BAODING, China, Aug. 23, 2016 /PRNewswire/ -- Yingli Green Energy
Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the
"Company"), one of the world's leading solar panel manufacturers,
known as "Yingli Solar," today
announced its unaudited consolidated financial results for the
quarter ended June 30, 2016.
Second Quarter 2016 Consolidated Financial and Operating
Summary
- Total net revenues were RMB2,524.1
million (US$379.8 million),
compared to RMB2,351.1 million in the
first quarter of 2016.
- Total photovoltaic ("PV") module shipments1 were
662.0MW, compared to 508.1MW in the first quarter of 2016.
- Gross profit and gross margin were RMB460.1 million (US$69.2
million) and 18.2% respectively, compared to RMB469.3 million and 20% in the first quarter of
2016. Gross margin on sales of PV modules was 18.1%.
- Operating income was RMB158.3
million (US$23.8 million),
compared to RMB186.4 million in the
first quarter of 2016.
- On a non-GAAP2 basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were
RMB469.5 million (US$70.6 million).
- Net income3 was RMB71.8
million (US$10.8 million) and
earnings per American Depositary Share4 (each
representing ten ordinary shares of the Company, the "ADS") was
RMB4.0 (US$0.6). On an adjusted non-GAAP basis, adjusted
net income was RMB106.8 million
(US$16.1 million), and adjusted
income per ADS was RMB5.9
(US$0.9).
"We are delighted to report another solid quarter with a net
profit of RMB71.8 million in the
second quarter of 2016. Our total PV module shipments, including
shipments to our own downstream PV projects, reached 662.0MW in the
second quarter, representing an increase of approximately 30% from
the first quarter of 2016," commented Mr. Liansheng Miao, Chairman and Chief Executive
Officer of Yingli Green Energy.
"In the second quarter, we maintained a positive momentum and
our overall gross margin was 18.2% even though the average selling
price of our PV modules was lower in the quarter than the first
quarter of 2016 mainly as a result of higher proportion of
shipments to China, where the
selling price of PV modules generally is lower than that in other
markets."
"We saw robust demand from China in the second quarter of 2016 as PV
projects that were operational before June
30, 2016 are entitled to a higher feed-in tariff, and we
increased our PV module shipments to China by more than 100% from the first quarter
of 2016 by leveraging our cooperative relationships with certain
large clients such as state-owned enterprises controlled by central
and local governments in China as
well as influential privately owned enterprises with strong
financial background. Internationally, Japan continued to be the most important
international market for us and our shipments to Japan accounted for more than 20% of our total
PV module shipments in the second quarter of 2016, which was the
seventh straight quarter that our shipments to Japan exceeded 120 MW. As the extension of ITC
policy, the U.S. continued to see a stable demand and continued to
be important international market for us. We continued to supply PV
modules for utility scale projects in western U.S. in the second
quarter of 2016."
"Looking forward to the second half of 2016, we expect to face
various challenges, such as the downward trend of average selling
price of PV module as a result of increasing competition in various
markets and higher anti-dumping and countervailing duty tariff in
U.S. To deal with such challenges, we will continue to make every
effort to reduce production cost, control operating expenses, and
adjust our marketing strategies as necessary in order to keep a
positive momentum and maintain a healthy operation," Mr. Miao
concluded.
[1] Total PV module
shipments include shipments to the Company's own downstream PV
projects of 50.9 MW in the second quarter of 2016.
