BAODING, China, Sept. 19, 2017 /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,
2017.
Second Quarter 2017 Consolidated Financial and Operating
Summary
- Total net revenues were RMB3,173.6
million (US$468.1 million),
compared to RMB1,238.3 million in the
first quarter of 2017.
- Total photovoltaic ("PV") module shipments(1) were
1,146.6MW, compared to 370.9MW in the first quarter of 2017.
- Gross profit and gross margin were RMB53.5 million (US$7.9
million) and 1.7% respectively, compared to RMB61.5 million and 5.0% respectively in the
first quarter of 2017. Gross margin on sales of PV modules was
3.9%.
- Operating loss was RMB180.8
million (US$26.7 million),
compared to operating loss of RMB103.5
million in the first quarter of 2017.
- On a non-GAAP(2) basis, earnings before interest,
tax expenses, depreciation and amortization ("EBITDA") were
negative RMB27.4 million
(US$4.0 million), compared to
RMB100.9 million in the first quarter
of 2017.
- Net loss(3) and loss per American Depositary Share
(the "ADS", one ADS represents ten ordinary shares) were
RMB297.6 million (US$43.9 million) and RMB16.4 (US$2.4)
respectively, compared to RMB184.4
million and RMB10.1
respectively in the first quarter of 2017. On an adjusted non-GAAP
basis, adjusted net loss and adjusted loss per ADS were
RMB322.8 million (US$47.6 million) and RMB17.8 (US$2.6)
respectively, compared to RMB191.9
million and RMB10.6
respectively in the first quarter of 2017.
"Driven by the surging demand from China due to the expected feed-in-tariff
("FiT") reduction after June 30,
2017, the Company's PV module shipments reached a record
high of 1,146.6 MW in a single quarter in the second quarter of
2017, increasing by 209% over the
first quarter of 2017, and exceeded previous guidance," commented
Mr. Liansheng Miao, Chairman and
Chief Executive Officer of Yingli Green Energy.
"Geographically, shipments to China increased from 243MW in the first quarter of 2017 to
992MW and accounted for 86.5% of
our total PV module shipments in the second quarter of 2017, as a
result of successful cooperation with different types of customers.
For example, the Company completed the delivery of more than 200 MW
modules to a utility scale project in Hebei Province in the second quarter, which
was a great contribution to the increase in shipments. The Company
also enhanced its partnerships with distributors who focused on
distributed generation systems, which brought considerable and
relatively stable PV module shipments each month. The Company
expects the Top Runner program, PV Poverty Alleviation projects and
distributed generation projects in China will be the major driving forces for the
Company's PV module shipments in China in the second half of 2017. In other
markets, shipments to Europe,
Japan, and United States all increased compared to the
first quarter of 2017. In Japan,
the Company successfully completed the delivery of about half of
the 230MW modules ordered by the Japan's largest solar plant in the second
quarter."
"On the technology side, the Company started to utilize diamond
wire sawing technology in the second quarter of 2017 and plans to
increase its application in the second half of 2017. This
technology is expected to reduce unit production cost of PV modules
by about 5%. The Company also launched a PANDA Bifacial half-cell
module which could achieve over 300W of single-sided power output
and 335W of double-sided power output. In addition, the Company put
the Smart Hotspot Free and multi-crystalline black silicon modules
in mass production in the second quarter of 2017, which further
diversified the Company's product portfolio."
"Based on current market conditions, the Company's current
operating conditions, estimated production capacity and forecasted
customer demand, we expect the PV module shipments to be in the
range of 550 MW to 600 MW for the
third quarter of 2017, and we revise our shipments guidance for
full year of 2017 to 2.5 GW to 2.8 GW," Mr. Miao concluded.
(1) Total
PV module shipments include shipments to the Company's own
downstream PV projects. 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 its downstream PV
projects in the second quarter of 2017.
|
(2) All
non-GAAP measures other than EBITDA exclude, as applicable,
share-based compensation, 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.
|
Second Quarter 2017 Financial Results
Total Net Revenues
Total net revenues were RMB3,173.6
million (US$468.1 million),
compared to RMB1,238.3 million in the
first quarter of 2017 and RMB2,524.1
million in the second quarter of 2016. Total PV module
shipments were 1,146.6MW, compared to 370.9MW in the first quarter
of 2017 and 662.0MW in the second quarter of 2016.
