BAODING, China, Sept. 8, 2015 /PRNewswire/ -- Yingli Green
Energy Holding Company Limited ("Yingli Green Energy" or the
"Company") (NYSE:YGE), one of the world's leading photovoltaic (PV)
module manufacturers, known as "Yingli
Solar" or "Yingli", today announced its unaudited
consolidated financial results for the quarter ended June 30, 2015 and an expected non-cash impairment
charge on long lived assets in the quarter ending September 30, 2015.
Second Quarter 2015 Consolidated Financial and Operating
Summary
- Total net revenues were RMB2,716.1
million (US$438.1
million).
- Total photovoltaic ("PV") module shipments (including shipments
for PV systems to the Company's own downstream PV projects[1]) were
727.9 MW.
- Gross profit was RMB171.0 million
(US$27.6 million), representing a
gross margin of 6.3%. The gross margin on sales of PV modules was
7.9%.
- Operating loss was RMB178.3
million (US$28.8million),
representing a negative operating margin of 6.6%.
- On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were
RMB198.8 million (US$32.1 million).
- Net loss[2] was RMB598.1 million
(US$96.5 million) and loss per
ordinary share and per American depositary share ("ADS") was
RMB3.29 (US$0.53). On an adjusted non-GAAP[3] basis, net
loss was RMB596.9 million
(US$96.3 million) and loss per
ordinary share and per ADS was RMB3.28 (US$0.53).
[1] Revenues were not
recognized for internal shipments as required by U.S.
GAAP.
|
[2] For convenience purposes,
all references to "net loss/income" in this press release, unless
otherwise specified, represent "net loss/income attributable to
Yingli Green Energy" for all periods presented.
|
[3] All non-GAAP measures other
than EBITDA exclude, as applicable, share-based compensation,
interest expenses related to the changes in the fair value of the
interest rate swap and the amortization of the debt discount, the
amortization of intangible assets, inventory provision, impairment
of long-lived assets and non-cash provision for inventory purchase
commitments. EBITDA excludes interest, tax expenses, depreciation
and amortization. For further details on non-GAAP measures, please
refer to the reconciliation table and a detailed discussion of the
Company's use of non-GAAP information set forth elsewhere in this
press release.
|
"The Company achieved a PV module shipment volume of 727.9MW in
the second quarter, which made our cumulative PV module deliveries
exceed 14GW worldwide since our inception." commented Mr.
Liansheng Miao, Chairman and Chief
Executive Officer of Yingli Green Energy.
"During the second quarter of 2015, our shipments to
China and the U.S. grew
significantly and increased by 110% and 35%, respectively, compared
to the first quarter of 2015. Due to our continuous efforts in
market diversification, our shipments to emerging markets, such as
Northern and Southern Africa,
Central and Southern Asia,
Middle East and Latin America, continued to make remarkable
progresses."
"We successfully repaid the RMB1.2
billion three-year unsecured medium-term notes due in
May 2015, and we are actively taking
measures to prepare for repayment of the RMB1.0 billion five-year unsecured medium-term
notes when they become due this October and are exploring a number
of financing options including liquidation of idle assets,
introduction of strategic investors and potential new cooperation
model with our business partners. Also, for our downstream project
development business, we have adopted and will follow a core
principle of 'less investment, and
quicker turnover' in order to maintain a stable cash
flow. We believe these measures will help us to enhance our cash
position, and allow us to gradually improve our balance sheet." Mr.
Miao concluded.
Second Quarter 2015 Financial Results
Total Net Revenues
Total net revenues were RMB2,716.1
million (US$438.1 million) in
the second quarter of 2015, compared to RMB2,905.8 million in the first quarter of 2015
and RMB3,408.9 million in the second
quarter of 2014. Total PV module shipments (including 43.2MW
shipments for PV systems of the Company's own downstream PV
projects) were 727.9MW in the second quarter of 2015, compared to
754.2MW in the first quarter of 2015 and 887.9MW in the second
quarter of 2014. Revenues were not recognized for 43.2MW of
internal shipments as required by U.S. GAAP.
The decrease in total net revenues in the second quarter of 2015
compared to the first quarter of 2015 was mainly due to a decrease
of PV module shipments in the second quarter of 2015 and decline in
the average selling price of PV modules, which was primarily due to
higher proportion of our shipment to China market and the depreciation of Euro and
Japanese Yen against Renminbi in the quarter.
