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Trina Solar Announces First Quarter 2012 Results

CHANGZHOU, China May 23, 2012

First Quarter 2012 Financial and Operating Highlights

  • Solar module shipments were approximately 380 MW for the first quarter of 2012, compared to the Company’s previous guidance of between 400 MW to 430 MW, representing a decrease of 10.6% sequentially
  • $349.9 million
  • $20.3 million
  • $26.2 million
  • Gross margin, excluding provisions for potential countervailing and anti-dumping duties, was 13.3%
  • $39.9 million $62.9 million
  • Operating margin was negative 11.4%, compared to negative 14.4% in the fourth quarter of 2011
  • $29.8 million $65.8 million
  • i $0.42 $0.93

Jifan Gao the United States

"Though we see further signs of industry consolidation, we are addressing the challenges of the current market environment by accelerating the delivery of innovative, technology-driven products and providing differentiated service offerings."

"We were pleased to announce our successful execution and early April delivery of 500 MW of our high-efficiency Honey technology-based module capacity, which currently offers module power of up to 265 watts for rooftop applications.

May 2012

Further, our new TrinaSmart solution, which offers system management and enhanced output capabilities down to the module level, is undergoing advanced customer testing in preparation for its upcoming launch in the third quarter."

Chengdu China

South America Caribbean Islands Canada Ontario Africa Middle East

"Finally, in the area of corporate social responsibility, we are very pleased by our recent number one overall ranking in the Silicon Valley Toxics Coalition’s 2012 Solar Scorecard. We believe this reflects our increasing effort and commitment toward ensuring our role in the PV sector remains positive for the environment, our workers, and the communities in which we conduct our business."

Recent Business Highlights

During the first quarter of 2012, the Company:

  • Announced the establishment of the Changzhou Trina International School. In addition to providing benefits in line with its corporate social responsibility commitments, the school is expected to offer Trina Solar a competitive advantage in attracting and retaining top management and R&D talent, and to complement the opening of our National PV Research Laboratory within our Changzhou Trina PV Park.

 

  • Junfeng Li January 4, 2012 November 2007

 

  • Announced the offering of a three-pronged service solution featuring in-house design services, new high performance ‘Honey’ modules and the Trinamount racking system. Trina Solar also announced the availability of its high performance 60-cell and up to 260 W ‘Honey’ module series to the North American market.

              

  • Italy

 

  • Chengdu China China

 

  • Patrick Dempsey

 

  • Washington, DC China China the United States the United States China China China China

 

  • April 2012 United Kingdom

Subsequent Events

Subsequent to the first quarter of 2012, the Company:

  • Announced that it will partner with the Plant-for-the-Planet Children’s Initiative to offset the carbon emissions of the Lotus F1 Team single seaters, the Formula 1 racing team that the Company sponsors. The Company intends to plant 9,000 trees a year for the next three years, or a total of 27,000 trees. The annual environmental benefit from the trees is estimated to be equivalent to the emissions from the team’s Grand Prix track activity over the course of five full seasons of Formula 1.

 

  • San Diego

 

 

  • China the United States China China

First Quarter 2012 Results

Net Revenues

$349.9 million

Gross Profit and Margin

$20.3 million $31.0 million $151.3 million $6.9 million $19.3 million the United States

$46.5 million

Operating Expense, Income and Margin

$60.1 million $2.0 million $2.0 million $1.6 million

$39.9 million $62.9 million $84.5 million

Net Interest Expense

$8.8 million $8.3 million $6.7 million

Foreign Currency Exchange

$9.0 million $4.3 million $24.1 million

The Company continued to hedge for foreign exchange rate volatility during the first quarter of 2012 using forward contracts involving the Euro, Renminbi, and U.S. dollar currencies.

Income Tax Benefit and Expense

$8.8 million $5.1 million $12.3 million

Net Income and EPS

$29.8 million $65.8 million $47.7 million

Net margin was negative 8.5% in the first quarter of 2012, compared to negative 15.1% in the fourth quarter of 2011 and 8.7% in the first quarter of 2011.

$0.42 $0.13

Financial Condition

March 31, 2012 $748.3 million $685.0 million $1,020.4 million $518.8 million $112.1 million $501.6 million March 31, 2012 $9.8 million July 2013 $1.2 million

$1.11 billion March 31, 2012 $1.15 billion

Second Quarter and Fiscal Year 2012 Guidance

For the second quarter of 2012, the Company expects to ship between 500 MW to 520 MW of PV modules.

May 23, 2012

For the full year 2012, the Company expects total PV module shipments between 2.0 to 2.1 GW, representing an increase of 32.5% to 39.1%, respectively, from 2011.

Operations and Business Outlook

Non-Silicon Cost

$0.60 $0.58 $0.64

$0.50

Silicon Procurement

Through its diversified range of short, medium and long-term supply agreements, the Company will continue to maintain competitive silicon costs relative to the current market price.

As a result of renegotiation of a significant portion of its long-term silicon supply agreements, the Company continues to expect a sequential reduction in its manufacturing costs in the second quarter of 2012.

2012 Manufacturing Capacity

March 31, 2012

To produce its new high efficiency multicrystalline-based ‘Honey’ technology-based module, the Company has increased its in-house PV cell and module production capacity by approximately 500 MW, to a total of 2.4 GW in April, 2012.

Technology Development

September 2011

Project Development

China

Conference Call

8:00 a.m. ET May 23, 2012 March 31, 2012 Jifan Gao Terry Wang Mark Kingsley Gary Yu Thomas Young http://www.trinasolar.com

May 23 6:00 p.m. ET May 30 11:59 p.m. ET

http://www.trinasolar.com

About Trina Solar Limited

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 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. 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.


Trina Solar Limited

Unaudited Condensed Consolidated Statement of Operations

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

For the Three Months Ended

 




Net revenues

$     349,880

$     435,690

$     550,853

Cost of revenues

329,619

404,664

399,573

Gross profit

20,261

31,026

151,280

Operating expenses

Selling expenses

27,381

26,547

22,867

General and administrative expenses

26,082

59,562

31,936

Research and development expenses

6,685

7,834

11,983

Total operating expenses

60,148

93,943

66,786

Operating (loss) income

(39,887)

(62,917)

84,494

Foreign exchange gain (loss)

6,472

(12,230)

15,613

Interest expenses

(11,511)

(9,095)

(8,095)

Interest income

2,734

757

1,386

Gain (loss) on change in fair value of derivative

2,520

7,895

(39,698)

Other expenses, net

1,029

4,680

6,273

(Loss) income before income taxes

(38,643)

(70,910)

59,973

Income tax benefit (expenses)

8,822

5,140

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