Revenues were not recognized for internal shipments as required by
U.S. GAAP. The Company has suspended new development business of
downstream PV projects in China since September 2015, and there
were no shipments to new downstream PV projects in the second
quarter of 2016.
|
[2] All non-GAAP
measures other than EBITDA exclude, as applicable, share-based
compensation, the amortization of the debt discount, the
amortization of intangible assets, inventory provision, impairment
of long-lived assets, provision for reserve for inventory purchase
commitments and provision for prepayments in relation to 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.
|
[3] 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.
|
[4] On December 28,
2015, the Company effected a change of the ratio of its ADSs to
ordinary shares from one (1) ADS representing one (1) ordinary
share to one (1) ADS representing ten (10) ordinary shares. Unless
otherwise indicated, ADSs and per ADS amount in this press have
been retroactively adjusted to reflect the change in ratio for all
periods presented.
|
Second Quarter 2016 Financial Results
Total Net Revenues
Total net revenues were RMB2,524.1
million (US$379.8 million) in
the second quarter of 2016, compared to RMB2,351.1 million in the first quarter of 2016
and RMB2,716.1 million in the second
quarter of 2015. Total PV module shipments (including 50.9 MW of shipments to the Company's own
downstream projects) were 662.0 MW in the second quarter of 2016,
compared to 508.1 MW in the first quarter of 2016 and 727.9MW in
the second quarter of 2015.
The increase in total net revenues in the second quarter of 2016
compared to the first quarter of 2016 was mainly due to the
increase of PV module shipments, which was partially offset by the
lower average selling price of the Company's PV modules in the
quarter mainly as a result of the higher proportion of shipments to
China, where the selling price of
PV modules generally is lower than that in other markets..
Gross Profit and Gross Margin
Gross profit was RMB460.1 million
(US$69.2 million) in the second
quarter of 2016, compared to RMB469.3
million in the first quarter of 2016 and RMB171.0 million in the second quarter of
2015.
Gross margin was 18.2% in the second quarter of 2016, compared
to 20.0% in the first quarter of 2016 and 6.3% in the second
quarter of 2015. Gross margin on sales of PV modules was 18.1% in
the second quarter of 2016, compared to19.7% in the first quarter
of 2016 and 7.9% in the second quarter of 2015.
The slight decrease in gross profit and gross margin from the
first quarter of 2016 to the second quarter of 2016 was mainly due
to the lower average selling price of the Company's PV modules in
the second quarter of 2016 compared to the first quarter of 2016
primarily as a result of higher proportion of shipments to
China in the second quarter of
2016, where the selling price of PV modules generally is lower than
that in other markets.
Operating Expenses
Operating expenses were RMB301.9
million (US$45.4 million) in
the second quarter of 2016, compared to RMB282.8 million in the first quarter of 2016 and
RMB349.3 million in the second
quarter of 2015. Operating expenses as a percentage of total net
revenues was 12.0% in the second quarter of 2016, compared to 12.0%
in the first quarter of 2016 and 12.9% in the second quarter of
2015.
The slight increase of operating expenses from the first quarter
to the second quarter of 2016 was mainly due to the additional
provision for reserve for inventory purchase commitments of
RMB34.6 million as a result of a
foreign exchange re-measurement due to change in the foreign
exchange rate between the Renminbi and U.S. dollars and the
increase of research and development expenses as a result of the
increased research and development activities, which was partially
offset by the decrease in general and administrative expenses and
selling expenses in the second quarter of 2016 mainly as a result
of decreased shipping costs due to more shipments to China, as well as reversal of bad debt
provision due to receipt of fully reserved accounts
receivables.
Operating Income (Loss) and Margin
Operating income was RMB158.3
million (US$23.8 million) in
the second quarter of 2016, compared to RMB186.4 million in the first quarter of 2016 and
operating loss of RMB178.3 million in
the second quarter of 2015.
Operating margin was 6.3% in the second quarter of 2016,
compared to 7.9% in the first quarter of 2016 and negative 6.6% in
the second quarter of 2015.
EBITDA
On a non-GAAP basis, earnings before interest, tax expenses,
depreciation and amortization ("EBITDA") were RMB469.5 million (US$70.6
million) in the second quarter of 2016, compared to
RMB482.0 million in the first quarter
of 2016 and RMB198.8 million in the
second quarter of 2015.
