CANADIAN SOLAR INC. Unless otherwise indicated or unless the context otherwise requires, 'we,' 'us,' 'the company,' 'our' or 'Canadian Solar' refers to Canadian Solar Inc., a company organized under the law of British Columbia, Canada, its predecessor entities and its subsidiaries; and '$,' 'US$' and 'U.S. dollars' refer to the legal currency of the United States.
Canadian Solar First Quarter 2021 Unaudited Financial Results
First Quarter 2021 Highlights
| · | Solar module shipments of 3.1 GW in the first quarter of 2021, compared to guidance of 3.0 GW to 3.2 GW. |
| · | Revenue increased 32% year-over-year ('yoy') to $1.1 billion, compared to guidance of $1.0 billion to $1.1 billion. |
| · | Gross margin of 17.9%, compared to guidance range of 16% to 18%. |
| · | Net income attributable to Canadian Solar of $23 million, or $0.36 per diluted share. |
| · | 1.2 GWh of battery storage projects under construction. |
| · | Total battery storage project development pipeline nearly doubled to 17 GWh. |
| · | Strategic partnership and investment in Habitat Energy to strengthen battery storage capabilities. |
| · | Carve-out IPO of CSI Solar subsidiary remains on track. |
First Quarter 2021 Results
Total module shipments in the first quarter of 2021 were 3,139 MW, a 42% yoy increase and 5% quarter-over-quarter ('qoq') increase. Of the total, 267 MW was shipped to the Company's own utility-scale solar power projects.
Net revenue in the first quarter of 2021 grew by 32% yoy and 5% qoq to $1,089 million. The sequential increase was driven by higher project sales in Japan and the United States, a higher module average selling price ('ASP'), which was partially offset by lower module shipments recognized as revenues.
Gross profit in the first quarter of 2021 was $195 million, up 38% qoq but down 13% yoy. Gross margin in the first quarter of 2021 was 17.9%, compared to guidance of 16% to 18%, and 13.6% in the fourth quarter of 2020. The sequential gross margin expansion was mainly driven by an increased contribution of high margin project sales and higher module ASP, which was partially offset by higher manufacturing costs.
Total operating expenses in the first quarter of 2021 were $151 million compared to $139 million in the fourth quarter of 2020. The sequential increase was primarily driven by an increase in shipping and handling expenses, partially offset by a decrease in asset impairment expenses.
Non-cash depreciation and amortization charges in the first quarter of 2021 were $62 million, compared to $59 million in the fourth quarter of 2020, and $45 million in the first quarter of 2020.
Net foreign exchange loss in the first quarter of 2021 was $7 million, compared to a net gain of $4 million in the fourth quarter of 2020 and a net loss of $1 million in the first quarter of 2020. The net loss was primarily driven by strength in the U.S. Dollar relative to the Japanese Yen.
Income tax expense in the first quarter of 2021 was $14 million, compared to $2 million of income tax benefit in the fourth quarter of 2020 and $29 million of income tax benefits in the first quarter of 2020. The expense was mainly driven by an increase in pre-tax income from high tax jurisdictions and certain non-deductible items.
Net income attributable to Canadian Solar in the first quarter of 2021 was $23 million, or $0.36 per diluted share, compared to net income of $7 million, or $0.11 per diluted share in the fourth quarter of 2020.
Net cash used by operating activities in the first quarter of 2021 was $83 million, compared to $120 million provided by operating activities in the fourth quarter of 2020. The operating cash outflow was mainly driven by an increase in strategic inventory in key markets such as the U.S. and Europe to reduce the impact of upstream supply chain disruptions.
Total debt in the first quarter of 2021 was $2.28 billion, compared to $2.18 billion in the fourth quarter of 2020. The increase in total debt was mainly driven by increase in non-recourse debt used to finance solar power projects, which increased to $522 million in the first quarter of 2021 from $434 million in the fourth quarter of 2020.
