UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 6-K
_______________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2014
Commission File Number: 001-33911
______________________
RENESOLA LTD
_______________________
No. 8 Baoqun Road, YaoZhuang
Jiashan, Zhejiang 314117
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Incorporation by Reference
This Form 6-K is being incorporated by reference into the Registrant’s Registration Statement on Form F-3 (No. 333-189650), initially filed with the Securities and Exchange Commission on June 28, 2013 and as amended on August 7, 2013 and September 6, 2013, and declared effective on September 9, 2013.
Second Quarter 2014 Results
Profitable quarter with improved gross margin of 14.7%
ReneSola Ltd (“ReneSola” or the “Company”) reported its unaudited financial results for the second quarter ended June 30, 2014.
Financial and Operational Highlights for Q2 2014
| · | Total solar module shipments were 498.7 megawatts (“MW”), compared to 434.1 MW in Q2 2013 and 521.1 MW in Q1 2014. Total solar wafer and module shipments were 698.3 MW, compared to 849.3 MW in Q2 2013 and 710.1 MW in Q1 2014. |
| · | Net revenues were US$387.1 million, compared to US$377.4 million in Q2 2013 and US$415.0 million in Q1 2014. |
| · | Gross profit was US$56.9 million with a gross margin of 14.7%, compared to gross profit of$30.4 million with a gross margin of 8.0% in Q2 2013 and a gross profit of US$44.0 million with a gross margin of 10.6% in Q1 2014. |
| · | Operating income was US$10.6 million with an operating margin of 2.7%, compared to an operating loss of US$16.6 million with an operating margin of negative 4.4% in Q2 2013 and an operating loss of US$8.7 million with an operating margin of negative 2.1% in Q1 2014. |
| · | Net income attributable to holders of ordinary shares was US$0.8 million, representing basic and diluted income per share of US$0.00 and basic and diluted income per American depositary share (“ADS”) of US$0.01. |
| · | Cash and cash equivalents plus restricted cash totaled $218.8 million as of the end of Q2 2014, compared to US$405.8 million as of the end of Q2 2013 and US$214.9 million as of the end of Q1 2014. |
| · | Net cash outflow from operating activities was US$40.6 million, compared to net cash inflow from operating activities of US$65.5 million in Q2 2013 and net cash outflow from operating activities of US$112.3 million in Q1 2014. |
Second Quarter 2014 Results
Solar Wafer and Module Shipments
| 2Q14 | 1Q14 | 2Q13 | Q-o-Q% | Y-o-Y% | ||||||||||||||||
| Module Shipments (MW) | 498.7 | 521.1 | 434.1 | (4.3 | %) | 14.9 | % | |||||||||||||
| Wafer Shipments (MW) | 199.6 | 189.0 | 415.2 | 5.6 | % | (51.9 | %) | |||||||||||||
| Total Solar Wafer and Module Shipments (MW) | 698.3 | 710.1 | 849.3 | (1.7 | %) | (17.8 | %) |
The module shipments of 499MW were within the Company’s guidance of 480MW to 500MW. The sequential decrease in solar module shipments was mainly the result of decreased shipments to the United States and Europe. The sharp decrease in wafer shipments year over year was the result of a strategic business decision to use the majority of the Company’s wafer for internal module production.
Net Revenues and Gross Profit
| 2Q14 | 1Q14 | 2Q13 | Q-o-Q% | Y-o-Y% | ||||||||||||||||
| Net Revenues (US$mln) | $ | 387.1 | $ | 415.0 | $ | 377.4 | (6.7 | %) | 2.6 | % | ||||||||||
| Gross Profit (US$mln) | $ | 56.9 | $ | 44.0 | $ | 30.4 | * | 29.3 | % | 87.2 | % | |||||||||
| Gross Margin | 14.7 | % | 10.6 | % | 8.0 | %* | — | — |
* Adjusted based on the Company’s current accounting classification for warranty expense, which is recognized as a selling expense rather than as a cost of goods sold, as was done prior to Q1 2014. Before the adjustment, the gross profit for Q2 2013 was $27.4 million and the gross margin was 7.3%.
