Le Lézard
Classified in: Oil industry, Science and technology, Business
Subjects: ERN, CCA

Canadian Solar Reports Second Quarter 2018 Results



GUELPH, Ontario , Aug. 14, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the second quarter of 2018 ended June 30, 2018.

Second Quarter 2018 Highlights

Second Quarter 2018 Results

Net revenue in the second quarter of 2018 was $650.6 million, down 54.3% from $1.42 billion in the first quarter of 2018 and down 6.0% from $692.4 million in the second quarter of 2017. The sequential decrease in net revenue is as a result of lower revenue from project sales ($879.9 million in Q1 and $85.6 million in Q2), lower average selling prices for our solar modules and the deferral of several planned project sales to later quarters.

Solar module shipments in the second quarter of 2018 were 1,700 MW, including 246 MW shipped to the Company's own solar projects not recognized into revenue in the quarter, compared to 1,374 MW in the first quarter of 2018, and second quarter 2018 guidance in the range of 1,500 MW to 1,600 MW.

Gross profit in the second quarter of 2018 was $159.4 million, compared $143.9 million in the first quarter of 2018 and $167.8 million in the second quarter of 2017. Gross margin in the second quarter of 2018 was 24.5%, compared to 10.1% in the first quarter of 2018 and 24.2% in the second quarter of 2017, and second quarter 2018 guidance of 20.0% to 22.0%. Gross profit in the second quarter of 2018 includes the benefits of two AD/CVD reversals of $13.1 million and $12.6 million, based on the final rates of Solar 2 AD AR2 and Solar 1 CVD AR4, respectively. Excluding these AD/CVD reversal benefits, gross margin was 20.5% in the second quarter of 2018.

Total operating expenses in the second quarter of 2018 were $105.5 million, up 60.6% from $65.7 million in the first quarter of 2018 and up 25.5% from $84.1 million in the second quarter of 2017.

Selling expenses in the second quarter of 2018 were $40.3 million, down 4.9% from $42.3 million in the first quarter of 2018 and up 2.4% from $39.3 million in the second quarter of 2017.

General and administrative expenses in the second quarter of 2018 were $56.4 million, up 15.7% from $48.8 million in the first quarter of 2018 and up 6.6% from $53.0 million in the second quarter of 2017. The relatively low G&A in Q1 was partially due to a reversal of $4.5 million in other payables accrual in Q1. The sequential increase in Q2 was also due to a $2.6 million increase in labor cost.

Research and development expenses in the second quarter of 2018 were $9.1 million, compared to $9.5 million in the first quarter of 2018 and $7.3 million in the second quarter of 2017.

Other operating income in the second quarter of 2018 was $0.3 million, compared to $34.9 million in the first quarter of 2018 and $15.5 million in the second quarter of 2017.

Income from operations in the second quarter of 2018 was $53.9 million, compared to $78.2 million in the first quarter of 2018, and $83.7 million in the second quarter of 2017. Operating margin was 8.3% in the second quarter of 2018, compared to 5.5% in the first quarter of 2018 and 12.1% in the second quarter of 2017.

Non-cash depreciation and amortization charges in the second quarter of 2018 were approximately $30.2 million, compared to $34.5 million in the first quarter of 2018 and $21.2 million in the second quarter of 2017. Non-cash equity compensation expense in the second quarter of 2018 was $3.3 million, compared to $2.1 million in the first quarter of 2018 and $4.2 million in the second quarter of 2017.

Interest expense in the second quarter of 2018 was $26.6 million, compared to $29.6 million in the first quarter of 2018 and $26.7 million in the second quarter of 2017.

Interest income in the second quarter of 2018 was $2.9 million, compared to $3.6 million in the first quarter of 2018 and $1.4 million in the second quarter of 2017.

The Company recorded a loss on the change in fair value of derivatives in the second quarter of 2018 of $7.6 million, compared to a gain of $4.5 million in the first quarter of 2018 and a loss of $1.8 million in the second quarter of 2017. Foreign exchange loss in the second quarter of 2018 was $2.5 million, compared to $8.5 million in the first quarter of 2018, and $11.6 million in the second quarter of 2017.

Income tax expense in the second quarter of 2018 was $7.8 million, compared to $4.1 million in the first quarter of 2018 and $9.0 million in the second quarter of 2017.

Net income attributable to Canadian Solar in the second quarter of 2018 was $15.6 million or $0.26 per diluted share, compared to $43.4 million or $0.72 per diluted share in the first quarter of 2018 and $38.2 million or $0.63 per diluted share in the second quarter of 2017.