Battery Storage Opportunities
Canadian Solar is one of the early movers in developing and supplying energy storage solutions and projects. The Company has strategically positioned itself in the battery storage market, both in solar plus battery storage, as well as in stand-alone storage opportunities. The rapid growth of the energy storage market is being driven by technology improvements, declining battery storage costs, rising penetration of renewable energy and accelerating retirements of fossil fuel capacity.
Canadian Solar has a competitive advantage given its global leadership in both module manufacturing and solar project development. Both CSI Solar and Global Energy have focused strategically on their respective energy storage businesses:
| · | Under Global Energy, energy storage project development is now fully integrated within the main solar development teams. Given the segment's large and growing pipeline, it is positioned to capture utility-scale energy storage projects. |
| · | Under CSI Solar, the battery storage solutions' team focuses on delivering bankable, end-to-end, integrated battery storage solutions for utility scale, commercial and industrial, as well as residential applications. These systems solutions will be complemented with long term service agreements, including future battery capacity augmentation services. |
While there are synergies between the project team and the solutions team, both operate independently and on different sections of the battery storage value chain. The project pipeline for each team should be assessed independently. Please refer to the Global Energy and CSI Solar sections of this document for specific pipeline figures.
Global Energy Segment
Canadian Solar has one of the world's largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a strong track record of originating, developing, financing and building over 5.7 GWp of solar power plants across six continents. As one of the early movers, the Company has built a leadership position in solar as well as energy storage project development and currently has an aggregate pipeline of nearly 21 GWp and 17 GWh, respectively.
The continued pipeline expansion and strong project development track record will support Global Energy's growth in three key areas:
| 1. | Project sales: The Company intends to grow its volume of project sales by a compound annual growth rate of 25% over the next five years, well ahead of global market growth rate of approximately 20% according to many research reports. |
| 2. | Investment vehicles: The Company intends to optimize its project monetization strategy by establishing local investment vehicles that will help maximize the value of its project assets. The Company also intends to retain minority ownership in these vehicles. By 2025, the Company intends to reach at least 1 GW of combined net ownership in solar power projects through these vehicles. This approach will help the Company build and grow a stable base of long-term cash flows from contracted electricity. The Company will be able to recycle a large portion of the capital into developing new solar projects for growth. Meanwhile, Canadian Solar expects to capture additional operational value throughout the partial ownership period, including long-term cash flows from power sales, operations and maintenance (O&M), asset management and other services (see point 3). The Company currently owns a 15% stake in the Canadian Solar Infrastructure Fund ('CSIF', TSE: 9284), the largest listed Japanese infrastructure fund on the Tokyo Stock Exchange. The Company also established the Brazilian Participation Fund for Infrastructure projects (FIP-IE). Similar project investment vehicles in certain European countries are also currently underway. Through launching these localized vehicles, Canadian Solar is building up its expertise in designing investment vehicles in local markets that will help maximize value of its project assets. |
| 3. | Services: Canadian Solar currently manages over 2 GW of operational projects under long-term O&M agreements, and an additional 2 GW of contracted projects that will be operated and maintained by the Company once they are placed in operation. The Company's target is to reach 11 GW of projects under O&M agreements by 2025. |
Management targets to achieve the following over the next 5 years:
| Global Energy Targets | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||
| Annual Project Sales, GWp | 1.8-2.3 | 2.4-2.9 | 3.2-3.7 | 3.6-4.1 | 4.0-4.5 | |||||||||||||||
| Cumulative Projects Retained, MWp | ~200 | ~400 | ~760 | ~960 | ~1,000 | |||||||||||||||
| Operational O&M projects, GWp | ~2.6 | ~4.0 | ~6.5 | ~9.2 | ~11.0 |
Total Solar Project Pipeline
As March 31, 2021, the Company's total project pipeline was 20.8 GWp, including 1.8 GWp under construction, 3.7 GWp of backlog, and 15.4 GWp of earlier stage pipeline. The backlog includes projects that have passed their Risk Cliff Date and are expected to be built in the next one to four years. A project's Risk Cliff Date depends on the country where the project is located and is defined as the date on which the project passes the last high-risk development stage. This is usually after the projects have received all the required environmental and regulatory approvals, interconnection agreements, feed-in tariff ('FIT') arrangements and power purchase agreements ('PPAs'). Over 90% of projects in backlog are contracted (i.e., have secured a PPA or FIT), and the remaining are reasonably assured of securing PPAs.
