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News Article

Trina Solar Adjusts 2013 Results After Successful $20m Arbitration Award

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Trina Solar has announced it has received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement. The arbitration panel determined that Trina Solar was entitled to US$20.4 million, which included the full amount of the outstanding accounts receivable of US$17.4 million sought by the Company, plus sales tax and accrued interests.

Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our efforts to pursue outstanding accounts receivable in overseas markets are delivering positive results. Sound financial management is a key focus for Trina Solar. We remain strongly committed to maintaining a healthy balance sheet to support Trina's long-term growth."

The arbitration fund was received subsequent to the Company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the Company's fourth quarter and full year 2013 earnings release are being adjusted to reflect this event.

 

Trina Solar Limited

Unaudited Condensed Consolidated Balance Sheets Dec. 31, 2013

(US dollars in thousands)


Line Items

Adjusted

Previous

Accounts receivable, net

435,092

429,387

Total Currents assets

1,521,701

1,515,996

TOTAL ASSETS

2,567,229

2,561,525

Retained earnings

143,369

137,665

Total Trina Solar Limited shareholder's equity

822,196

816,492

Total equity

822,479

816,775

TOTAL LIABILITIES AND EQUITY

2,567,229

2,561,525

 

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