Trina Solar Adjust 2013 Q4 and Full Year Financial Results

solar industry financial news

CHANGZHOU, China, March, 2014. — Trina Solar Limited (NYSE: TSL) (“Trina Solar” or the “Company”), a global leader in photovoltaic (“PV”) modules, solutions, and services, has 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.

– See more at: http://ir.trinasolar.com/phoenix.zhtml?c=206405&p=irol-newsArticle&ID=1910379&highlight=#sthash.n5vbrW31.dpuf

About Gordon Smith
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.