

 

·                  Gross margin was 19.1%, compared with 17.4% in the third quarter of 2015 and 15.7% in the fourth quarter of 2014.

 

·                  Operating income was $81.3 million, compared with $5.8 million in the third quarter of 2015 and $30.5 million in the fourth quarter of 2014.

 

·                  Net income attributable to Trina Solar’s ordinary shareholders was $41.7 million, compared with a net loss of $20.0 million in the third quarter of 2015 and net income of $10.6 million in the fourth quarter of 2014.

 

·                  Earnings per fully diluted American Depositary Share (“ADS” and each ADS represents 50 of the Company’s ordinary shares) were $0.43, compared with loss per fully diluted ADS of $0.24 in the third quarter of 2015 and earnings per fully diluted ADS of $0.13 in the fourth quarter of 2014.

 

Full Year 2015 Financial and Operating Highlights

 

·                  Total solar module shipments were approximately 5.74 GW, an increase of 56.8% from 3.66 GW in 2014.

 

·                  Total net revenues were $3.0 billion, an increase of 32.8% from 2014.

 

·                  Gross profit was $566.6 million, an increase of 47.0% from 2014.

 

·                  Gross margin was 18.7%, compared with 16.9% in 2014.

 

·                  Operating income was $177.0 million, an increase of 47.4% from 2014.

 

·                  Net income attributable to Trina Solar’s ordinary shareholders for the full year was $76.5 million, an increase of 28.9% from 2014.

 

·                  Earnings per fully diluted ADS for 2015 were $0.86, compared with $0.74 in 2014.

 



 

Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented, “We are pleased to report another quarter of record shipments and a sequential increase in earnings. Our module shipments during the quarter hit an all-time high of 1.78 GW, which once again exceeded the high-end of our guidance. We continue to maintain our position as the world’s largest solar module manufacturer and a leading solar project developer and operator.”

 

“Our downstream business performed basically in-line with our expectations. We connected a total of 258.8 MW of PV power projects to the grid in the fourth quarter, including 132.5 MW of utility projects and 126.3 MW of distributed generation (DG) projects in China. For the full year of 2015, we connected a total of 685.9 MW of PV power projects to the grid around the world, of which about one third were DG projects in China.”

 

“We continue to work diligently to maintain our position as a leading innovator of PV technology in the industry. We also view our R&D work as an important component of our strategy to diversify our product offerings and move our business into higher value-added areas. During the year, our R&D team accomplished a number of significant achievements, including three world records for our PERC solar cells and modules, which follow seven world records that we set in 2014. Our pilot line of interdigitated back contact solar cells (IBC) continued to reach new levels of efficiency, enabling us to use IBC solar cells and modules for high-value applications.”

 

“2015 was in many ways a strong year for Trina Solar as we achieved record results on both a sequential and year-over-year basis in each quarter. During the year, we entered the Indian market and a number of other emerging markets, which helped to expand our global footprint from 43 to 63 countries. We also made progress on our global capacity expansion plans. Our partnered facilities in Vietnam and Malaysia, where we employ a relatively asset light model, helped to meet the growing demand for our products in overseas markets, and we expect our cell and module facility in Thailand to become operational in 2016. Our downstream business experienced more growth in China’s highly competitive environment. All of these efforts have solidified our foundation and leave us well-positioned for 2016.”

 

Fourth Quarter 2015 Results

 

Net Revenues

 

Net revenues were $961.9 million, including downstream revenues from electricity generated by solar power projects and others of $34.6 million. Total net revenues represent an increase of 21.4% sequentially and an increase of 36.4% year-over-year. Total shipments were 1,776.3 MW, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company’s downstream power projects. This compares with total shipments of 1,703.2 MW in the third quarter of 2015 and 1,098.8 MW in the fourth quarter of 2014. The sequential increase in revenues and shipments was primarily due to rising shipment volumes to the U.S., Japan and the rest of Asia. The year-over-year increase in revenues and shipments was driven largely by growing demand from the U.S. and Asia.

