BAODING, China, March 25, 2015 /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 and full year ended December 31, 2014.
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Fourth Quarter 2014 Consolidated Financial and
Operating Summary
- Total net revenues were RMB 3,446.5
million (US$ 555.5
million).
- Total PV module shipments (including shipments for PV systems)
were 939.2MW.
- Gross profit was RMB 578.7
million (US$ 93.3 million),
representing a gross margin of 16.8%.
- Operating loss was RMB 200.0
million (US$ 32.2 million),
representing negative 5.8% of operating margin .
- On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization (EBITDA) were RMB 108.3 million (US$
17.5 million).
- Net loss[1]was
RMB 550.0 million (US$ 88.7 million) and loss per ordinary share and
per American depositary share ("ADS") was RMB 3.03 (US$
0.49). On an adjusted non-GAAP[2]basis, net loss was RMB 535.1 million (US$
86.2 million) and loss per ordinary share and per ADS was
RMB 2.94 (US$
0.47).
Full Year 2014 Consolidated Financial and Operating
Summary
- Total net revenues were RMB 12,927.4
million (US$ 2,083.5
million).
- Total PV module shipments (including shipments for PV systems)
were 3,361.3 MW.
- Gross profit was RMB 2,238.2
million (US$ 360.7 million),
representing a gross margin of 17.3 %.
- Operating loss was RMB 215.2
million (US$ 34.7 million),
representing negative 1.7% of operating margin.
- On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization (EBITDA) were RMB 1,114.4 million (US$
246.1 million).
- Net loss[1] was
RMB1,299.8 million (US$ 209.5 million) and loss per ordinary share
and per American depositary share ("ADS") was RMB 7.49 (US$
1.21). On an adjusted non-GAAP basis, net loss was
RMB 1,260.6 million (US$ 203.2 million) and loss per ordinary share
and per ADS was RMB 7.26 (US$ 1.17)
[1] 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.
|
[2] 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.
|
"We are pleased to conclude another solid year in 2014, with
full year module shipments hitting a record high of 3.3 GW and full year gross margin increasing
to 17.3% from 10.9% in 2013, which was mainly attributable to our
continuous efforts to diversify our market presence, reduce
manufacturing cost and improve our profitability," commented Mr.
Liansheng Miao, Chairman and Chief
Executive Officer of Yingli Green Energy.
"In parallel with the sustainable evolution of solar industry in
2014, we continued to witness strong demand for Yingli Solar modules from China, Japan,
the United States, the
Europe and other new emerging
markets. With favourable governmental policies in place,
China market accelerated in the
second half of 2014 and accounted for approximately 37% of our
total shipments for the full year. In Japan, our shipments nearly tripled with a
more than 50% increase in the number of customers. In the United States, we had a solid year
notwithstanding the uncertainty brought by the new trade case. In
Europe, we continued to play an
important role while navigating the complexities of the undertaking
agreement. In addition, we continued to expand in new emerging
markets with total shipments to these markets increased 90% year
over year to 490 MW. Given our strong brand recognition and
high-quality PV modules and services, we became the sole solar
panel supplier for the largest solar power projects in Malaysia, Bolivia and Honduras."
"We were also on track to meet our guidelines for downstream
business. In 2014, we shipped 261 MW of PV modules to our own
downstream power plants in China."
"Looking ahead, we believe that the global PV market will
continue to grow in 2015, especially after the National Energy
Administration of China released
the official solar installation target for 2015 of 17.8GW in
March 2015. We're encouraged by the
good news and well positioned to seize this great opportunity," Mr.
Miao concluded.
Fourth Quarter 2014 Financial Results
Total Net Revenues
Total net revenues were RMB 3,446.5
million (US$ 555.5 million) in
the fourth quarter of 2014, compared to RMB
3,385.2 million in the third quarter of 2014 and
RMB 3,711.1 million in the fourth
quarter of 2013. Total PV module shipments were 939.2 MW in the
fourth quarter of 2014 (including 73.7 [3] MW shipments for PV systems used
for the Company's own downstream power plants in China), well in line with the Company's
previous guidance and slightly increased from 903.4 MW in the third
quarter of 2014.
Gross Profit and Gross Margin
Gross profit was RMB 578.7 million
(US$ 93.3 million) in the fourth
quarter of 2014, compared to RMB 706.1
million in the third quarter of 2014 and RMB 451.7 million in the fourth quarter of
2013.