Interest Expense
Interest expense was RMB158.6
million (US$23.9 million) in
the second quarter of 2016, decreased from RMB176.1 million in the first quarter of 2016 and
RMB242.1 million in the second
quarter of 2015, primarily because the Company's subsidiaries
entered into written agreements with some of the lending banks in
the second quarter of 2016 which extended their borrowings from
such banks and reduced the interest rates on such borrowings. The
Company's average interest rate decreased to 5.09% in the second
quarter of 2016 from 6.30% in the first quarter of 2016 and 6.75%
in the second quarter of 2015.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB27.0 million (US$4.1
million) in the second quarter of 2016, compared to foreign
currency exchange gain of RMB55.5
million in the first quarter of 2016 and foreign currency
exchange loss of RMB10.3 million in
the second quarter of 2015. The decrease of foreign currency
exchange gain from the first quarter of 2016 to the second quarter
of 2016 was mainly because Japanese Yen and Euro appreciated
against Renminbi and Renminbi appreciated against US dollar in the
first quarter of 2016. Japanese Yen and Euro generally continued to
appreciate against Renminbi, which generated foreign exchange gain
and the Company had a balance of net asset denominated in Japanese
Yen and Euro, while Renminbi depreciated against US dollar in the
second quarter of 2016, which resulted in foreign exchange loss
that mitigated gains and the Company had a balance of net liability
denominated in US dollar.
Income Tax Expense
Income tax expense was RMB1.1
million (US$0.2 million) in
the second quarter of 2016, compared to RMB13.9 million in the first quarter of 2016 and
RMB232.6 million in the second
quarter of 2015.
Net Income (Loss)
Net income was RMB71.8 million
(US$10.8 million) in the second
quarter of 2016, compared to net income of RMB79.6 million in the first quarter of 2016 and
net loss of RMB598.1 million in the
second quarter of 2015. Net margin was 2.8% in the second quarter
of 2016, compared to 3.4% in the first quarter of 2016 and negative
22.0% in the second quarter of 2015. Earnings per ADS was
RMB4.0 (US$0.6 ) in the second quarter of 2016, compared
to earnings per ADS of RMB4.4 in the
first quarter of 2016 and loss per ADS of RMB32.9 in the second quarter of 2015.
On an adjusted non-GAAP basis, adjusted net income was
RMB106.8 million (US$16.1 million) in the second quarter of 2016,
compared to adjusted net income of RMB73.3
million in the first quarter of 2016 and adjusted net loss
of RMB596.9 million in the second
quarter of 2015. Adjusted earnings per ADS was RMB5.9 (US$0.9) in
the second quarter of 2016, compared adjusted earnings per ADS of
RMB4.0 in the first quarter of 2016
and adjusted loss per ADS of RMB32.8
in the second quarter of 2015.
Balance Sheet Analysis
As of June 30, 2016, the Company
had RMB596.5 million (US$89.8 million) in cash and cash equivalents,
slightly increased from RMB548.4
million as of March 31,
2016.
As of June 30, 2016, the Company
had RMB258.1 million (US$38.8 million) in restricted cash, decreased
from RMB342.7 million as of
March 31, 2016.
As of June 30, 2016, the Company's
accounts receivable had increased to RMB3,073.2 million (US$462.4 million) from RMB2,727.9 million as of March 31, 2016. The increase of accounts
receivable from the first quarter of 2016 to the second quarter of
2016 was mainly due to the increase of PV module shipments. Days
sales outstanding were 110 days in the second quarter of 2016,
compared to 104 days in the first quarter of 2016.
As of June 30, 2016, the Company's
accounts payable had decreased to RMB
3,111.9 million (US$468.2
million) from RMB3,466.6
million as of March 31, 2016.
Days payable outstanding were 136 days in the second quarter of
2016, compared to 166 days in the first quarter of 2016. Accounts
payable and days payable outstanding decreased from the first
quarter of 2016 to the second quarter of 2016 mainly because the
Company continued to pay off some of its over-due accounts payables
in the second quarter of 2016.
