CHANGZHOU, China, March 4, 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 fourth quarter and full year of 2014.
Fourth Quarter 2014 Financial and Operating
Highlights
- Total module shipments were 1,098.8 MW, consisting of 1,070.5
MW of external shipments and 28.3 MW of shipments to the Company's
own downstream power projects. This compares with total shipments
of 1,063.8 MW, consisting of 936.8 MW of external shipments and 127
MW of shipments to the Company's own downstream power projects, in
the third quarter of 2014
- Net revenues were $705.0 million,
an increase of 14.3% from the third quarter of 2014
- Gross profit was $111.0 million,
an increase of 8.0% from the third quarter of 2014
- Gross margin was 15.7%, compared with 16.7% in the third
quarter of 2014
- Operating income was $30.5
million, a decrease of 14.4% from the third quarter of
2014
- Net income was $13.9 million, an
increase of 31.5% from the third quarter of 2014
- Net income excluding the net foreign exchange loss was
$21.5 million. Net foreign currency
exchange loss was $7.6 million, which
included a gain on change in fair value of foreign exchange
derivative instruments of $1.7
million
- Earnings per fully diluted American Depositary Share ("ADS" and
each ADS represents 50 of the Company's ordinary shares) were
$0.13, compared with $0.14 in the third quarter of 2014. Excluding net
foreign exchange loss, earnings per ADS was $0.21
Full Year 2014 Financial and Operating Highlights
- Total solar module shipments were approximately 3.66 GW, an
increase of 41.9% from 2.58 GW in 2013
- Total net revenues were $2.29
billion, an increase of 28.8% from 2013
- Gross profit was $385.6 million,
an increase of 76.7% from 2013
- Gross margin was 16.9%, compared with 12.3% in 2013
- Operating income was $120.1
million, compared with an operating loss of $38.1 million in 2013.
- Net income for the full year was $61.3
million, compared with a net loss of $72.2 million for 2013
- Earnings per fully diluted ADS for 2014 were $0.74, compared with a loss per fully diluted ADS
of $1.01 in 2013
"We are pleased with our solid performance in the fourth
quarter. We saw record shipment volumes, maintained our leading
position as one of the largest solar companies in the world, and
continued to increase our earnings quarter to quarter," said Mr.
Jifan Gao, Chairman and CEO of
Trina Solar.
"We also made significant progress in our downstream business.
We connected two utility scale solar power plants totaling 210 MW
in Xinjiang and Jiangsu provinces,
and both are generating electricity. Our project pipeline in
China is expanding and we are
growing our downstream business at a steady pace. Overseas, we
closed the sale of a 13.2 MW project in the UK in December 2014. The cash generated by the sale of
the project will provide additional capital for the expansion of
our downstream businesses. We expect our growing portfolio of
overseas projects in the UK and Japan that we expect to sell upon completion
to further contribute to our downstream business expansion in
2015.
"In the second half of 2014, we strengthened our focuses on
developing distributed generation ("DG") projects in China. We have completed a number of projects
and we will leverage our experience in developing utility scale
projects and our module sales channels to further tap into the DG
market and bolster our current downstream pipeline in China in 2015.
"In addition, we continued to deliver impressive new product
innovations in solar cell technology. Our deep commitment to
R&D and to delivering high quality products ensures our leading
position in the very competitive and highly regulated PV industry.
Our proven track record for superior quality, innovation, and
efficient execution in the manufacturing sector positions us well
as we build our company into a major developer and operator of
solar projects.
"Overall, 2014 was a successful year for Trina Solar. Both our manufacturing and
downstream businesses delivered strong results, and we emerged as
the world's largest supplier of solar modules. We took advantage of
the rapidly growing demand in China, the world's largest market for solar
products, as well as the expansion of sales across various
Asia-Pacific and Americas markets.
We were also able to mitigate the industry trend of declining
average sales prices ("ASPs") without compromising product quality
by re-engineering our manufacturing processes and supply chain to
drive down costs and by growing our portfolio of downstream
projects to increase profitability.
"In 2015, we believe that our focus on technological innovation
and delivering the highest quality and diversified module portfolio
will drive growth in an expanding market. We will continue to build
world-class capabilities and align our global resources to
reinforce our leading position in the module business while
exploring the utility, DG and other downstream markets."