Gross margin was 16.8% in the fourth quarter of 2014, well in
line with the Company's previous guidance and compared to 20.9% in
the third quarter of 2014 and 12.2% in the fourth quarter of 2013.
The decrease of gross margin in the fourth quarter from the third
quarter of 2014 was primarily due to the lower average selling
price ("ASP") of PV modules with more sales to China market and depreciation of
Euro and Japanese Yen against Renminbi, and partially offset by
reduction of overall manufacturing cost of PV module.
Operating Expenses
Operating expenses were RMB 778.7
million (US$ 125.5 million) in
the fourth quarter of 2014, compared to RMB
506.4 million in the third quarter of 2014 and RMB 1,045.9 million in the fourth quarter of
2013. The increase of operating expenses from the third quarter to
the fourth quarter of 2014 was mainly due to the increased research
and development expense relating to technology innovations, the
increased selling expense in line with the increased PV module
shipments and a provision for bad debts of RMB 90.5 million relating to the long-term
overdue receivable account of several customers in this
quarter.
Operating expenses as a percentage of total net revenues was
22.6% in the fourth quarter of 2014, compared to 15.0% in the third
quarter of 2014 and 28.2% in the fourth quarter of 2013.
Operating Loss and Margin
Operating loss was RMB 200.0
million (US$ 32.2 million) in
the fourth quarter of 2014, compared to operating income of
RMB 199.7 million in the third
quarter of 2014 and operating loss of RMB
594.2 million in the fourth quarter of 2013.
Operating margin was negative 5.8% in the fourth quarter of
2014, compared to 5.9% in the third quarter of 2014 and negative
16.0% in the fourth quarter of 2013.
EBITDA
On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization (EBITDA) were RMB 108.3 million (US$
17.5 million) in the fourth quarter of 2014, compared to
RMB 495.7 million in the third
quarter of 2014 and negative RMB 129.0
million in the fourth quarter of 2013.
Interest Expense
Interest expense was RMB 268.4
million (US$ 43.3 million) in
the fourth quarter of 2014, compared to RMB
263.1 million in the third quarter of 2014 and RMB 256.5million in the fourth quarter of 2013.
As of December 31, 2014, the Company
had an aggregate of RMB 14.3 billion
(US$ 2.3 billion) of borrowings and
medium-term notes outstanding, which decreased from RMB 14.5 billion as of September 30, 2014 and RMB
14.7 billion as of December 31,
2013. The weighted average interest rate was 6.81% in the
fourth quarter of 2014, compared to 6.31% in the third quarter of
2014 and 6.33% in the fourth quarter of 2013.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB
120.4 million (US$ 19.4
million) in the fourth quarter of 2014, compared to foreign
currency exchange loss of RMB 112.0
million in the third quarter of 2014 and foreign currency
exchange gain of RMB 12.3 million in
the fourth quarter of 2013. The foreign currency exchange loss was
mainly due to the depreciation of the Euro and Japanese Yen against
Renminbi in this quarter, and the Company had significant balance
of net current assets which are denominated in Euro and Japanese
Yen.
Income Tax Expense
Income tax expense was RMB 88.1
million (US$ 14.2 million) in
the fourth quarter of 2014, compared to income tax expense of
RMB 19.0 million in the third quarter
of 2014 and RMB 2.4 million in the
fourth quarter of 2013. During the financial statement close
process for the year ended December 31,
2014, the Company identified a prior period error totalling
approximately RMB 64 million, which
was corrected and recorded as an income tax expenses within the
Consolidated Statement of Operations for the three months ended
December 31, 2014 and year ended
December 31, 2014. The adjustment
mainly represents a cumulative adjustment to the tax payable to
reflect the tax expenses incurred but not timely recorded in the
Consolidated Statement of Operations before 2014. The Company does
not believe that this adjustment was material to the consolidated
financial statements for any prior period. The Company also does
not believe this adjustment is material to the 2014 results.
Net Loss
Net loss was RMB 550.0 million
(US$ 88.7 million) in the fourth
quarter of 2014, compared to RMB 122.8
million in the third quarter of 2014 and RMB 776.2 million in the fourth quarter of 2013.
Loss per ordinary share and per ADS was RMB
3.03 (US$ 0.49), compared to
RMB 0.68 in the third quarter of 2014
and RMB 4.95 in the fourth quarter of
2013.