 

Gross Profit and Margin

 

Gross profit was $183.3 million, compared with $138.2 million in the third quarter of 2015 and $111.0 million in the fourth quarter of 2014.

 

Gross margin was 19.1%, compared with 17.4% in the third quarter of 2015 and 15.7% in the fourth quarter of 2014. The sequential increase in gross margin was mainly because of the increase in downstream revenues with higher gross margin as well as slight increase in module average selling price (“ASP”).

 

Operating Expenses, Income and Margin

 

Operating expenses were $102.0 million, a decrease of 23.0% sequentially and an increase of 26.6% year-over-year. The sequential decrease was primarily because the third quarter included a $45.0 million provision for the settlement of a lawsuit brought against Trina Solar by Solyndra. The Company’s operating expenses represented 10.6% of fourth quarter net revenues, a decrease from 11.0% for the third quarter of 2015, if excluded the one-off Solyndra settlement provision, and a decrease from 11.4% in the fourth quarter of 2014.

 

As a result, operating income was $81.3 million, compared with $5.8 million in the third quarter of 2015 and $30.5 million in the fourth quarter of 2014. Operating margin was 8.5%, compared with 0.7% in the third quarter of 2015 and 4.3% in the fourth quarter of 2014.

 

2



 

Net Interest Expense

 

Net interest expense was $13.2 million, compared with $13.1 million in the third quarter of 2015 and $8.3 million in the fourth quarter of 2014.

 

Foreign Currency Exchange Loss

 

The Company recorded a net foreign currency exchange loss of $11.4 million, which included a gain on the change in fair value of foreign exchange derivative instruments of $1.3 million. This compares with a net loss of $13.1 million in the third quarter of 2015 and a net loss of $7.6 million in the fourth quarter of 2014. The foreign currency exchange loss in the fourth quarter of 2015 primarily resulted from the depreciation of the RMB against the USD.

 

Income Tax Expense (Benefit)

 

Income tax expense was $17.6 million, compared with an income tax benefit of $3.1 million in the third quarter of 2015 and an income tax expense of $1.7 million in the fourth quarter of 2014.

 

Net Income (Loss) and Earnings (Loss) per ADS

 

Net income attributable to ordinary shareholders of Trina Solar was $41.7 million, compared with net loss attributable to ordinary shareholders of $20.0 million in the third quarter of 2015 and net income attributable to ordinary shareholders $10.6 million in the fourth quarter of 2014.

 

Earnings per fully diluted ADS were $0.43, compared with loss per fully diluted ADS of $0.24 in the third quarter of 2015 and earnings per fully diluted ADS of $0.13 in the fourth quarter of 2014.

 

Financial Condition

 

As of December 31, 2015, the Company had $659.9 million in cash and cash equivalents, and restricted cash.

 

Build-to-sell project assets under current assets increased to $531.3 million as of December 31, 2015 from $30.2 million as of September 30, 2015 to reflect the strategic shift in the Company’s downstream business from holding all of the Company’s PV projects in China to selling a proportion of the projects during the quarter. As a result, some of the project assets were transferred from property, plant and equipment (PP&E) to current assets during the quarter. The Company’s build-to-sell projects include the projects that were recently completed construction in China during the fourth quarter as well as projects that are under construction in China and overseas which are to be sold in the future.

 

With the new business model in our downstream business, in accordance with the accounting policies of the Company, the revenues generated from sales of build-to-sell project assets under current assets will be recognized as revenue if all revenue recognition criteria are met, whereas gain or loss from the disposal of build-to-own project assets under PP&E will be recorded as other operating income or expense in the income statement. In addition, incidental electricity income generated from the build-to-sell project assets prior to the sales of the projects will be recorded as other operating income, whereas electricity income generated from the Company’s operation of the build-to-own project assets are recognized as service revenues if all revenue recognition criteria are met.

 

Total bank borrowings were $1,438.6 million as of December 31, 2015, of which $916.6 million were short-term borrowings and current portion of long-term borrowings.