The increase of total net revenues from the first quarter of
2017 to the second quarter of 2017 was mainly due to the increase
of PV module shipments from 370.9MW to 1,146.6MW. As PV projects
that became operational before June 30,
2017 are entitled to a higher feed-in tariff, the Company's
shipments to China surged from
243MW in the first quarter of 2017
to 992MW in the second quarter of
2017. The increase was partially offset by the decrease of
industry-wide average selling price of PV modules.
Gross Profit and Gross Margin
Gross profit was RMB53.5 million
(US$7.9 million) in the second
quarter of 2017, compared to RMB61.5
million in the first quarter of 2017 and RMB460.1 million in the second quarter of
2016.
Gross margin was 1.7% in the second quarter of 2017, compared to
5.0% in the first quarter of 2017 and 18.2% in the second quarter
of 2016. Gross margin on sales of PV modules was 3.9% in the second
quarter of 2017, compared to 8.8% in the first quarter of 2017 and
18.1% in the second quarter of 2016.
The decrease in gross profit and gross margin from the first
quarter of 2017 to the second quarter of 2017 was mainly due to the
decrease of average selling price of the Company's PV modules as a
result of the decrease of average selling price for PV module
worldwide as well as the decrease of shipments to Japan where the selling price of PV modules
were generally higher than other markets. The Company also made
additional inventory provisions as a result of continuous decrease
in average selling price of PV modules in the second quarter of
2017.
Operating Expenses
Operating expenses were RMB234.3
million (US$34.6 million),
compared to RMB165.1 million in the
first quarter of 2017 and RMB301.9
million in the second quarter of 2016. Operating expenses as
a percentage of net revenue was 7.4 % in the second quarter of
2017, compared to 13.3% in the first quarter of 2017 and 12.0% in
the second quarter of 2016.
The increase of operating expenses from the first quarter of
2017 to the second quarter of 2017 was mainly due to increase of
freight, warranty and other selling expenses as a result of
significant increase of PV module shipments, and bad debt
provision. The Company made bad debt provision of RMB14.4 million for doubtful accounts receivables
in the second quarter of 2017, while the Company recorded reversal
of bad debts provision of RMB14.9
million for doubtful accounts receivables in the first
quarter of 2017.
The increase was partially offset by the reversal of provision
for reserve for inventory purchase commitments due to foreign
exchange re-measurement. As a result of foreign exchange
re-measurement due to significant fluctuation in the foreign
exchange rate between the Renminbi and U.S. dollars, the Company
recorded a reversal of provision of RMB7.7
million in the first quarter of 2017, while in the second
quarter of 2017 the Company recorded such reversal of provision of
RMB25.4 million.
Operating Loss and Margin
Operating loss was RMB180.8
million (US$26.7 million) in
the second quarter of 2017, compared to operating loss of
RMB103.5 million in the first quarter
of 2017 and operating income of RMB158.3
million in the second quarter of 2016.
Operating margin was negative 5.7% in the second quarter of
2017, compared to negative 8.4% in the first quarter of 2017 and
6.3% in the second quarter of 2016.
EBITDA
On a non-GAAP basis, earnings before interest, tax expenses,
depreciation and amortization ("EBITDA") were negative RMB27.4 million (US$4.0
million), compared to RMB100.9
million in the first quarter of 2017 and RMB469.5 million in the second quarter of
2016.
Interest Expense
Interest expense was RMB165.3
million (US$24.4 million) in
the second quarter of 2017, compared to RMB156.5 million in the first quarter of 2017 and
RMB158.6 million in the second
quarter of 2016. The Company's average interest rate was 5.11% in
the second quarter of 2017, compared to 5.17% in the first quarter
of 2017 and 5.09% in the second quarter of 2016.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB5.9
million (US$0.9 million) in
the second quarter of 2017, compared to RMB29.9 million in the first quarter of 2017 and
RMB27.0 million in the second quarter
of 2016. The foreign currency exchange gain in the second quarter
of 2017 was mainly due to the depreciation of US dollar against
Renminbi because the Company had a net balance of financial
liabilities denominated in US dollar. Such gain was partially
offset by the depreciation of Japanese Yen against Renminbi because
the Company had a balance of net current assets denominated in
Japanese Yen.