On an adjusted non-GAAP basis, net loss was RMB 535.1 million (US$
86.2 million) in the fourth quarter of 2014, compared to
RMB 112.0 million in the third
quarter of 2014 and RMB 289.9 million
in the fourth quarter of 2013. Adjusted non-GAAP loss per ordinary
share and per ADS was RMB 2.94
(US$ 0.47) in the fourth quarter of
2014, compared to RMB 0.62 in the
third quarter of 2014 and RMB 1.85 in
the fourth quarter of 2013.
Balance Sheet Analysis
As of December 31, 2014, the
Company had RMB 1,069.1 million
(US$ 172.3 million) in cash and cash
equivalents, compared to RMB 768.4
million as of September 30,
2014.
As of December 31, 2014, the
Company had RMB 1,332.4 million
(US$ 214.7 million) in restricted
cash, compared to RMB 1,417.4 million
as of September 30, 2014.
As a result of the Company's continued focus on account
receivables management in the domestic market, as of December 31, 2014, accounts receivable decreased
to RMB 4,334.0 million (US$ 698.5 million) from RMB 5,317.9 million as of September 30, 2014. Days sales outstanding were
113 days in the fourth quarter of 2014, improved from 141 days in
the third quarter of 2014.
As a result of the Company's efforts to speed up inventory
turnover, as of December 31, 2014,
inventory significantly decreased to RMB
2,099.1 million (US$ 338.3
million) from RMB 2,719.4
million as of September 30,
2014. Inventory turnover days were 66 days in the fourth
quarter of 2014, decreased from 91 days in the third quarter of
2014.
As of December 31, 2014, accounts
payable were RMB 5,238.0 million
(US$ 844.2 million), compared to
RMB 5,451.3 million as of
September 30, 2014. Days payable
outstanding were 164 days in the fourth quarter of 2014, decreased
from 183 days in the third quarter of 2014.
As of the date of this press release, the Company had
approximately RMB 3,422.8 million in unutilized short-term
lines of credit and approximately RMB
3,389.5 million committed long-term facility that can be
drawn down in the near future. The Company is exploring various
financing options, including utilizing credit facilities from local
banks and other financial institutions, the renewal and rollover of
short-term borrowings and other financing alternatives to support
its medium-term notes payment obligations in 2015. Such other
financing alternatives may include, among others, debt
restructuring, liquidating land use rights held by a subsidiary of
the Company for land no longer in use by the Company, and
introducing strategic investors.
Full Year 2014 Financial Results
Total Net Revenues
Total net revenues in 2014 were RMB
12,927.4 million (US$ 2,083.5
million), compared to RMB 13,418.1
million in 2013. Total PV module shipments (including
260.6 [3] MW
shipments for PV systems used for the Company's own downstream
power plants in China) in 2014
were 3,361.3 MW, compared to 3,234.3 MW in 2013 (there were no
shipments for PV systems used for the Company's own downstream
power plants in China). The
decrease in total net revenues year-over-year was mainly due to a
decline in revenues from sale of PV systems recognized in 2014.
Gross Profit and Gross Margin
Gross profit and gross margin in 2014 were RMB 2,238.2 million (US$
360.7 million) and 17.3%, significantly improved from
RMB 1,458.9 million and 10.9% in
2013, respectively. The significant increase of both gross profit
and gross margin were primarily due to the decreased cost of PV
module as a result of the Company's continuous efforts on cost
reduction through all processes of PV module manufacturing.
Operating Expenses
Operating expenses in 2014 were RMB
2,453.4 million (US$ 395.4
million), compared to RMB 2,577.2
million in 2013. In 2013, the Company recognized a provision
of RMB 480.2 million on its inventory
purchase commitment under long-term polysilicon supply contracts.
Excluding this provision, the year over year increase of operating
expenses was mainly due to the increased research and development
expense relating to technology innovations.
[3] Revenues were not
recognized for internal shipments as required by U.S.
GAAP.
|
Operating expenses as a percentage of total net revenues was
19.0% in 2014, compared to 19.2% in 2013.
EBITDA
On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization (EBITDA) were RMB 1,114.4 million (US$
179.6 million) in 2014, compared to RMB 246.1 million in 2013.