Gross Profit and Gross Margin
Gross profit was RMB171.0 million
(US$27.6 million) in the second
quarter of 2015, compared to RMB410.8
million in the first quarter of 2015 and RMB532.1 million in the second quarter of
2014.
Gross margin was 6.3% in the second quarter of 2015, compared to
14.1% in the first quarter of 2015 and 15.6% in the second quarter
of 2014. The decrease in gross profit and gross margin from the
first quarter of 2015 to the second quarter of 2015 was mainly due
to the decline in average selling price of PV modules and the increase in unit manufacturing
cost as a result of a lower utilization rate of production
facilities in the second quarter of 2015. Gross margin on sales of
PV modules was 7.9% in the second quarter of 2015.
Operating Expenses
Operating expenses decreased to RMB349.3
million (US$56.3 million) in
the second quarter of 2015 from RMB477.2
million in the first quarter of 2015, and compared to
RMB618.1 million in the second
quarter of 2014. The decrease in operating expenses from the first
quarter of 2015 to the second quarter of 2015 was mainly due to the
recognition of a gain from disposal of the land use rights held by
Fine Silicon, a wholly-owned subsidiary of Yingli Green Energy.
Operating expenses as a percentage of total net revenues were
12.9 % in the second quarter of 2015, reduced from 16.4% in the
first quarter of 2015 and 18.1% in the second quarter of 2014.
Operating Loss and Margin
Operating loss was RMB178.3
million (US$28.8 million) in
the second quarter of 2015, compared to operating loss of
RMB66.4 million in the first quarter
of 2015 and operating loss of RMB85.9
million in the second quarter of 2014.
Operating margin was negative 6.6% in the second quarter of
2015, compared to negative 2.3% in the first quarter of 2015 and
negative 2.5% in the second quarter of 2014.
EBITDA
On an adjusted non-GAAP basis, EBITDA (earnings before interest,
tax expenses, depreciation and amortization) were RMB198.8 million (US$32.1
million) in the second quarter of 2015, compared to
RMB199.8 million in the first quarter
of 2015 and RMB279.3 million in the
second quarter of 2014.
Interest Expense
Interest expense was RMB242.1
million (US$39.1 million) in
the second quarter of 2015, compared to RMB236.8 million in the first quarter of 2015 and
RMB232.4 million in the second
quarter of 2014. The weighted average interest rate was 6.75% in
the second quarter of 2015, compared to 6.76% in the first quarter
of 2015 and 6.25% in the second quarter of 2014.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB10.3 million (US$1.7
million) in the second quarter of 2015, compared to foreign
currency exchange loss of RMB130.6
million in the first quarter of 2015 and foreign currency
exchange gain of RMB2.8 million in
the second quarter of 2014. The decrease in foreign currency
exchange loss from the first quarter of 2015 was mainly due to less
fluctuation of the exchange rates between Euros and Renminbi in the
second quarter of 2015.
Income Tax Expense
Income tax expense was RMB232.6
million (US$37.5 million) in
the second quarter of 2015, compared to income tax expense of
RMB0.5 million in the first quarter
of 2015 and income tax expense of RMB1.2
million in the second quarter of 2014. The significant
increase in income tax expense in the second quarter of 2015 mainly
resulted from RMB200.0 million
of valuation allowance on deferred tax assets recognized in this
quarter and areversal of deferred income tax assets of Fine
Silicon, a wholly-owned subsidiary of Yingli Green Energy .
Net Loss
Net loss was RMB598.1 million
(US$96.5 million) in the second
quarter of 2015, compared to RMB363.2
million in the first quarter of 2015 and RMB285.2 million in the second quarter of 2014.
Loss per ordinary share and per ADS was RMB3.29 (US$0.53),
compared to RMB2.00 in the first
quarter of 2015 and RMB1.64 in the
second quarter of 2014.
On an adjusted non-GAAP basis, net loss was RMB596.9 million (US$96.3
million) in the second quarter of 2015, compared to
RMB353.0 million in the first quarter
of 2015 and RMB275.0 million in the
second quarter of 2014. Adjusted non-GAAP loss per ordinary share
and per ADS was RMB3.28 (US$0.53) in the second quarter of 2015, compared
to RMB1.94 in the first quarter of
2015 and RMB1.58 in the second
quarter of 2014.