 

Shareholders’ equity was $1,050.7 million as of December 31, 2015.

 

Full Year 2015 Results

 

Total module shipments during 2015 were 5.74 GW, consisting of 4.83 GW of external shipments and 912 MW of shipments to the Company’s downstream power projects, an increase of 56.8% from 3.66 GW in 2014, primarily driven by strong demand from China, Japan and the U.S.

 

3



 

Net revenues were $3.0 billion, including downstream revenues from electricity generated by solar power projects, project sales and others of $168.7 million. Total net revenues represent an increase of 32.8% from $2.29 billion in 2014. Gross profit was $566.6 million, an increase of 47.0% from $385.6 million in 2014. Overall gross margin was 18.7%, compared with 16.9% in 2014. The gross margin expansion in 2015 was primarily due to a greater reduction in manufacturing costs compared with the general decline in ASP, as well as increased sales of overseas downstream solar projects and EPC services, which produce higher margins than module sales.

 

Operating profit was $177.0 million in 2015, compared with $120.1 million in 2014. Operating margin was 5.8%, compared with 5.3% in 2014.

 

Net income attributable to ordinary shareholders of Trina Solar was $76.5 million, compared with $59.3 million in 2014. Net margin was 2.5%, compared with 2.6% in 2014.

 

Earnings per fully-diluted ADS were $0.86, compared with $0.74 for 2014.

 

Operations and Business Updates

 

Manufacturing Capacity

 

As of December 31, 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 3.5 GW; and

 

·                  PV module capacity of approximately 5.0 GW.

 

Project Development

 

In the fourth quarter of 2015, the Company connected a total of 258.8 MW PV power projects to the grid, including 132.5 MW of utility projects and 126.3 MW of DG projects in China. The 132.5 MW of utility PV power projects consisted of 42.5 MW in Yunnan, which was a portion of a total 300.0 MW project, 40.0 MW in Xinjiang, 21.0 MW in Hebei, 17.0 MW in Anhui and 12.0 MW in Jiangsu. The 126.3 MW of DG projects consisted of 44.9 MW in Jiangsu, 29.0 MW in Shandong, 20.2 MW in Anhui, 16.5 MW in Hubei, 14.7 MW in Zhejiang and 1.0 MW in Henan.

 

In 2015, the Company connected a total of 685.9 MW of PV power projects to the grid across the globe, of which, DG projects in China were 200.4 MW, accounting for 29.2%.

 

As of December 31, 2015, the Company had a total of 869.2 MW downstream solar projects in commercial operation, including 847.0 MW in China, 4.2 MW in the U.S., and 18.0 MW in Europe. The 847.0 MW projects in China consisted of 645.5 MW of utility projects and 201.5 MW of DG projects.

 

4



 

First Quarter and Fiscal Year 2016 Guidance

 

First Quarter 2016 Guidance

 

The Company expects to ship between 1.37 GW to 1.45 GW of PV modules, all of which will be shipped to third-party customers.

 

Fiscal Year 2016 Guidance

 

2016 Manufacturing Capacity Guidance

 

The Company expects to achieve the following annualized capacity at the end of 2016:

 

·                  Ingot production capacity of approximately 2.3 GW

 

·                  Wafer capacity of approximately 1.8 GW

 

·                  PV cell capacity of approximately 5.0 GW

 

·                  PV module capacity of approximately 6.0 GW

 

The Company expects total PV module shipments between 6.30 GW and 6.55 GW, of which 450 MW to 550 MW will be shipped to the Company’s downstream projects, revenues of which will not be recognized.

 

The Company expects to connect to the grid between 750 MW and 850 MW of downstream PV power projects across the world, including 10 % to 15% of DG projects in China.

 

Conference Call

 

The Company will host a conference call on Thursday, March 3, 2016 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing /Hong Kong, March 3, 2016), to discuss its financial results for the fourth quarter and full year 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. Supplemental information will be made available on the Investors Section of Trina Solar’s website at www.trinasolar.com.