Interest Expense
Interest expense in 2014 was RMB 1,015.9
million (US$ 163.7 million),
compared to RMB 971.6 million in
2013. The slight increase in interest expense in 2014 was mainly a
result of the increased weighted average interest rate, which was
partially offset by the Company's efforts on optimizing its debt
structure. As of December 31, 2014,
the Company had an aggregate of RMB 14.3
billion (US$ 2.3 billion) of
borrowings and medium-term notes outstanding, compared to
RMB 14.7 billion as of December 31, 2013. The weighted average interest
rate for the Company's borrowings in 2014 was 6.44 %, which
slightly increased from 6.31% in 2013.
Foreign Currency Exchange Loss
Foreign currency exchange loss was RMB
243.4 million (US$ 39.2
million) in 2014, compared to RMB
32.2 million in 2013. The extended foreign currency exchange
loss was mainly due to the depreciation of the Euro and Japanese
Yen against the Renminbi in 2014, and the Company had significant
balance of net current assets denominated in Euro and Japanese
Yen.
Income Tax Expense
Income tax expense was RMB 89.7
million (US$ 14.5 million) in
2014, compared to income tax expense of RMB
31.0 million in 2013.
Net Loss
Net loss was RMB 1,299.8 million
(US$ 209.5 million) and loss per
ordinary share and per ADS was RMB
7.49 (US$ 1.21) in 2014,
compared to net loss of RMB 1,944.4
million and loss per ordinary share and per ADS of
RMB 12.41 in 2013. On an adjusted
non-GAAP basis, net loss was RMB 1,260.6
million (US$ 203.2 million)
and loss per ordinary share and per ADS was RMB 7.26 (US$ 1.17)
in 2014, compared to net loss of RMB 1,440.1
million and loss per ordinary share and per ADS of
RMB 9.19 in 2013.
Downstream Development in 2014 and 2015
Currently, the Company has over 1.6 GW of PV projects pipeline
at different approval stages across a dozen of provinces in
China. In the fourth quarter of
2014, the Company shipped 73.7 MW of PV modules to its own PV
projects in China, which made the
total shipments to its own PV projects reaching 260.6 MW for the
full year of 2014.
The Company expects the global PV demand continues to show
healthy growth in 2015. With the acceleration of solar project
development globally, the Company now expects to ship 400-600 MW of
PV modules to its own downstream PV projects in 2015. Based on the
project construction schedule, the Company expects 400-600 MW of
its own downstream PV projects will be connected to the grid by the
end of 2015.
Business Outlook for Full Year 2015
Based on current market and operating conditions, estimated
production capacity and forecasted customer demand, the Company
expects its PV module shipment target to be in the estimated range
of 3.6 GW to 3.9 GW (including 400 to 600 MW shipment to the
Company's own downstream power
plants) for fiscal year 2015, which represents an increase
of 7.1% to 16.0% compared to fiscal year 2014.
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 analyse
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
RMB 6.2046 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
December 31, 2014. No representation
is intended to imply that the 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.
Conference Call
Yingli Green Energy will host a conference call and live webcast
to discuss the results at 8:00 AM Eastern
Standard Time (EST) on March 25,
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: 99022002
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
March 31, 2015 by dialing:
-- U.S. Toll Free Number: +1-855-452-5696
-- International Dial-in Number:
+1-646-254-3697
-- Passcode: 99022002
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE),
known as "Yingli Solar," is one of
the world's leading solar panel manufacturers. Yingli Green
Energy's manufacturing covers the photovoltaic value chain
from ingot casting and wafering through solar cell production and
solar panel assembly. Headquartered in
Baoding, China, Yingli Green Energy has more than 30
regional subsidiaries and branch offices and has distributed more
than 10 GW of 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:
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)
|
|
|
December 31, 2013
|
|
December 31,
2014
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and restricted
cash
|
|
2,797,808
|
|
2,401,458
|
|
387,045
|
Accounts receivable,
net
|
|
4,672,561
|
|
4,334,023
|
|
698,518
|
Inventories
|
|
2,164,902
|
|
2,099,082
|
|
338,311
|
Prepayments to
suppliers
|
|
640,597
|
|
926,165
|
|
149,271
|
Prepaid expenses and
other current assets
|
|
1,080,660
|
|
1,563,569
|
|
252,002
|
Total current
assets
|
|
11,356,528
|
|
11,324,297
|
|
1,825,147
|
|
|
|
|
|
|
|
Long-term prepayments
to suppliers
|
|
884,562
|
|
721,651
|
|
116,309
|
Property, plant and
equipment, net
|
|
13,484,122
|
|
12,105,556
|
|
1,951,062
|
Project
assets
|
|
-
|
|
1,369,662
|
|
220,749
|
Land use
rights
|
|
702,858
|
|
603,514
|
|
97,269
|
Intangible
assets
|
|
58,936
|
|
58,610
|
|
9,446
|
Investment in and
advances to affiliates
|
|
216,312
|
|
453,042
|
|
73,017
|
Other
assets
|
|
746,226
|
|
501,859
|
|
80,884
|
Total
assets
|
|
27,449,544
|
|
27,138,191
|
|
4,373,883
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term borrowings,
including current portion of
long-term debt
|
|
6,715,877
|
|
9,714,724
|
|
1,565,729
|
Accounts
payable
|
|
5,639,756
|
|
5,237,989
|
|
844,211
|
Other current
liabilities and accrued expenses
|
|
1,946,919
|
|
3,124,013
|
|
503,499
|
Total current
liabilities
|
|
14,302,552
|
|
18,076,726
|
|
2,913,439
|
|
|
|
|
|
|
|
Long-term debt,
excluding current portion
|
|
4,108,283
|
|
2,858,153
|
|
460,651
|
Medium-term
notes
|
|
3,914,656
|
|
1,713,308
|
|
276,135
|
Accrued warranty
cost, excluding current portion
|
|
626,314
|
|
707,525
|
|
114,032
|
Other
liabilities
|
|
2,370,674
|
|
2,480,798
|
|
399,832
|
Total
liabilities
|
|
25,322,479
|
|
25,836,510
|
|
4,164,089
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Ordinary
shares
|
|
12,252
|
|
13,791
|
|
2,223
|
Additional paid-in
capital
|
|
6,684,145
|
|
7,234,810
|
|
1,166,040
|
Treasury
stock
|
|
(127,331)
|
|
(127,331)
|
|
(20,522)
|
Accumulated other
comprehensive income
|
|
289,889
|
|
312,110
|
|
50,303
|
Accumulated
deficit
|
|
(6,350,935)
|
|
(7,650,744)
|
|
(1,233,076)
|
Total equity
/(deficit) attributable to Yingli Green
Energy
|
|
508,020
|
|
(217,364)
|
|
(35,032)
|
Non controlling
interests
|
|
1,619,045
|
|
1,519,045
|
|
244,826
|
Total
shareholders' equity
|
|
2,127,065
|
|
1,301,681
|
|
209,794
|
Total liabilities
and shareholders' equity
|
|
27,449,544
|
|
27,138,191
|
|
4,373,883
|
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
|
|
|
December 31,
2013
|
|
September 30,
2014
|
|
December
31,
2014
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Sales of PV
modules
|
|
3,571,729
|
|
3,180,848
|
|
3,208,441
|
|
517,107
|
Sales of PV
systems
|
|
64,983
|
|
25,987
|
|
55,221
|
|
8,900
|
Other
revenues
|
|
74,382
|
|
178,371
|
|
182,849
|
|
29,470
|
Total net
revenues
|
|
3,711,094
|
|
3,385,206
|
|
3,446,511
|
|
555,477
|
Cost of
revenues:
|
|
|
|
|
|
|
Cost of PV modules
sales