Balance Sheet Analysis
As of June 30, 2015, the Company
had RMB575.0 million (US$92.7 million) in cash and cash equivalents,
compared to RMB1,140.9 million as of
March 31, 2015. The decrease in cash
and cash equivalents was mainly due to the repayment of the
medium-term notes in the principal amount of RMB 1.2 billion due in May
2015.
As of June 30, 2015, the Company
had RMB1,201.8 million (US$193.8 million) in restricted cash, compared to
RMB1,323.2 million as of March 31, 2015.
As of June 30, 2015, the Company's
accounts receivable had decreased to RMB3,854.4 million (US$621.7 million) from RMB4,320.6 million as of March 31, 2015. Days sales outstanding were [128]
days in the second quarter of 2015, compared to 134 days in the
first quarter of 2015.
As of June 30, 2015, the Company's
accounts payable had decreased to RMB5,432.2
million (US$876.2 million)
from RMB5,617.1 million as of
March 31, 2015. Days payable
outstanding were 192 days in the second quarter of 2015, decreased
from 203 days in the first quarter of 2015.
As of June 30, 2015, the Company's
inventory had decreased to RMB1,522.4
million (US$245.6 million)
from RMB2,020.3 million as of
March 31, 2015. Inventory turnover
days were 54 days in the second quarter of 2015, decreased from 73
days in the first quarter of 2015.
As of the date of this press release, the Company had
approximately RMB 6,627 million in
unutilized short-term lines of credit and approximately
RMB 1,195 million in committed
long-term facilities. The Company
repaid the RMB1.2 billion three-year
unsecured medium-term notes when they became due in May 2015. For the
RMB 1.0 billion five-year unsecured medium-term notes
due in October 2015, the Company is exploring various measures for
the repayment of these notes. The Company is also working on a number of
financing options to continue to manage the Company's liquidity and
to enhance its financial flexibility.
Downstream Development in 2015
In China, the Company began the
construction of 78 MW of PV projects and connected 94 MW of PV
projects to the grid in the second quarter 2015. As of June 30, 2015, the Company had a total of over
400 MW of PV projects under construction across a dozen provinces
in China.
In July, the Company was selected to develop and construct a 50
MW PV project in Shanxi Province,
China, which will be one of the
key demonstration projects of National Energy Administration's "Top
Runner" program.
In consideration of China's
nationwide delay in subsidy allocation, long-term operation of
large ground-mounted PV stations would require significant capital.
Accordingly, the Company has adopted a more prudent approach to
downstream project development business and is in active
negotiations with certain leading corporations about potential sale
of the PV projects developed by the Company. The Company has
approximately 100MW of PV projects sold or close to sale to those
parties.
Expected Non-Cash Impairment Charge on Long Lived Assets in
Third Quarter and Fiscal Year 2015
As a result of the lower-than-expected utilization of certain
production facilities of the Company in the second quarter of 2015
and the expected continuation of such utilization in the remaining
quarters of 2015, the Company has concluded that impairment
triggering events have become apparent in the third quarter of 2015
and has begun the process of performing its long-lived asset
impairment analysis with respect to those production facilities.
While the impairment analysis has not been completed yet, the
Company expects to recognize a significant amount of non-cash
impairment charge on those production facilities in the third
quarter of 2015, which will have a material adverse effect on the
Company's financial results for the third quarter of 2015 and
fiscal year 2015.
Business Outlook for Third Quarter and Fiscal Year
2015
Third Quarter of 2015
Based on current market conditions, the Company's current
operating conditions, estimated production capacity and forecasted
customer demand, the Company expects its PV module shipments to be
in the estimated range of 550 MW to 580 MW for the quarter ending
September 30, 2015.