The Company's pipeline includes early- to mid-stage project opportunities currently under development but that are yet to be de-risked.
The following table presents the Company's total project pipeline.
| Total Project Pipeline (as of March 31, 2021) - MWp | ||||||||||||||||
| Region | In Construction | Backlog | Pipeline | Total | ||||||||||||
| North America | 443 | 744 | 4,758 | 5,945 | ||||||||||||
| Latin America | 859 | * | 2,098 | * | 3,371 | 6,328 | ||||||||||
| Europe, the Middle East and Africa ('EMEA') | - | 400 | * | 3,519 | 3,919 | |||||||||||
| Japan | 159 | 150 | 147 | 456 | ||||||||||||
| Asia Pacific excluding Japan and China | 348 | 191 | 1,667 | 2,206 | ||||||||||||
| China (part of CSI Solar) | - | 80 | 1,900 | 1,980 | ||||||||||||
| Total | 1,809 | 3,663 | 15,362 | 20,834 |
*Note: Gross MWp size of projects includes 573 MWp in construction in Latin America, and 110 MWp in backlog in EMEA, that are not owned by Canadian Solar or have been sold to third parties.
The Company has a sizable amount of premium, high FIT projects in Japan. The table below sets forth the expected COD schedule of the Company's project backlog in development and construction in Japan, as of March 31, 2021:
Expected COD Schedule - MWp
| 2021 | 2022 |
2023 and Thereafter | Total | |||||||||||
| 44 | 190 | 74 | 308 |
Battery Storage Project Pipeline
The Global Energy segment has been actively developing utility-scale solar plus energy storage projects, as well as stand-alone battery storage projects. The Company found that virtually all its solar power projects under development can co-host energy storage facilities and has done so during the first quarter of 2021. This approach has helped the Company nearly double its energy storage pipeline to almost 17 GWh during the quarter. By co-hosting energy storage facilities with solar power plants on the same piece of land and using the same interconnection point, the Company expects to significantly enhance the value of its assets under development.
Over the past years, Canadian Solar has signed several new storage tolling agreements with a variety of power purchasers, including community choice aggregators, investor-owned utilities, universities, and public utility districts. The Company has also signed development services agreements to retrofit operational solar projects with battery storage, many of which were previously developed by the Company.
The table below sets forth Global Energy's storage project development backlog and pipeline.
| Storage Project Development Backlog and Pipeline (as of March 31, 2021) - MWh | ||||||||||||||||
| Region | In Construction | Backlog | Pipeline | Total | ||||||||||||
| North America | 1,201 | 1,100 | 8,405 | 10,706 | ||||||||||||
| Latin America | - | - | 3,200 | 3,200 | ||||||||||||
| Europe, the Middle East and Africa ('EMEA') | - | - | 1,314 | 1,314 | ||||||||||||
| Japan | - | - | 5 | 5 | ||||||||||||
| Asia Pacific excluding Japan | - | - | 1,650 | 1,650 | ||||||||||||
| Total | 1,201 | 1,100 | 14,574 | 16,875 |
Solar Power Plants and Battery Storage Projects in Operation
As of March 31, 2021, the Company's solar power plants in operation totaled 477 MWp, with a combined estimated net resale value of approximately $420 million to Canadian Solar. The estimated resale value is based on selling prices that Canadian Solar is currently negotiating or transaction prices of similar assets in the relevant markets.