|
|
(3,104,828)
|
|
(2,526,021)
|
|
(2,688,151)
|
|
(433,251)
|
Cost of PV systems
sales
|
|
(77,677)
|
|
(21,628)
|
|
(42,302)
|
|
(6,818)
|
Cost of other
revenues
|
|
(76,878)
|
|
(131,457)
|
|
(137,325)
|
|
(22,133)
|
Total cost of
revenues
|
|
(3,259,383)
|
|
(2,679,106)
|
|
(2,867,778)
|
|
(462,202)
|
Gross profit
(loss)
|
|
451,711
|
|
706,100
|
|
578,733
|
|
93,275
|
Selling
expenses
|
|
(272,866)
|
|
(281,893)
|
|
(303,123)
|
|
(48,855)
|
General and
administrative expenses
|
|
(183,397)
|
|
(119,694)
|
|
(264,038)
|
|
(42,555)
|
Research and
development expenses
|
|
(109,427)
|
|
(104,803)
|
|
(211,579)
|
|
(34,100)
|
Provision for
inventory purchase commitments
|
|
(480,182)
|
|
-
|
|
-
|
|
-
|
Total operating expenses
|
|
(1,045,872)
|
|
(506,390)
|
|
(778,740)
|
|
(125,510)
|
Income (Loss) from operations
|
|
(594,161)
|
|
199,710
|
|
(200,007)
|
|
(32,235)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(256,478)
|
|
(263,082)
|
|
(268,399)
|
|
(43,258)
|
Interest
income
|
|
16,812
|
|
8,786
|
|
14,065
|
|
2,267
|
Foreign currency
exchange gains (losses)
|
|
12,329
|
|
(111,983)
|
|
(120,446)
|
|
(19,412)
|
Other
income
|
|
17,542
|
|
47,451
|
|
53,834
|
|
8,676
|
Loss before income
taxes
|
|
(803,956)
|
|
(119,118)
|
|
(520,953)
|
|
(83,962)
|
Income tax
expense
|
|
(2,393)
|
|
(18,968)
|
|
(88,119)
|
|
(14,202)
|
Net
loss
|
|
(806,349)
|
|
(138,086)
|
|
(609,072)
|
|
(98,164)
|
Less: Loss attributable to the non controlling
interests
|
|
30,140
|
|
15,239
|
|
59,026
|
|
9,513
|
Net loss
attributable to Yingli Green Energy
|
|
(776,209)
|
|
(122,847)
|
|
(550,046)
|
|
(88,651)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares and ADSs outstanding
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
156,722,968
|
|
181,763,770
|
|
181,763,770
|
|
181,763,770
|
|
|
|
|
|
|
|
|
|
Loss per share and
per ADS
|
|
|
|
|
|
|
|
Basic and
diluted
|
(4.95)
|
|
(0.68)
|
|
(3.03)
|
|
(0. 49)
|
|
|
|
|
|
|
|
|
Net loss
|
(806,349)
|
|
(138,086)
|
|
(609,072)
|
|
(98,164)
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
Foreign currency
exchange translation adjustment, net of nil
tax
|
9,022
|
|
17,174
|
|
19,750
|
|
3,183
|
Cash flow hedging
derivatives, net of nil tax
|
(842)
|
|
7,423
|
|
(3,007)
|
|
(485)
|
Comprehensive
loss
|
(798,169)
|
|
(113,489)
|
|
(592,329)
|
|
(95,466)
|
Less: Comprehensive
loss attributable to the non controlling
interest
|
33,049
|
|
15,246
|
|
63,518
|
|
10,237
|
Comprehensive loss
attributable to Yingli Green Energy
|
(765,120)
|
|
(98,243)
|
|
(528,811)
|
|
(85,229)
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
Three months
ended
|
|
December 31, 2013
|
|
September 30, 2014
|
|
December 31,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Non-GAAP loss
attributable to Yingli Green
Energy
|
(289,858)
|
|
(112,002)
|
|
(535,069)
|
|
(86,237)
|
Share-based compensation
|
(5,242)
|
|
(10,845)
|
|
(10,769)
|
|
(1,736)
|
Amortization of intangible assets
|
(898)
|
|
-
|
|
|
|
|
Inventory provision
|
|
|
-
|
|
(4,208)
|
|
(678)
|
Provision for
inventory purchase commitments
|
(480,182)
|
|
-
|
|
|
|
|
Interest expenses
consisting of changes in
fair value of the interest rate swap and the
amortization of the debt discount
|
(29)
|
|
-
|
|
|
|
|
Net loss
attributable to Yingli Green
Energy
|
(776,209)
|
|
(122,847)
|
|
(550,046)
|
|
(88,651)
|
Non-GAAP diluted loss
per share and per ADS
|
(1.85)
|
|
(0.62)
|
|
(2.94)
|
|
(0.47)
|
Diluted loss per
share and per ADS
|
(4.95)
|
|
(0.68)
|
|
(3.03)
|
|
(0.49)
|
Reconciliation of