Fiscal Year 2015
Based on current market conditions, the Company's current
operating conditions, estimated production capacity and forecasted
customer demand, the Company expects its total PV module shipments
to be 2.5 GW to 2.8 GW for the fiscal year ending December 31, 2015.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance
with GAAP, this press release includes certain non-GAAP financial
measures of adjusted gross profit, adjusted gross margin, adjusted
operating loss, adjusted operating margin, adjusted net income
(loss), adjusted diluted earnings (loss) per ordinary share and per
ADS and EBITDA, each of which (other than EBITDA) is adjusted to
exclude, as applicable, items related to share-based compensation,
interest expense related to the changes in the fair value of the
interest-rate swap and the amortization of the debt discount, the
amortization of intangible assets, inventory provision and non-cash
provision for inventory purchase commitments. EBITDA excludes
interest, tax expenses, depreciation and amortization. The Company
believes excluding these items from its non-GAAP financial measures
is useful for its management and investors to assess and analyze
the Company's on-going performance as such items are not directly
attributable to the underlying performance of the Company's
business operations and/or do not impact its cash earnings. The
Company also believes these non-GAAP financial measures are
important to help investors understand the Company's current
financial performance and future prospects and compare business
trends among different reporting periods on a consistent basis.
These non-GAAP financial measures should be considered in addition
to financial measures presented in accordance with GAAP, but should
not be considered as a substitute for, or superior to, financial
measures presented in accordance with GAAP. For a reconciliation of
each of these non-GAAP financial measures to the most directly
comparable GAAP financial measure, please see the financial
information included elsewhere in this press release.
Currency Conversion
Solely for the convenience of readers, certain Renminbi amounts
have been translated into U.S. dollar amounts at the rate of
RMB6.2000 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi per
U.S. dollar as set forth in the H.10 weekly statistical release of
the Federal Reserve Board as of June 30,
2015. No representation is intended to imply that these
translated Renminbi amounts could have been, or could be,
converted, realized or settled into U.S. dollar amounts at such
rate, or at any other rate. The percentages stated in this press
release are calculated based on Renminbi amounts.
Conference Call
Yingli Green Energy will host a conference call and live webcast
to discuss these results at 8:00 AM Eastern
Standard Time (EST) on September 8,
2015, which corresponds to 8:00
PM Beijing/Hong Kong time
on the same day.
The dial-in details for the live conference call are as
follows:
-- U.S. Toll Free Number: +1-866-519-4004
-- International Dial-in Number: +1-845-675-0437
-- Passcode: 14832918
A live and archived webcast of the conference call will be
available on the Investors section of Yingli Green Energy's website
at www.yinglisolar.com. A replay will be available shortly after
the call on Yingli Green Energy's website for 90 days.
A replay of the conference call will be available until
September 15, 2015 by dialing:
-- U.S. Toll Free Number: +1-855-452-5696
-- International Dial-in Number: +1-646-254-3697
-- Passcode: 14832918
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar" or "Yingli", is
one of the world's leading photovoltaic (PV) module manufacturers.
Yingli Green Energy's manufacturing covers the photovoltaic value
chain from ingot casting and wafering through solar cell production
and PV module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30
