Income Statement Trina Solar Co., Ltd.

Equities

688599

CNE100003ZR0

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. Other stock markets 2025-01-10			5-day change	1st Jan Change
17.35 ^CNY	-3.29%		-7.02%	-10.10%

Jan. 07	Trina Solar Achieves World Record for Solar Conversion Efficiency	MT
Jan. 03	Tranche Update on Trina Solar Co., Ltd.'s Equity Buyback Plan announced on June 25, 2024.	CI

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Published financial data: TRINA SOLAR CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	23.32B	29.07B	43.45B	83.57B	111B
Other Revenues, Total	-	351M	1.03B	1.49B	2.13B
Total Revenues	23.32B	29.42B	44.48B	85.05B	113B
Cost of Goods Sold, Total	19.33B	24.88B	38.31B	74.13B	97.06B
Gross Profit	3.99B	4.54B	6.17B	10.92B	16.33B
Selling General & Admin Expenses, Total	2.31B	2.12B	2.89B	4.61B	6.49B
Provision for Bad Debts	245M	95.6M	131M	247M	318M
R&D Expenses	298M	358M	921M	1.21B	1.54B
Other Operating Expenses	132M	96.56M	137M	262M	436M
Other Operating Expenses, Total	2.98B	2.67B	4.08B	6.33B	8.78B
Operating Income	1.01B	1.86B	2.09B	4.59B	7.55B
Interest Expense, Total	-443M	-429M	-535M	-646M	-1.29B
Interest And Investment Income	184M	480M	892M	866M	1.78B
Net Interest Expenses	-260M	50.45M	357M	220M	485M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	47.99M	-134M	-44.34M	215M	516M
Other Non Operating Income (Expenses)	-39.63M	-196M	-58.54M	-166M	-315M
EBT, Excl. Unusual Items	758M	1.58B	2.34B	4.86B	8.23B
Gain (Loss) On Sale Of Investments	23.93M	15M	-55.08M	-46.56M	-7.46M
Gain (Loss) On Sale Of Assets	-3.61M	-105M	-89.27M	-173M	8.95M
Asset Writedown	-10.92M	-172M	-160M	-869M	-1.56B
Insurance Settlements	14.2M	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	88.24M	86.08M	238M	217M	-143M
EBT, Incl. Unusual Items	870M	1.41B	2.27B	3.98B	6.53B
Income Tax Expense	168M	174M	424M	332M	535M
Earnings From Continuing Operations	702M	1.23B	1.85B	3.65B	6B
Net Income to Company	702M	1.23B	1.85B	3.65B	6B
Minority Interest	-61.65M	-3.86M	-45.75M	27.45M	-466M
Net Income - (IS)	641M	1.23B	1.8B	3.68B	5.53B
Net Income to Common Incl Extra Items	641M	1.23B	1.8B	3.68B	5.53B
Net Income to Common Excl. Extra Items	641M	1.23B	1.8B	3.68B	5.53B
Per Share Items
Net EPS - Basic	0.36	0.64	0.87	1.72	2.55
Basic EPS - Continuing Operations	0.36	0.64	0.87	1.72	2.55
Basic Weighted Average Shares Outstanding	1.78B	1.92B	2.07B	2.14B	2.17B
Net EPS - Diluted	0.36	0.64	0.87	1.71	2.42
Diluted EPS - Continuing Operations	0.36	0.64	0.87	1.71	2.42
Diluted Weighted Average Shares Outstanding	1.78B	1.92B	2.07B	2.15B	2.29B
Normalized Basic EPS	0.23	0.51	0.68	1.43	2.16
Normalized Diluted EPS	0.23	0.51	0.68	1.42	2.05
Dividend Per Share	0.1	0.18	0.23	0.48	0.63
Payout Ratio	84.91	46.89	48.17	24.44	28.48