The Company owned 3 MWh of battery storage projects in operation in North America.
| Solar Power Plants in Operation - MWp | ||||||||||||||||||
| Latin America | Japan | Asia Pacific ex. Japan and China | China | Total | ||||||||||||||
| 100 | 14 | 61 | 302 | 477 |
Note: Gross MWp size of projects, includes 26 MWp in Asia Pacific ex. Japan and China already sold to third parties. China portfolio is part of CSI Solar.
Operating Results
The following table presents unaudited select results of operations data of the Company's Global Energy segment.
|
Global Energy Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||||||||
| Three Months Ended | ||||||||||||
|
March 31, 2021 | December 31, 2020 | March 31, 2020* | ||||||||||
| Net revenues | 471,062 | 372,617 | 242,550 | |||||||||
| Cost of revenues | 358,037 | 340,403 | 153,934 | |||||||||
| Gross profit | 113,025 | 32,214 | 88,616 | |||||||||
| Operating expenses | 27,944 | 30,434 | 27,786 | |||||||||
| Income from operations | 85,081 | 1,780 | 60,830 | |||||||||
| Gross margin | 24.0 | % | 8.6 | % | 36.5 | % | ||||||
| Operating margin | 18.1 | % | 0.5 | % | 25.1 | % |
*Historical values of first quarter of 2020 have been revised to conform to current period presentation
CSI Solar Segment
CSI Solar's 2021 capacity expansion targets are detailed below. All new capacity will produce CSI Solar's next generation high-power, high-efficiency modules in the HiKu and BiHiKu product portfolios.
Manufacturing Capacity, GW (period-end)
| FY20 | 1H21 Plan | FY21 Plan | ||||||||||
| Ingot | 2.1 | 5.1 | 5.1 | |||||||||
| Wafer | 6.3 | 10.3 | 10.3 | |||||||||
| Cell | 9.6 | 12.9 | 13.3 | |||||||||
| Module | 16.1 | 22.2 | 25.7 |
Note: CSI Solar's capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.
Operating Results
The following table presents unaudited select results of operations data of the CSI Solar segment for the periods indicated.
CSI Solar Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020** | ||||||||||
| Net revenues | 695,152 | 784,588 | 689,747 | |||||||||
| Cost of revenues | 627,694 | 678,410 | 527,578 | |||||||||
| Gross profit | 67,458 | 106,178 | 162,169 | |||||||||
| Operating expenses | 120,126 | 103,378 | 77,988 | |||||||||
| Income (loss) from operations | (52,668 | ) | 2,800 | 84,181 | ||||||||
| Gross margin | 9.7 | % | 13.5 | % | 23.5 | % | ||||||
| Operating margin | -7.6 | % | 0.4 | % | 12.2 | % |
* Includes effects of both sales to third party customers and to the Company's Global Energy Segment. Please refer to the attached financial tables for intercompany transaction elimination information. Income from operations reflects management's allocation and estimate as some services are shared by the Company's two business segments.
** Historical values of first quarter of 2020 have been revised to conform with current period presentation
The table below provides the geographic distribution of the net revenue of CSI Solar:
| CSI Solar Net Revenues Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages) | ||||||||||||||||||||||||
| Q1 2021 | % of Net Revenues | Q4 2020 | % of Net Revenues | Q1 2020 | % of Net Revenues | |||||||||||||||||||
| Asia | 240 | 39 | 414 | 62 | 174 | 30 | ||||||||||||||||||
| Americas | 261 | 42 | 149 | 22 | 249 | 43 | ||||||||||||||||||
| Europe and others | 117 | 19 | 105 | 16 | 160 | 27 | ||||||||||||||||||
| Total | 618 | 100 | 668 | 100 | 583 | 100 |
*Excludes sales from CSI Solar to Global Energy.
CSI Solar shipped 3.1 GW of modules to more than 70 countries in the first quarter of 2021. The top five markets ranked by shipments were the U.S., China, Brazil, Australia and Japan.
