SHANGHAI, Nov. 29, 2016
/PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company")
(www.renesola.com) (NYSE: SOL), a leading fully-integrated solar
project developer and provider of energy efficient technology
products, today announced its unaudited financial results for the
third quarter ended September 30,
2016.
Third Quarter 2016 Highlights
|
Q3 2016
(in
million)
|
Q/Q Change
|
Y/Y Change
|
Revenue
|
$187.0
|
-25.2%
|
-49.2%
|
Gross
Profit
|
$18.9
|
-54.2%
|
-68.2%
|
Operating
loss
|
($11.9)
|
N/A
|
N/A
|
Net Loss
|
($20.5)
|
N/A
|
N/A
|
- Revenue was $187.0 million,
compared with guidance of approximately $200
million;
- Gross margin of 10.1% was in-line with guidance, compared with
16.5% in Q2 2016 and 16.1% in Q3 2015;
- Net loss was $20.5 million,
compared with net income of $5.5
million in Q2 2016 and $8.6
million in Q3 2015;
- Total external module shipments were 191.2 MW while module
shipments to the Company's downstream projects were approximately
6.1 MW;
- Total external wafer shipments were 290.5 MW compared with
423.3 MW in Q2 2016 and 341.6 MW in Q3 2015;
- Successfully sold two utility-scale projects in Japan with total capacity of 2.5 MW and
rooftop projects in China with
aggregate capacity of 1.3 MW;
- Recognized revenue of $27.8
million from the sale of four utility-scale projects in UK
with capacity of approximately 20 MW;
- The Company now has a solar power project pipeline of over 1
GW, of which 448 MW are projects that are "shovel-ready"; and
- LED sales decreased by 8.9% compared to Q2 2016 with gross
margin of approximately 30%
Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented,
"Third quarter financial results fell short of expectations, as
weak demand led to reduced shipments and significant pricing
pressure. While we tackled prevailing market challenges through
expense control, we reported our first loss after four consecutive
profitable quarters. Nonetheless, we executed on key elements of
our strategy. We expanded our downstream project pipeline to over 1
GW, of which over half are late-stage and we plan to monetize them
in the next one to two years. We also paid down short-term debt
during the quarter, which demonstrates our commitment and ability
to improve our balance sheet."
Li continued, "Looking forward, we anticipate the solar industry
headwinds to continue into 2017. As we navigate challenging market
conditions, we intend to remain fully focused on project
development with rapid monetization, expansion through technology
improvements, and streamlined operations with prudent cost
control."
Third Quarter 2016 Financial Results
Revenue of $187.0 million was down
25.2% q/q and down 49.2% y/y. Revenue declined due to lower blended
ASP and reduced product shipments to external customers due to
decreased market demand. The Company remains committed to using the
solar products business as a foundation to drive growth through
downstream project development.
Gross profit of $18.9 million was
down 54.2% q/q and down 68.2% y/y. Gross margin decreased to 10.1%
from 16.5% in Q2 2016 and from 16.1% in Q3 2015. The sequential
margin decline was primarily due to lower wafer and module ASPs, as
well as an increase in polysilicon cost.
Operating expenses of $30.7
million were down 11.6% q/q and down 35.9% y/y. The decrease
in operating expenses reflects efficient expense control.
Sequentially, SG&A expense decreased by 16.5% and R&D
expense decreased by 15.0%.
Operating loss was $11.9 million,
compared to operating income of $6.4
million in Q2 of 2016 and $11.4
million in Q3 of 2015.
Non-operating expenses of $10.6
million include net interest expense of $7.7 million and foreign exchange loss of
$3.3 million, partially offset by
gains on derivatives of $0.3
million.
Net loss was $20.5 million,
compared to a net income of $5.5
million in Q2 of 2016 and $8.6
million in Q3 of 2015. Loss per ADS were $0.20, compared to earnings per ADS $0.05 in Q2 of 2016.
Balance Sheet, Liquidity and Capital Resources
The Company had cash and cash equivalents (including restricted
cash) of $139.4 million as of
September 30, 2016, compared with
$163.4 million at the end of Q2 2016.
The decrease of $24.0 million is
mainly due to the repayment of our fully pledged loan. Total debt
was $699.0 million, down from
$716.5 million as of June 30, 2016. Total debt decreased by
$17.5 million in the quarter.
Third Quarter Operating Highlights
The Company focused on developing, operating and selling
high-quality solar power projects. Activities are centered on
building a pipeline of distributed generation and utility-scale
projects in attractive geographies worldwide.