American Depositary Receipts Ratio (ADR)	50	50	50	50	50
Supplemental Items
EBITDA	1.15B	2.98B	3.33B	6.73B	10.73B
EBITA	1.03B	1.89B	2.11B	4.63B	7.9B
EBIT	1.01B	1.86B	2.09B	4.59B	7.55B
EBITDAR	1.19B	3.05B	3.42B	6.9B	10.98B
Total Revenues (As Reported)	-	29.42B	44.48B	85.05B	113B
Effective Tax Rate - (Ratio)	19.26	12.35	18.63	8.32	8.19
Total Current Taxes	339M	308M	582M	805M	1.3B
Total Deferred Taxes	-177M	-111M	-153M	-448M	-649M
Normalized Net Income	412M	985M	1.42B	3.06B	4.68B
Interest Capitalized	22.91M	4.7M	34.07M	1.13M	62.11M
Interest on Long-Term Debt	-	-	102M	124M	-
Non-Cash Pension Expense	-	24.28M	11.2M	8.59M	9.15M
Supplemental Operating Expense Items
Advertising Expense	65.23M	121M	111M	169M	268M
Selling and Marketing Expenses	1.37B	1.01B	1.4B	2.39B	3.28B
General and Administrative Expenses	888M	1.07B	1.41B	2.08B	3.02B
Research And Development Expense From Footnotes	298M	363M	925M	1.22B	1.54B
Net Rental Expense, Total	46.13M	69.38M	90.67M	170M	246M
Imputed Operating Lease Interest Expense	18.03M	23.98M	29.11M	48.14M	110M
Imputed Operating Lease Depreciation	28.1M	45.41M	61.56M	122M	136M
Maintenance & Repair Expenses, Total	-	5.87M	3.68M	7.08M	5.55M
Stock-Based Comp., R&D Exp. (Total)	-	-	17.95M	24.34M	11.11M
Stock-Based Comp., S&M Exp. (Total)	-	-	40.92M	33.74M	28.09M
Stock-Based Comp., G&A Exp. (Total)	-	-	99.18M	141M	102M
Stock-Based Comp., Other (Total)	-	-	21.64M	-	-
Total Stock-Based Compensation	-	-	180M	200M	141M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	5.83B	9.43B	10.69B	19.14B	24.35B
Short Term Investments	-	633M	-	-	-
Trading Asset Securities, Total	1.73B	915M	430M	89.37M	28.05M
Total Cash And Short Term Investments	7.56B	10.98B	11.12B	19.23B	24.38B
Accounts Receivable, Total	5.93B	6.47B	11.85B	17.39B	22B
Other Receivables	1.55B	1.65B	2.37B	2.14B	1.3B
Total Receivables	7.48B	8.12B	14.21B	19.54B	23.3B
Inventory	5.62B	7.12B	12.75B	18.71B	23.4B
Prepaid Expenses	-	-	-	-	-
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	1.68B	2.1B	3.77B	3.58B	5.38B
Total Current Assets	22.34B	28.32B	41.86B	61.07B	76.46B
Gross Property Plant And Equipment	15.97B	17.89B	19.56B	22.18B	35.01B
Accumulated Depreciation	-5B	-5.54B	-4.98B	-5.76B	-7.81B
Net Property Plant And Equipment	10.96B	12.34B	14.58B	16.42B	27.2B
Long-term Investments	630M	617M	2.46B	4.61B	5.83B
Goodwill	153M	160M	154M	154M	154M
Other Intangibles, Total	595M	649M	894M	2.63B	3.04B
Accounts Receivable Long-Term	344M	622M	669M	195M	304M
Deferred Tax Assets Long-Term	987M	1.1B	1.22B	1.87B	2.55B
Deferred Charges Long-Term	92.8M	66.51M	42.05M	49.5M	137M
Other Long-Term Assets, Total	389M	1.72B	1.66B	2.98B	4.63B
Total Assets	36.49B	45.59B	63.54B	89.98B	120B
Liabilities
Accounts Payable, Total	9.19B	15.03B	18.71B	30.11B	39.64B
Accrued Expenses, Total	890M	1.48B	2.27B	2.68B	4.36B