Net revenues decreased quarter over quarter as a result of a decrease in module shipments. The sequential increase in the Company’s gross margin was a result of full-capacity in-house polysilicon production, more efficient operational process control, and a price drop for Taiwan-produced cells.
Operating Income (Loss)
| 2Q14 | 1Q14 | 2Q13 | Q-o-Q% | Y-o-Y% | ||||||||||||||||
| Operating Expenses (US$mln) | $ | 46.3 | $ | 52.8 | $ | 46.9 | * | (12.3 | %) | (1.3 | %) | |||||||||
| Operating Income (Loss) (US$mln) | $ | 10.6 | ($ | 8.7 | ) | ($ | 16.6 | ) | — | — | ||||||||||
| Operating Margin | 2.7 | % | (2.1 | %) | (4.4 | %) | — | — |
* Adjusted based on the Company’s current accounting classification for warranty expense, which is recognized as a selling expense rather than as a cost of goods sold, as was done prior to Q1 2014. Before the adjustment, the operating expense was $43.9 million for Q2 2013.
The sequential decrease in operating expenses was primarily due to a reversal of allowances for doubtful accounts provided in Q1 which was subsequently collected in Q2, as well as the impact of our cost control efforts over other general and administrative expenses.
Foreign Exchange Gain
In Q2 2014, the Company had a foreign exchange loss of US$1.3 million and recognized a US$0.9 million gain on derivatives.
Change in Fair Value of Warrant Derivative Liabilities
The Company recognized a gain from a change in fair value of warrant derivative liabilities of US$1.0 million in Q2 2014, primarily due to the decrease in the Company’s stock price.
Net Income (Loss) Attributable to Holders of Ordinary Shares
| 2Q14 | 1Q14 | 2Q13 | ||||||||||
| Net Income (Loss) (US$mln) | $ | 0.8 | ($ | 14.6 | ) | ($ | 21.1 | ) | ||||
| Diluted Earnings (Loss) per Share | 0.00 | ($ | 0.07 | ) | ($ | 0.12 | ) | |||||
| Diluted Earnings (Loss) per ADS | 0.01 | ($ | 0.14 | ) | ($ | 0.24 | ) |
Liquidity and Capital Resources
Net cash outflow from operating activities was US$40.6 million in Q2 2014, compared to net cash outflow of US$112.3 million in Q1 2014.
Net cash and cash equivalents plus restricted cash were US$218.8 million as of June 30, 2014, compared to US$214.9 million as of March 31, 2014.
Total debt was US$760.3 million as of June 30, 2014, compared to US$723.9 million as of March 31, 2014, excluding US$111.6 million of convertible notes due March 15, 2018, unless repurchased or converted at an earlier date. Short-term borrowings were US$696.2 million as of June 30, 2014, compared to US$653.3 million as of March 31, 2014.
Polysilicon Update
The Company’s total output of polysilicon in Q2 was 1815.6 metric tons, compared to an output of 175 metric tons in Q1 2014. Operations of the Company’s Sichuan polysilicon plant remained at 100% capacity after a temporary shutdown in Q1 for maintenance and technical improvements. With the overall stability in polysilicon prices, and production cost reductions resulting from seasonally lower electricity prices, the Company expects to continue to benefit from its in-house polysilicon production capabilities in Q3 2014.
Business Highlights
Geographic Breakdown of Module Shipments
| 2014 Q2 | 2014 Q1 | 2013 Q2 | ||||||||||
| U.S. | 11.2 | % | 13.6 | % | 13.0 | % | ||||||
| Europe | 31.4 | % | 39.2 | % | 49.4 | % | ||||||
| Japan | 23.3 | % | 22.5 | % | 7.4 | % | ||||||
| China | 15.3 | % | 11.4 | % | 14.6 | % | ||||||
| Other | 18.8 | % | 13.3 | % | 15.6 | % | ||||||
Research and Development
During Q2, ReneSola continued to invest in research and development regarding the Company’s new and existing green energy products.
Mass production was achieved for the Company’s A+++ wafer, which has an average efficiency rate 0.15% higher than the A++ wafer.