Battery Storage Solutions
The Company is one of the early movers in developing system solutions and energy storage integration services. Within CSI Solar, the battery storage solutions team delivers competitive turnkey, integrated battery storage solutions, including bankable and fully wrapped capacity and performance guarantees. These guarantees are complemented with long term operations and maintenance agreements, which include future battery capacity augmentation services and bring in longer term, stable income.
The table below sets forth CSI Solar's battery storage system integration's contracted projects and/or under construction, those in high probability forecast, and pipeline, as of March 31, 2021.
Contracted/ In Construction | Forecast | Pipeline | Total | |||||||||||||
| Storage (MWh) | 861 | 1,400 | 4,842 | 7,103 |
Contracted/in construction projects are expected to be delivered within the next 12 to 18 months. Forecast projects include those that have more than 75% probability of being contracted within the next 12 months, and the remaining pipeline includes projects that have been identified but have a below 75% probability of being contracted.
Recent Developments
On May 13, 2021, Canadian Solar announced it executed a strategic partnership and investment with Habitat Energy. The partnership is expected to allow Canadian Solar to offer enhanced technology solutions for developers and owners of battery storage assets to capture additional revenue from trading optimization, while improving grid stability and contributing to the global energy transition to a cleaner, smarter and more efficient power grid.
On April 22, 2021, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, commenced construction on the 100 MWac Sunflower Solar Project located in Sunflower County, Mississippi.
On April 12, 2021, Canadian Solar announced it started mass production of the high-power, high-efficiency monofacial HiKu7 and bifacial BiHiKu7 modules with power output of up to 665 W.
On April 7, 2021, Canadian Solar announced it commenced construction on four solar projects in Japan totaling 143 MWp, including the Company's flagship mega-project, the 100 MWp Azuma Kofuji project in the Fukushima Prefecture.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered over 53 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has around 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 15 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's CSI Solar and Global Energy businesses. Historical values of first quarter of 2020 have been revised to conform to current period presentation:
| Select Financial Data - CSI Solar and Global Energy | ||||||||||||||||
|
Three Months Ended March 31, 2021 (In Thousands of U.S. Dollars, Except Percentages) | ||||||||||||||||
| CSI Solar |
Global Energy |
Elimination | Total | |||||||||||||
| Net revenues | 695,152 | 471,062 | (76,875 | ) | 1,089,339 | |||||||||||
| Cost of revenues | 627,694 | 358,037 | (90,994 | ) | 894,737 | |||||||||||
| Gross profit | 67,458 | 113,025 | 14,119 | 194,602 | ||||||||||||
| Gross margin | 9.7 | % | 24.0 | % | - | 17.9 | % | |||||||||
| Income (loss) from operations | (52,668 | ) | 85,081 | 11,070 | 43,483 |
| Select Financial Data - CSI Solar and Global Energy | ||||||||||||||||
|
Three Months Ended March 31, 2020 (In Thousands of U.S. Dollars, Except Percentages) | ||||||||||||||||
| CSI Solar |
Global Energy | Elimination and unallocated items(1) | Total | |||||||||||||
| Net revenues | 689,747 | 242,550 | (106,662 | ) | 825,635 | |||||||||||
| Cost of revenues | 527,578 | 153,934 | (79,074 | ) | 602,438 | |||||||||||
| Gross profit | 162,169 | 88,616 | (27,588 | ) | 223,197 | |||||||||||
| Gross margin | 23.5 | % | 36.5 | % | - | 27.0 | % | |||||||||
| Income from operations | 84,181 | 60,830 | (31,575 | ) | 113,436 |
(1) Includes inter-segment elimination, and unallocated corporate costs not considered part of management's evaluation of reportable segment operating performance.
| Select Financial Data - CSI Solar, and Global Energy | ||||||||
| Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||
| (In Thousands of U.S. Dollars) | ||||||||
| CSI Solar Revenues: | ||||||||
| Solar modules | 552,247 | 536,329 | ||||||
| Solar system kits | 36,071 | 29,197 | ||||||
| Battery storage solutions | 2,358 | - | ||||||
| China energy (incl. electricity sales) | 7,095 | 3,803 | ||||||
| Others | 20,506 | 13,756 | ||||||
| Subtotal | 618,277 | 583,085 | ||||||
| Global Energy Revenues: | ||||||||
| Solar power projects | 452,847 | 227,754 | ||||||
| O&M and asset management services | 9,966 | 5,163 | ||||||
| Others | 8,249 | 9,633 | ||||||
| Subtotal | 471,062 | 242,550 | ||||||
| Total net revenues | 1,089,339 | 825,635 |
Canadian Solar Inc.
