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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2008

 

 

Commission File Number: 001-33195

 

 

TRINA SOLAR LIMITED

No. 2 Tian He Road

Electronics Park, New District

Changzhou, Jiangsu 213031

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):                                

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):                                

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                                         No       X      

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

82-         N/A        

 

 

 

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TRINA SOLAR LIMITED

Form 6-K

TABLE OF CONTENTS

 

		Page
Signature		3
Exhibit 99.1 – Press Release		4

 

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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.

 

Date: June 26, 2008

 

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Exhibit 99.1

 

Contact:
Trina Solar Limited				CCG Elite Investor Relations
Sean Shao, CFO				Crocker Coulson, President
Phone: + (86) 519-8548-2008 (Changzhou)				Phone: + (1) 646-213-1915
Thomas Young, Director of Investor Relations				Email: crocker.coulson@ccgir.com
Phone: + (86) 519-8548-2008 (Changzhou)				Ed Job, CFA
Email: ir@trinasolar.com				Phone: + (1) 646-213-1914
				Email: ed.job@ccgir.com

Trina Solar Completed Computation of Fair Value

of Foreign Exchange Derivative

Changzhou, China – June 26, 2008 – Trina Solar Limited (NYSE: TSL) (“Trina Solar” or the “Company”), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, founded in 1997, today announced that, in connection with the preparation of its financial statements for the year ended December 31, 2007, the Company has completed the computation of the fair value of a foreign exchange derivative embedded in a material long-term silicon supply contract. This contract provides that the purchase price of the silicon to be acquired shall be denominated in U.S. dollars, which was not the functional currency of either of the contracting parties at the time the contract was entered into. The impact of the foreign exchange derivative was recorded as “gain (loss) on change in fair value of derivative,” a non-cash and non-operating item in the Company’s consolidated statement of operations.

The following is a summary of the Company’s unaudited consolidated statement of operations data for the three months ended March 31, June 30, September 30 and December 31, 2007 and March 31, 2008 and a summary of the Company’s unaudited consolidated balance sheet data as of March 31, June 30, September 30 and December 31, 2007 and March 31, 2008. Such financial information is different from the financial information previously furnished to the Securities and Exchange Commission on Form 6-Ks due to adjustments made in connection with the embedded foreign exchange derivative computation. The Company has prepared the unaudited consolidated financial information on the same basis as its audited consolidated financial statements and in accordance with United States generally accepted accounting principles. Results for the quarterly financial information may not be indicative of the Company’s full year results for 2008 or for future quarterly periods.

For the assumptions and details of the computation relating to the embedded foreign exchange derivative, see “Item 5. Operating and Financial Review and Prospects – Critical Accounting Policies” included in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2007. The Company’s annual report was filed with the Securities and Exchange Commission on June 26, 2008. See “Item 5. Operating and Financial Review and Prospects” included in the Company’s annual report on Form 20-F for trends and other factors that may influence its results of operations.

 

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		For the Three Months Ended
		March 31, 2007				June 30, 2007				September 30, 2007				December 31, 2007				March 31, 2008
		(in thousands)
Net revenues		$	42,548			$	75,305			$	82,573			$	101,394			$	120,671
Cost of revenues			33,040				61,090				65,980				73,796				89,595
Gross profit			9,508				14,215				16,593				27,598				31,076
Selling expenses			1,593				2,335				3,230				3,860				2,958
General and administrative expenses			2,671				3,354				5,820				6,533				7,165
Research and development expenses			776				439				612				978				749
Total operating expenses			5,040				6,128				9,662				11,371				10,872
Income from continuing operations			4,468				8,087				6,931				16,227				20,204
Foreign exchange loss			—				—				—				(1,440	)			(4,001	)
Interest expenses			(1,202	)			(1,632	)			(2,081	)			(2,636	)			(3,473	)
Interest income			392				563				1,494				2,362				1,240
Gain (loss) on change in fair value of derivative			(1,692	)			170				534				1,842				—
Other expenses			(110	)			138				738				502				(25	)
Income from continuing operations before income taxes			1,856				7,326				7,616				16,857				13,945
Income tax (expenses) benefit			1,158				55				(15	)			509				(1,072	)
Net income from continuing operations			3,014				7,381				7,601				17,366				12,873
Gain (loss) from discontinued operations			67				(20	)			170				162				—
Income tax benefit (expense)			(18	)			7				—				—				—
Net income (loss) from discontinued operations			49				(13	)			170				162				—
Net income attributable to ordinary shareholders		$	3,063			$	7,368			$	7,771			$	17,528			$	12,873
		As of
		March 31, 2007				June 30, 2007				September 30, 2007				December 31, 2007				March 31, 2008
		(in thousands)
ASSETS
Current assets:
Cash and cash equivalents		$	28,582			$	173,494			$	92,892			$	59,696			$	38,210
Restricted cash			6,488				11,249				93,519				103,375				126,027
Inventories			51,740				65,686				51,172				58,548				73,173
Accounts receivable, net of allowance for doubtful accounts			42,039				67,856				52,646				72,323				80,484
Other receivable, net of allowance for doubtful accounts			3,895				2,573				3,320				3,063				3,978
Advances to suppliers			61,969				37,134				35,713				42,953				63,848
Amounts due from related parties			—				—				—				614				43
Value-added tax recoverable			1,218				1,020				1,509				1,417				4,585
Deferred tax assets			85				34				113				380				327
Current assets of discontinued operations			266				280				230				33				—
Total current assets			196,282				359,326				331,114				342,402				390,675
Property, plant and equipment, net			65,415				92,725				140,592				197,124				245,431
Intangible assets, net			2,383				2,408				5,114				5,462				5,593
Foreign currency embedded derivative			—				—				—				854				854
Advances to suppliers—long-term			—				22,795				24,424				53,737				64,449
Deferred tax assets			452				650				761				1,095				1,439
TOTAL ASSETS		$	264,532			$	477,904			$	502,005			$	600,674			$	708,441

 

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LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings, including current portion of long-term bank borrowings			68,915			109,515			122,861			163,563			245,422
Accounts payable			11,320			20,526			22,555			42,691			46,485
Accrued expenses			4,449			3,545			6,245			10,255			9,308
Advances from customers			722			384			957			2,371			2,036
Income tax payable			135			84			84			1,406			2,647
Current liabilities of discontinued operations			382			389			364			199			–
Total current liabilities			85,923			134,443			153,066			220,485			305,898
Long-term bank borrowings			5,172			5,252			—			8,214			14,247
Accrued warranty costs			1,808			2,602			3,422			4,486			5,858
Long-term payables			—			—			—			—			712
Foreign currency embedded derivative			1,692			1,522			988			—			—
Total liabilities			94,595			143,819			157,476			233,185			326,715
Shareholders’ equity
Ordinary shares ($0.00001 par value)			22			22			22			26			26
Additional paid-in capital			148,760			304,124			304,519			304,878			306,162
Retained earnings			18,685			26,053			33,824			51,352			64,225
Accumulated other comprehensive income			2,470			3,886			6,164			11,233			11,313
Total shareholders’ equity			169,937			334,085			344,529			367,489			381,726
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	264,532		$	477,904		$	502,005		$	600,674		$	708,441

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar’s solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. For further information, please visit Trina Solar’s website at http://www.trinasolar.com.

 

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