As of June 30, 2016, the Company's
inventory had increased to RMB1,530.2
million (US$230.2 million)
from RMB1,416.2 million as of
March 31, 2016. Inventory turnover
days were 67 days in the second quarter of 2016, compared to 68
days in the first quarter of 2016.
Updates on Debt Repayment and Alternative Financing
Plans
As of the date of this press release, the Company's subsidiaries
had medium-term notes, or MTNs, of RMB2,057.0 million outstanding, including
RMB357.0 million of the MTNs issued
in 2010 (the "2010 MTNs"), which became due on October 13, 2015; RMB1.4
billion of the MTNs issued in 2011 (the "2011 MTNs"), which
became due on May 12, 2016; and
RMB300.0 million of the MTNs issued
in 2012 (the "2012 MTNs"), which will become due on May 3, 2017. As the Company previously announced
on June 29, 2016, the lead
underwriter of the 2010 MTNs and 2011 MTNs had announced
resolutions passed by holders of the MTNs after meetings between
the Company's subsidiaries and the MTN holders. The Company has
continued its negotiation with the holders of the 2010 MTNs and
2011 MTNs about revisions to the repayment schedules of the MTNs.
In addition to making efforts to improve its financial performance,
the Company continues to discuss with different funding sources
about alternative financing plans, such as 1) introduction of
strategic investors to invest into the Company or its subsidiaries,
2) introduction of new creditors to grant new borrowings to the
Company or its subsidiaries, and 3) sales of certain long-lived
assets including land use rights to obtain additional funds. As of
the date of this press release, the Company has not reached any
agreement with the holders of the MTNs or any other party with
respect to any concrete financing plan or plan for repayment of the
MTNs yet.
As of the date of this press release, the Company and its
subsidiaries had approximately RMB2,129
million in unutilized short-term lines of credit and
approximately RMB2,307 million in
committed long-term facilities. The Company's subsidiaries had
successfully renewed or extended over half of their loans from
major lending banks and also reduced the interest rates of some of
these loans. Given the Company's continued need for short-term
financing, the Company's subsidiaries have been negotiating with
their lending banks for the extension of their remaining loans,
including a loan with outstanding amount of RMB99.1 million overdue as of the date of this
press release. The Company and its subsidiaries are exploring
financing options to continue to manage the Company and its
subsidiaries' liquidity and to enhance their financial
flexibility.
Business Outlook for Third Quarter 2016
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 300MW to 400MW for the quarter ending
September 30, 2016. The Company also
expects its gross margin in the third quart of 2016 to be in the
estimated range of 12.5% to 14%.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance
with GAAP, this press release may include certain non-GAAP
financial measures of adjusted gross profit, adjusted gross margin,
adjusted operating expenses adjusted operating profit or 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, impairment
charge on long-lived assets, gain on disposal of long lived assets
and land use rights, provision for prepayments in relation to