Fourth Quarter 2014 Results
Net Revenues
Net revenues were $705.0 million, an increase of 14.3% sequentially
and an increase of 34.1% year-over-year. Total shipments were
1,098.8 MW, consisting of 1,070.5 MW of external shipments and 28.3
MW of shipments to the Company's downstream power projects. This
compares with total shipments of 1,063.8 MW in the third quarter of
2014 and 770.1 MW in the fourth quarter of 2013. The sequential
increase in revenues and shipments was primarily due to rising
shipment volumes to China,
Europe and the rest of
Asia. The year-over-year increase
in revenues and shipments was driven largely by growing demand from
key geographical regions, particularly China, Japan
and the U.S.
Gross Profit and Margin
Gross profit was $111.0 million, compared with $102.8 million in the third quarter of 2014 and
$79.1 million in the fourth quarter
of 2013.
Gross margin was 15.7%, compared with 16.7% in the third quarter
of 2014 and 15.1% in the fourth quarter of 2013. The sequential
decrease in gross margin was the result of several factors,
including a change in the sales mix, reflecting higher shipments to
China and other Asia-Pacific markets with relatively low ASPs,
and fewer shipments to Japan in
the quarter, which had relatively higher ASPs compared with other
markets, coupled with a general decline in ASPs in some other key
markets. The year-over-year margin increase was mainly due to the
lower gross profit caused by the disposal and impairment loss on
the Company's downstream projects in the U.S. which was recognized
in the fourth quarter of 2013.
Operating Expenses, Income and Margin
Operating
expenses were $80.5 million, an
increase of 19.9% sequentially and 35.7% year-over-year. The
sequential increase was primarily due to an increase in salary,
wages and benefits to employees. The Company's operating expenses
represented 11.4% of the fourth quarter net revenues, an increase
from 10.9% in the third quarter of 2014 and 11.3% in the fourth
quarter of 2013. Operating expenses included a reversal of accounts
receivable provisions of 1.0 million in the fourth quarter of 2014,
compared with $3.0 million in the
third quarter of 2014 and $9.5
million in the fourth quarter of 2013. This provision
reversal contributed to the increase in the operating expense ratio
sequentially and year-over-year.
As a result, operating income was $30.5
million, compared with $35.6
million in the third quarter of 2014 and $19.8 million in the fourth quarter of 2013.
Operating margin was 4.3%, compared with 5.8% in the third quarter
of 2014 and 3.8% in the fourth quarter of 2013.
Net Interest Expense
Net interest expense was
$8.3 million, compared with
$7.0 million in the third quarter of
2014 and $8.2 million in the fourth
quarter of 2013.
Foreign Currency Exchange Gain (Loss)
The Company recorded a net foreign currency exchange
loss of $7.6 million, which included
a gain on change in fair value of foreign exchange derivative
instruments of $1.7 million. This
compares with a net loss of $15.1
million in the third quarter of 2014 and a net gain of
$1.8 million in the fourth quarter of
2013. The loss on foreign currency exchange was mainly due to the
depreciation of the Euro and Japanese Yen against the U.S. dollar
in the fourth quarter of 2014.
Income Tax Expense (Benefit)
Income tax expense was
$1.7 million, compared with income
tax expense of $5.2 million in the
third quarter of 2014 and income tax benefit of $1.1 million in the fourth quarter of 2013.
Net Income (Loss) and Earnings (Loss) per ADS
Net
income was $13.9 million, compared
with $10.6 million in the third
quarter of 2014 and $15.3 million in
the fourth quarter of 2013. Net income excluding the net foreign
exchange loss was $21.5 million,
compared with $25.6 million in the
third quarter of 2014.
Net margin was 2.0%, compared with 1.7% in the third quarter of
2014 and 2.9% in the fourth quarter of 2013. Net margin excluding
net foreign exchange was 3.0% in the fourth quarter of 2014.
Earnings per fully diluted ADS were $0.13, compared with $0.14 in the third quarter of 2014 and
$0.21 in the fourth quarter of 2013.
Earnings per ADS excluding net foreign exchange loss, was
$0.21 in the fourth quarter of
2014.
Financial Condition
As of December 31, 2014, the
Company had $539.8 million in cash
and cash equivalents, and restricted cash. Total bank borrowings
were $842.7 million, of which
$820.3 million were short-term
borrowings, including $82.4 million
of the current portion of long-term borrowings.
Shareholders' equity was $972.8
million as of December 31,
2014, an increase from $930.9
million at the end of the third quarter of 2014.
