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642



Trina Solar Limited



2015





3,692,562

Gross Profit and Margin

The Company updates its 2016 guidance of global solar power project connections to between 400 MW and 500 MW from the original guidance of 750 MW to 850 MW, including 15% to 20% of DG projects in China.









Accrued expenses and other current liabilities



Passcode:

Net interest expense was $15.1 million, compared with $13.2 million in the fourth quarter of 2015 and $10.7 million in the first quarter of 2015.



(including downstream solar project assets



44,808

11,243



The Company will host a conference call on Thursday, May 26, 2016 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong, May 26, 2016), to discuss its results for the first quarter of 2016.







Interest expenses

61,872





As of March 31, 2016, the Company had $621.4 million in cash and cash equivalents, and restricted cash. Total bank borrowings were $1,516.7 million, of which $933.2 million were short-term borrowings.







Foreign currency translation adjustments



2,166

















































The Company recorded a net foreign currency exchange gain of $0.8 million, which included a loss on the change in fair value of foreign exchange derivative instruments of $8.2 million. This compares with a net loss of $11.4 million in the fourth quarter of 2015 and a net loss of $1.7 million in the first quarter of 2015. The foreign currency exchange gain in the first quarter of 2016 primarily resulted from the appreciation of the RMB against the USD.















































216,620

1,120



(6,961)



(8,210)



84,775,993

280,685





2,688,533

Unaudited Condensed Consolidated Statements of Comprehensive Income

677,206

Phone: +1 480 614 3014 (US)





$ 4,684,806





Accounts receivable, net



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.



Joining Jifan Gao, Chairman and CEO of Trina Solar, on the call will be Teresa Tan, Chief Financial Officer, and Yvonne Young, Investor Relations Director. The Company plans to distribute its earnings announcement before the call.



Other noncurrent assets

Additional paid-in capital

2016

1,326

$ 13,913





229,390



Hong Kong:



Diluted



75,150







Weighted average ADS outstanding*





2015







42,375



Other operating income

(3,222)









For the Three Months Ended











Inventories







50,135



Income before income taxes









































    (15,532)

    84,706,160





    1,280,014













    U.S. Toll Free:

    $ 3,327,364





    As of Mar. 31,

















    $ 4,684,806



    Basic



    Retained earnings

    About Trina Solar Limited

























    Property, plant and equipment, net







    Gross profit was $139.7 million, compared with $183.3 million in the fourth quarter of 2015 and $100.3 million in the first quarter of 2015.





    Net income attributable to Trina Solar Limited





    Net Revenues























    15,730







    Manufacturing Capacity











    714,623





    "As a leading innovator of PV technology, we are committed to developing high-efficiency cells and delivering high-quality products. Our R&D team recently achieved a new world record of 23.5% for IBC (Interdigitated Back Contact) cells, raising the total number of world records held by Trina Solar to 13. In addition, we have commercialized our advanced PERC (Passivated Emitter and Rear Cell) technology for high efficiency cells, and our PERC annualized capacity in the quarter has already reached 200 MW.

    Income tax expense was $3.7 million, compared with income tax expenses of $17.6 million in the fourth quarter of 2015 and $3.2 million in the first quarter of 2015.

    2015















    Replay Passcode:





    Research and development expenses



















    2016



























$ 816,901







$ 0.16



















$ 29,190





1,535











28,053

-



Net Interest Expense

$ 882,859

















81,334



$ 42,136









+1-631-514-2526

























261,161

Net revenues were $816.9 million, including $28.7 million in revenues from electricity generated by the Company's downstream solar power projects recorded as property, plant and equipment (PP&E) on its balance sheet, EPC and other downstream activities. Total net revenues represent a decrease of 15.1% sequentially and an increase of 46.4% year-over-year. Total shipments were 1,423.3 MW, consisting of 1,370.4 MW of external shipments which were recognized in revenue and 52.9 MW of shipments to the Company's downstream power projects. This compares with total shipments of 1,776.3 MW in the fourth quarter of 2015, consisting of 1,579.7 MW of external shipments and 196.6 MW of shipments to the Company's own downstream power projects, and total shipments of 1,026.2 MW in the first quarter of 2015, consisting of 891.7 MW of external shipments and134.5 MW of shipments to the Company's own downstream projects. The sequential decrease in revenues and shipments was primarily due to seasonality. The year-over-year increase in revenues and shipments was mainly driven by key markets in China, the U.S., and India, and was partially offset by the decrease in demand from Japan and Europe.