inventory purchase commitments, and provision for reserve 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
RMB6.6459 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,
2016. 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 the results at 8:00 AM Eastern Daylight
Time on August 23, 2016, 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: 60248726
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
August 31, 2016 by dialing:
U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +1-646-254-3697
Passcode: 60248726
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 15 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:
Eric Pan
Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: ir@yingli.com
YINGLI GREEN
ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
|
|
As of December 31,
2015
|
As of March 31,
2016
|
As of June 30,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and restricted
cash
|
1,587,675
|
891,023
|
854,619
|
128,593
|
Accounts receivable,
net
|
2,922,479
|
2,727,938
|
3,073,205
|
462,421
|
Inventories
|
1,484,314
|
1,416,178
|
1,530,214
|
230,249
|
Prepayment to
suppliers
|
426,718
|
547,180
|
685,608
|
103,163
|
Prepaid expenses and
other current assets
|
1,982,196
|
2,079,488
|
1,886,520
|
283,862
|
Total current
assets
|
8,403,382
|
7,661,807
|
8,030,166
|
1,208,288
|
Long-term prepayment
to suppliers
|
555,520
|
514,866
|
374,260
|
56,314
|
Land, property, plant
and equipment, net
|
6,846,482
|
6,698,653
|
6,535,501
|
983,388
|
Project
assets
|
720,286
|
739,709
|
738,158
|
111,070
|
Land use
rights
|
411,732
|
409,662
|
407,320
|
61,289
|
Goodwill and
intangible assets, net
|
58,360
|
58,297
|
58,235
|
8,763
|
Investments in
affiliated companies
|
459,721
|
458,558
|
459,492
|
69,139
|
Other
assets
|
184,799
|
191,914
|
184,601
|
27,778
|
Total
assets
|
17,640,282
|
16,733,466
|
16,787,733
|
2,526,029
|
LIABILITIES AND
SHAREHOLDERS' EQUITY/(DEFICIT)
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term borrowings,
including current portion of medium-term notes and long-term
debt
|
9,124,183
|
8,710,505
|
8,922,803
|
1,342,603
|
Accounts
payable
|
3,960,458
|
3,466,642
|
3,111,889
|
468,242
|
Other current
liabilities and accrued expenses
|
2,576,076
|
2,521,983
|
2,745,695
|
413,141
|
Total current
liabilities
|
15,660,717
|
14,699,130
|
14,780,387
|
2,223,986
|
Long-term debt,
excluding current portion
|
2,405,898
|
2,349,616
|
2,571,848
|
386,983
|
Medium-term
notes
|
300,000
|
300,000
|
-
|
-
|
Accrued warranty
liability, excluding current portion
|
753,270
|
768,848
|
789,981
|
118,867
|
Other
liabilities
|
3,232,548
|
3,265,413
|
3,290,871
|
495,173
|
Total
liabilities
|
22,352,433
|
21,383,007
|
21,433,087
|
3,225,009
|
Shareholders'
deficit:
|
|
|
|
|
Ordinary
shares
|
13,791
|
13,791
|
13,791
|
2,075
|
Additional paid-in
capital
|
7,246,760
|
7,247,042
|
7,247,359
|
1,090,501
|
Accumulated other
comprehensive income
|
180,025
|
177,849
|
99,322
|
14,945
|
Treasury
stock
|
(127,331)
|
(127,331)
|
(127,331)
|
(19,159)
|
Accumulated
deficit
|
(13,252,929)
|
(13,173,362)
|
(13,101,537)
|
(1,971,371)
|
Total Yingli Green
Energy shareholders' deficit
|
(5,939,684)
|
(5,862,011)
|
(5,868,396)
|
(883,009)
|
Non-controlling
interests
|
1,227,533
|
1,212,470
|
1,223,042
|
184,029
|
Total
shareholders' deficit
|
(4,712,151)
|
(4,649,541)
|
(4,645,354)
|
(698,980)
|
Total liabilities
and shareholders' deficit
|
17,640,282
|
16,733,466
|
