XML 96 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating activities:      
Net income (loss) $ 243,886,084us-gaap_ProfitLoss $ 45,564,936us-gaap_ProfitLoss $ (195,155,097)us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 82,627,454us-gaap_DepreciationDepletionAndAmortization 80,821,241us-gaap_DepreciationDepletionAndAmortization 81,398,470us-gaap_DepreciationDepletionAndAmortization
Loss on disposal of property, plant and equipment 1,477,739us-gaap_GainLossOnSaleOfPropertyPlantEquipment 3,612,581us-gaap_GainLossOnSaleOfPropertyPlantEquipment 1,991,098us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Impairment loss of property, plant and equipment 1,572,635us-gaap_AssetImpairmentCharges 3,664,556us-gaap_AssetImpairmentCharges 0us-gaap_AssetImpairmentCharges
(Gain) loss on change in fair value of derivatives (19,656,236)us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments (10,764,226)us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments 4,369,173us-gaap_GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
Investment loss     1,081,700csiq_IncomeLossOnInvestments
Equity in loss (earnings) of unconsolidated investees (487,346)csiq_IncomeLossFromEquityMethodInvestmentsNetOfTax 3,064,006csiq_IncomeLossFromEquityMethodInvestmentsNetOfTax 1,969,306csiq_IncomeLossFromEquityMethodInvestmentsNetOfTax
Allowance for doubtful accounts (8,527,687)us-gaap_ProvisionForDoubtfulAccounts (975,083)us-gaap_ProvisionForDoubtfulAccounts 43,611,217us-gaap_ProvisionForDoubtfulAccounts
Write-down of inventories 16,950,524us-gaap_InventoryWriteDown 714,558us-gaap_InventoryWriteDown 3,085,529us-gaap_InventoryWriteDown
Impairment loss of project assets 2,311,164csiq_ProjectAssetsImpairmentCharge 1,557,734csiq_ProjectAssetsImpairmentCharge  
Amortization of discount on debt     49,699us-gaap_AmortizationOfDebtDiscountPremium
Share-based compensation 5,087,925us-gaap_ShareBasedCompensation 6,175,006us-gaap_ShareBasedCompensation 5,185,242us-gaap_ShareBasedCompensation
Changes in operating assets and liabilities:      
Accounts receivable trade (73,776,603)us-gaap_IncreaseDecreaseInAccountsReceivable (11,813,937)us-gaap_IncreaseDecreaseInAccountsReceivable (6,983,739)us-gaap_IncreaseDecreaseInAccountsReceivable
Accounts receivable, unbilled (17,308,403)us-gaap_IncreaseDecreaseInUnbilledReceivables (9,167,246)us-gaap_IncreaseDecreaseInUnbilledReceivables 46,425,858us-gaap_IncreaseDecreaseInUnbilledReceivables
Amounts due from related parties 480,499us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent 5,288,485us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent 9,904,520us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent
Inventories (252,715,653)us-gaap_IncreaseDecreaseInInventories 34,666,540us-gaap_IncreaseDecreaseInInventories 3,960,749us-gaap_IncreaseDecreaseInInventories
Value added tax recoverable (4,149,734)us-gaap_IncreaseDecreaseInOtherReceivables (1,404,821)us-gaap_IncreaseDecreaseInOtherReceivables 2,303,949us-gaap_IncreaseDecreaseInOtherReceivables
Advances to suppliers (3,622,062)csiq_IncreaseDecreaseInAdvanceToSuppliers (5,747,309)csiq_IncreaseDecreaseInAdvanceToSuppliers (17,898,461)csiq_IncreaseDecreaseInAdvanceToSuppliers
Project assets 89,536,069csiq_IncreaseDecreaseInProjectAssets (152,870,686)csiq_IncreaseDecreaseInProjectAssets (300,679,763)csiq_IncreaseDecreaseInProjectAssets
Prepaid expenses and other current assets (38,522,109)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (2,333,059)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (70,614,891)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other non-current assets (8,446,417)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets (4,420,130)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets (24,406,669)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets
Accounts payable 135,812,141us-gaap_IncreaseDecreaseInAccountsPayable 44,231,082us-gaap_IncreaseDecreaseInAccountsPayable 56,238,301us-gaap_IncreaseDecreaseInAccountsPayable