Full Year 2014 Results
Total module shipments were 3.66 GW, consisting of 3.34 GW of
external shipments and 324 MW of shipments to the Company's
downstream power projects, an increase of 41.9% from 2.58 GW in
2013, primarily driven by strong demand from China, Japan
and the U.S.
Net revenues were $2.29 billion,
an increase of 28.8% from $1.77
billion in 2013. Gross profit was $385.6 million, an increase of 76.7% from
$218.2 million in 2013. Overall gross
margin was 16.9%, compared with 12.3% in 2013. The gross margin
expansion in 2014 was primarily due to faster reduction in
manufacturing costs compared with the general decline in ASP and
increased sales of downstream solar projects further improve gross
margins. Operating profit was $120.1
million, compared with a loss of $38.1 million in 2013. Operating margin was
5.3%, compared with negative 2.1% in 2013.
Net income was $61.3 million,
compared with a net loss of $72.2
million in 2013. Net margin was 2.7%, compared with negative
4.1% in 2013.
Earnings per fully-diluted ADS were $0.74, compared with a loss per fully diluted ADS
of $1.01 for 2013.
First Quarter and Fiscal Year 2015 Guidance
First Quarter of 2015 Guidance
The Company expects to ship between 840 MW to 870 MW of PV
modules, of which 60 MW to 70 MW of PV modules will be shipped to
the Company's downstream PV projects.
Fiscal Year 2015 Guidance
2015 Manufacturing Capacity
The Company expects to achieve annualized capacity at the end of
2015:
- Ingot production capacity of approximately 2.8 GW
- Wafer capacity of approximately 2.3 GW
- PV cell capacity of approximately 3.5 GW
- Module capacity of approximately 4.8 GW
The addition of 500 MW cell and 800 MW of module capacity in
2015 will partially come from the low-cost overseas manufacturing
facilities that the Company is planning to build or jointly build
with local partners in select countries outside of China. The addition of wafer and ingot
capacity increase mainly come from equipment update and technology
advancement as well as working with domestic partners.
The Company expects total PV module shipments between 4.4 GW and
4.6 GW, of which 700 MW to 800 MW of PV modules will be shipped to
the Company's downstream projects. The total shipment volume
represents an increase of 20% to 26 % from 2014.
The Company expects to connect to the grid of 700 MW and 750 MW
of downstream PV power projects across the world, including 30%-40%
of DG projects in China.
Operations and Business Updates
2014 Manufacturing Capacity
As of December 31, 2014, the
Company had annualized:
- In-house ingot production capacity of approximately 2.2 GW
- Wafer capacity of approximately 1.7 GW
- PV cell capacity of approximately 3.0 GW
- Module capacity of approximately 4.0 GW
Project Development
In 2014, the Company completed construction of 337 MW solar
power projects consisting of 324 MW of utility projects and 13 MW
of EPC for DG projects. As of March 4,
2015, the Company has a total of 232 MW solar power projects
under operation, of which 22 MW are overseas and 210 MW are in
China.
Recent Developments for Projects in China
In the fourth quarter of 2014, the Company connected to the grid
a 90 MW solar power plant in Toksun, Xinjiang Province. The plant
will be able to generate up to 118 million kWh of electricity per
year and was granted a 20-year feed-in-tariff (FIT) of 0.95 RMB/KWh.
In addition, the Company has connected to the grid of a 120 MW
utility project in Jiangsu
Province at the end of 2014 which is generating
electricity.
Recent Developments for International Projects
Outside of China, the Company
is adopting tailored strategies for downstream business development
that take into account a number of factors for each market,
including, among others, the geographic location, the policy and
regulatory environment, and the potential internal rate of return.
The Company may also cooperate with local partners outside of
China to further its project
development overseas.
In Europe, the Company sold a
13.2 MW solar power project in the UK to Foresight Group in
December 2014. This follows the sale
of a similar 10.6 MW solar power project in the UK to the same
buyer in September 2014. In addition,
another 49.9 MW utility-scale solar power project in the UK is
expected to be connected to the grid in the first quarter of 2015
and the Company intends to sell the project in the coming
quarter.