Income Tax Benefit (Expense)
Income tax expense was RMB0.09
million (US$0.01 million) in
the second quarter of 2017, compared to RMB0.09 million in the first quarter of 2017 and
RMB1.1 million in the second quarter
of 2016.
Net Loss
Net loss was RMB297.6 million
(US$43.9 million) in the second
quarter of 2017, compared to net loss of RMB184.4 million in the first quarter of 2017 and
net income of RMB 71.8 million in the
second quarter of 2016. Loss per ADS was RMB16.4 (US$2.4) in
the second quarter of 2017, compared to loss per ADS of
RMB10.1 in the first quarter of 2017
and earnings per ADS of RMB4.0 in the
second quarter of 2016.
On an adjusted non-GAAP basis, adjusted net loss was
RMB322.8 million (US$47.6 million), compared to adjusted net loss
of RMB191.9 million in the first
quarter of 2017 and adjusted net income of RMB106.8 million in the second quarter of 2016;
adjusted loss per ADS was RMB17.8
(US$2.6) in the second quarter of
2017, compared to adjusted loss per ADS of RMB10.6 in the first quarter of 2017 and adjusted
earnings per ADS of RMB5.9 in the
second quarter of 2016.
Financial Position
As of June 30, 2017, the Company
had RMB658.2 million (US$97.1million) in cash and cash equivalents,
increased from RMB417.3 million as of
March 31, 2017, mainly due to the
increase of PV module shipments in the second quarter of 2017.
As of June 30, 2017, the Company
had RMB321.7 million (US$47.5 million) in restricted cash, decreased
from RMB374.3 million as of
March 31, 2017.
As of June 30, 2017, the Company's
accounts receivable had increased to RMB2,910.8 million (US$429.4 million) from RMB2,728.1 million as of March 31, 2017. Days sales outstanding were 83
days in the second quarter of 2017, decreased from 198 days in the
first quarter of 2017 mainly due to the significant increase of
total net revenues as a result of the increase of PV module
shipments in the second quarter of 2017.
As of June 30, 2017, the Company's
accounts payable had decreased to RMB2,408.6
million (US$355.3 million)
from RMB2,585.3 million as of
March 31, 2017. Days payable
outstanding were 69 days in the second quarter of 2017, decreased
from 198 days in the first quarter of 2017, primarily because the
Company settled certain long aging accounts payables in the second
quarter of 2017.
As of June 30, 2017, the Company's
inventory had decreased to RMB1,039.7
million (US$153.4 million)
from RMB1,552.7 million as of
March 31, 2017, which was mainly due
to the increase of PV module shipments in the second quarter of
2017. Inventory turnover days were 30 days in the second quarter of
2017, decreased from119 days in the first quarter of 2017.
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.
Updates on Repayment of Medium-Term Notes
As of the date of this press release, one of the Company's
subsidiaries, Tianwei Yingli, had medium-term notes, or MTNs, of
RMB1,757.0 million outstanding,
including RMB357.0 million of the
MTNs issued in 2010 (the "2010 MTNs"), which became due on
October 13, 2015, and RMB1.4 billion of the MTNs issued in 2011 (the
"2011 MTNs"), which became due on May 12,
2016. Tianwei Yingli is currently in payment default of the
2010 MTNs and 2011 MTNs. As previously announced by the Company,
one of the holders (the "Note Holder") of 2011 MTNs and 2010 MTNs
filed a lawsuit against Tianwei Yingli in a PRC court to recover
the amount due under such MTNs. The principal amount of the MTNs
held by the Note Holder is alleged to be RMB65.7 million, representing approximately 3.7%
of the total amount of the 2011 MTNs and 2010 MTNs that are still
outstanding. The Note Holder claimed that Tianwei Yingli should
repay principal, interest and overdue penalty on the MTNs for an
aggregate amount of RMB74.4 million
and bear costs relating to the lawsuit. Tianwei Yingli plans to
vigorously defend its rights in court while continuing to seek a
mutually beneficial solution out of court. Considering the amount
claimed by the Note Holder, the Company does not expect this
lawsuit to have any direct material impact on the Company's overall
operation. The Company notified all
holders of the MTNs of this lawsuit and held a meeting with
them to discuss the Company's debt
restructuring, strategic alternatives and financing plans. The
Company is not aware of any other legal proceedings initiated by
holders of the 2011 MTNs or the 2010 MTNs against the Company or
any of its subsidiaries.
