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ReneSola Ltd. Announces Fourth Quarter and Full Year 2010 Results

China March 1, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20080506/CNTU030

Fourth Quarter 2010 Financial and Operating Highlights

  • Total solar wafer and module shipments in Q4 2010 were a record 349.4 megawatts ("MW"), an increase of 7.5% from 324.9 MW in Q3 2010.

  • US$386.4 million US$358.7 million

  • US$119.3 million US$116.7 million

  • US$85.9 million US$86.4 million

  • US$61.0 million US$0.35 US$0.34 US$0.70 US$0.69

  • US$116.1 million US$324.3 million US$286.6 million

Full Year 2010 Financial and Operating Highlights

  • Total solar wafer and module shipments for the full year 2010 were a record 1,182.8 MW, an increase of 124.6% from 526.6 MW for the full year 2009.

  • US$1,205.6 million US$510.4 million

  • US$348.0 million US$43.2 million

  • US$245.9 million US$90.6 million

  • US$169.0 million US$0.98 US$0.97 US$1.96 US$1.93

  • US$403.2 million US$324.3 million US$132.1 million

  • US$522.3 million US$547.9 million

  • The Company achieved record return on equity of 34.4% for the full year 2010.

US$1.2 billion US$0.24 US$45

500 MT US$35

Julia Xu US$1.2 billion

US$40 and US$45

Fourth Quarter 2010 Results

Solar Wafer and Module Shipments

4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Total Solar Wafer and Module Shipments (MW)

349.4

324.9

202.9

7.5%

72.2%

Wafer Shipments (MW)

222.6

226.6

187.4

(1.8%)

18.8%

Module Shipments (MW)

126.8

98.3

14.6

29.0%

768.5%

Net Revenues

4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Net Revenues (US$mln)

$386.4

$358.7

$179.9

7.7%

1 14.8%

US$0.88

Gross Profit (Loss)

4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Gross Profit (Loss) (US$mln)

$119.3

$116.7

($1.1)

2 .2 %

Gross Margin

30.9%

32.5 %

(0.6%)

The sequential decrease in gross margin was primarily due to increased module sales among the Company’s total revenue mix.

Operating Income (Loss)

4Q10

3Q10

4Q09

Q-o-Q%

Y-o-Y%

Operating Expenses (US$mln)

$3 3 . 4

$ 30.3

$19.4

10.1%

72.4%

Operating Income (Loss) (US$mln)

$85.9

$86.4

($20.5)

( 0.6%)

Operating Margin  

2 2 . 2%

24.1 %

(11.4%)

US$5.1 million

Net Income (Loss) Attributable to Holders of Ordinary Shares

4Q10

3Q10

4Q09

Net Income (Loss) (US$mln)

$61.0

$60.1

($28.1)

Diluted Earnings (Loss) Per Share

$0.34

$0.35

($0.16)

Diluted Earnings (Loss) Per ADS

$0.69

$0.70

($0.33)

US$10.1 million US$5.5 million

Full Year 2010 Results

Solar Wafer and Module Shipments

FY 10

FY 09

Y-o-Y%

Total Solar Wafer and Module Shipments (MW)

1,182.8

526.6

124.6%

Wafer Shipments (MW)

887.6

495.3

79.2%

Module Shipments (MW)

295.2

31.3

843.1%

Net Revenues

FY10

FY09

Y-o-Y%

Net Revenues (US$mln)

$1,205.6

$510.4

13 6.2%

Record revenues for the full year 2010 were driven by higher wafer ASPs than anticipated and strong growth in the Company’s module business.

Gross Profit (Loss)

FY10

FY09

Gross Profit (Loss) (US$mln)

$348.0

($43.2)

Gross Margin

28.9%

( 8 . 5%)

US$0.24 US$55 US$60

Operating Income (Loss)

FY10

FY09

Y-o-Y%

Operating Expenses (US$mln)

$102.0

$47.4

1 15.4%

Operating Income (Loss) (US$mln)

$245.9

($90.6)

Operating Margin  

20.4%

(17.7%)

Increases in operating expenses were primarily due to increases in R&D and SG&A expenses in accordance with sales.

Net Income (Loss) Attributable to Holders of Ordinar y Shares

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