Short-term notes payable 30,592,827us-gaap_IncreaseDecreaseInNotesPayableCurrent 117,707,136us-gaap_IncreaseDecreaseInNotesPayableCurrent 99,114,001us-gaap_IncreaseDecreaseInNotesPayableCurrent
Amounts due to related parties (2,166,445)us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent 14,492,053us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent 2,015,133us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent
Other payables 14,498,509us-gaap_IncreaseDecreaseInOtherAccountsPayable (2,602,763)us-gaap_IncreaseDecreaseInOtherAccountsPayable 36,910,195us-gaap_IncreaseDecreaseInOtherAccountsPayable
Advances from customers 40,310,538us-gaap_IncreaseDecreaseInCustomerAdvances 51,356,621us-gaap_IncreaseDecreaseInCustomerAdvances (46,127,125)us-gaap_IncreaseDecreaseInCustomerAdvances
Other current liabilities (16,282,247)us-gaap_IncreaseDecreaseInOtherCurrentLiabilities 14,748,130us-gaap_IncreaseDecreaseInOtherCurrentLiabilities 59,188,516us-gaap_IncreaseDecreaseInOtherCurrentLiabilities
Accrued warranty costs 15,515,873us-gaap_ProductWarrantyAccrualPeriodIncreaseDecrease (19,199,011)us-gaap_ProductWarrantyAccrualPeriodIncreaseDecrease 11,334,395us-gaap_ProductWarrantyAccrualPeriodIncreaseDecrease
Prepaid land use rights 5,318,532csiq_IncreaseDecreaseInPrepaidLandUseRight 396,642csiq_IncreaseDecreaseInPrepaidLandUseRight (4,760,904)csiq_IncreaseDecreaseInPrepaidLandUseRight
Liability for uncertain tax positions (1,612,683)us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease 2,494,913us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease 2,502,791us-gaap_UnrecognizedTaxBenefitsPeriodIncreaseDecrease
Deferred taxes 9,208,137csiq_DeferredIncomeTaxNoncashExpenseBenefit 15,142,480csiq_DeferredIncomeTaxNoncashExpenseBenefit 48,851,188csiq_DeferredIncomeTaxNoncashExpenseBenefit
Settlement of foreign currency derivatives 17,192,568us-gaap_GainLossOnSaleOfDerivatives 5,148,195us-gaap_GainLossOnSaleOfDerivatives (2,623,318)us-gaap_GainLossOnSaleOfDerivatives
Net cash provided by (used in) operating activities 265,105,593us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 229,548,624us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (147,758,937)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Investing activities:      
Increase in restricted cash (27,584,686)us-gaap_IncreaseDecreaseInRestrictedCash (10,098,916)us-gaap_IncreaseDecreaseInRestrictedCash (243,137,142)us-gaap_IncreaseDecreaseInRestrictedCash
Investment in affiliates (72,034)us-gaap_PaymentsToAcquireEquityMethodInvestments (4,278,361)us-gaap_PaymentsToAcquireEquityMethodInvestments (3,428,751)us-gaap_PaymentsToAcquireEquityMethodInvestments
Profit distribution from an associated company 337,314us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates   555,475us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates
Purchase of property, plant and equipment (65,140,624)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (23,131,549)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (60,481,021)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Loan to a third party (24,381,918)csiq_LoanToThirdParty    
Proceeds from disposal of property, plant and equipment 792,482us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment    
Net cash used in investing activities (116,049,466)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (37,508,826)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (306,491,439)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Financing activities:      
Proceeds from short-term borrowings 928,878,980us-gaap_ProceedsFromShortTermDebt 768,381,191us-gaap_ProceedsFromShortTermDebt 791,596,176us-gaap_ProceedsFromShortTermDebt
Repayment of short-term borrowings (1,045,596,352)us-gaap_RepaymentsOfShortTermDebt (1,073,502,793)us-gaap_RepaymentsOfShortTermDebt (692,071,052)us-gaap_RepaymentsOfShortTermDebt