Unaudited Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2021 | 2020 | 2020 | ||||||||||
| Net revenues | $ | 1,089,339 | $ | 1,040,654 | $ | 825,635 | ||||||
| Cost of revenues | 894,737 | 899,566 | 602,438 | |||||||||
| Gross profit | 194,602 | 141,088 | 223,197 | |||||||||
| Operating expenses: | ||||||||||||
| Selling and distribution expenses | 84,080 | 64,123 | 52,659 | |||||||||
| General and administrative expenses | 67,457 | 70,099 | 52,961 | |||||||||
| Research and development expenses | 12,450 | 10,040 | 10,056 | |||||||||
| Other operating income | (12,868 | ) | (5,653 | ) | (5,915 | ) | ||||||
| Total operating expenses | 151,119 | 138,609 | 109,761 | |||||||||
| Income from operations | 43,483 | 2,479 | 113,436 | |||||||||
| Other income (expenses): | ||||||||||||
| Interest expense | (14,673 | ) | (17,984 | ) | (19,013 | ) | ||||||
| Interest income | 3,248 | 2,415 | 2,779 | |||||||||
| Gain on change in fair value of derivatives, net | 12,572 | 6,098 | 33,109 | |||||||||
| Foreign exchange loss, net | (19,648 | ) | (1,992 | ) | (34,119 | ) | ||||||
| Investment income (loss) | 1,263 | 10,321 | (14,012 | ) | ||||||||
| Other expenses, net | (17,238 | ) | (1,142 | ) | (31,256 | ) | ||||||
| Income before income taxes and equity in earnings of unconsolidated investees | 26,245 | 1,337 | 82,180 | |||||||||
| Income tax benefit (expense) | (13,852 | ) | 2,463 | 29,051 | ||||||||
| Equity in earnings of unconsolidated investees | 1,203 | 2,919 | 16 | |||||||||
| Net income | 13,596 | 6,719 | 111,247 | |||||||||
| Less: Net income (loss) attributable to non-controlling interests | (9,183 | ) | 84 | 616 | ||||||||
| Net income attributable to Canadian Solar Inc. | $ | 22,779 | $ | 6,635 | $ | 110,631 | ||||||
| Earnings per share - basic | $ | 0.38 | $ | 0.11 | $ | 1.86 | ||||||
| Shares used in computation - basic | 59,862,901 | 59,801,709 | 59,376,332 | |||||||||
| Earnings per share - diluted | $ | 0.36 | $ | 0.11 | $ | 1.84 | ||||||
| Shares used in computation - diluted | 67,531,709 | 61,147,256 | 60,084,298 |
Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(In Thousands of U.S. Dollars)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2021 | 2020 | 2020 | ||||||||||
| Net Income | 13,596 | 6,719 | 111,247 | |||||||||
| Other comprehensive income (net of tax of nil): | ||||||||||||
| Foreign currency translation adjustment | (31,702 | ) | 58,989 | (45,971 | ) | |||||||
| Loss on changes in fair value of derivatives | - | (256 | ) | (4,011 | ) | |||||||
| Comprehensive income (loss) | (18,106 | ) | 65,452 | 61,265 | ||||||||
| Less: comprehensive income(loss) attributable to non-controlling interests | (15,692 | ) | - | (1,441 | ) | |||||||
| Comprehensive income (loss) attributable to Canadian Solar Inc. | (2,414 | ) | 65,452 | 62,706 |
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
| March 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 981,230 | $ | 1,178,752 | ||||
| Restricted cash | 538,925 | 458,334 | ||||||
| Accounts receivable trade, net | 395,857 | 408,958 | ||||||
| Accounts receivable, unbilled | 32,067 | 28,461 | ||||||