The Company continues to obtain applicable certification for its inverters across several international markets, including the United States, Italy, the United Kingdom, and Australia.
The Company has completed research and development for three more energy storage system product lines and currently features five categories and 11 series of 146 energy storage system products which are all available for purchase.
Additional certification across different continents has been completed for three categories of the Company’s LED products, including bulbs, indoor lighting and outdoor lighting.
Recent Business Developments
| Ÿ | In August, the Company announced that ReneSola UK will supply 22 MW of its high-efficiency polycrystalline Virtus I and Virtus II solar modules for use in two ground-mounted, utility-scale projects in the United Kingdom. |
| Ÿ | In July, the Company announced its industry-leading results in a series of reliability tests conducted by PV Evolution Labs (PVEL). The Company’s modules achieved top performance rankings on PVEL’s “PV Module Reliability Scorecard” for 2014 in four testing categories: Dynamic Mechanical Load, Damp Heat, Potential Induced Degradation, and Humidity-Freeze. |
| Ÿ | In July, ReneSola announced the delivery of 30 ReneSola Novaplus 2KW energy storage systems to a national distributor in Chelmsford, England for onward sale to Essex installation company Think Green Energy. An additional 10 units were on order for use by Think Green Energy customers in the southeast of England. |
| Ÿ | In July, the Company announced it had entered a framework agreement with China Seven Star Holdings Limited regarding a partnership in potential sales to China Seven Star of no less than 200MW of existing and new PV projects within 18 months. The parties subsequently signed a Memorandum of Understanding that stipulates ReneSola will sell to China Seven Star two utility-scale projects, both of which are completed and connected to the grid, with a total capacity of 9.7 MW in Bulgaria. |
| Ÿ | In June, ReneSola announced that Solar Insurance & Finance (Solarif), an international and independent insurance broker specializing in insurance for PV installations, had certified ReneSola modules based on a positive audit of the Company involving relevant technical, financial, environmental, and labor considerations. |
| Ÿ | In June, the Company announced it had forged a partnership with SolarMax, a Swiss based global pure-play photovoltaic (PV) inverter company with its U.S. headquarters in Atlanta, GA and more than 20 years of PV inverter experience, and had finalized its first order of SolarMax inverters for Black Rock Solar. |
| Ÿ | In June, ReneSola announced that ReneSola Germany, in cooperation with energy supplier EnBW Energie Baden-Wurttemberg AG, had built the largest solar park in Baden-Wurttemberg, Germany with approximately 40,000 polycrystalline photovoltaic ReneSola modules and a total capacity of 10MW. |
| Ÿ | In May, the Company announced it had finalized an order to deliver nearly 20,000 of its high efficiency Virtus II PV modules to GeoPeak Energy, a leading solar developer and EPC. The order will be the first of its kind for ReneSola America, as the non-Chinese modules are being manufactured by the Company’s OEM factory using non-Taiwanese cells. |
| Ÿ | In May, ReneSola appointed Jason Wu as the Company’s vice president of marketing to oversee the Company’s global marketing, new product management, and brand enhancement. |
| Ÿ | In May, the Company announced a deal to provide 1.6MW in solar modules and 1MW in mounting systems to Consolidated Energy & Economic Engineering Co. to power a series of residential and commercial rooftop projects in the country of Jordan. |
| Ÿ | In April, ReneSola announced the appointment of Mr. Daniel Lee as the Company’s new chief financial officer. |
| Ÿ | In April, the Company announced it had completed the sale of three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd. |
| Ÿ | In April, the Company announced it had been awarded a “TOP BRAND PV” seal in the union of states of Belgium, the Netherlands, and Luxembourg (“Benelux”) by EuPD Research, the leading market intelligence company in the sustainable business sector and an independent brand management appraiser of module manufacturers in Germany, Italy, the United Kingdom, Benelux, and France. |
Safe Harbor Statement
Certain statement in this Current Report on Form 6-K may contain statements that constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it “believes,” “expects” or “anticipates” will occur, what “will” or “could” happen, and other similar statements), you must remember that the Company’s expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company’s situation may change in the future.