16,787,733
|
2,526,029
|
|
|
|
|
|
YINGLI GREEN
ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Comprehensive
Income
(In thousands, except for ordinary shares, per ordinary share and
per ADS data)
|
|
For the three
month ended
|
|
June 30,
2015
|
March 31,
2016
|
June 30,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
|
Sales of PV modules
|
2,403,693
|
1,833,474
|
2,123,262
|
319,484
|
Other revenues
|
312,408
|
517,576
|
400,794
|
60,307
|
Total net
revenues
|
2,716,101
|
2,351,050
|
2,524,056
|
379,791
|
Cost of
revenues:
|
|
|
|
|
Cost of PV modules sales
|
(2,213,431)
|
(1,472,018)
|
(1,739,232)
|
(261,700)
|
Cost of other revenues
|
(331,663)
|
(409,751)
|
(324,697)
|
(48,857)
|
Total cost of
revenues
|
(2,545,094)
|
(1,881,769)
|
(2,063,929)
|
(310,557)
|
Gross
profit
|
171,007
|
469,281
|
460,127
|
69,234
|
Selling expenses
|
(257,077)
|
(182,854)
|
(154,556)
|
(23,256)
|
General and administrative expenses
|
(140,100)
|
(85,550)
|
(70,512)
|
(10,609)
|
Research and development expenses
|
(90,585)
|
(21,030)
|
(42,183)
|
(6,347)
|
Disposal gain from long lived assets and land use right in
relation to Fine Silicon
|
138,441
|
-
|
-
|
-
|
(Provision for)/reversal of reserve for inventory purchase
commitments
|
-
|
6,598
|
(34,623)
|
(5,209)
|
Total operating
expenses
|
(349,321)
|
(282,836)
|
(301,874)
|
(45,421)
|
Income (loss) from
operations
|
(178,314)
|
186,445
|
158,253
|
23,813
|
Interest
expense
|
(242,145)
|
(176,131)
|
(158,568)
|
(23,860)
|
Interest
income
|
7,396
|
1,069
|
1,017
|
153
|
Foreign currency
exchange gain(loss)
|
(10,281)
|
55,491
|
26,954
|
4,056
|
Other
income(expenses)
|
30,220
|
12,536
|
51,716
|
7,782
|
Income (loss)
before income taxes
|
(393,124)
|
79,410
|
79,372
|
11,944
|
Income tax
expense
|
(232,593)
|
(13,935)
|
(1,120)
|
(168)
|
Net income
(loss)
|
(625,717)
|
65,475
|
78,252
|
11,776
|
Less : Loss(gain)
attributable to the non-controlling interests
|
27,591
|
14,092
|
(6,428)
|
(967)
|
Net income (loss)
attributable to Yingli Green Energy
|
(598,126)
|
79,567
|
71,824
|
10,809
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
Basic
|
181,763,770
|
181,763,770
|
181,763,770
|
181,763,770
|
Diluted
|
181,763,770
|
181,763,770
|
181,763,770
|
181,763,770
|
Income (loss) per
ordinary share
|
|
|
|
|
Basic
|
(3.29)
|
0.44
|
0.40
|
0.06
|
Diluted
|
(3.29)
|
0.44
|
0.40
|
0.06
|
Income (loss) per
ADS
|
|
|
|
|
Basic
|
(32.9)
|
4.4
|
4.0
|
0.6
|
Diluted
|
(32.9)
|
4.4
|
4.0
|
0.6
|
Net income
(loss)
|
(625,717)
|
65,475
|
78,252
|
11,776
|
Other
comprehensive income (loss)
|
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
4,879
|
(3,147)
|
(74,384)
|
(11,192)
|
Comprehensive
income (loss)
|
(620,838)
|
62,328
|
3,868
|
584
|
Less : Comprehensive
loss(income) attributable to the non-controlling
interest
|
27,989
|
15,063
|
(10,571)
|
(1,591)
|
Comprehensive
income (loss) attributable to Yingli Green Energy
|
(592,849)
|
77,391
|
(6,703)
|
(1,007)
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
For the three
month ended
|
|
June 30,
2015
|
March 31,
2016
|
June 30,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
Non-GAAP income
(loss)
|
(596,856)
|
73,251
|
106,763
|
16,066
|
Share-based
compensation
|
(1,270)
|
(282)
|
(318)
|
(48)
|
(Provision
for)/reversal of reserve for inventory purchase
commitments
|
-
|
6,598
|
(34,621)
|
(5,209)
|
Net income (loss)
attributable to Yingli Green Energy