Financial Condition

The Company had a cash, cash equivalents and restricted cash balance of $991.1 million as of June 30, 2018, compared to $1.19 billion as of March 31, 2018.

Accounts receivable, net of allowance for doubtful accounts, at the end of the second quarter of 2018 were $370.1 million, compared to $354.3 million at the end of the first quarter of 2018. Accounts receivable turnover in the second quarter of 2018 was 58 days, compared to 26 days in the first quarter of 2018.

Inventories at the end of the second quarter of 2018 were $336.5 million, compared to $414.1 million at the end of the first quarter of 2018. Inventory turnover in the second quarter of 2018 was 72 days, compared to 28 days in the first quarter of 2018.

Accounts and notes payable at the end of the second quarter of 2018 were $815.4 million, compared to $914.0 million at the end of the first quarter of 2018.

Short-term borrowings at the end of the second quarter of 2018 were $2.0 billion, compared to $1.86 billion at the end of the first quarter of 2018. Long-term borrowings at the end of the second quarter of 2018 were $221.3 million, compared to $328.1 million at the end of the first quarter of 2018. 

Senior convertible notes totaled $126.9 million at the end of the second quarter of 2018, compared to $126.7 million at the end of the first quarter of 2018.

Total borrowings directly related to utility-scale solar power projects were $1.22 billion at the end of the second quarter of 2018, compared to $1.12 billion at the end of the first quarter of 2018. Total debt at the end of the second quarter of 2018 was approximately $2.47 billion.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Our second quarter revenue was affected by the deferral of several project sales as well as an industrywide lower average module selling price. The solar policy change in China effective on May 31, 2018 has caused a significant disruption in China, and the global solar industry. We also incurred a relatively large foreign exchange loss due to the depreciation of currencies in certain developing countries against US dollar during the quarter. However, we are confident we can navigate this challenging period given our proven track record even in prior periods of volatility. On the energy business side, as of July 31, 2018, we have increased our late-stage, utility-scale solar power project pipeline to 2.2 GWp and our portfolio of solar power plants in operation to 1.4 GWp."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, commented, "We were able to improve our gross margin excluding the AD/CVD reversal benefits to 20.5% as we balanced higher than expected shipments of solar modules with our continued focus on cost controls. During the quarter, we achieved several milestones in our energy business. We energized a large fleet of solar power projects in China, Brazil, Japan and Australia. We further diversified our late-stage, utility-scale solar power project pipeline in new countries, including Malaysia.  Finally, we are on track to monetize additional solar power assets, including three of our solar power plants in the U.S. totaling 394 MWp.Our continued progress in this regard reflects our ongoing efforts to improve our balance sheet."

Utility-Scale Solar Project Pipeline

The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among others.

Late-Stage, Utility-Scale Solar Project Pipeline

As of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline, including those in construction totaled approximately 2.2 GWp, including 459 MWp in the U.S., 476.2 MWp in Brazil, 435.7 MWp in Mexico, 304 MWp in India, 295.6 MWp in Japan, 100 MWp in China, 97.6 in Argentina, 18.4 MWp in Chile, 15.3 MWp in Australia,15 MWp in Malaysia, 14 MWp in Taiwan and 8 MWp in South Korea.

In the United States, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.

Project

MWp

Location

Status

Expected COD

Mustang Two

210

California

Development

2020

Gaskell West 2

147

California

Development

2020

NC102

102

North Carolina

Construction

2018

Total

459




In Japan, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline for which interconnection agreements and feed-in tarrif ("FIT") have been secured totaled approximately 295.6 MWp, 67.4 MWp of which are under construction and 228.2 MWp of which are under development. The Company has an additional 11.4 MWp of projects in the bidding process, which will be added to the late-stage, utility-scale solar project pipeline once interconnection agreements and FIT have been secured. 

In May 2018, the Company achieved commercial operation on the 56.3 MWp Yamaguchi Shin Mine solar power project. In July, the company achieved COD on a 2.2 MWp solar power project. 

The table below sets forth the expected commercial operation dates ("COD") of the Company's late-stage utility-scale solar power projects in Japan, as of July 31, 2018:

Expected COD Schedule (MWp)

2H2018


2019


2020


2021 and
Thereafter


Total

14


97.9


47.8


135.9


295.6

In Brazil, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.