|
RENESOLA LTD Unaudited Consolidated Balance Sheet (US dollars in thousands) |
| June 30, | Mar 31, | June 30, | ||||||||||
| 2014 | 2014 | 2013 | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 58,127 | 52,660 | 80,306 | |||||||||
| Restricted cash | 160,708 | 162,283 | 325,517 | |||||||||
| Accounts receivable, net of allowances for doubtful accounts | 212,533 | 206,771 | 272,112 | |||||||||
| Inventories | 390,010 | 375,655 | 343,279 | |||||||||
| Advances to suppliers-current | 9,819 | 8,699 | 15,126 | |||||||||
| Amounts due from related parties | 1,116 | 205 | 4,984 | |||||||||
| Value added tax recoverable | 21,505 | 29,359 | 39,516 | |||||||||
| Prepaid income tax | 3,454 | 2,307 | 6,585 | |||||||||
| Prepaid expenses and other current assets | 56,066 | 61,918 | 25,584 | |||||||||
| Project assets | 32,998 | 33,158 | 49,527 | |||||||||
| Deferred convertible notes issue costs-current | 784 | 784 | 784 | |||||||||
| Derivative assets | 576 | 63 | 1,933 | |||||||||
| Deferred tax assets-current, net | 1,786 | 1,557 | 2,535 | |||||||||
| Total current assets | 949,482 | 935,419 | 1,167,788 | |||||||||
| Property, plant and equipment, net | 803,721 | 827,460 | 1,148,872 | |||||||||
| Prepaid land use right | 40,209 | 41,312 | 45,800 | |||||||||
| Deferred tax assets-non-current, net | 17,990 | 19,740 | 22,086 | |||||||||
| Deferred convertible notes issue costs-non-current | 549 | 745 | 1,334 | |||||||||
| Advances for purchases of property, plant and equipment | 2,419 | 2,430 | 7,075 | |||||||||
| Advances to suppliers-non-current | 5,627 | 5,627 | 5,928 | |||||||||
| Other long-lived assets | 4,155 | 2,316 | 2,757 | |||||||||
| Total assets | 1,824,152 | 1,835,049 | 2,401,640 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Short-term borrowings | 696,229 | 653,295 | 763,607 | |||||||||
| Accounts payable | 509,200 | 536,067 | 718,491 | |||||||||
| Advances from customers-current | 44,105 | 65,929 | 80,399 | |||||||||
| Amounts due to related parties | 4,055 | 4,558 | 16,133 | |||||||||
| Other current liabilities | 145,277 | 142,642 | 177,770 | |||||||||
| Income tax payable | 1,475 | 2,345 | 2,552 | |||||||||
| Derivative liabilities | 166 | 1,026 | — | |||||||||
| Warrant liability | 7,298 | 8,295 | — | |||||||||
| Total current liabilities | 1,407,805 | 1,414,157 | 1,758,952 | |||||||||
| Convertible notes payable-non-current | 111,616 | 111,616 | 111,616 | |||||||||
| Long-term borrowings | 64,030 | 70,561 | 146,271 | |||||||||
| Advances from customers-non-current | 3,192 | 7,105 | 10,436 | |||||||||
| Warranty | 25,688 | 23,546 | 15,412 | |||||||||
| Deferred subsidies and other | 53,756 | 54,375 | 37,802 | |||||||||
| Other long-term liabilities | 775 | 933 | 7,406 | |||||||||
| Total liabilities | 1,666,862 | 1,682,293 | 2,087,895 | |||||||||
| Shareholders’ equity | ||||||||||||
| Common shares | 476,441 | 475,816 | 422,207 | |||||||||
| Additional paid-in capital | 6,991 | 6,549 | 5,104 | |||||||||
| Accumulated losses | (410,402 | ) | (411,159 | ) | (197,721 | ) | ||||||
| Accumulated other comprehensive income | 84,260 | 81,550 | 83,691 | |||||||||
| Total equity attribute to ReneSola Ltd | 157,290 | 152,756 | 313,281 | |||||||||
| Noncontrolling interest | — | — | 464 | |||||||||
| Total shareholders’ equity | 157,290 | 152,756 | 313,745 | |||||||||