Short-term Borrowings	6.04B	5.07B	6.65B	9.72B	6.45B
Current Portion of Long-Term Debt	665M	389M	1.64B	3.14B	2.15B
Current Portion of Leases	151M	222M	718M	810M	897M
Current Income Taxes Payable	328M	386M	470M	491M	474M
Unearned Revenue Current, Total	1.66B	1.12B	2.04B	4.97B	3.01B
Other Current Liabilities	589M	551M	2.56B	3.03B	3.95B
Total Current Liabilities	19.51B	24.25B	35.05B	54.95B	60.95B
Long-Term Debt	2.6B	4.11B	7.95B	3.57B	19.84B
Long-Term Leases	441M	406M	1.23B	1.06B	941M
Unearned Revenue Non Current	278M	128M	13.32M	2.76M	15.02M
Deferred Tax Liability Non Current	18.43M	24.9M	29.45M	312M	279M
Other Non Current Liabilities	944M	979M	1.1B	1.28B	1.75B
Total Liabilities	23.79B	29.89B	45.38B	61.18B	83.77B
Common Stock, Total	1.76B	2.07B	2.07B	2.17B	2.17B
Additional Paid In Capital	9.23B	11.16B	11.51B	17.22B	17.88B
Retained Earnings	1.09B	2.1B	3.54B	6.72B	11.24B
Treasury Stock	-	-	-	-	-400M
Comprehensive Income and Other	-122M	-252M	-10.97M	224M	626M
Total Common Equity	11.96B	15.08B	17.11B	26.34B	31.52B
Minority Interest	742M	620M	1.05B	2.46B	5.02B
Total Equity	12.7B	15.7B	18.16B	28.8B	36.54B
Total Liabilities And Equity	36.49B	45.59B	63.54B	89.98B	120B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.07B	2.07B	2.07B	2.17B	2.17B
ECS Total Common Shares Outstanding	2.07B	2.07B	2.07B	2.17B	2.17B
Book Value / Share	5.78	7.29	8.25	12.12	14.55
Tangible Book Value	11.21B	14.27B	16.06B	23.55B	28.32B
Tangible Book Value Per Share	5.42	6.9	7.75	10.84	13.08
Total Debt	9.9B	10.19B	18.19B	18.31B	30.28B
Net Debt	2.34B	-785M	7.07B	-926M	5.9B
Debt Equivalent Oper. Leases	369M	555M	725M	1.36B	1.97B
Minority Interest, Total (Incl. Fin. Div)	742M	620M	1.05B	2.46B	5.02B
Equity Method Investments, Total	476M	444M	2.05B	3.65B	4.43B
Account Code - Inventory Valuation	3	6	6	6	6
Inventories - Raw Materials, Total	686M	1.09B	2.24B	2.18B	3.35B
Inventories - Work In Process, Total	534M	2.19B	2.15B	1.98B	3.59B
Inventories - Finished Goods, Total	3.02B	2.24B	4.82B	7.66B	9.18B
Inventories - Others	1.45B	1.78B	3.75B	7.43B	9.08B
Buildings, Total	2.34B	2.59B	3.73B	3.92B	6.34B
Machinery, Total	12.79B	12.96B	12.59B	12.04B	24.59B
Full Time Employees	12.74K	14.13K	17.59K	23.08K	43.03K
Part Time Employees	-	-	-	-	-
Assets under Capital Lease - Gross	-	-	2B	2.09B	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-163M	-425M	-
Accumulated Allowance for Doubtful Accounts (Supple)	483M	558M	570M	700M	919M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	641M	1.23B	1.8B	3.68B	5.53B
Depreciation & Amortization - CF	117M	1.09B	1.23B	2.11B	2.85B
Amortization of Goodwill and Intangible Assets - (CF)	20.19M	27.71M	24.75M	43.49M	357M
Depreciation & Amortization, Total	137M	1.12B	1.25B	2.16B	3.21B