94,887







46,397





Mar. 31,

(12,693)

First Quarter 2016 Results







Teresa Tan, CFO









Income attributable to the noncontrolling interests

100,321





Net income attributable to ordinary shareholders of Trina Solar was $26.6 million, compared with $41.7 million in the fourth quarter of 2015 and $13.9 million in the first quarter of 2015. Net margin was 3.3%, compared with 4.3% in the fourth quarter of 2015 and 2.5% in the first quarter of 2015.



Income Tax Expense













$ 0.43





3,052







If you are unable to participate in the call at this time, a replay will be available from 11:30 a.m. Eastern Time on May 26, 2016 through 11:59 p.m. Eastern Time on June 2, 2016. The dial-in details for the replay are as follows:



Trina Solar Limited



Net income

17,799





100,267

LIABILITIES AND EQUITY



















Other operating income during the quarter was $3.3 million, which represents incidental electricity income generated from the Company's downstream solar power projects recorded as current assets on its balance sheet, prior to the sales of the projects.









42,136









For further information, please contact:



















568,380















101,969





457,768



97,161,189





Mr. Jifan Gao, Chairman and CEO of Trina Solar, commented, "This quarter was a good start to the year. We posted strong year-over-year growth in major financial and operational metrics, particularly with revenue and net income up 46.4% and 91.3%, respectively. Total module shipments during the quarter increased 38.7% year-over-year to 1.42 GW, which was largely driven by demand from our key markets in the U.S., China, and India. Our shipments in Europe were up two-fold sequentially as a result of our strategic shift in Europe.















31,497



1,090,563



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







(455)











* "ADS" refers to any of our American depository shares, each representing 50 ordinary shares.





$ 26,618





2,582,523





In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, which requires the debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, instead of reporting on the balance sheet as an asset. Accordingly, the debt issuance costs, which used to be reported as assets, have been retrospectively reclassified as a direct deduction from the carrying amount of the related debt liability with the total amount of $9.1 million as of December 31, 2015 and $11.0 million as of March 31, 2015, respectively.

















湖新路小額借款,湖新路小額貸款流程































Second Quarter of 2016 Guidance















Gross profit



TOTAL LIABILITIES AND EQUITY

Prepaid expenses and other current assets, net

Fiscal Year 2016 Guidance







42,133

Prepaid land use rights, net











(US dollars in thousands)











To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/trina-solar-announces-first-quarter-2016-results-300275454.html







"During the quarter we continued expanding our overseas manufacturing capacity in select markets to meet global demand, especially from the US and Europe. This capacity expansion strategy ensures we retain and grow our competitive position in the PV industry as we focus on improving our profitability. In the first quarter, we acquired a cell factory in the Netherlands and also brought our facility in Thailand online as scheduled, using our 'Honey' state-of-the-art high-efficiency assembly line method.

























Phone: + (86) 519-8517-6878 (Changzhou)

















































  • Operating income was $44.8 million, a decrease of 44.9% from the fourth quarter of 2015 and an increase of 53.7% from the first quarter of 2015.
















  • PV module capacity of approximately 5.6 GW.










  • Net Income and Earnings per ADS





















    The Company expects to ship between 1.50 GW and 1.60 GW of PV modules, of which 40 MW to 50 MW of PV modules will be shipped to the Company's downstream PV projects, from which revenues will not be recognized.













    Email: teresa.tan@trinasolar.com

























    Foreign Currency Exchange Gain (Loss)















    To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:

















    CHANGZHOU, China, May 26, 2016 /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 quarter ended March 31, 2016.

    (US dollars in thousands)

























    105,329,407





    15,666





    84,296,573

    International:









    For the Three Months Ended

    Dec. 31,







    42,239







    Advances to suppliers, net of current portion





    $ 28,445













    $ 0.49

    105,571,783

    -



    Earnings per ADS*

    28,445











    53,236



    Convertible senior notes



    $ 3,327,364

    Trina Solar





    Total operating expenses





    80,916

    $ 15,666



    71,167

    U.S. Toll Free:

    Net income





    1-855-298-3404

    800-905-927

    Christensen IR



    "Our downstream business continued to expand in the global market. We connected a total of 101.7 MW of utility projects to the grid during the quarter, bringing the total of grid-connected operating projects to near 1 GW. We successfully commissioned five new solar projects in the UK, totaling 24.3 MW, and further expanded our presence in Japan by partnering with GE to invest in a 14 MW DC utility-scale project, for which we were also awarded a contract to provide engineering, procurement and construction ("EPC") management services, demonstrating our experienced end-to-end capabilities.