 

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time. U.S. Toll Free: 1-855-298-3404, International: +1-631-514-2526, Hong Kong: 800-905-927. Passcode: Trina Solar

 

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 March 3, 2016 through 11:59 p.m. Eastern Time on March 10, 2016. The dial-in details for the replay are as follows: U.S. Toll Free: 1-866-846-0868, International:  +61-2-9641-7900. Hong Kong: 800-966-697. Replay Passcode: 8106718

 

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.

 

5



 

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
Teresa Tan, CFO
Email: teresa.tan@trinasolar.com

 

Christensen IR
Linda Bergkamp
Phone: +1 480 614 3014 (US)
Email: lbergkamp@ChristensenIR.com

 

 

 

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

 

 

 

6



 

Trina Solar Limited

Unaudited Condensed Consolidated Statements of Operations

(US dollars in thousands, except ADS and share data)

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

 

Dec. 31,

 

Sep. 30,

 

Dec. 31,

 

Dec. 31,

 

Dec. 31,

 

 

 

2015

 

2015

 

2014

 

2015

 

2014

 

Net revenues

 

$

961,881

 

$

792,599

 

$

705,039

 

$

3,035,512

 

$

2,286,119

 

Cost of revenues

 

778,578

 

654,449

 

594,009

 

2,468,879

 

1,900,547

 

Gross profit

 

183,303

 

138,150

 

111,030

 

566,633

 

385,572

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Selling expenses

 

53,236

 

45,389

 

40,166

 

178,119

 

135,061

 

General and administrative expenses

 

37,490

 

34,790

 

33,494

 

132,439

 

108,150

 

Research and development expenses

 

11,243

 

7,166

 

6,858

 

34,099

 

22,258

 

Provision for settlement of lawsuit with Solyndra

 

 

45,000

 

 

45,000

 

 

Total operating expenses

 

101,969

 

132,345

 

80,518

 

389,657

 

265,469

 

Operating income 

 

81,334

 

5,805

 

30,512

 

176,976

 

120,103

 

Foreign exchange loss

 

(12,693

)

(11,485

)

(9,232

)

(25,139

)

(21,934

)

Interest expenses

 

(14,349

)

(13,503

)

(9,100

)

(52,252

)

(34,886

)

Interest income 

 

1,120

 

432

 

795

 

2,862

 

2,793

 

Gain (loss) on change in fair value of derivative

 

1,326

 

(1,586

)

1,677

 

4,065

 

3,422

 

Other income, net

 

3,016

 

2,681

 

940

 

9,280

 

7,250

 

Income (loss) before income taxes

 

59,754

 

(17,656

)

15,592

 

115,792

 

76,748

 

Income tax benefit (expense)

 

(17,618

)

3,149

 

(1,687

)

(29,445

)

(15,488

)

Net income (loss)

 

42,136

 

(14,507

)

13,905

 

86,347

 

61,260

 

Income attributable to the noncontrolling interests

 

(455

)

(5,483

)

(3,290

)

(9,832

)

(1,922

)

Net income (loss) attributable to Trina Solar Limited

 

$

41,681

 

$

(19,990

)

$

10,615

 

$

76,515

 

$

59,338

 

Earnings (loss) per ADS* 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.49

 

$

(0.24

)

$

0.13

 

$

0.91

 

$

0.76

 

Diluted

 

$

0.43

 

$

(0.24

)

$

0.13

 

$

0.86

 

$

0.74

 

Weighted average ADS outstanding*

 

 

 

 

 

 

 

 

 

 

 

Basic

 

84,706,160

 

84,662,352

 

84,105,526

 

84,539,014

 

77,630,080

 

Diluted

 

105,571,783

 

84,662,352

 

84,756,928

 

105,558,867

 

85,493,897

 

 


* “ADS” refers to any of our American depository shares, each representing 50 ordinary shares.

