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Trina Solar Announces Receipt of Favorable Arbitration Award and Adjusts Fourth Quarter and Full Year 2013 Earnings Results

CHANGZHOU, China, March 20, 2014 /PRNewswire/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it has received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement. The arbitration panel determined that Trina Solar was entitled to US$20.4 million, which included the full amount of the outstanding accounts receivable of US$17.4 million sought by the Company, plus sales tax and accrued interests.

Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our efforts to pursue outstanding accounts receivable in overseas markets are delivering positive results. Sound financial management is a key focus for Trina Solar. We remain strongly committed to maintaining a healthy balance sheet to support Trina's long-term growth."

The arbitration fund was received subsequent to the Company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the Company's fourth quarter and full year 2013 earnings release are being adjusted to reflect this event.

For a comparison of the difference in the financial numbers, please refer to the tables below. To access the Company's full adjusted financial results for the fourth quarter and full year 2013, please refer to the full income statements and balance sheets attached at the end of this press release.

Trina Solar Limited

Unaudited Condensed Consolidated Statements of Operations

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



For the Three Months Ended 
Dec. 31, 2013


For Year Ended
Dec. 31, 2013

Line Items

Adjusted

Previous


Adjusted

Previous

General and administrative expenses

19,741

25,445


103,523

109,228

Total operating expenses

59,314

65,018


256,273

261,978

Operating income (loss)

19,807

14,103


(38,079)

(43,784)

Income (loss) before income taxes

14,124

8,420


(85,266)

(90,971)

Net income (loss)

15,258

9,554


(72,236)

(77,940)

Net income (loss) attributable to Trina Solar Limited

15,464

9,760


(72,026)

(77,730)

Earnings (loss) per ADS

Basic

Diluted

 

0.22

0.21

 

0.14

0.13


 

(1.01)

(1.01)

 

(1.09)

(1.09)

 

Trina Solar Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income

(US dollars in thousands)



For the Three Months Ended
Dec. 31, 2013


For Year Ended
Dec. 31, 2013

Line Items

Adjusted

Previous


Adjusted

Previous

Net income (loss)

15,258

9,554


(72,236)

(77,940)

Comprehensive income (loss)

18,114

12,410


(66,039)

(71,743)

Comprehensive income (loss) attributable to Trina Solar Limited

18,321

12,617


(65,830)

(71,534)

 

Trina Solar Limited

Unaudited Condensed Consolidated Balance Sheets Dec. 31, 2013

(US dollars in thousands)


Line Items

Adjusted

Previous

Accounts receivable, net

435,092

429,387

Total Currents assets

1,521,701

1,515,996

TOTAL ASSETS

2,567,229

2,561,525

Retained earnings

143,369

137,665

Total Trina Solar Limited shareholder's equity

822,196

816,492

Total equity

822,479

816,775

TOTAL LIABILITIES AND EQUITY

2,567,229

2,561,525

About Trina Solar Limited

Trina Solar Limited (NYSE:TSL) is a global leader in photovoltaic 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-shaping 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. 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; 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. 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
Phone: + (86) 519-8517-6823 (Changzhou)

Brunswick Group
Ilse Schache

Phone: + (86) 21-6039-6388 (Shanghai)

Email: trina@brunswickgroup.com



Yvonne Young
Head of Investor Relations
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 Year Ended














Dec. 31, 
2013


Sep. 30, 
2013


Dec. 31, 

2012 


Dec. 31, 
2013


Dec. 31, 
2012 












Net revenues


$ 525,638


$ 548,386


$ 302,746


$1,774,971


$1,296,655

Cost of revenues


446,517


464,955


297,112


1,556,777


1,239,412

Gross profit


79,121


83,431


5,634


218,194


57,243

Operating expenses











Selling expenses


33,566


37,511


30,350


132,823


118,885

General and administrative expenses


19,741


35,527


40,320


103,523


176,719

Research and development expenses


6,007


4,360


5,392


19,926


26,511

Total operating expenses


59,314


77,398


76,062


256,273


322,115

Operating income (loss)


19,807


6,033


(70,428)


(38,079)


(264,872)

Foreign exchange gain (loss)


1,064


8,050


2,582


(13,576)


908

Interest expenses


(8,975)


(13,355)


(12,682)


