ReneSola Announces Third Quarter 2018 Results
.</span>' data-reactid="82">In Poland, the Company has a late-stage pipeline of 41.0 MW, which are all under construction. This pipeline is included in the package of projects intended to be sold to Chroma Investment.
|
Poland: Late-stage Pipeline |
Location |
Capacity (MW) |
Project Type |
Status |
Expected COD |
Business Model |
|
Auction 2017 Jun |
Poland |
41.0 |
DG |
Development |
2018/2019 |
Project Development |
|
Total |
41.0 |
Hungary
In Hungary, the Company grew its late-stage pipeline to 71 "Micro PPs" projects with a total capacity of 42.6 MW, all of which are under construction.
|
Hungary: Late-stage Pipeline |
Location |
Capacity (MW) |
Project Type |
Status |
Expected COD |
Business Model |
|
Portfolio of "Micro PPs", 0.5 MW each |
Hungary |
42.6 |
DG |
Construction |
2018/2019 |
Project Development |
|
Total |
42.6 |
France
In France, the Company formed a strategic partnership with Green City Energy to jointly develop four solar parks with a total installed capacity of 69.0 MW. Additionally, the Company was awarded solar projects in France with a combined capacity of 2.5 MW in the last tender.
|
France: Late-stage Pipeline |
Location |
Capacity (MW) |
Project Type |
Status |
Expected COD |
Business Model |
|
SOLARPARK |
France |
69.0 |
Utility |
Development |
2019 |
Project Development |
|
SPV2 |
France |
2.5 |
DG |
Development |
2019 |
Project Development |
|
Total |
71.5 |
India
In India, the Company has a pipeline of 236.0 MW, which are self-consumption or open access projects with top-rated commercial and industrial off-takers.
|
Other Geographies: Late-stage Pipeline |
Location |
Capacity (MW) |
Project Type |
Status |
Expected COD |
Business Model |
|
Andhra Pradesh |
India |
30.0 |
DG |
Development |
2019 |
Project Development |
|
Gujarat |
India |
5.0 |
DG |
Development |
2019 |
Project Development |
|
Andhra Pradesh |
India |
56.0 |
DG |
Development |
2020 |
Project Development |
|
Gujarat |
India |
45.0 |
DG |
Development |
2019/2020 |
Project Development |
|
Rajasthan |
India |
50.0 |
DG |
Development |
2019 |
Project Development |
|
Maharashtra |
India |
50.0 |
DG |
Development |
2020 |
Project Development |
|
Total |
236.0 |
Other Geographies
In Spain, the Company has a late-stage pipeline of 12.0 MW of private PPA projects. In South Korea, the Company has secured a pipeline of 9.0 MW.
|
Other Geographies: Late-stage Pipeline |
Location |
Capacity (MW) |
Project Type |
Status |
Expected COD |
Business Model |
|
Spain PPA |
Spain |
12.0 |
Utility |
Development |
2019 |
Project Development |
|
South Korea |
South Korea |
9.0 |
Utility |
Development |
2019 |
Project Development |
|
Total |
21.0 |
Outlook
For the fourth quarter of 2018, the Company's project business is expected to generate revenue in the range of $20 to $30 million and overall gross margin in the range of 20% to 25%.
Adoption of New Accounting Policy
Effective from January 1, 2018, ReneSola adopted the new revenue recognition policy, ASC 606 — Revenue from Contracts with Customers, using the modified retrospective method in accordance with US GAAP ("ASC 606"). As a result of adopting ASC 606, the Company recognized the cumulative effect of initially applying the revenue standard as an increase of approximately USD 0.9 million to the opening balances of retained earnings in the first quarter of 2018. There was no adjustment in the third quarter of 2018.
Conference Call Information
ReneSola's management will host an earnings conference call on November 19, 2018 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. China Standard Time).
Dial-in details for the earnings conference call are as follows:
|
Phone Number |
Toll-Free Number |
|
|
United States |
+1 (845) 675-0437 |
+1 (866) 519-4004 |
|
Hong Kong |
+852 30186771 |
+852 (800) 906601 |
|
China |
+86 (800) 819-0121 +86 (400) 620-8038 |
|
|
Other International |
+65 6713-5090 |
The call passcode is 9194756.
The Company requests listeners to dial in ten minutes before the scheduled start time, in order to avoid delays in registering.
A replay of the conference call may be accessed by phone at the following numbers until November 27, 2018. To access the replay, please again reference the conference passcode 9194756.
|
Phone Number |
Toll-Free Number |
|
|
United States |
+1 (646) 254-3697 |
+1 (855) 452-5696 |
|
Hong Kong |
+852 3051-2780 |
+852 (800) 963117 |
|
Mainland China |
+86 (800) 870-0206 +86 (400) 602-2065 |
|
|
Other International |
+61 (2) 8199-0299 |
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.renesolapower.com.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.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. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. 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
Mr.
Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.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, |
|||
|
2018 |
2018 |
2017 |
|||
|
ASSETS |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
8,067 |
24,805 |
5,156 |
||
|
Restricted cash |
2,582 |
1,571 |
- |
||
|
Accounts receivable, net of allowances for doubtful accounts |
39,155 |
43,893 |
9,992 |
||
|
Inventories , net of inventory provisions |
169 |
- |
- |
||
|
Advances to suppliers-current, net |
649 |
660 |
348 |
||
|
Value added tax recoverable |
16,784 |
15,002 |
13,357 |
||
|
Prepaid expenses and other current assets |
6,740 |
10,525 |
10,608 |
||
|
Project assets current |
63,479 |
77,799 |
52,171 |
||
|
Deferred project costs current |
- |
- |
17,788 |
||
|
Contract costs |
375 |
1,006 |
46,827 |
||
|
Total current assets |
138,000 |
175,261 |
156,247 |
||
|
Property, plant and equipment, net |
192,541 |
195,885 |
138,056 |
||
|
Deferred tax assets-non-current, net |
1,103 |
414 |
130 |
||
|
Project assets non-current |
43,023 |
17,133 |
7,470 |
||
|
Other non-current assets |
774 |
922 |
5,264 |
||
|
Total assets |
375,441 |
389,615 |
307,167 |
||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
|
Current liabilities: |
|||||
|
Short-term borrowings |
7,123 |
7,527 |
- |
||
|
Accounts payable |
24,556 |
23,662 |
15,803 |
||
|
Advances from customers-current |
19 |
213 |
23,175 |
||
|
Amounts due to related parties |
22,401 |
31,725 |
34,213 |
||
|
Other current liabilities |
37,932 |
40,589 |
33,113 |
||
|
Income tax payable |
796 |
147 |
94 |
||
|
Salary payable |
471 |
800 |
182 |
||
|
Total current liabilities |
93,298 |
104,663 |
106,580 |
||
|
Long-term borrowings |
73,294 |
72,742 |
30,363 |
||
|
Deferred project revenue non-current |
- |
- |
26,903 |
||
|
Failed sale-lease back and capital lease liabilities |
79,922 |
85,021 |
56,466 |
||
|
Total liabilities |
246,514 |
262,426 |
220,312 |
||
|
Shareholders' equity |
|||||
|
Common shares |
519,313 |
519,226 |
519,139 |
||
|
Additional paid-in capital |
8,665 |
8,710 |
8,438 |
||
|
Accumulated deficit |
(428,408) |
(429,898) |
(437,209) |
||
|
Accumulated other comprehensive income |
(4,790) |
(2,851) |
(3,513) |
||
|
Total equity attributed to ReneSola Ltd |
94,780 |
95,187 |
86,855 |
||
|
Noncontrolling interest |
34,147 |
32,002 |
- |
||
|
Total shareholders' equity |
128,927 |
127,189 |
86,855 |
||
|
Total liabilities and shareholders' equity |
375,441 |
389,615 |
307,167 |
||
|
RENESOLA LTD |
||||||
|
Unaudited Consolidated Statements of Income |
||||||
|
(US dollars in thousands, except ADS and share data) |
||||||
|
Three Months Ended |
||||||
|
Sep 30, 2018 |
Jun 30, 2018 |
Sep 30, 2017 |
||||
|
Net revenues |
18,765 |
27,809 |
36,294 |
|||
|
Total net revenues |
18,765 |
27,809 |
36,294 |
|||
|
Cost of revenues |
(10,152) |
(19,598) |
(29,926) |
|||
|
Gross profit(loss) |
8,613 |
8,211 |
6,368 |
|||
|
Operating (expenses) income: |
||||||
|
Sales and marketing |
(119) |
(173) |
(601) |
|||
|
General and administrative |
(2,599) |
(2,680) |
(1,888) |
|||
|
Other operating income |
(189) |
544 |
(50) |
|||
|
Total operating expenses |
(2,907) |
(2,309) |
(2,539) |
|||
|
Income(loss) from operations |
5,706 |
5,902 |
3,829 |
|||
|
Non-operating (expenses) income: |
||||||
|
Interest income |
145 |
43 |
26 |
|||
|
Interest expense |
(2,680) |
(2,623) |
(1,129) |
|||
|
Foreign exchange gains (losses) |
406 |
(2,900) |
1,236 |
|||
|
Other loss |
5 |
|||||
|
Income (loss) before income tax, noncontrolling interests |
3,577 |
422 |
3,967 |
|||
|
Income tax expense |
(3) |
(1) |
(2) |
|||
|
Net income (loss) from continuing operations |
3,574 |
421 |
3,965 |
|||
|
Discontinued Operations: |
||||||
|
Loss from discontinued operations |
- |
- |
83,484 |
|||
|
Net Income(loss) |
3,574 |
421 |
87,449 |
|||
|
Less: Net income (loss) attributed to noncontrolling interests |
2,084 |
1,112 |
- |
|||
|
Net income (loss) attributed to holders of ordinary shares |
1,490 |
(691) |
87,449 |
|||
|
Income per share from continuing operations |
||||||
|
Basic |
0.01 |
0.00 |
0.02 |
|||
|
Diluted |
0.01 |
0.00 |
0.02 |
|||
|
Income (loss) per share from discontinued operations |
||||||
|
Basic |
- |
- |
0.41 |
|||
|
Diluted |
- |
- |
0.41 |
|||
|
Weighted average number of shares used in computing loss per share |
||||||
|
Basic |
380,818,902 |
380,679,598 |
204,451,945 |
|||
|
Diluted |
380,818,902 |
380,679,598 |
204,451,945 |
|||
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