Proceeds from long-term borrowings 56,989,399us-gaap_ProceedsFromIssuanceOfLongTermDebt 149,831,368us-gaap_ProceedsFromIssuanceOfLongTermDebt 143,965,319us-gaap_ProceedsFromIssuanceOfLongTermDebt
Profit distribution to a non-controlling interest   (219,464)us-gaap_PaymentsOfDividendsMinorityInterest  
Payment to non-controlling interests for sales of project companies (5,483,257)us-gaap_PaymentsToMinorityShareholders (8,070,699)us-gaap_PaymentsToMinorityShareholders  
Gross proceeds from issuance of common shares 115,009,200us-gaap_ProceedsFromIssuanceOfCommonStock 50,000,000us-gaap_ProceedsFromIssuanceOfCommonStock  
Issuance costs paid for common shares offering (6,090,340)us-gaap_PaymentsOfStockIssuanceCosts (2,112,623)us-gaap_PaymentsOfStockIssuanceCosts  
Capital contribution from non-controlling interests     4,426,535csiq_ProceedsFromCapitalContributionFromMinorityInterest
Payment for repurchase of convertible senior notes     (1,000,000)us-gaap_RepaymentsOfConvertibleDebt
Proceeds from issuance of warrant     2,500,000us-gaap_ProceedsFromIssuanceOfWarrants
Proceeds from issuance of convertible notes 150,000,000us-gaap_ProceedsFromConvertibleDebt    
Issuance cost paid on convertible notes (5,103,441)us-gaap_PaymentsOfDebtIssuanceCosts    
Proceeds from exercise of stock options 3,342,573us-gaap_ProceedsFromStockOptionsExercised 10,792,703us-gaap_ProceedsFromStockOptionsExercised 158,766us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by (used in) financing activities 191,946,762us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (104,900,317)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 249,575,744us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes (19,709,042)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations (858,151)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations 2,648,135us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
Net increase (decrease) in cash and cash equivalents 321,293,847us-gaap_NetCashProvidedByUsedInContinuingOperations 86,281,330us-gaap_NetCashProvidedByUsedInContinuingOperations (202,026,497)us-gaap_NetCashProvidedByUsedInContinuingOperations
Cash and cash equivalents at the beginning of the year 228,249,512us-gaap_CashAndCashEquivalentsAtCarryingValue 141,968,182us-gaap_CashAndCashEquivalentsAtCarryingValue 343,994,679us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at the end of the year 549,543,359us-gaap_CashAndCashEquivalentsAtCarryingValue 228,249,512us-gaap_CashAndCashEquivalentsAtCarryingValue 141,968,182us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosure of cash flow information:      
Interest paid (net of amounts capitalized) 47,226,763us-gaap_InterestPaidNet 47,343,649us-gaap_InterestPaidNet 53,283,321us-gaap_InterestPaidNet
Income taxes paid 14,016,205us-gaap_IncomeTaxesPaidNet 23,812,986us-gaap_IncomeTaxesPaidNet 9,698,512us-gaap_IncomeTaxesPaidNet
Supplemental schedule of non-cash activities:      
Amounts due from disposal of subsidiaries or affiliates included in prepaid expenses and other current assets   136,917us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1 715,934us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
Amounts due to non-controlling interests for sales of project companies included in payables 1,764,521csiq_NoncashOrPartNoncashDivestitureAmountOfConsiderationDueToMinorityShareholders 4,092,817csiq_NoncashOrPartNoncashDivestitureAmountOfConsiderationDueToMinorityShareholders  
Property, plant and equipment costs included in other payables 23,540,903us-gaap_CapitalExpendituresIncurredButNotYetPaid 14,056,550us-gaap_CapitalExpendituresIncurredButNotYetPaid 16,814,481us-gaap_CapitalExpendituresIncurredButNotYetPaid
Module contribution in exchange for non-controlling interests in affiliates   $ 5,791,202csiq_NoncashOrPartNoncashAcquisitionValueOfConsiderationPaid $ 15,874,847csiq_NoncashOrPartNoncashAcquisitionValueOfConsiderationPaid