Trina Solar Ltd.
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gut analysiert
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Changzhou (China) – Das chinesische Solarunternehmen Trina Solar hat Verträge für die Lieferung von Photovoltaikmodule mit einer Gesamtleistung von 99 MW abgeschlossen. Die europäischen Kunden sollen in den kommenden zwei bis drei Jahren mit den Produkten beliefert werden.
Arturo Herrero, Direktor für den Bereich Sales und Marketing bei Trina Solar wertete die jüngsten Vertragsabschlüsse als Zeichen eines erfolgreichen Markteintritts in den strategisch wichtigen europäischen Markt. Die Liefervereinbarungen wurden mit vier Systemanbietern und Großhändlern in Deutschland und Italien abgeschlossen. Der Vertrag mit IBC Solar aus Deutschland mit einem Volumen von 40 MW ist dabei der größte Einzelauftrag. Weitere Vereinbarungen wurden mit den italienischen Unternehmen Tecnospot (22 bis zu 33 MW), Enereco (20 MW) und Enerpoint (6 MW) getroffen.
Über Trina Solar:
Trina Solar ist ein integrierter PV-Systemanbieter mit Sitz in Changzhou, China. Ausgehend von den Forschungs- und Entwicklungsarbeiten ab dem Jahr 1999, vollzog Trina Solar im Jahr 2002 den Markteintritt als Systemanbieter für Photovoltaik-Anwendungen. Die Integration der vorgelagerten Produktionsstufen wie die Herstellung von Ingots, Wafern, Solarzellen und Modulen erfolgte Schritt für Schritt bis zum Jahr 2007. Ende 2006 gab Trina Solar das Börsendebut an der New York Stock Exchange (NYSE) und ist an der Nasdaq gelistet. Die Trina Solar Aktie wird auch an den deutschen Börsen gehandelt.
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Second Quarter 2007 Highlights -- Total net revenues increased 77.0% sequentially and 160.4% year-over- year to $75.3 million -- Gross profit increased 49.5% sequentially and 78.7% year-over-year to $14.2 million -- Net income increased 51.4% sequentially and 540.0% year-over-year to $7.2 million -- Solar module shipments increased 93.3% to 20.33 MW from 10.52 MW in the first quarter of 2007 and 187.6% from 7.07 MW in the second quarter of 2006
'We are extremely pleased with our record results for the second quarter of 2007. We experienced continued strong growth in both revenues and profits, while further demonstrating the strengths of our sales and marketing, organizational capability, and strong brand in strategic European markets, such as Germany, Spain, and Italy. In addition, we have achieved key milestones in the execution of our business plan with the successful commercial launch of our solar cell manufacturing lines, taking us one step closer to becoming a fully vertically integrated solar PV manufacturer,' said Mr. Jifan Gao, Trina Solar's Chairman and CEO.
Second Quarter 2007 Results
Trina Solar's net revenues in the second quarter of 2007 were $75.3 million, an increase of 77.0% sequentially and 160.4% year-over-year. Total shipments increased to 20.33 MW, up from 10.52 MW in the first quarter of 2007 and 7.07 MW in the second quarter of 2006. Average sales price ('ASP') was $3.70 in the second quarter of 2007, compared to $3.80 in the first quarter of 2007, and $4.03 in the second quarter of 2006. Sales to customers in Europe accounted for almost all of Trina Solar's revenues in the second quarter of 2007.
At June 30, 2007, Trina Solar's ingot, wafer, and module annual manufacturing capacities were 100 MW. In April 2007, Trina Solar commenced commercial production of its newly installed solar PV cell lines that are currently delivering an average cell efficiency of 16.3% and have an annual manufacturing capacity of approximately 50 MW. The Company plans to achieve an annual manufacturing capacity of 150 MW for its ingot, wafer, cell and module production by the end of 2007.
Cost of revenues in the second quarter of 2007 was $61.1 million, an increase of 84.9% sequentially and 191.4% year-over-year due to growth of Trina Solar's solar module business. Cost of revenues in the second quarter of 2007 included approximately $15,000 of share-based compensation expenses.
Gross profit in the second quarter of 2007 was $14.2 million, an increase of 49.5% sequentially and 78.7% year-over-year. Gross margin was 18.9% in the second quarter of 2007, a decrease from 22.3% in the first quarter of 2007 and 27.5% in the second quarter of 2006. The sequential and year-over-year decline in gross margin was due primarily due to a lower module ASP.
Operating expenses in the second quarter of 2007 were $6.1 million, an increase of 21.6% sequentially and 21.7% year-over-year. The sequential and year-over-year increases were primarily due to higher selling expenses and general and administrative expenses to support the rapid growth of the Company's business. Operating expenses in the second quarter of 2007 included approximately $296,000 of share-based compensation expenses.
Operating income in the second quarter of 2007 was $8.1 million, an increase of 81.0% sequentially and 177.2% year-over-year. Operating margin was 10.7% in the second quarter of 2007, compared to 10.5% in the first quarter of 2007 and 10.1% in the second quarter of 2006.