Conference Call
The Company will host a conference call at 8:00 a.m. U.S. EST on March 4, 2015 (9:00
p.m. Beijing / Hong Kong, March 4, 2015), to discuss the results for the
quarter and year ended December 31,
2014. Joining Jifan Gao,
Chairman and CEO of Trina Solar,
will be Teresa Tan, Chief Financial
Officer, Zhiguo Zhu, Chief Operating
Officer and President of Trina Solar's Module Business Unit,
and Yvonne Young, Investor Relations
Director. 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: +1 (800) 884-2382.
International callers should dial +1 (660) 422-4933. The conference
ID for the call is 8220-8121.
If you are unable to participate in the call at this time, a
replay will be available from 11:30 a.m.
EST on March 4th, 2015 through
11:59 p.m. EST on March 23rd, 2015. To access the replay, please
dial +1(855)859-2056, international callers should dial
+1(404)537-3406, and enter the conference ID 8220-8121.
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
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
|
|
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,
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$ 705,039
|
|
$ 616,844
|
|
$ 525,638
|
|
$2,286,119
|
|
$1,774,971
|
Cost of
revenues
|
594,009
|
|
514,050
|
|
446,517
|
|
1,900,547
|
|
1,556,777
|
Gross
profit
|
111,030
|
|
102,794
|
|
79,121
|
|
385,572
|
|
218,194
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
40,166
|
|
36,433
|
|
33,566
|
|
135,061
|
|
132,823
|
General and
administrative expenses
|
33,494
|
|
25,233
|
|
19,741
|
|
108,150
|
|
103,523
|
Research and
development expenses
|
6,858
|
|
5,481
|
|
6,007
|
|
22,258
|
|
19,926
|
Total operating
expenses
|
80,518
|
|
67,147
|
|
59,314
|
|
265,469
|
|
256,273
|
Operating income
(loss)
|
30,512
|
|
35,647
|
|
19,807
|
|
120,103
|
|
(38,079)
|
Foreign exchange gain
(loss)
|
(9,232)
|
|
(16,445)
|
|
1,064
|
|
(21,934)
|
|
(13,576)
|
Interest
expenses
|
(9,100)
|
|
(7,878)
|
|
(8,975)
|
|
(34,886)
|
|
(48,445)
|
Interest
income
|
795
|
|
874
|
|
770
|
|
2,793
|
|
3,958
|
Gain on change in
fair value of derivative
|
1,677
|
|
1,392
|
|
729
|
|
3,422
|
|
2,180
|
Other income,
net
|
940
|
|
2,210
|
|
729
|
|
7,250
|
|
8,696
|
Income (loss) before
income taxes
|
15,592
|
|
15,800
|
|
14,124
|
|
76,748
|
|
(85,266)
|
Income tax (expense)
benefit
|
(1,687)
|
|
(5,222)
|
|
1,134
|
|
(15,488)
|
|
13,030
|
Net income
(loss)
|
13,905
|
|
10,578
|
|
15,258
|
|
61,260
|
|
(72,236)
|
(Income)/Loss
attributable to the noncontrolling
interests
|
(3,290)
|
|
909
|
|
206
|
|
(1,922)
|
|
210
|
Net income attributable to Trina
Solar Limited
|
$ 10,615
|
|
$ 11,487
|
|
$ 15,464
|
|
$ 59,338
|
|
$ (72,026)
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
ADS*
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 0.13
|
|
$ 0.14
|
|
$ 0.22
|
|
$ 0.76
|
|
$ (1.01)
|
Diluted
|
$ 0.13
|
|
$ 0.14
|
|
$ 0.21
|
|
$ 0.74
|
|
$ (1.01)
|
Weighted average ADS
outstanding*
|
|
|
|
|
|
|
|
|
|
Basic
|
84,105,526
|
|
81,685,868
|
|
71,064,192
|
|
77,630,080
|
|
71,071,055
|
Diluted
|
84,756,928
|
|
82,699,772
|
|
72,526,455
|
|
85,493,897
|
|
71,071,055
|
|
|
|
|
|
|
|
|
|
|
* "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,
|
|
2014
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net income
(loss)
|
$ 13,905
|
|
$ 10,578
|
|
$ 15,258
|
|
$ 61,260
|
|
$ (72,236)
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
907
|
|