Project Sales
In the third quarter, the Company recognized revenue from four
utility-scale projects in the United
Kingdom sold in the second quarter. These projects had
approximately 20.0 MW of generating capacity. Additionally, the
Company sold two utility-scale projects in Japan with a total capacity of 2.5 MW and
rooftop projects of 1.3 MW in the domestic Chinese market in the
third quarter.
Project
Sales
|
Location
|
Size (MW)
|
Collacott
|
UK
|
5.0
|
Handley
|
UK
|
5.0
|
Stretton
|
UK
|
5.0
|
Debdale
|
UK
|
5.0
|
Ibaraki
|
Japan
|
1.2
|
Gifu
|
Japan
|
1.3
|
DG
|
China
|
1.3
|
As announced in early November, the Company signed agreements to
sell six utility-scale projects in the United Kingdom to a European buyer. These
projects have a combined capacity of approximately 26MW. Revenue
from the sales of these projects is expected to be recognized in
the fourth quarter of 2016.
Project Pipeline
The Company currently has a pipeline of over 1 GW of projects in
various stages, of which 448 MW are projects that are
"shovel-ready". The shovel-ready projects include (i) projects that
are overseas and that Renesola has the legal right to develop based
on definitive agreements, and (ii) projects in China that have been filed with National
Development and Reform Commission. The Company identified a number
of opportunities in China's
domestic distributed generation market, and now has 187.3 MW of
such projects which are in shovel-ready stage in its pipeline. The
Company continues to focus on developed markets which are expected
to have stable returns and healthy cash flow.
The geographic distribution of our shovel-ready projects
pipeline is outlined in the table below.
Project
Location
|
Shovel-ready
(MW)
|
USA
|
104.7
|
UK
|
9.3
|
Japan
|
17.5
|
Canada
|
9
|
Turkey
|
116.0[1]
|
France
|
4.2
|
China DG
|
187.3
|
Total
|
448
|
[1] With the start of
operation, the projects will be transferred into a joint venture,
in which Renesola is expected to hold 50% of equity interest of the
116MW projects.
|
Modules and Wafers
The Company supplies high quality products at low cost to select
customers. The Company considers its competitive advantages to be
improving conversion efficiency and supply chain management.
During the third quarter, total external module shipments were
191.2 MW, down 32.3% from the second quarter of 2016 and down 52.9%
from the third quarter of 2015. Total wafer shipments were 290.5
MW, down 31.4% from the second quarter of 2016 and down 15.0% from
the third quarter of 2015. The reduction in shipments reflected
softened demand in the domestic market, as project completions were
pulled into the first half in order to qualify for higher FiT.
LED
LED revenue of $7.1 million was
down 8.9% from $7.8 million in Q2
2016. Gross margin was approximately 30%. The decline in revenue
reflects the temporary slowdown attributable to Ramadan and the summer holidays in Europe.
Despite the sequential revenue decline, ReneSola is optimistic
about the growth prospects in LED business. The market for energy
efficient products is large and growing rapidly. LED lighting is
one of the most effective products for reducing electricity
consumption. The Company believes it can leverage its brand name
and global distribution footprint to build an attractive, high
margin business. The Company expects LED business to grow into a
meaningful financial contributor in the years ahead.
Outlook
For the fourth quarter, the Company expects revenue in the range
of $220 million and $240 million and gross margin in the high-single
digits. The outlook reflects reduced shipments due to weak domestic
demand, high polysilicon prices, and declining wafer prices.
Conference Call Information
ReneSola's management will host an earnings conference call on
November 29, 2016 at 8:30 a.m. U.S. Eastern Standard Time
(9:30 p.m. China Time).
Dial-in details for the earnings conference call are as
follows:
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
8456750437
|
+1
8665194004
|
Hong Kong
|
+852
30186771
|
+852
800906601
|
Mainland
China
|
+86
8008190121
+86
4006208038
|
|
Other
International
|
+65
67135090
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is
19425900.
A replay of the conference call may be accessed by phone at the
following numbers until December 7,
2016. To access the replay, please again reference the
conference passcode 19425900.