Project

MWp

Location

Status

Expected
COD

Francisco Sa

122.2

Ceara

Development

2021

Jaiba

97.3

Minas Gerais

Development

2021

Lavras

144.7

Minas Gerais

Development

2021

Salgueiro

112

Pernambuco

Development

2020

Total

476.2




In Brazil's A-4 auction held on April 4, 2018, the Company won three solar power projects totaling 364.2 MWp. The projects have been awarded 20-year power purchase agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). The Company will develop and build the projects and expects to bring them to COD in 2021.

In Mexico, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.

Project

MWp

Location

Status

Expected
COD

EL Mayo

124

Sonora

Development

2020

Horus

119

Aguascalientes

Development

2020

Tastiota

125

Sonora

Development

2020

Aguascalientes

67.7

Aguascalientes

Construction

2018

Total

435.7




In China, The Company's late-stage, utility-scale power pipeline was 100 MWp as of July 31, 2018.

Solar Power Plants in Operation

In addition to its late-stage utility-scale solar project pipeline, as of July 31, 2018, the Company had a portfolio of utility-scale, solar power plants in operation totaling approximately 1.4 GWp. The plants are recorded on the Company's balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)". Revenue from the sale of electricity was $2.5 million in the second quarter of 2018.

The sale of projects recorded as "project assets" (build to sell) on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build to own) on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.

The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of July 31, 2018:

U.S.

Japan

Brazil

China

India

Others

Total

499

144.1

79.8

487.6

126.1

41.2

1,377.8

Manufacturing Capacity

Subject to market conditions, the Company plans to expand its ingot, wafer, cell and module manufacturing capacity to 1.65 GW, 5.0 GW, 6.25 GW and 9.13 GW, respectively, by December 31, 2018. This represents a reduction from the Company's previously announced ingot, cell and module manufacturing capacity expansion plan by 355 MW, 800 MW and 780 MW, respectively.

Manufacturing Capacity Roadmap (MW)


31-Dec-17

30-Jun-18

31-Dec-18

Changes on
31-Dec-18 Capacity
from Previously
Announced Plan

Ingot

1,200

1,645

1,645

Down 355

Wafer

5,000

5,000

5,000

Unchanged

Cell

5,450

5,450

6,250

Down 800

Module

8,110

8,310

9,130

Down 780

Module (effective capacity)


7,550

8,370


All of the Company's wafer manufacturing capacity uses diamond wire-saw technology. Diamond wire-saw technology is compatible with the Company's proprietary and highly efficient black silicon multi-crystalline solar cell technology, thereby reducing silicon usage and manufacturing cost.

The Company owns solar module manufacturing factories in Canada and Brazil, with nominal capacity of 400 MW and 360 MW, respectively. Due to lower volume in the Canadian market and the Section 201 import duty in the U.S., the Canadian factory has been running at a low utilization rate since February of 2018. The Brazilian plant is also running at a relatively low utilization rate as we completed our planned utility scale projects in the market. As a result, the Company considers its effective solar module production capacity being 7,550 MW as of June 30, 2018, and expects it to be 8,370 MW on December 31, 2018.

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainty relating to solar module average selling prices, final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.

For the third quarter of 2018, the Company expects total solar module shipments to be in the range of 1.5 GW to 1.6 GW, including approximately 210 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in third quarter 2018. Total revenue for the third quarter of 2018 is expected to be in the range of $790 million to $840 million. Gross margin for the third quarter is expected to be between 20.0% and 23.0%.

Given global market changes following the new policy announcement in China effective on May 31, 2018 and the policy and market changes in other key markets, the Company is updating its full year 2018 total module shipment guidance to be in the range of 6.0 GW to 6.2 GW, compared to 6.6 GW to 7.1 GW previously. The Company now expects total revenue for the full year 2018 to be in the range of $4.0 billion to 4.2 billion, compared to $4.4 billion to $4.6 billion previously.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The revision of our annual guidance is in-line with the boarder industry and mainly reflects the expected reduction of shipment volumes to the Chinese market in the second half of the year, as well as the expected lower solar module average selling price. In the near-term, we will focus on maintaining our market share and protecting a reasonable profit margin. In the longer-term, we remain confident that global demand for solar power products will continue to increase in light of solar energy's compelling lower cost of ownership and ability to accommodate locations underserved by other grid power options."

Recent Developments

On August 7, 2018, Canadian Solar announced that it closed a $45 million financing with Natixis, an arm of Groupe BPCE, the second largest banking group in France. Proceeds from the non-recourse financing will be used to construct the Company's 68 MWp solar power project in Aguascalientes, Mexico.

On June 28, 2018, Canadian Solar announced the COD of its 56.3 MWp Yamaguchi Shin Mine solar power project in Japan.