Business Outlook for Third Quarter and Full Year 2017
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 550MW to 600MW for the third quarter of 2017. The
Company revises the shipments guidance for full year of 2017 from
2.1-2.2GW to 2.5-2.8GW.
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, 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. 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
RMB6.7793 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,
2017. 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
September 19, 2017, 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: +65 6713 5090
Passcode: 72132603
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 webcast On-Demand will be available
shortly after the call on Yingli Green Energy's website for 12
months.
A replay of the conference call will be available until
September 27, 2017 by dialing:
U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +61 2 8199 0299
Passcode: 72132603
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar", 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 20
regional subsidiaries and branch offices and has distributed more
than 18 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,
which may cause Yingli Green Energy's actual results, performance
or achievements to differ materially from those in the
forward-looking 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 June
30, 2016
|
As of March 31,
2017
|
As of June
30, 2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and restricted
cash
|
854,619
|
791,550
|
979,853
|
144,536
|
Accounts receivable,
net
|
3,073,205
|
2,728,090
|
2,910,839
|
429,372
|
Inventories
|
1,530,214
|
1,552,731
|
1,039,654
|
153,357
|
Prepayment to
suppliers
|
685,608
|
392,943
|
467,219
|
68,918
|
Prepaid expenses and
other current assets
|
1,886,520
|
1,336,392
|
1,248,561
|
184,173
|
Total current
assets
|
8,030,166
|
6,801,706
|
6,646,126
|
980,356
|
Long-term prepayment
to suppliers
|
374,260
|
315,800
|
284,627
|
41,985
|
Land, property, plant
and equipment, net
|
6,535,501
|
4,762,158
|
4,671,176
|
689,035
|
Project
assets
|
738,158
|
658,854
|
651,136
|
96,048
|
Land use
rights
|
407,320
|
400,360
|
398,252
|
58,745
|
Intangible assets,
net
|
58,235
|
58,047
|
57,985
|
8,553
|
Investments in
affiliated companies
|
459,492
|
354,810
|
355,751
|
52,476
|
Other
assets
|
184,601
|
165,497
|
163,610
|
24,135
|
Total
assets
|
16,787,733
|
13,517,232
|
13,228,663
|
1,951,333
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term borrowings,
including current portion of
medium-term notes and long-term debt
|
8,922,803
|
8,942,822
|
8,994,005
|
1,326,686
|
Accounts
payable
|
3,111,889
|
2,585,264
|
2,408,599
|
355,287
|
Other current
liabilities and accrued expenses
|
2,745,695
|
2,841,734
|
2,976,599
|
439,072
|
Total current
liabilities
|
14,780,387
|
14,369,820
|
14,379,203
|
2,121,045
|
Long-term debt,
excluding current portion
|
2,571,848
|
2,491,144
|
2,497,738
|
368,436
|
Accrued warranty
liability, excluding current portion
|
789,981
|
810,617
|
827,545
|
122,069
|
Other
liabilities
|
3,290,871
|
3,247,958
|
3,207,580
|
473,144
|
Total
liabilities
|
21,433,087
|
20,919,539
|
20,912,066
|
3,084,694
|
Shareholders'
deficit:
|
|
|
|
|
Ordinary
shares
|
13,791
|
13,791
|
13,791
|
2,034
|
Additional paid-in
capital
|
7,247,359
