Trina Solar Limited (TSL) today announced its financial results for the fourth quarter and fiscal year 2012. Solar module shipments were approximately 1.59 GW, compared to the Company's previous guidance of between 1.55 GW to 1.6 GW, an increase of 5.4% from 2011.
Other Key FY 2012 Financials
- Total net revenues were
$1.30 billion , a decrease of 36.7% from 2011 - Gross profit was
$57.2 million , a decrease of 82.8% from 2011 - Gross margin was 4.4%, compared to 16.2% in 2011
- Operating loss was
$264.9 million , compared to operating income of$31.0 million in 2011 - Net loss for the full year was
$266.6 million , compared to$37.8 in 2011 - Loss per fully diluted ADS for 2012 were
$3.77 , compared to$0.54 in 2011
"While realizing sequential improvements in shipments in the fourth quarter, our bottom line continued to be adversely impacted by a supply-demand imbalance and aggressive pricing by some competitors," said Mr. Jifan Gao , Chairman and CEO of Trina Solar . "Amidst these commercial conditions, our focus on profitable sales, inventory management, and on-going expense reductions allowed us to achieve positive operating cashflows. During the fourth quarter we also made progress in the global development of our in-house system business, and expect to commence grid-scale opportunities in China and the Americas later this year."
"Looking ahead, we believe that the further decrease in module and total system costs will drive increased global demand for the PV industry in 2013, despite the decrease in favorable government policy in traditional European markets. Meanwhile, we are seeing a ramping up in PV adoption and planning in new markets within Africa , theAmericas and the Middle East . We are also encouraged by recent announcements in Asia , most notably in China and Japan , that governments are strengthening their commitment to solar energy and raising the target for solar power contribution to the national grid capacity."
"As solar-generated power increasingly competes against traditional energy forms for large-scale power purchase agreements, we continue efforts to expand our project systems business as a percentage of our overall business, while continuing to deliver innovative products and services through increasing partnerships with the PV industry's leading global technology developers. Our efforts were recently recognized by Fast Company Magazine , which named Trina Solar in their list of The World's Top 10 Most Innovative Companies in China . We believe that because of these factors, Trina Solar will continue to solidify its position as a brand and partner of choice across multiple geographies and end user segments."
Project Development
The Company has entered into framework agreements with local municipal governments for multi-year power plant development projects in all four of its commercial operating regions. Commencement of the projects is expected in 2013 and 2014, but is conditional upon a number of factors, some of which are beyond the Company's control, such as the availability of network transmission and interconnection facilities, and the attainment of certain project rights, including land use rights and the right to access local manufacturing facilities.
In the fourth quarter of 2012, the Company entered into a long-term land use rights lease agreement with authorities in Eastern China for the development of a large-scale, multi-phase utility project, which is expected to commence in 2013. In January of 2013, the Company obtained approval from China 's Gansu Provincial Development and Reform Commission to develop a 50 MW grid-connected solar power plant project in Wuwei, Gansu.
For More Details Click here