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
6462543697
|
+1
8554525696
|
Hong Kong
|
+852
30512780
|
+852
800963117
|
Mainland
China
|
+86
8008700206
+86
4006022065
|
|
Other
International
|
+61
281990299
|
|
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
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand and
technology provider of energy efficient products. Leveraging its
global presence and expansive distribution and sales network,
ReneSola is well positioned to provide its highest quality green
energy products and on-time services for EPC, installers, and green
energy projects around the world. For more information, please
visit www.renesola.com.
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," "plans,"
"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:
ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
RENESOLA
LTD
|
Unaudited
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
Sep
30,
|
|
Jun
30,
|
|
Sep 30,
|
|
|
2016
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
28,834
|
|
23,723
|
|
86,489
|
Restricted
cash
|
|
110,538
|
|
139,645
|
|
146,533
|
Accounts
receivable, net of allowances for doubtful
accounts
|
|
172,747
|
|
185,573
|
|
128,143
|
Inventories
|
|
185,210
|
|
165,470
|
|
198,857
|
Advances to
suppliers-current
|
|
17,528
|
|
23,286
|
|
37,889
|
Amounts due
from related parties
|
|
13,252
|
|
77
|
|
118
|
Value added tax
recoverable
|
|
16,537
|
|
5,911
|
|
13,310
|
Prepaid income
tax
|
|
1,451
|
|
4,338
|
|
1,814
|
Prepaid
expenses and other current assets
|
|
12,054
|
|
18,288
|
|
31,284
|
Project
assets
|
|
53,766
|
|
64,756
|
|
23,345
|
Deferred
convertible notes issue costs-current
|
|
|
|
|
|
76
|
Derivative
assets
|
|
624
|
|
2,077
|
|
224
|
Assets
held-for-sale
|
|
|
|
|
|
-
|
Deferred tax
assets-current, net
|
|
|
|
-
|
|
4,504
|
Total
current assets
|
|
612,541
|
|
633,144
|
|
672,586
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
547,748
|
|
568,090
|
|
667,377
|
Prepaid land
use right, net
|
|
35,491
|
|
35,842
|
|
38,923
|
Deferred tax
assets-non-current, net
|
|
12,188
|
|
14,403
|
|
15,699
|
Deferred
convertible notes issue costs-non-current
|
|
|
|
|
|
-
|
Advances for
purchases of property, plant and equipment
|
|
285
|
|
285
|
|
677
|
Deferred
project costs
|
|
17,275
|
|
17,576
|
|
20,874
|
Project
assets-noncurrent
|
|
8,573
|
|
9,463
|
|
|
Other
long-lived assets
|
|
12,522
|
|
9,943
|
|
9,747
|
Total
assets
|
|
1,246,623
|
|
1,288,746
|
|
1,425,883
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Convertible
bond payable-current
|
|
|
|
|
|
26,145
|
Short-term
borrowings
|
|
699,035
|
|
716,512
|
|
685,311
|
Accounts
payable
|
|
281,257
|
|
280,609
|
|
321,239
|
Advances from
customers-current
|
|
11,193
|
|
20,342
|
|
58,218
|
Amounts due to
related parties
|
|
1,762
|
|
2,831
|
|
2,716
|
Other current
liabilities
|
|
69,506
|
|
66,536
|
|
90,786
|
Income tax
payable
|
|
128
|
|
128
|
|
128
|
Derivative
liabilities
|
|
|
|
|
|
-
|
Warrant
liability
|
|
|
|
26
|
|
263
|
Total
current liabilities
|
|
1,062,881
|
|
1,086,984
|
|
1,184,806
|
|
|
|
|
|
|
|
Convertible
notes payable-non-current
|
|
|
|
|
|
-
|
Long-term
borrowings
|
|
|
|
|
|
39,008
|
Advances from
customers-non-current
|
|
|
|
|
|
-
|
Deferred
revenue
|
|
30,101
|
|
28,366
|
|
30,541
|
Warranty
|
|
39,614
|
|
38,870
|
|
37,159
|
Deferred
subsidies and other
|
|
21,904
|
|
22,203
|
|
23,904
|
Other long-term
liabilities
|
|
375
|
|
15
|
|
149
|
Total
liabilities
|
|
1,154,875
|
|
1,176,438
|
|
1,315,567