Interest expense in the second quarter of 2007 was $1.6 million, compared to $1.2 million in the first quarter of 2007 and $0.5 million in the second quarter of 2006. The sequential increase was due to additional bank borrowings in the second quarter of 2007.
The Company recorded an income tax benefit of $56,000 in the second quarter. The Company received approval from the tax authority of additional tax benefit in the second quarter under qualified export enterprise classification.
Net income from continuing operations reached $7.2 million in the second quarter of 2007, an increase of 53.2% sequentially and 280.6% year-over-year.
Net income was $7.2 million in the second quarter of 2007, an increase of 51.4% sequentially and 540.0% year-over-year.
First Half 2007 Results
Revenues for the six months ended June 30, 2007 increased 171.7% over the comparable period in 2006, to $117.9 million. Gross profit increased 89.3% over the comparable period in 2006, to $23.7 million, yielding a gross margin of 20.1%. Operating expenses in the first half of 2007 increased 83.9% over the comparable period in 2006 to $11.2 million as a result of the Company's rapid growth. Operating income in the first half of 2007 was up 94.4% over the comparable period in 2006 to $ 12.6 million, reflecting an operating margin of 10.7%.
Net income for the six months ending June 30, 2007 was $12.0 million, an increase of 201.6% over the comparable period in 2006.
Financial Condition
As of June 30, 2007, the Company had $173.5 million in cash and cash equivalents and working capital of $224.9 million. Total bank borrowings stood at $114.8 million, $5.3 million of which were long-term borrowings. Shareholders' equity was $335.6 million, up from $171.6 million at the end of the first quarter 2007.
Business Outlook
The Company affirms its previous guidance of total net revenues in the range of $270 million to $300 million and net income in the range of $34.5 million to $36.5 million for the full year 2007. The Company expects to ship between 75 MW to 80 MW of modules for the full year 2007.
Trina Solar is on track to meet its year end capacity expansion goals of 150 MW and 350 MW for 2007 and 2008, respectively. The Company has successfully upgraded its infrastructure, including installation of utilities such as electrical power supply and new water cooling facilities. In line with its technology roadmap, Trina Solar has achieved commercial production of wafers of 200-micron thickness from 220-micron thickness to reduce the usage of silicon during the third quarter. Such wafers currently account for over 70% of its output, with the remaining wafers being produced at 220-micron thickness. We are currently converting our remaining equipment to produce all wafers of 200-micron thickness by the end of the third quarter.
In terms of polysilicon supply, the Company has entered into contracts covering approximately 90% and 60% of its 2007 and 2008 feedstock requirements, respectively, and continues to pursue an optimal mix of short-term and medium- term contracts with polysilicon manufacturers, semiconductor companies and silicon reclamation companies.
'Our outlook is positive as recent sales contracts have confirmed our strengths to successfully execute our sales and marketing strategies in key European markets, particularly in Southern Europe where climatic conditions and government policies are more favorable towards the solar power industry. Market demand is still extremely strong, and we are currently sold out through the rest of the year. With additional cell lines and ingot and wafer capacities being installed for production in the fourth quarter, we are on track to realize increased scale efficiencies under a vertically integrated business model. Our focus remains to achieve cell efficiencies in excess of 16.5% by the year end, to enhance our product quality and to improve our cost structure, especially in the area of silicon feedstock utilization,' said Mr. Gao. 'Our efforts to expand our geographic footprint into new markets and diversify our customer base have proven increasingly successful, as evidenced by an increasing percentage of new customers from Spain and Italy during the quarter. Going forward, our sales force will continue to target large and medium-sized companies in these and other markets."
During the second quarter of 2007, the Company diversified its revenue base by adding 12 new customers to end the quarter with approximately 30 active customers and a total portfolio of over 50 customers. The geographic breakdown of our sales for the second quarter was approximately 57% Germany, 28% Spain, and 11% Italy, thus bringing our first half of 2007 geographic breakdown to approximately 40% Germany, 31% Spain, and 15% Italy.
Recent Events
On May 21, 2007, Trina Solar announced the appointment of Mr. Qian Zhao as independent director to the Company's Board of Directors. Mr. Zhao is a lawyer by training and has practiced law for 17 years specializing in corporate finance, cross-border investments, securities and M&A.
On May 31, 2007, the Company raised approximately US$155 million in net proceeds through its follow-on offering of 3,600,016 American Depository Shares. The net proceeds will be used to expand manufacturing lines for the production of silicon ingots, wafers, solar cells and modules, research and development, raw materials purchases and general working capital purposes.
On July 9, 2007, the Company confirmed initial shipments on four recently signed contracts covering 88 to 99 MW of sales to new key accounts in Italy and Germany over the next two to three years.
Conference Call
The company will host a conference call at 8:00 a.m. ET on August 23, 2007, to discuss the results for the quarter ended June 30, 2007. Joining Jifan Gao, Trina Solar's Chairman and Chief Executive Officer, will be Sean Shao, Chief Financial Officer, Sean Tzou, Chief Operations Officer, Andy Klump, Vice President of Business Development, Arturo Herrero, Vice President of Sales and Marketing, and Thomas Young, Director of Investor Relations. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (+1 888) 482-0024. International callers should dial (+1 617) 801-9702. The passcode for the call is 13859684.