On May 15, 2018, Canadian Solar announced the COD of its 35 MWp commercial and industrial (C&I) solar portfolio in the state of Karnataka, India in March 2018.

On May 15, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, had closed on debt financing and tax equity investment commitments for its 102 MWp NC 102 solar power project, located in Cabarrus County, North Carolina. Prudential Capital Group will provide a $106.7 million debt facility for the project, including a tax equity bridge loan, term loan and revolving loan. U.S. Bancorp Community Development Corporation, a division of U.S. Bank, will make a tax equity investment in the project under a separate agreement.

Conference Call Information

The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on August 14, 2018 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 14, 2018 in Hong Kong) to discuss the Company's second quarter 2018 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1-845-675-0437 (from international locations). The passcode for the call is 4858436.  A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.

A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Wednesday, August 22, 2018 (9:00 p.m., August 22, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 4858436.  A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 28GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2018. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

 

FINANCIAL TABLES FOLLOW

 


Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Operations

(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated)



Three Months Ended


Six Months Ended


June 30


March 31


June 30


June 30


June 30


2018


2018


2017


2018


2017











Net revenues

$   650,590


$   1,424,911


$  692,366


$  2,075,501


$  1,369,407

Cost of revenues

491,155


1,280,965


524,527


1,772,119


1,110,162











     Gross profit

159,435


143,946


167,839


303,382


259,245











Operating expenses:










     Selling expenses

40,275


42,331


39,324


82,607


73,265

     General and administrative
     expenses

56,433


48,775


52,950


105,208


108,020

     Research and development
     expenses

9,134


9,499


7,318


18,633


12,942

     Other operating income

(345)


(34,906)


(15,502)


(35,251)


(16,400)

Total operating expenses

105,497


65,699


84,090


171,197


177,827











Income from operations

53,938


78,247


83,749


132,185


81,418

Other income (expenses):










     Interest expense

(26,596)


(29,594)


(26,717)


(56,190)


(50,828)

     Interest income

2,883


3,576


1,393


6,459


3,915

     Gain (loss) on change in fair
     value of derivatives

(7,567)


4,474


(1,849)


(3,093)


(9,601)

     Foreign exchange gain (loss)

(2,454)


(8,456)


(11,648)


(10,911)


2,566

     Investment loss

(584)


-


-


(584)


-

Other expenses, net

(34,318)


(30,000)


(38,821)


(64,319)


(53,948)











Income before income taxes
and equity in earnings (loss) of
unconsolidated investees

19,620


48,247


44,928


67,866


27,470

Income tax expense

(7,766)


(4,092)


(8,958)


(11,857)


(5,849)

Equity in earnings (loss) of
unconsolidated investees

4,119


(269)


4,384


3,850


4,990

Net income

15,973


43,886


40,354


59,859


26,611











Less: Net income attributable to
non-controlling interests

404


509


2,142


913


1,734











Net income attributable to
Canadian Solar Inc.

$    15,569


$      43,377


$   38,212


$    58,946


$     24,877











Earnings per share - basic

$   0.26


$   0.74


$   0.66


$   1.00


$   0.43

Shares used in computation -
basic

58,826,343


58,553,622


57,947,324


58,690,736


57,890,265

Earnings per share - diluted

$   0.26


$   0.72


$   0.63


$   1.00


$   0.42

Shares used in computation -
diluted

59,215,958


61,952,777


62,049,899


59,183,822


58,647,785

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(In Thousands of US Dollars)



 Three Months Ended 


 Six Months Ended 


 June 30 


 March 31 


 June 30 


 June 30 


 June 30 


2018


2018


2017


2018


2017

Net Income

15,973


43,886


40,354


59,859


26,611

Other comprehensive income (net of tax










of nil):










Foreign currency translation adjustment

(62,068)


23,181


3,833


(38,887)


12,762

Gain (loss) on changes in fair value of










derivatives

1,918


5,128


(3,611)


7,046


(1,930)

Comprehensive income (loss)

(44,177)


72,195


40,576


28,018


37,443

Less: comprehensive income (loss)










attributable to non-controlling interests

(1,292)


3,500


3,153


2,208


715

Comprehensive income (loss)










attributable to Canadian Solar Inc.