Amortization of Deferred Charges, Total - (CF)	-	45.64M	38.67M	50.94M	63.29M
(Gain) Loss From Sale Of Asset	-	105M	96.8M	173M	-10M
(Gain) Loss on Sale of Investments - (CF)	-	-401M	-908M	-564M	-1.24B
Asset Writedown & Restructuring Costs	-	329M	163M	870M	1.56B
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	-	220M	131M	247M	318M
Other Operating Activities, Total	4.46B	383M	712M	965M	3.06B
Change In Accounts Receivable	-	-4.71B	-3.12B	-7.6B	-6.47B
Change In Inventories	-	-2.04B	-5.66B	-6.29B	-5.96B
Change In Accounts Payable	-	6.82B	6.52B	15.75B	24.47B
Change In Income Taxes	-	-	-	-	-
Change In Deferred Taxes	-	-104M	-115M	-416M	-691M
Change in Other Net Operating Assets	-	-	180M	219M	146M
Cash from Operations	5.24B	3B	1.1B	9.24B	24B
Capital Expenditure	-3.86B	-4.73B	-6.49B	-8.11B	-18.96B
Sale of Property, Plant, and Equipment	54.79M	45.21M	64.98M	32.26M	171M
Cash Acquisitions	-24.45M	1.3M	-	-	-
Divestitures	6.53M	1.58M	72.24M	360M	60.63M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-1.29B	164M	-529M	-1.27B	-1.22B
Other Investing Activities, Total	-89.18M	532M	32.11M	20.54M	1.28B
Cash from Investing	-5.2B	-3.99B	-6.85B	-8.97B	-18.67B
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	11.85B	12.17B	21.06B	20.03B	30.71B
Total Debt Issued	11.85B	12.17B	21.06B	20.03B	30.71B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-10.77B	-11.91B	-11.47B	-14.97B	-32.48B
Total Debt Repaid	-10.77B	-11.91B	-11.47B	-14.97B	-32.48B
Issuance of Common Stock	-	2.31B	476M	99.53M	3.13M
Repurchase of Common Stock	-	-	-	-	-400M
Common Dividends Paid	-544M	-576M	-869M	-900M	-1.58B
Common & Preferred Stock Dividends Paid	-544M	-576M	-869M	-900M	-1.58B
Other Financing Activities, Total	568M	-337M	-474M	1.91B	2.49B
Cash from Financing	1.11B	1.66B	8.71B	6.17B	-1.25B
Foreign Exchange Rate Adjustments	139M	-334M	-590M	610M	807M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	1.29B	337M	2.37B	7.05B	4.88B
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	-916M	-791M	-1.02B	-2.57B	-174M
Levered Free Cash Flow	1.24B	676M	-9.97B	903M	-11.72B
Unlevered Free Cash Flow	1.52B	945M	-9.64B	1.31B	-10.91B
Change In Net Working Capital	-4.61B	-3.35B	5.92B	-4.14B	78.44M
Net Debt Issued / Repaid	1.08B	265M	9.58B	5.06B	-1.77B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.91	2.84	2.39	3.74	4.49
Return on Total Capital	2.88	4.8	4.19	6.87	8.28
Return On Equity %	5.68	8.68	10.93	15.56	18.36
Return on Common Equity	5.5	9.09	11.21	16.94	19.12
Margin Analysis
Gross Profit Margin %	17.12	15.42	13.86	12.84	14.4
SG&A Margin	9.9	7.22	6.5	5.42	5.72
EBITDA Margin %	4.91	10.14	7.48	7.92	9.46
EBITA Margin %	4.41	6.42	4.75	5.45	6.97
EBIT Margin %	4.33	6.33	4.69	5.39	6.66
Income From Continuing Operations Margin %	3.01	4.19	4.16	4.29	5.29
Net Income Margin %	2.75	4.18	4.06