If you are unable to participate in the call at this time, a replay will be available on Thursday, August 23 at 10:00 a.m. ET, through Thursday, August 30, at 10:00 at 10:00 a.m. ET. To access the replay, dial (+1 888) 286-8010, international callers should dial (+1 617) 801-6888 and enter the passcode 87710119. Callers in Southern China may also dial 10 800 130 0399.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at http://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 , through its wholly-owned subsidiary Changzhou Trina Solar Energy Co., Ltd., is an integrated solar PV manufacturer based in China. The company began research and development efforts in solar products in 1999 and in 2002 it started the system integration business. The company moved into the assembly of solar modules in 2004 as well as the manufacturing of monocrystalline ingots, wafers and cells in 2005, 2006 and 2007, respectively. The company's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. The company sells its products to customers around the globe, including a number of European countries, such as Germany, Spain and Italy, where government incentives have accelerated the adoption of solar power. For further information, visit the company's website at http://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 the company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; 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 companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to 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, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
-- FINANCIAL TABLES FOLLOW -- Trina Solar Limited Consolidated Statement of Operations (US dollars in thousands, except ADS and share data) For the three months ended For the six months ended June 30, June 30, 2007 2006 2007 2006 (unaudited) (unaudited) (unaudited) (unaudited) Net revenues $75,305 $28,921 $117,852 $43,373 Cost of revenues 61,090 20,966 94,129 30,841 Gross profit 14,215 7,955 23,723 12,532 Operating expenses Selling expenses 2,335 716 3,929 1,094 General and administrative expenses 3,354 2,804 6,025 3,386 Research and development expenses 439 1,518 1,214 1,594 Total operating expenses 6,128 5,038 11,168 6,074 Operating income 8,087 2,917 12,555 6,458 Interest expenses (1,632) (464) (2,834) (653) Interest income 563 57 955 64 Other income (expenses) 138 (29) 28 (55) Income before income taxes 7,156 2,481 10,704 5,814 Income tax expenses 55 (586) 1,213 (1,025) Net income from continuing operations 7,211 1,895 11,917 4,789 Net income (loss) from discontinued operations (13) (770) 35 (826) Net income $7,198 $1,125 $11,952 $3,963 Earnings per ordinary share from continuing operations Basic 0.003 0.002 0.005 0.005 Diluted 0.003 0.002 0.005 0.005 Earnings per ADS from continuing operations Basic 0.321 0.190 0.546 0.479 Diluted 0.315 0.190 0.537 0.479 Earnings per ordinary share Basic 0.003 0.001 0.005 0.004 Diluted 0.003 0.001 0.005 0.004 Earnings per ADS Basic 0.320 0.113 0.548 0.396 Diluted 0.315 0.113 0.538 0.396 Weighted average ordinary shares outstanding Basic 2,246,839,501 1,000,000,000 2,181,736,235 1,000,000,000 Diluted 2,287,462,645 1,000,000,000 2,221,166,769 1,000,000,000 Weighted average ADS outstanding Basic 22,468,395 10,000,000 21,817,362 10,000,000 Diluted 22,874,626 10,000,000 22,211,668 10,000,000 Trina Solar Limited Consolidated Balance Sheet (US dollars in thousands) June 30, 2007 December 31, 2006 (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $173,494 $93,380 Restricted cash 11,249 5,004 Inventories 65,686 32,230 Accounts receivable, net 67,856 29,353 Other receivables 2,573 1,228 Advances to suppliers 37,134 34,606 Value-added tax recoverable 1,020 1,035 Deferred tax assets 34 613 Current assets of discontinued operations 280 353 Total current assets 359,326 197,802 Property, plant and equipment 92,725 51,419 Intangible assets, net 2,408 2,372 Advances to suppliers - long-term 22,795 Deferred tax assets 650 152 TOTAL ASSETS $477,904 $251,745 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings, including current portion of long-term debt $109,515 $71,409 Accounts payable 20,526 9,147 Accrued expenses 3,545 5,029 Advances from customers 384 1,200 Income tax payable 84 850 Current liabilities to be disposed 389 434 Total current liabilities 134,443 88,069 Long-term bank borrowings 5,252 5,122 Accrued warranty costs 2,602 1,400 Total liabilities 142,297 94,591 Ordinary shares 22 21 Additional paid-in capital 304,124 139,671 Retained earnings 27,543 15,622 Other comprehensive income 3,918 1,840 Total shareholders' equity 335,607 157,154 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $477,904 $251,745 For more information, please contact: Trina Solar Limited Sean Shao, CFO Tel: +86-519-8548-6752 (Changzhou) Thomas Young, Director of Investor Relations Tel: +86-519-8548-6752 (Changzhou) Email: ir@trinasolar.com CCG Elite Investor Relations Crocker Coulson, President Tel: +1-646-213-1915 Email: crocker.coulson@ccgir.com Ed Job, CFA Tel: +1-646-213-1914 Email: ed.job@ccgir.com