    Restricted cash

























    Basic















  • Gross profit was $139.7 million, a decrease of 23.8% from the fourth quarter of 2015 and an increase of 39.2% from the first quarter of 2015.








  • $ 0.17



    Mar. 31,



    279,222



    as of each period-end, respectively)



    778,578

















    (17,618)

    Deferred income tax assets, net

    Trina Solar Limited

    Diluted

    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.

    (1,753)

    Interest income







    Mar. 31,







    18,888









    574,215

































    Operating income







    Selling expenses



    Accumulated other comprehensive income



    General and administrative expenses









    (6,232)



    Foreign exchange gain (loss)



    (150)







    Comprehensive income

    Net revenues









    $ 558,089



    35,904







    15,516







    Comprehensive (income)/ loss attributable to non-controlling interests





    Operating expenses

    (2,307)







    375







    (1,515)







    Comprehensive income attributable to Trina Solar Limited

    (3,304)





  • Total module shipments were 1,423.3 MW, consisting of 1,370.4 MW of external shipments and 52.9 MW of shipments to the Company's own downstream power projects. Total module shipments decreased 19.9% sequentially and increased 38.7% year-over-year.








  • $ 36,279







    $ 14,001



    32,119







    3,016

























    Unaudited Condensed Consolidated Balance Sheets



































  • Earnings per fully diluted American Depositary Share ("ADS" with each ADS representing 50 of the Company's ordinary shares) were $0.29, compared with earnings per fully diluted ADS of $0.43 in the fourth quarter of 2015 and earnings per fully diluted ADS of $0.16 in the first quarter of 2015.






  • In the first quarter of 2016, the Company connected a total of 101.7 MW of utility projects to the grid, consisting 24.3 MW in the UK, 50 MW in Xinjiang, and 27.4 MW in Yunan.

































    忠孝西路2段小額借款,忠孝西路2段小額貸款流程





















































    Safe Harbor Statement













    Gross margin was 17.1%, compared with 19.1% in the fourth quarter of 2015 and 18.0% in the first quarter of 2015. The sequential decrease in gross margin was mainly due to lower average selling prices as a result of price decline in almost all major markets and lower downstream revenues which have relatively high margins compared to the upstream module business. The year-over-year decrease in gross margin was because average selling price declined at a faster rate than the Company's cost reductions.





































































    Shareholders' equity was $1,081.9 million as of March 31, 2016, an increase from $1,050.7 million as of December 31, 2015 and an increase from $988.4 million as of March 31, 2015.













    Operating Expenses, Income and Margin







































































































































































  • Net revenues were $816.9 million, a decrease of 15.1% from the fourth quarter of 2015 and an increase of 46.4% from the first quarter of 2015.


  • Email: lbergkamp@ChristensenIR.com





















































    Other income, net

    9,419















    As of Dec. 31,

    As of Mar. 31,







    2016

    Unaudited Condensed Consolidated Statements of Operations

    2015



    2015









    International:

    ASSETS









    Current assets:

    8696576













    Cash and cash equivalents

    $ 452,346







    $ 465,393



    $ 516,026



    29,154

    169,043



    194,484



    166,857





    431,994

    342,699

    183,303

    Downstream solar project assets

    Income tax expense

    616,477



    531,344





    572,495

    27,708



    $ 961,881

    672,321





    Current portion of advances to suppliers, net

    (14,349)

    30,522



    57,597

    273,435





    131,110

    Total current assets



    (1,827)



    1,848,227

    35,780

    2015

    1,882,279

    Email: ir@trinasolar.com



    1,862,135

    1,304,223

    Financial Condition









    of $822,655, $807,894 and $457,452

















    59,658





    57,202



    52,595



    12,769



    139,695

    20,602



    Investment in equity affiliates



    33,202

    27,782





    25,835





    34,264

    34,295

    Dec. 31,

    30,619



    Gain (loss) on change in fair value of derivative



    105,927





    Mar. 31,

    TOTAL ASSETS



    $ 4,816,632







    Project Development











    Earnings per fully diluted ADS were $0.29, compared with $0.43 in the fourth quarter of 2015 and $0.16 in the first quarter of 2015.