|
7,248,514
|
7,248,786
|
1,069,253
|
Accumulated other
comprehensive income (loss)
|
99,322
|
(52,652)
|
(5,343)
|
(787)
|
Treasury
stock
|
(127,331)
|
(127,331)
|
(127,331)
|
(18,782)
|
Accumulated
deficit
|
(13,101,537)
|
(15,612,873)
|
(15,910,478)
|
(2,346,920)
|
Total Yingli Green
Energy shareholders' deficit
|
(5,868,396)
|
(8,530,551)
|
(8,780,575)
|
(1,295,202)
|
Non-controlling
interests
|
1,223,042
|
1,128,244
|
1,097,172
|
161,841
|
Total
shareholders' deficit
|
(4,645,354)
|
(7,402,307)
|
(7,683,403)
|
(1,133,361)
|
Total liabilities
and shareholders' deficit
|
16,787,733
|
13,517,232
|
13,228,663
|
1,951,333
|
|
|
|
|
|
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,
2016
|
March 31,
2017
|
June 30,
2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
|
Sales of PV modules
|
2,123,262
|
1,030,312
|
2,948,075
|
434,864
|
Other revenues
|
400,794
|
207,946
|
225,513
|
33,265
|
Total net
revenues
|
2,524,056
|
1,238,258
|
3,173,588
|
468,129
|
Cost of
revenues:
|
|
|
|
|
Cost of PV modules sales
|
(1,739,232)
|
(940,033)
|
(2,833,278)
|
(417,931)
|
Cost of other revenues
|
(324,697)
|
(236,686)
|
(286,794)
|
(42,305)
|
Total cost of
revenues
|
(2,063,929)
|
(1,176,719)
|
(3,120,072)
|
(460,236)
|
Gross
profit
|
460,127
|
61,539
|
53,516
|
7,893
|
Selling expenses
|
(154,556)
|
(110,404)
|
(129,277)
|
(19,069)
|
General and administrative expenses
|
(70,512)
|
(31,826)
|
(85,280)
|
(12,580)
|
Research and development expenses
|
(42,183)
|
(30,506)
|
(45,220)
|
(6,670)
|
Reversal
of/(provision) for reserve for inventory purchase
commitments
|
(34,623)
|
7,678
|
25,436
|
3,752
|
Total operating
expenses
|
(301,874)
|
(165,058)
|
(234,341)
|
(34,567)
|
Income/(Loss) from
operations
|
158,253
|
(103,519)
|
(180,825)
|
(26,674)
|
Interest
expense
|
(158,568)
|
(156,464)
|
(165,344)
|
(24,390)
|
Interest
income
|
1,017
|
817
|
859
|
127
|
Foreign currency
exchange gain
|
26,954
|
29,855
|
5,918
|
873
|
Other
income
|
50,781
|
18,296
|
14,234
|
2,100
|
Income/(Loss)
before income taxes
|
78,437
|
(211,015)
|
(325,158)
|
(47,964)
|
Income tax
expenses
|
(1,120)
|
(94)
|
(87)
|
(13)
|
Equity in
income/(loss) of affiliates, net
|
935
|
(382)
|
338
|
50
|
Net income/
(loss)
|
78,252
|
(211,491)
|
(324,907)
|
(47,927)
|
Less : Loss/(gain)
attributable to the non-controlling interests
|
(6,428)
|
27,044
|
27,301
|
4,027
|
Net income/( loss)
attributable to Yingli Green Energy
|
71,824
|
(184,447)
|
(297,606)
|
(43,900)
|
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
|
0.40
|
(1.01)
|
(1.64)
|
(0.24)
|
Diluted
|
0.40
|
(1.01)
|
(1.64)
|
(0.24)
|
Earnings/(Loss) per
ADS
|
|
|
|
|
Basic
|
4.0
|
(10.1)
|
(16.4)
|
(2.4)
|
Diluted
|
4.0
|
(10.1)
|
(16.4)
|
(2.4)
|
Net
income/(loss)
|
78,252
|
(211,491)
|
(324,907)
|
(47,927)
|
Other
comprehensive income/(loss)
|
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil
tax
|
(74,384)
|
1,109
|
43,538
|
6,422
|
Comprehensive
income/(loss)
|
3,868
|
(210,382)
|
(281,369)
|
(41,505)
|
Less : Comprehensive
loss/(income) attributable to the non-controlling
interest
|
(10,571)
|
27,934
|
31,072
|
4,583
|
Comprehensive loss
attributable to Yingli Green Energy
|
(6,703)
|
(182,448)
|
(250,297)
|
(36,922)
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
For the three
month ended
|
|
June 30,
2016
|
March 31,
2017
|
June 30,