regional subsidiaries and branch offices and has distributed more
than 13 GW solar panels to customers worldwide. For more
information, please visit www.yinglisolar.com and join the
conversation on Facebook, Twitter and Weibo.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond Yingli Green Energy's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Further information
regarding these and other risks, uncertainties or factors is
included in Yingli Green Energy's filings with the U.S. Securities
and Exchange Commission. Yingli Green Energy does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
For further information, please contact:
Qing Miao
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: ir@yingli.com
YINGLI GREEN
ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In
thousands)
|
|
|
|
|
|
|
|
March
31,2015
|
|
June
30,2015
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and restricted
cash
|
|
2,464,129
|
|
1,776,784
|
|
286,578
|
Accounts receivable,
net
|
|
4,320,560
|
|
3,854,423
|
|
621,681
|
Inventories
|
|
2,020,290
|
|
1,522,440
|
|
245,555
|
Prepayments to
suppliers
|
|
847,193
|
|
877,746
|
|
141,572
|
Prepaid expenses and
other current assets
|
|
1,941,446
|
|
2,289,622
|
|
369,294
|
Total current
assets
|
|
11,593,618
|
|
10,321,015
|
|
1,664,680
|
|
|
|
|
|
|
|
Long-term prepayments
to suppliers
|
|
668,808
|
|
614,390
|
|
99,095
|
Property, plant and
equipment, net
|
|
11,687,807
|
|
11,055,028
|
|
1,783,069
|
Project
assets
|
|
1,619,613
|
|
2,258,298
|
|
364,242
|
Land use
rights
|
|
604,608
|
|
416,369
|
|
67,156
|
Intangible
assets
|
|
58,547
|
|
58,485
|
|
9,433
|
Investment in and
advances to affiliates
|
|
443,100
|
|
443,359
|
|
71,509
|
Other
assets
|
|
476,522
|
|
250,019
|
|
40,326
|
Total
assets
|
|
27,152,623
|
|
25,416,963
|
|
4,099,510
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term borrowings,
including current portion of medium notes and long-term
debt
|
|
9,752,969
|
|
10,078,470
|
|
1,625,560
|
Accounts
payable
|
|
5,617,102
|
|
5,432,205
|
|
876,162
|
Other current
liabilities and accrued expenses
|
|
3,109,849
|
|
3,737,622
|
|
602,842
|
Total current
liabilities
|
|
18,479,920
|
|
19,248,297
|
|
3,104,564
|
|
|
|
|
|
|
|
Long-term debt,
excluding current portion
|
|
2,861,665
|
|
2,063,767
|
|
332,866
|
Medium-term
notes
|
|
1,700,000
|
|
300,000
|
|
48,387
|
Accrued warranty
cost, excluding current portion
|
|
715,627
|
|
752,696
|
|
121,403
|
Other
liabilities
|
|
2,469,105
|
|
2,745,482
|
|
442,819
|
Total
liabilities
|
|
26,226,317
|
|
25,110,242
|
|
4,050,039
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Ordinary
shares
|
|
13,791
|
|
13,791
|
|
2,224
|
Additional paid-in
capital
|
|
7,244,999
|
|
7,246,252
|
|
1,168,750
|
Treasury
stock
|
|
(127,331)
|
|
(127,331)
|
|
(20,537)
|
Accumulated other
comprehensive income
|
|
323,332
|
|
328,609
|
|
53,001
|
Accumulated
deficit
|
|
(8,015,574)
|
|
(8,613,700)
|
|
(1,389,306)
|
Total deficit
attributable to Yingli Green Energy
|
|
(560,783)
|
|
(1,152,379)
|
|
(185,868)
|
Non controlling
interests
|
|
1,487,089
|
|
1,459,100
|
|
235,339
|
Total
shareholders' equity
|
|
926,306
|
|
306,721
|
|
49,471
|
Total liabilities
and shareholders' equity
|
|
27,152,623
|
|
25,416,963
|
|
4,099,510
|
|
|
|
|
|
|
|
|
YINGLI GREEN
ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
|
Unaudited
Condensed Statements of Comprehensive Income
|
(In thousands,
except for share, ADS, per share and per ADS data)
|
|
|
|
Three months
ended
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Sales of
PV modules
|
|
3,248,354
|
|
2,682,294
|
|
2,403,693
|
|
387,692
|
Sales of
PV systems
|
|
55,864
|
|
62,507
|
|
86,869
|
|
14,011
|
Other
revenues
|
|
104,684
|
|
160,955
|
|
225,539
|
|
36,377
|
Total net
revenues
|
|
3,408,902
|
|
2,905,756
|
|
2,716,101
|
|
438,080
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Cost of