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Common
shares
|
|
477,171
|
|
477,171
|
|
478,527
|
Additional paid-in capital
|
|
8,089
|
|
7,994
|
|
7,516
|
Accumulated loss
|
|
-444,512
|
|
(424,020)
|
|
(441,933)
|
Accumulated other comprehensive income
|
|
51,000
|
|
51,163
|
|
66,206
|
Total equity
attribute to ReneSola Ltd
|
|
91,748
|
|
112,308
|
|
110,316
|
Total
shareholders' equity
|
|
91,748
|
|
112,308
|
|
110,316
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
1,246,623
|
|
1,288,746
|
|
1,425,883
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Income
|
(US dollar in
thousands, except ADS and share data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Sep 30,
2016
|
|
Jun 30,
2016
|
|
Sep 30,
2015
|
|
|
|
|
|
|
|
Net revenues from
third parties
|
|
171,428
|
|
250,038
|
|
368,239
|
Net revenues from
related parties
|
|
15,600
|
|
|
|
|
Cost of
revenues
|
|
(168,160)
|
|
(208,886)
|
|
(308,901)
|
Gross
profit
|
|
18,868
|
|
41,152
|
|
59,338
|
GP%
|
|
10.1%
|
|
16.5%
|
|
16.1%
|
|
|
|
|
|
|
|
Operating (expenses)
income:
|
|
|
|
|
|
|
Sales and
marketing
|
|
(11,544)
|
|
(15,152)
|
|
(19,861)
|
General and
administrative
|
|
(12,387)
|
|
(13,525)
|
|
(14,825)
|
Research and
development
|
|
(6,311)
|
|
(7,424)
|
|
(9,803)
|
Other operating
income
|
|
(489)
|
|
1,324
|
|
(3,436)
|
Total operating
expenses
|
|
(30,731)
|
|
(34,777)
|
|
(47,925)
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
(11,863)
|
|
6,375
|
|
11,413
|
|
|
-6.9%
|
|
2.5%
|
|
3.1%
|
Non-operating
(expenses) income:
|
|
|
|
|
|
|
Interest
income
|
|
568
|
|
715
|
|
656
|
Interest
expense
|
|
(8,235)
|
|
(8,477)
|
|
(11,047)
|
Foreign exchange
gains (losses)
|
|
(3,324)
|
|
4,336
|
|
5,695
|
Gains (losses) on
derivatives, net
|
|
323
|
|
2,869
|
|
(620)
|
Investment gain on
disposal of subsidiaries
|
|
68
|
|
|
|
|
Gains on repurchase
of convertible bonds
|
|
|
|
|
|
1,891
|
Fair value change of
warrant liability
|
|
26
|
|
131
|
|
788
|
|
|
|
|
|
|
|
Income (loss)
before income tax, noncontrolling interests
|
|
(22,437)
|
|
5,949
|
|
8,776
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
1,945
|
|
(425)
|
|
(179)
|
Net income
(loss)
|
|
(20,492)
|
|
5,524
|
|
8,597
|
|
|
|
|
|
|
|
Less: Net income
(loss) attributed to noncontrolling interests
|
|
|
|
|
|
|
Net income (loss)
attributed to holders of ordinary shares
|
|
(20,492)
|
|
5,524
|
|
8,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
Basic
|
|
(0.10)
|
|
0.03
|
|
0.04
|
Diluted
|
|
(0.10)
|
|
0.03
|
|
0.04
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
Basic
|
|
(0.20)
|
|
0.05
|
|
0.08
|
Diluted
|
|
(0.20)
|
|
0.05
|
|
0.08
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing loss per share
|
|
|
|
|
Basic
|
|
201,990,602
|
|
201,998,340
|
|
204,658,446
|
Diluted
|
|
201,990,602
|
|
201,998,340
|
|
204,658,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Sep 30,
2016
|
|
Jun 30,
2016
|
|
Sep 30,
2015
|
Net income
(loss)
|
|
(19,465)
|
|
5,524
|
|
8,597
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
Foreign exchange
translation adjustment
|
|
6,654
|
|
(7,921)
|
|
(13,834)
|
Other comprehensive
income (loss)
|
|
6,654
|
|
(7,921)
|
|
(13,834)
|
|
|
|
|
|
|
|
Comprehensive
income (loss)
|
|
(12,811)
|
|
(2,397)
|
|
(5,237)
|
Less:comprehensive
loss attributable to non-controlling interest
|
|
|
|
|
-
|
Comprehensive
income (loss) attributable to Renesola
|
(12,811)
|
|
(2,397)
|
|
(5,237)
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Cash Flow
|
(US dollar in
thousands)
|
|
Nine Months
Ended
|
|
Sep 30, 2016
|