2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net income/(loss)
attributable to Yingli Green Energy
|
71,824
|
(184,447)
|
(297,606)
|
(43,900)
|
Share-based
compensation
|
(318)
|
(273)
|
(272)
|
(40)
|
Reversal
of/(provision) for reserve for inventory purchase
commitments
|
(34,623)
|
7,678
|
25,436
|
3,752
|
Non-GAAP
income/(loss)
|
106,765
|
(191,852)
|
(322,770)
|
(47,612)
|
Non-GAAP diluted
earnings/(loss) per share
|
0.59
|
(1.06)
|
(1.78)
|
(0.26)
|
Reconciliation of
EBITDA measures to loss before income tax & minority interest
measures
|
Income/(Loss)
before income taxes and non-controlling interest
|
79,372
|
(211,397)
|
(324,820)
|
(47,914)
|
Interest
expense
|
158,568
|
156,464
|
165,344
|
24,390
|
Interest
income
|
(1,017)
|
(817)
|
(859)
|
(127)
|
Depreciation
|
229,671
|
154,706
|
131,269
|
19,363
|
Amortization for land
use rights and intangible assets
|
2,896
|
1,961
|
1,659
|
245
|
EBITDA
|
469,490
|
100,917
|
(27,407)
|
(4,043)
|
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,
2016
|
June 30,
2017
|
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
Sales of PV modules
|
3,956,736
|
3,978,387
|
586,843
|
Other revenues
|
918,370
|
433,460
|
63,939
|
Total net
revenues
|
4,875,106
|
4,411,847
|
650,782
|
Cost of
revenues:
|
|
|
|
Cost of PV modules sales
|
(3,211,250)
|
(3,773,311)
|
(556,593)
|
Cost of other revenues
|
(734,448)
|
(523,481)
|
(77,218)
|
Total cost of
revenues
|
(3,945,698)
|
(4,296,792)
|
(633,811)
|
Gross
profit
|
929,408
|
115,055
|
16,971
|
Selling expenses
|
(337,410)
|
(239,680)
|
(35,355)
|
General and administrative expenses
|
(156,062)
|
(117,106)
|
(17,274)
|
Research and development expenses
|
(63,213)
|
(75,726)
|
(11,170)
|
Reversal of/(provision) for reserve for inventory purchase
commitments
|
(28,025)
|
33,114
|
4,885
|
Total operating
expenses
|
(584,710)
|
(399,398)
|
(58,914)
|
Income/(loss) from
operations
|
344,698
|
(284,343)
|
(41,943)
|
Interest
expense
|
(334,699)
|
(321,808)
|
(47,469)
|
Interest
income
|
2,086
|
1,676
|
247
|
Foreign currency
exchange gain
|
82,445
|
35,773
|
5,277
|
Other
income
|
64,400
|
32,530
|
4,798
|
Income/(loss)
before income taxes
|
158,930
|
(536,172)
|
(79,090)
|
Income tax
expense
|
(15,055)
|
(181)
|
(27)
|
Equity in income of
affiliates, net
|
(148)
|
(44)
|
(7)
|
Net
income/(loss)
|
143,727
|
(536,397)
|
(79,116)
|
Less : Loss
attributable to the non-controlling interests
|
7,664
|
54,345
|
8,016
|
Net income/(loss)
attributable to Yingli Green Energy
|
151,391
|
(482,052)
|
(71,100)
|
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
|
0.83
|
(2.65)
|
(0.39)
|
Diluted
|
0.83
|
(2.65)
|
(0.39)
|
Income/(loss) per
ADS
|
|
|
|
Basic
|
8.3
|
(26.5)
|
(3.9)
|
Diluted
|
8.3
|
(26.5)
|
(3.9)
|
Net
income/(loss)
|
143,727
|
(536,397)
|
(79,116)
|
Other
comprehensive income/(loss)
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
(77,531)
|
44,647
|
6,586
|
Comprehensive
income/(loss)
|
66,196
|
(491,750)
|
(72,530)
|
Less: Comprehensive
loss attributable to the non-controlling interest
|
4,492
|
59,006
|
8,704
|
Comprehensive
income/(loss) attributable to Yingli Green Energy
|
70,688
|
(432,744)
|
(63,826)
|
View original
content:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-second-quarter-2017-results-300521911.html
SOURCE Yingli Green Energy Holding Company Limited