PV modules sales
|
|
(2,722,706)
|
|
(2,284,443)
|
|
(2,213,431)
|
|
(357,005)
|
Cost of
PV systems sales
|
|
(53,834)
|
|
(54,244)
|
|
(76,888)
|
|
(12,401)
|
Cost of
other revenues
|
|
(100,213)
|
|
(156,230)
|
|
(254,775)
|
|
(41,092)
|
Total cost of
revenues
|
|
(2,876,753)
|
|
(2,494,917)
|
|
(2,545,094)
|
|
(410,498)
|
Gross profit
(loss)
|
|
532,149
|
|
410,839
|
|
171,007
|
|
27,582
|
Selling
expenses
|
|
(314,272)
|
|
(208,263)
|
|
(257,077)
|
|
(41,464)
|
General and
administrative expenses
|
|
(178,386)
|
|
(134,915)
|
|
(1,659)
|
|
(268)
|
Research and
development expenses
|
|
(125,429)
|
|
(134,058)
|
|
(90,585)
|
|
(14,611)
|
Total operating
expenses
|
|
(618,087)
|
|
(477,236)
|
|
(349,321)
|
|
(56,343)
|
Income(Loss) from
operations
|
|
(85,938)
|
|
(66,397)
|
|
(178,314)
|
|
(28,761)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(232,404)
|
|
(236,820)
|
|
(242,145)
|
|
(39,056)
|
Interest
income
|
|
9,178
|
|
5,427
|
|
7,396
|
|
1,193
|
Foreign
currency exchange gains (losses)
|
|
2,797
|
|
(130,632)
|
|
(10,281)
|
|
(1,658)
|
Other
income
|
|
14,078
|
|
36,141
|
|
30,220
|
|
4,874
|
Loss before income
taxes
|
|
(292,289)
|
|
(392,281)
|
|
(393,124)
|
|
(63,408)
|
Income tax (expense)
benefit
|
|
(1,213)
|
|
(500)
|
|
(232,593)
|
|
(37,515)
|
Net
loss
|
|
(293,502)
|
|
(392,781)
|
|
(625,717)
|
|
(100,923)
|
Less: Loss
attributable to the non controlling interests
|
|
8,344
|
|
29,609
|
|
27,591
|
|
4,449
|
Net loss
attributable to Yingli Green Energy
|
|
(285,158)
|
|
(363,172)
|
|
(598,126)
|
|
(96,474)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares and ADSs outstanding
|
Basic and
diluted
|
|
173,796,737
|
|
181,763,770
|
|
181,763,770
|
|
181,763,770
|
Loss per share and
per ADS
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(1.64)
|
|
(2.00)
|
|
(3.29)
|
|
(0.53)
|
Net
loss
|
|
(293,502)
|
|
(392,781)
|
|
(625,717)
|
|
(100,923)
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
exchange translation adjustment, net of nil tax
|
|
745
|
|
11,768
|
|
4,879
|
|
787
|
Cash flow hedging
derivatives, net of nil tax
|
|
4,681
|
|
431
|
|
0
|
|
0
|
Comprehensive
loss
|
|
(288,076)
|
|
(380,582)
|
|
(620,838)
|
|
(100,136)
|
Less: Comprehensive
loss attributable to the non controlling interest
|
|
8,327
|
|
28,632
|
|
27,989
|
|
4,514
|
Comprehensive loss
attributable to Yingli
Green Energy
|
|
(279,749)
|
|
(351,950)
|
|
(592,849)
|
|
(95,622)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
June 30, 2014
|
|
March 31, 2015
|
|
June 30, 2015
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Non-GAAP loss
attributable to Yingli Green Energy
|
|
(274,978)
|
|
(352,982)
|
|
(596,856)
|
|
(96,269)
|
Share-based
compensation
|
|
(10,208)
|
|
(10,190)
|
|
(1,270)
|
|
(205)
|
Net loss
attributable to Yingli Green Energy
|
|
(285,158)
|
|
(363,172)
|
|
(598,126)
|
|
(96,474)
|
Non-GAAP diluted loss
per share and per ADS
|
|
(1.58)
|
|
(1.94)
|
|
(3.28)
|
|
(0.53)
|
Diluted loss per
share and per ADS
|
|
(1.64)
|
|
(2.00)
|
|
(3.29)
|
|
(0.53)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA measures to income before income tax & minority interest
measures
|
|
|
Three months
ended
|
|
|
June 30,
2014
|
|
March 31, 2015
|
|
June 30,
2015
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Loss before income
taxes and
non-controlling interest
|
|
(292,289)
|
|
(392,281)
|
|
(393,124)
|
|
(63,408)
|
Interest
expense
|
|
232,404
|
|
236,820
|
|
242,145
|
|
39,055
|
Interest
income
|
|
(9,178)
|
|
(5,427)
|
|
(7,396)
|
|
(1,193)
|
Depreciation
|
|
342,784
|
|
355,570
|
|
353,141
|
|
56,958
|
Amortization for land
use rights and
intangible assets
|
|
5,581
|
|
5,139
|
|
4,062
|
|
655
|
EBITDA
|
|
|
279,302
|
|
199,821
|
|
198,828
|
|
32,067
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-second-quarter-2015-results-300138912.html
SOURCE Yingli Green Energy Holding Company Limited