| Total liabilities and shareholders’ equity | 1,824,152 | 1,835,049 | 2,401,640 | |||||||||
RENESOLA LTD
Unaudited Consolidated Statements of Income
(US dollar in thousands, except ADS and share data)
| Three Months Ended | ||||||||||||
| June 30, 2014 | Mar 31, 2014 | June 30, 2013 | ||||||||||
| Net revenues | 387,106 | 414,966 | 377,362 | |||||||||
| Cost of revenues | (330,232 | ) | (370,917 | ) | (346,989 | ) | ||||||
| Gross profit (loss) | 56,874 | 44,049 | 30,373 | |||||||||
| GP% | 14.7 | % | 10.6 | % | 8.0 | % | ||||||
| Operating (expenses) income: | ||||||||||||
| Sales and marketing | (21,864 | ) | (23,125 | ) | (20,728 | ) | ||||||
| General and administrative | (13,529 | ) | (20,202 | ) | (11,265 | ) | ||||||
| Research and development | (13,941 | ) | (11,757 | ) | (15,007 | ) | ||||||
| Other operating income, net | 3,026 | 2,333 | 55 | |||||||||
| Total operating expenses | (46,308 | ) | (52,751 | ) | (46,945 | ) | ||||||
| Income (loss) from operations | 10,566 | (8,702 | ) | (16,572 | ) | |||||||
| Non-operating (expenses) income: | ||||||||||||
| Interest income | 1,230 | 1,271 | 1,948 | |||||||||
| Interest expense | (11,179 | ) | (13,349 | ) | (13,975 | ) | ||||||
| Foreign exchange (loss) gain | (1,294 | ) | 1,481 | (1,078 | ) | |||||||
| Gain (loss) on derivatives, net | 858 | (1,376 | ) | 1,162 | ||||||||
| Investment gain on disposal of subsidiaries | — | 2,615 | — | |||||||||
| Fair value change of warrant liability | 998 | 1,050 | — | |||||||||
| Income (loss) before income tax, noncontrolling interests | 1,179 | (17,010 | ) | (28,515 | ) | |||||||
| Income tax (expense) benefit | (422 | ) | 2,419 | 7,448 | ||||||||
| Net income (loss) | 757 | (14,591 | ) | (21,067 | ) | |||||||
| Less: Net loss attributed to noncontrolling interests | — | (4 | ) | (6 | ) | |||||||
| Net income (loss) attributed to holders of ordinary shares | 757 | (14,587 | ) | (21,061 | ) | |||||||
| Earnings per share | ||||||||||||
| Basic | 0.00 | (0.07 | ) | (0.12 | ) | |||||||
| Diluted | 0.00 | (0.07 | ) | (0.12 | ) | |||||||
| Earnings per ADS | ||||||||||||
| Basic | 0.01 | (0.14 | ) | (0.24 | ) | |||||||
| Diluted | 0.01 | (0.14 | ) | (0.24 | ) | |||||||
| Weighted average number of shares used in computing earnings per share | ||||||||||||
| Basic | 203,373,943 | 203,367,464 | 172,876,537 | |||||||||
| Diluted | 204,555,179 | 203,367,464 | 172,876,537 | |||||||||
| (US dollar in thousands) | ||||||||||||
| Three Months ended | ||||||||||||
| June 30, 2014 | Mar 31, 2014 | June 30, 2013 | ||||||||||
| Net income (loss) | 757 | (14,591 | ) | (21,067 | ) | |||||||
| Other comprehensive income (loss) | ||||||||||||
| Foreign exchange translation adjustment | 2,710 | (2,064 | ) | 7,315 | ||||||||
| Other comprehensive income (loss) | 2,710 | (2,064 | ) | 7,315 | ||||||||
| Comprehensive income (loss) | 3,467 | (16,655 | ) | (13,752 | ) | |||||||
| Less:comprehensive loss attributable to non-controlling interest | — | (4 | ) | (6 | ) | |||||||
| Comprehensive income (loss) attributable to Renesola | 3,467 | (16,651 | ) | (13,746 | ) | |||||||
RENESOLA LTD
Unaudited Consolidated Statements of Cash Flow
(US dollar in thousands)
| Six Months Ended | ||||||||
| Jun 30, 2014 | Jun 30, 2013 | |||||||
| Cash flow from operating activities: | ||||||||