|
(598,126)
|
79,567
|
71,824
|
10,809
|
Non-GAAP diluted
income (loss) per ordinary share
|
(3.28)
|
0.40
|
0.59
|
0.09
|
Reconciliation of
EBITDA measures to loss before income tax & minority interest
measures
|
Income (loss)
before income taxes and non-controlling interest
|
(393,124)
|
79,410
|
79,372
|
11,944
|
Interest
expense
|
242,145
|
176,131
|
158,568
|
23,860
|
Interest
income
|
(7,396)
|
(1,069)
|
(1,017)
|
(153)
|
Depreciation
|
353,141
|
224,381
|
229,671
|
34,558
|
Amortization for land
use rights and intangible assets
|
4,062
|
3,161
|
2,896
|
437
|
EBITDA
|
198,828
|
482,014
|
469,490
|
70,646
|
|
|
|
|
|
|
|
YINGLI GREEN
ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Comprehensive
Income
(In thousands, except for ordinary shares, per ordinary share and
per ADS data)
|
|
For the six month
ended
|
|
June 30,
2015
|
June 30,
2016
|
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
Sales of PV modules
|
5,085,987
|
3,956,736
|
595,365
|
Other revenues
|
535,870
|
918,370
|
138,186
|
Total net
revenues
|
5,621,857
|
4,875,106
|
733,551
|
Cost of
revenues:
|
|
|
|
Cost of PV modules sales
|
(4,497,874)
|
(3,211,250)
|
(483,193)
|
Cost of other revenues
|
(542,137)
|
(734,448)
|
(110,511)
|
Total cost of
revenues
|
(5,040,011)
|
(3,945,698)
|
(593,704)
|
Gross
profit
|
581,846
|
929,408
|
139,847
|
Selling expenses
|
(465,340)
|
(337,410)
|
(50,770)
|
General and administrative expenses
|
(275,015)
|
(156,062)
|
(23,482)
|
Research and development expenses
|
(224,643)
|
(63,213)
|
(9,512)
|
Disposal gain from long lived assets and land use right in
relation to Fine Silicon
|
138,441
|
-
|
-
|
Provision for reserve for inventory purchase commitments
|
-
|
(28,025)
|
(4,217)
|
Total operating
expenses
|
(826,557)
|
(584,710)
|
(87,981)
|
Income (loss) from
operations
|
(244,711)
|
344,698
|
51,866
|
Interest
expense
|
(478,965)
|
(334,699)
|
(50,362)
|
Interest
income
|
12,823
|
2,086
|
314
|
Foreign currency
exchange gain(loss)
|
(140,913)
|
82,445
|
12,405
|
Other
income(expenses)
|
66,361
|
64,252
|
9,668
|
Income (loss)
before income taxes
|
(785,405)
|
158,782
|
23,892
|
Income tax
expense
|
(233,093)
|
(15,055)
|
(2,265)
|
Net income
(loss)
|
(1,018,498)
|
143,727
|
21,626
|
Less : Loss
attributable to the non-controlling interests
|
57,200
|
7,664
|
1,153
|
Net income (loss)
attributable to Yingli Green Energy
|
(961,298)
|
151,391
|
22,780
|
Weighted average
ordinary shares outstanding
|
|
|
|
Basic
|
181,763,770
|
181,763,770
|
181,763,770
|
Diluted
|
181,763,770
|
181,763,770
|
181,763,770
|
Income (loss) per
ordinary share
|
|
|
|
Basic
|
(5.29)
|
0.83
|
0.13
|
Diluted
|
(5.29)
|
0.83
|
0.13
|
Income (loss) per
ADS
|
|
|
|
Basic
|
(52.9)
|
8.3
|
1.3
|
Diluted
|
(52.9)
|
8.3
|
1.3
|
Net income
(loss)
|
(1,018,498)
|
143,727
|
21,626
|
Other
comprehensive income (loss)
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
16,647
|
(77,531)
|
(11,666)
|
Cash flow hedging
derivatives, net of nil tax
|
431
|
|
|
Comprehensive
income (loss)
|
(1,001,420)
|
66,196
|
9,960
|
Less : Comprehensive
loss attributable to the non-controlling interest
|
56,621
|
4,492
|
676
|
Comprehensive
income (loss) attributable to Yingli Green Energy
|
(944,799)
|
70,688
|
10,636
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-second-quarter-2016-results-300316929.html
SOURCE Yingli Green Energy Holding Company Limited