| Amounts due from related parties | 45,426 | 5,834 | ||||||
| Inventories | 933,726 | 695,981 | ||||||
| Value added tax recoverable | 116,714 | 102,460 | ||||||
| Advances to suppliers | 230,266 | 182,146 | ||||||
| Derivative assets | 9,944 | 23,351 | ||||||
| Project assets | 755,998 | 747,764 | ||||||
| Prepaid expenses and other current assets | 367,780 | 353,781 | ||||||
| Total current assets | 4,407,933 | 4,185,822 | ||||||
| Restricted cash | 2,991 | 2,629 | ||||||
| Property, plant and equipment, net | 1,264,596 | 1,157,731 | ||||||
| Solar power systems, net | 154,633 | 158,262 | ||||||
| Deferred tax assets, net | 180,850 | 170,656 | ||||||
| Advances to suppliers | 119,204 | 97,173 | ||||||
| Prepaid land use right | 61,070 | 62,414 | ||||||
| Investments in affiliates | 73,748 | 78,291 | ||||||
| Intangible assets, net | 21,143 | 22,429 | ||||||
| Project assets | 326,916 | 389,702 | ||||||
| Right-of-use assets | 29,164 | 26,793 | ||||||
| Other non-current assets | 197,225 | 184,952 | ||||||
| TOTAL ASSETS | $ | 6,839,473 | $ | 6,536,854 |
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)
| March 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Current liabilities: | ||||||||
| Short-term borrowings | $ | 1,217,469 | $ | 1,202,285 | ||||
| Long-term borrowings on project assets - current | 263,826 | 198,794 | ||||||
| Accounts payable | 705,139 | 514,742 | ||||||
| Notes payable | 689,773 | 710,636 | ||||||
| Amounts due to related parties | 504 | 314 | ||||||
| Other payables | 588,072 | 508,839 | ||||||
| Advance from customers | 223,037 | 189,470 | ||||||
| Derivative liabilities | 988 | 10,755 | ||||||
| Operating lease liabilities | 16,476 | 15,204 | ||||||
| Other current liabilities | 168,443 | 237,316 | ||||||
| Total current liabilities | 3,873,727 | 3,588,355 | ||||||
| Accrued warranty costs | 41,974 | 37,732 | ||||||
| Long-term borrowings | 467,222 | 446,090 | ||||||
| Convertible notes | 223,549 | 223,214 | ||||||
| Liability for uncertain tax positions | 14,806 | 14,729 | ||||||
| Deferred tax liabilities | 48,475 | 49,080 | ||||||
| Loss contingency accruals | 30,941 | 26,458 | ||||||
| Operating lease liabilities | 13,997 | 13,232 | ||||||
| Financing liabilities | 81,293 | 81,871 | ||||||
| Other non-current liabilities | 168,914 | 163,308 | ||||||
| TOTAL LIABILITIES | 4,964,898 | 4,644,069 | ||||||
| Equity: | ||||||||
| Common shares | 687,033 | 687,033 | ||||||
| Additional paid-in capital | (26,138 | ) | (28,236 | ) | ||||
| Retained earnings | 963,083 | 940,304 | ||||||
| Accumulated other comprehensive loss | (53,872 | ) | (28,679 | ) | ||||
| Total Canadian Solar Inc. shareholders' equity | 1,570,106 | 1,570,422 | ||||||
| Non-controlling interests in subsidiaries | 304,469 | 322,363 | ||||||
| TOTAL EQUITY | 1,874,575 | 1,892,785 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 6,839,473 | $ | 6,536,854 |
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Disclaimer
Canadian Solar Inc. published this content on 27 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2021 12:58:02 UTC.