| Net loss | (13,834 | ) | (60,078 | ) | ||||
| Adjustment to reconcile net loss to net cash provided by (used in) operating activity: | ||||||||
| Inventory write-down | 799 | 680 | ||||||
| Depreciation and amortization | 45,370 | 52,218 | ||||||
| Amortization of deferred convertible bond issuances costs and premium | 392 | 392 | ||||||
| Allowance of doubtful receivables and advance to suppliers | 5,197 | 2,844 | ||||||
| Loss (gain) on derivatives | 518 | (5,027 | ) | |||||
| Fair value change of warrant liability | (2,048 | ) | — | |||||
| Share-based compensation | 1,041 | 335 | ||||||
| Loss on disposal of long-lived assets | 1,255 | 160 | ||||||
| Gain on disposal of land use right | (573 | ) | (4,694 | ) | ||||
| Gain on disposal of subsidiaries | (2,615 | ) | — | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivables | 18,642 | (63,053 | ) | |||||
| Inventories | (34,540 | ) | (86,881 | ) | ||||
| Project assets | 1,369 | (24,779 | ) | |||||
| Advances to suppliers | 4,141 | 8,697 | ||||||
| Amounts due from related parties | (5,683 | ) | 2,913 | |||||
| Value added tax recoverable | 8,018 | (3,977 | ) | |||||
| Prepaid expenses and other current assets | 3,727 | 9,806 | ||||||
| Prepaid land use right | 1,741 | 8,201 | ||||||
| Accounts payable | (133,608 | ) | 226,648 | |||||
| Advances from customers | (58,659 | ) | 17,397 | |||||
| Income tax payable | (4,670 | ) | (3,763 | ) | ||||
| Other current liabilities | 10,922 | 2,606 | ||||||
| Other long-term liabilities | (3,626 | ) | (3,675 | ) | ||||
| Accrued warranty cost | 5,076 | 4,899 | ||||||
| Deferred taxes assets | (1,217 | ) | (9,709 | ) | ||||
| Provision for litigation | — | (2,430 | ) | |||||
| Net cash provided by (used in) operating activities | (152,865 | ) | 69,730 | |||||
| Cash flow from investing activities: | ||||||||
| Purchases of property, plant and equipment | (39,330 | ) | (28,611 | ) | ||||
| Advances for purchases of property, plant and equipment | (2,446 | ) | (30,427 | ) | ||||
| Cash received from government subsidy | 11,762 | 7,984 | ||||||
| Proceeds from disposal of property, plant and equipment | 41 | — | ||||||
| Changes in restricted cash | 95,669 | (146,848 | ) | |||||
| Net cash received (paid) on settlement of derivatives | (901 | ) | 2,782 | |||||
| Proceeds from disposal of subsidiaries | 18,473 | — | ||||||
| Net cash provided by (used in) investing activities | 83,268 | (195,120 | ) | |||||
| Cash flow from financing activities: | ||||||||
| Proceeds from bank borrowings | 543,197 | 798,196 | ||||||
| Repayment of bank borrowings | (508,886 | ) | (686,976 | ) | ||||
| Proceeds from exercise of stock options | 624 | 274 | ||||||
| Repurchace from noncontrolling interests | — | (36 | ) | |||||
| Net cash provided by (used in) financing activities | 34,935 | 111,458 | ||||||
| Effect of exchange rate changes | 6,016 | 955 | ||||||
| Net decrease in cash and cash equivalents | (28,646 | ) | (12,977 | ) | ||||
| Cash and cash equivalents, beginning of year | 86,773 | 93,283 | ||||||
| Cash and cash equivalents, end of year | 58,127 | 80,306 | ||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| RENESOLA LTD | ||||
| By: | /s/ Xianshou Li | |||
| Name: | Xianshou Li | |||
| Title: | Chief Executive Officer | |||
Date: August 13, 2014