(42,885)


68,695


37,423


25,810


36,728

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheet

(In Thousands of US Dollars)



June 30,


December 31,


2018


2017

ASSETS




Current assets:




     Cash and cash equivalents

$          452,471


$          561,679

     Restricted cash - current

535,769


617,761

     Accounts receivable trade, net

370,111


358,091

     Contract assets

40


1,253

     Amounts due from related parties

33,808


26,102

     Inventories

336,468


346,092

     Value added tax recoverable

105,345


94,503

     Advances to suppliers - current

60,849


61,399

     Derivative assets - current

12,022


16,200

     Project assets - current

1,190,742


1,523,342

     Assets held-for-sale

13,611


182,797

     Prepaid expenses and other current assets

285,248


296,084

Total current assets

3,396,484


4,085,303

Restricted cash - non-current

2,841


10,695

Property, plant and equipment, net

796,589


747,235

Solar power systems, net

59,087


63,964

Deferred tax assets, net

133,729


131,796

Advances to suppliers - non-current

51,085


38,325

Prepaid land use right

90,272


78,649

Investments in affiliates

411,099


414,215

Intangible assets, net

12,139


10,986

Goodwill

4,061


6,248

Derivatives assets - non-current

13,056


10,911

Project assets - non-current

92,208


148,170

Other non-current assets

130,304


143,130

TOTAL ASSETS

$         5,192,954


$         5,889,627

Current liabilities:




     Short-term borrowings

$         2,000,267


$         1,957,755

     Accounts and notes payable

815,378


975,595

     Amounts due to related parties

17,782


6,023

     Other payables

303,499


315,321

     Convertible notes

126,946


-

     Advances from customers

81,876


51,739

     Derivative liabilities - current

11,042


6,121

     Liabilities held-for-sale

581


185,872

     Financing liabilities - current

154,200


407,683

     Other current liabilities

151,204


201,903

Total current liabilities

3,662,775


4,108,012

Accrued warranty costs

54,904


55,659

Convertible notes

-


126,476

Long-term borrowings

221,346


404,341

Amounts due to related parties

863


-

Derivatives liabilities - non-current

-


359

Liability for uncertain tax positions

8,305


9,264

Deferred tax liabilities - non-current

5,563


5,562

Loss contingency accruals

24,872


25,682

Financing liabilities - non-current

35,124


12,243

Other non-current liabilities

76,009


82,254

Total LIABILITIES

4,089,761


4,829,852

Equity:




     Common shares

702,868


702,162

     Additional paid-in capital

5,757


417

     Retained earnings*

443,892


383,681

     Accumulated other comprehensive loss

(87,170)


(54,034)

Total Canadian Solar Inc. shareholders' equity

1,065,347


1,032,226

Non-controlling interests in subsidiaries

37,846


27,549

TOTAL EQUITY

1,103,193


1,059,775

TOTAL LIABILITIES AND EQUITY

$         5,192,954


$          5,889,627


Note: * The Company, starting from January 1, 2018, adopted Accounting Standards Update 2014-09, Revenue
from Contracts with Customers (ASC 606), using the modified retrospective method. The reported results for
year 2018 reflect the adoption of ASC 606, while the reported results for year 2017 were prepared under the
previous revenue recognition guidance. The adoption of ASC 606 has no material impact on the revenue
recognition for the first quarter of 2018. The cumulative-effect adjustment to the beginning balance of retained
earnings on January 1, 2018 was an increase of $1.3 million from $383.7 million to $385.0 million, related to
variable consideration recognized for project sales in year 2017. It has no impact on the Company's cash flows
for the first quarter of 2018.

 

SOURCE Canadian Solar Inc.


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PORTLAND, Ore., Nov. 16, 2018 /PRNewswire-PRWeb/ -- Ernesto's Italian Restaurant replaces all of its plastic straws with hay straws to help protect the fragile environment. Hay straws do not come with any packaging, and can go straight into...

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BlackBerry Limited today announced it has entered into a definitive agreement to wholly acquire Cylance, an artificial intelligence and...

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Cybereason, creators of the leading cybersecurity end-to-end AI Hunting Platform, is partnering with Fujitsu Limited, one of the world's largest technology and services companies to resell its Deep Hunting Platform to increase the ability of...

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Intelligent Automation leader enters list at #11 on back of rapid international expansion and organic growth across multiple sectors Thoughtonomy, the leading Intelligent Automation platform provider, has been ranked 11 in the annual Deloitte...

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Continent 8 Technologies, the award-winning, multi-jurisdictional global data solutions provider, has been named the 2018 "International Business of the Year" at the prestigious Isle of Man Newspapers Awards for Excellence held last night at the...

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Equibit Group AG, the world's leading developer of a peer-to-peer securities trading protocol for equity and debt, has announced that it wants more people to be able to participate in its final presale and has lowered the minimum purchase to 5,000...




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