 

Trina Solar Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income

(US dollars in thousands)

 

 

 

For the Three Months Ended

 

For the Year Ended

 

 

 

Dec. 31,

 

Sep. 30,

 

Dec. 31,

 

Dec. 31,

 

Dec. 31,

 

 

 

2015

 

2015

 

2014

 

2015

 

2014

 

Net income (loss)

 

$

42,136

 

$

(14,507

)

$

13,905

 

$

86,347

 

$

61,260

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(6,232

)

(2,430

)

907

 

(8,114

)

2,377

 

Comprehensive income (loss)

 

35,904

 

(16,937

)

14,812

 

78,233

 

63,637

 

Comprehensive (income) loss attributable to non-controlling interests

 

375

 

(4,030

)

(3,470

)

(7,450

)

(1,992

)

Comprehensive income (loss) attributable to Trina Solar Limited

 

$

36,279

 

$

(20,967

)

$

11,342

 

$

70,783

 

$

61,645

 

 

7



 

Trina Solar Limited

Unaudited Condensed Consolidated Balance Sheets

(US dollars in thousands)

 

 

 

As of Dec. 31,

 

As of Sep.30,

 

As of Dec. 31,

 

 

 

2015

 

2015

 

2014

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

465,393

 

$

279,112

 

$

392,893

 

Restricted cash

 

194,484

 

206,964

 

146,929

 

Inventories

 

431,994

 

507,018

 

350,852

 

Build-to-sell project assets

 

531,344

 

30,194

 

60,105

 

Accounts receivable, net

 

672,321

 

687,961

 

621,524

 

Current portion of advances to suppliers, net

 

57,597

 

48,048

 

50,250

 

Prepaid expenses and other current assets, net

 

235,799

 

223,697

 

150,793

 

Total current assets

 

2,588,932

 

1,982,994

 

1,773,346

 

Property, plant and equipment, net (including build-to-own project assets  of $807,894, $970,447 and $385,477 as of each period-end, respectively)

 

1,862,135

 

1,906,112

 

1,253,543

 

Prepaid land use rights, net

 

57,202

 

51,632

 

48,076

 

Advances to suppliers, net of current portion

 

20,602

 

13,045

 

20,751

 

Investment in equity affiliates

 

27,782

 

26,177

 

25,568

 

Deferred income tax assets, net

 

34,295

 

31,942

 

30,978

 

Other noncurrent assets

 

103,007

 

93,563

 

47,304

 

TOTAL ASSETS

 

$

4,693,955

 

$

4,105,465

 

$

3,199,566

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term borrowings, including current portion of long-term borrowings

 

$

916,614

 

$

1,005,260

 

$

820,252

 

Accounts payable

 

1,407,691

 

1,130,404

 

750,096

 

Accrued expenses and other current liabilities

 

278,255

 

292,766

 

179,455

 

Total current liabilities

 

2,602,560

 

2,428,430

 

1,749,803

 

Long-term bank borrowings, excluding current portion

 

521,982

 

168,486

 

22,434

 

Convertible senior notes

 

287,500

 

287,500

 

287,500

 

Accrued warranty costs

 

129,478

 

122,066

 

103,197

 

Other noncurrent liabilities

 

61,872

 

45,319

 

35,553

 

Total liabilities

 

3,603,392

 

3,051,801

 

2,198,487

 

 

 

 

 

 

 

 

 

Ordinary shares

 

43

 

43

 

43

 

Additional paid-in capital

 

759,493

 

756,957

 

752,384

 

Retained earnings

 

279,222

 

237,541

 

202,707

 

Accumulated other comprehensive income

 

11,978

 

17,381

 

17,710

 

Total Trina Solar Limited shareholders’ equity

 

1,050,736

 

1,011,922

 

972,844

 

Non-controlling interests

 

39,827

 

41,742

 

28,235

 

Total equity

 

1,090,563

 

1,053,664

 

1,001,079

 

TOTAL LIABILITIES AND EQUITY

 

$

4,693,955

 

$

4,105,465

 

$

3,199,566

 

 

8


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