4,507
|
|
2,856
|
|
2,377
|
|
6,197
|
Comprehensive income
(loss)
|
14,812
|
|
15,085
|
|
18,114
|
|
63,637
|
|
(66,039)
|
Comprehensive
(income)/ loss attributable to
non-controlling interests
|
(3,470)
|
|
945
|
|
207
|
|
(1,992)
|
|
209
|
Comprehensive income
(loss) attributable to
Trina Solar Limited
|
$ 11,342
|
|
$ 16,030
|
|
$ 18,321
|
|
$ 61,645
|
|
$ (65,830)
|
|
Trina Solar
Limited
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
(US dollars in
thousands)
|
|
|
|
|
|
As of Dec. 31,
|
|
As of Sep. 30,
|
|
As of Dec. 31,
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$ 392,893
|
|
$ 318,832
|
|
$ 486,686
|
|
Restricted
cash
|
|
|
|
146,929
|
|
97,657
|
|
74,720
|
|
Inventories
|
|
|
|
350,852
|
|
451,529
|
|
244,532
|
|
Project assets held
for development and sale
|
|
|
60,105
|
|
46,594
|
|
73,305
|
|
Accounts receivable,
net
|
|
|
|
621,524
|
|
556,654
|
|
435,092
|
|
Current portion of
advances to suppliers, net
|
|
|
50,250
|
|
51,019
|
|
68,253
|
|
Prepaid expenses and
other current assets, net
|
|
|
150,793
|
|
160,892
|
|
139,113
|
|
Total current
assets
|
|
|
|
1,733,346
|
|
1,683,177
|
|
1,521,701
|
|
Property, plant and
equipment, net
|
|
|
|
1,253,543
|
|
1,096,438
|
|
889,752
|
|
(including solar
projects held for development
|
|
|
|
|
|
|
|
|
and operation of
$385,477, $226,854 and $48,149
as of each period-end, respectively)
|
|
|
|
|
|
|
|
|
|
Project assets held
for development and sale
|
|
|
|
-
|
|
1,980
|
|
6,097
|
|
Land use rights,
net
|
|
|
|
48,076
|
|
48,266
|
|
43,287
|
|
Advances to
suppliers, net of current portion
|
|
|
|
20,751
|
|
34,096
|
|
41,908
|
|
Investment in equity
affiliates
|
|
|
|
25,568
|
|
11,483
|
|
11,770
|
|
Deferred income tax
assets, net
|
|
|
|
30,978
|
|
31,992
|
|
50,901
|
|
Other noncurrent
assets
|
|
|
|
47,304
|
|
48,982
|
|
1,813
|
|
TOTAL
ASSETS
|
|
|
|
$ 3,199,566
|
|
$ 2,956,414
|
|
$ 2,567,229
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term borrowings,
including current portion of
long-term borrowings
|
|
$ 820,252
|
|
$ 783,883
|
|
$ 935,590
|
|
Accounts payable
|
|
|
|
750,096
|
|
669,792
|
|
476,533
|
|
Accrued expenses and other
current liabilities
|
|
|
179,455
|
|
155,234
|
|
128,420
|
|
Total current
liabilities
|
|
|
|
$ 1,749,803
|
|
$ 1,608,909
|
|
$ 1,540,543
|
|
Long-term bank
borrowings, excluding current portion
|
|
22,434
|
|
103,623
|
|
100,502
|
|
Convertible senior
notes
|
|
|
|
287,500
|
|
172,500
|
|
-
|
|
Accrued warranty
costs
|
|
|
|
103,197
|
|
96,363
|
|
81,743
|
|
Other noncurrent
liabilities
|
|
|
|
35,553
|
|
21,398
|
|
21,962
|
|
Total
liabilities
|
|
|
|
2,198,487
|
|
2,002,793
|
|
1,744,750
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
43
|
|
41
|
|
36
|
|
Additional paid-in
capital
|
|
|
|
752,384
|
|
721,765
|
|
663,388
|
|
Retained
earnings
|
|
|
|
202,707
|
|
192,092
|
|
143,369
|
|
Accumulated other
comprehensive income
|
|
|
|
17,710
|
|
16,983
|
|
15,403
|
|
Total Trina Solar
Limited shareholders' equity
|
|
|
|
972,844
|
|
930,881
|
|
822,196
|
|
Non-controlling
interests
|
|
|
|
28,235
|
|
22,740
|
|
283
|
|
Total
equity
|
|
|
|
1,001,079
|
|
953,621
|
|
822,479
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
|
|
$ 3,199,566
|
|
$ 2,956,414
|
|
$ 2,567,229
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/trina-solar-announces-fourth-quarter-and-full-year-2014-results-300045239.html
SOURCE Trina Solar Limited