Sep 30, 2015
|
|
|
|
Operating
activities:
|
|
|
Net
profit/(loss)
|
(9,235)
|
(11,731)
|
Adjustment to
reconcile net loss to net cash provided by (used in) operating
activity:
|
|
|
Inventory
write-down
|
|
643
|
Depreciation
and amortization
|
59,142
|
68,866
|
Amortization
of deferred convertible bond issuances costs and premium
|
33
|
723
|
Allowance of
doubtful receivables, advance to suppliers and prepayment for
purchases of property, plant and equipment
|
864
|
(2,000)
|
Loss on
derivatives
|
(709)
|
4,872
|
Fair value
change of warrant liability
|
(578)
|
(1,628)
|
Gain from
settlement of certain payables
|
|
(6,159)
|
Gain from
advances from customers
|
|
|
Share-based
compensation
|
607
|
4
|
Loss on
disposal of long-lived assets
|
5,184
|
267
|
Gain on
disposal of solar project
|
(2,527)
|
-
|
Impairment of
goodwill
|
|
|
Impairment of
Intangible assets
|
|
|
Impairment
of long-lived assets
|
|
4,350
|
Reversal of
firm purchase commitment
|
|
|
Gain on
disposal of subsidiaries
|
|
-
|
Gain on CB
repurchase
|
(212)
|
(13,693)
|
|
|
|
Changes in assets
and liabilities:
|
|
|
Accounts
receivable
|
(18,360)
|
(19,663)
|
Inventories
|
(21,768)
|
120,663
|
Project assets
and deferred project cost
|
(10,062)
|
17,524
|
Advances to
suppliers
|
(907)
|
(10,906)
|
Amounts due
from related parties
|
(13,992)
|
(4,453)
|
Value added
tax recoverable
|
7,679
|
16,471
|
Prepaid
expenses and other current assets
|
10,000
|
12,149
|
Prepaid land
use rights, net
|
685
|
978
|
Proceeds from
disposal of land use right
|
|
|
Deferred
project costs
|
|
|
Accounts
payable
|
(8,677)
|
(135,195)
|
Advances from
customers
|
(17,092)
|
(22,651)
|
Income tax
payable
|
2,165.00
|
(601)
|
Other
current liabilities
|
(5,740)
|
(10,753)
|
Deferred
revenue
|
(2,275)
|
30,541
|
Other
long-term liabilities
|
(565)
|
(855)
|
Other
non-current assets
|
|
(2,872)
|
Other
long-term assets
|
|
|
Accrued
warranty cost
|
4,623
|
6,241
|
Deferred taxes
assets
|
4,313
|
(1,282)
|
Provision for
litigation
|
364
|
|
Net cash provided
by (used in) operating activities
|
(17,040)
|
39,850
|
|
|
|
Investing
activities:
|
|
|
Purchases of
property, plant and equipment
|
(6,754)
|
(5,283)
|
Advances for
purchases of property, plant and equipment
|
|
(2,383)
|
Cash received
from government subsidy
|
|
-
|
Proceeds from
disposal of property, plant and equipment
|
5,131
|
25
|
Changes in
restricted cash
|
25,812
|
(28,203)
|
Net cash
received (paid) on settlement of derivatives
|
108
|
(3,426)
|
Purchases of
investment securities
|
|
|
Proceeds from
disposal of subsidiaries
|
|
20
|
Net cash
provided by (used in) investing activities
|
24,297
|
(39,250)
|
|
|
|
Financing
activities:
|
|
|
Proceeds from
bank borrowings
|
766,311
|
747,166
|
Proceeds from
issuance of common shares
|
|
|
Proceeds from
related parties
|
|
|
Repayment of
bank borrowings
|
(752,829)
|
(701,089)
|
Proceeds from
exercise of stock options
|
|
1,761
|
Paid for CB
repurchase
|
(25,931)
|
(54,377)
|
Share issuance
costs
|
|
|
Repurchace
from noncontrolling interests
|
|
|
Repurchase of
convertible notes
|
|
|
Cash paid for ADS/s
repurchase
|
(981)
|
|
Net cash
provided by (used in) financing activities
|
(13,430)
|
(6,539)
|
|
|
|
Effect of exchange
rate changes
|
(3,038)
|
(7,420)
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(9,211)
|
(13,359)
|
Cash and cash
equivalents, beginning of period/year
|
38,045
|
99,848
|
Cash and cash
equivalents, end of period/year
|
28,834
|
86,489
|
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SOURCE ReneSola Ltd.