    Cost of revenues







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  • Gross margin was 17.1%, compared with 19.1% in the fourth quarter of 2015 and 18.0% in the first quarter of 2015.
















  • Investor Relations Director

















    Current liabilities:























    37,490



    Conference Call



    Short-term borrowings and current portion of long-term borrowings







    $ 933,203







    $ 914,937















    Accounts payable















    1,407,691

    800-966-697













    "We are proud of these achievements attained so far in 2016. However, we have no plans to rest. We remain focused on improving our products and business along with developing exciting new technologies, as we continue to strategically position Trina Solar for sustainable long term growth."



    402,949







      278,254















      Total current liabilities

      Trina Solar Limited





      2,616,166







      2,600,882







      1,858,643

      $ 41,681





      Long-term borrowings, excluding current portion



      583,467



      5,250



      521,326



    • PV cell capacity of approximately 4.3 GW; and












    • Wafer capacity of approximately 1.8 GW;




    Yvonne Young



    281,689







    Linda Bergkamp







    277,776



    Other comprehensive income (loss):

    (11,363)

    Accrued warranty costs







    136,090







    129,478







    109,102







    Other noncurrent liabilities







    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.









    $ 0.29





    35,687







    Total liabilities







  • Net income attributable to Trina Solar's ordinary shareholders was $26.6 million, a decrease of 36.1% from the fourth quarter of 2015 and an increase of 91.3% from the first quarter of 2015.






  • 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.

    3,594,243







    2,309,261











    9,054











    (3,674)















    Ordinary shares





    59,754

    43

    464





    43







    43













    First Quarter 2016 Financial and Operating Highlights

    761,504







    759,493





    Operating expenses were $94.9 million, a decrease of 6.9% sequentially and an increase of 33.3% year-over-year. Operating expenses included an accounts receivable provision of $6.0 million in the first quarter of 2016, compared with a reversal of accounts receivable provisions of $8.2 million in the fourth quarter of 2015. The Company's operating expenses represented 11.6% of the first quarter net revenues, an increase from 10.6% in the fourth quarter of 2015 and a decrease from 12.8% in the first quarter of 2015.

    753,892















    305,840









    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.



    As a result, operating income was $44.8 million, compared with $81.3 million in the fourth quarter of 2015 and $29.2 million in the first quarter of 2015. Operating margin was 5.5%, compared with 8.5% in the fourth quarter of 2015 and 5.2% in the first quarter of 2015.

  • Ingot production capacity of approximately 2.3 GW;














  • Operations and Business Updates

    14,550





    As of March 31, 2016, the Company had a total of 967.3 MW downstream solar projects in grid-connected operation, including 920.8 MW in China, 4.2 MW in the U.S., and 42.3 MW in Europe. The 920.8 MW projects in China consisted of 722.9 MW of utility projects and 197.9 MW of DG projects.

    11,978















    Total Trina Solar Limited shareholders' equity



    1,081,937







    1,050,736



    $ 0.31



    988,354







    Non-controlling interests







    As of March 31, 2016, the Company had the following annualized in-house manufacturing capacities:







    39,827







    29,749







    Total equity







    1,124,070







    +61-2-9641-7900



    Hong Kong:



    1,018,103

    1-866-846-0868











    The Company reiterates its total PV module shipment guidance of between 6.30 GW and 6.55 GW, of which 220 MW to 260 MW will be shipped to the Company's downstream projects, from which revenues will not be recognized.

    $ 4,816,632

    7,679





















































    Note: In the first quarter of 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update 2015-03, Interest - Imputation of Interest, and retrospectively reclassified the debt issuance costs to reduce the carrying amount of short-term borrowings and current portion of long-term borrowings by $963,463 and $1,677,071, long-term borrowings (excluding current portion) by $325,239 and $656,451, and convertible senior notes by $9,723,630 and $6,815,387 as of March 31, 2015 and December 31, 2015, respectively.