(48,445)


(51,887)

Interest income


770


1,335


1,244


3,958


8,552

Gain (loss) on change in fair value of derivative


729


(79)


2,153


2,180


8,542

Other income, net


729


2,995


1,209


8,696


6,797

Income (loss) before income taxes


14,124


4,979


(75,922)


(85,266)


(291,960)

Income tax benefit (expense)


1,134


4,918


(11,256)


13,030


25,405

Net income (loss) 


15,258


9,897


(87,178)


(72,236)


(266,555)

Loss attributable to the noncontrolling interests


206


4


-


210


-

Net income (loss) attributable to Trina Solar Limited


$ 15,464


$ 9,901


$ (87,178)


$ (72,026)


$ (266,555)












Earnings (loss) per ADS* 











Basic


$ 0.22


$ 0.14


$ (1.23)


$ (1.01)


$ (3.77)

Diluted


$ 0.21


$ 0.14


$ (1.23)


$ (1.01)


$ (3.77)

Weighted average ADS outstanding*











Basic


71,064,192


71,017,284


70,772,050


71,071,055


70,696,594

Diluted


72,526,455


71,757,097


70,772,050


71,071,055


70,696,594












* "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 Year Ended








Dec. 31, 

2013


Sep. 30, 

2013


Dec. 31, 

2012 


Dec. 31, 

2013


Dec. 31, 

2012 












Net income (loss) 


$ 15,258


$ 9,897


$ (87,178)


(72,236)


(266,555)

Other comprehensive income (loss):











       Foreign currency translation adjustments


2,856


(1,021)


(877)


6,197


(2,985)

Comprehensive income (loss) 


18,114


8,876


(88,055)


(66,039)


(269,540)

       Comprehensive loss attributable to non-controlling interests


207


4


-


209


-

Comprehensive income (loss) attributable to Trina Solar Limited


$ 18,321


$ 8,880


$ (88,055)


$ (65,830)


$ (269,540)

 

Trina Solar Limited

Unaudited Condensed Consolidated Balance Sheets

(US dollars in thousands)






Dec. 31,


Sep. 30,


Dec. 31,





2013


2013


2012










ASSETS









Current assets:









Cash and cash equivalents




$        486,686


$     448,602


$        807,276

Restricted cash




74,720


109,180


110,920

Inventories




244,532


278,124


318,504

Project assets, current portion




73,305


58,948


7,960

Accounts receivable, net




435,092


603,009


390,157

Current portion of advances to suppliers, net


68,253


65,518


57,846

Prepaid expenses and other current assets, net


139,113


98,455


72,824

Total current assets




1,521,701


1,661,836


1,765,487

Property, plant and equipment, net




889,752


838,841


893,340

Project assets, net of current portion




6,097


10,271


23,398

Land use rights, net




43,287


43,451


41,961

Advances to suppliers, net of current portion


41,908


69,405


86,993

Investment in equity affiliates




11,770


12,899


10,961

Deferred income tax assets, net




50,901


62,411


41,048

Other noncurrent assets




1,813


1,364


1,669

TOTAL ASSETS




$     2,567,229


$  2,700,478


$     2,864,857










LIABILITIES AND EQUITY









Current liabilities:









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


$        935,590


$     965,569


$        875,821

  Accounts payable




476,533


573,744


428,626

  Convertible senior notes




-


-


83,582

  Accrued expenses and other current liabilities


128,420


122,316


91,126

Total current liabilities




1,540,543


1,661,629


1,479,155

Long-term bank borrowings, excluding current portion

100,502


136,136


415,150

Accrued warranty costs




81,743


76,924


65,780

Other noncurrent liabilities




21,962


23,765


22,987

Total liabilities




1,744,750


1,898,454


1,983,072










Ordinary shares




36


40


40

Additional paid-in capital




663,388


661,304


656,944

Retained earnings




143,369


127,905


215,395

Accumulated other comprehensive income



15,403


12,546


9,206

Total Trina Solar Limited shareholders' equity


822,196


801,795


881,585

Non-controlling interests




283


229


200

Total equity




822,479


802,024


881,785

TOTAL LIABILITIES AND EQUITY




$     2,567,229


$  2,700,478


$     2,864,857

SOURCE Trina Solar Limited

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