EBITDA measures to income before income tax & minority interest
measures
|
|
|
Three months
ended
|
|
|
|
December 31, 2013
|
|
September 30, 2014
|
|
December 31,
2014
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Income before
income taxes and minority interest
|
|
(803,956)
|
|
(119,118)
|
|
(520,953)
|
|
(83,962)
|
|
Interest expense
|
|
256,478
|
|
263,082
|
|
268,399
|
|
43,258
|
|
Depreciation
|
|
412,109
|
|
346,333
|
|
355,576
|
|
57,308
|
|
Amortization for land
use rights and intangible assets
|
|
6,397
|
|
5,432
|
|
5,253
|
|
847
|
|
EBITDA
|
|
(128,972)
|
|
495,729
|
|
108,275
|
|
17,451
|
|
YINGLI GREEN
ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
Unaudited
Condensed Consolidated Statements of
Operations
(In thousands,
except for share, ADS, per share and per ADS data)
|
|
|
Year Ended December
31,
|
|
|
2013
|
|
2014
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
Sales of PV
modules
|
|
12,510,809
|
|
12,179,474
|
|
1,962,975
|
Sales of PV
systems
|
|
408,630
|
|
161,035
|
|
25,954
|
Other
revenues
|
|
498,654
|
|
586,868
|
|
94,586
|
Total net
revenues
|
|
13,418,093
|
|
12,927,377
|
|
2,083,515
|
Cost of
revenues:
|
|
|
|
|
|
|
Cost of PV modules
sales
|
|
(11,078,733)
|
|
(10,050,844)
|
|
(1,619,902)
|
Cost of PV systems
sales
|
|
(374,350)
|
|
(137,396)
|
|
(22,144)
|
Cost of other
revenues
|
|
(506,156)
|
|
(500,892)
|
|
(80,729)
|
Total cost of
revenues
|
|
(11,959,239)
|
|
(10,689,132)
|
|
(1,722,775)
|
Gross
profit
|
|
1,458,854
|
|
2,238,245
|
|
360,740
|
Selling
expenses
|
|
(1,064,263)
|
|
(1,095,145)
|
|
(176,505)
|
General and
administrative expenses
|
|
(744,233)
|
|
(784,502)
|
|
(126,439)
|
Research and
development expenses
|
|
(288,558)
|
|
(573,792)
|
|
(92,478)
|
Provision for
inventory purchasecommitments
|
|
(480,182)
|
|
0
|
|
0
|
Total operating
expenses
|
|
(2,577,236)
|
|
(2,453,439)
|
|
(395,422)
|
Loss from operations
|
|
(1,118,382)
|
|
(215,194)
|
|
(34,682)
|
Other income
(expense):
|
|
|
|
|
|
|
Interest
expense
|
|
(971,597)
|
|
(1,015,871)
|
|
(163,729)
|
Interest
income
|
|
31,372
|
|
35,026
|
|
5,645
|
Foreign currency
exchange losses
|
|
(32,230)
|
|
(243,386)
|
|
(39,227)
|
Other
income
|
|
66,965
|
|
127,813
|
|
20,600
|
Loss before income
taxes
|
|
(2,023,872)
|
|
(1,311,612)
|
|
(211,393)
|
Income tax
expense
|
|
(31,024)
|
|
(89,723)
|
|
(14,461)
|
Net
loss
|
|
(2,054,896)
|
|
(1,401,335)
|
|
(225,854)
|
Less: Loss
attributable to the non-controlling
interests
|
|
110,473
|
|
101,526
|
|
16,363
|
Net loss
attributable to Yingli Green
Energy
|
|
(1,944,425)
|
|
(1,299,809)
|
|
(209,491)
|
Weighted average
shares and ADSs
outstanding
|
|
|
|
|
|
|
Basic and
diluted
|
|
156,619,791
|
|
173,613,085
|
|
173,613,085
|
|
|
|
|
|
|
|
Loss per share and
per ADS
|
|
|
|
|
|
Basic and
diluted
|
|
(12.41)
|
|
(7.49)
|
|
(1.21)
|
|
|
|
|
|
|
|
Net
loss
|
|
(2,054,896)
|
|
(1,401,335)
|
|
(225,854)
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
Foreign currency
exchange translation adjustment, net of nil
tax
|
|
49,089
|
|
23,040
|
|
3,713
|
Cash flow hedging
derivatives, net of nil tax
|
|
(1,070)
|
|
(273)
|
|
(44)
|
Comprehensive
loss
|
|
(2,006,877)
|
|
(1,378,568)
|
|
(222,185)
|
Less: Comprehensive
loss attributable to the
non
controlling interest
|
|
114,958
|
|
100,980
|
|
16,275
|
Comprehensive loss
attributable to Yingli
Green Energy
|
|
(1,891,919)
|
|
(1,277,588)
|
|
(205,910)
|
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
|
|
|
|
|
Year Ended December
31, 2014
|
|
|
2013
|
|
2014
|
|
|
RMB
|
|
RMB
|
|
US$
|
Non-GAAP loss
attributable to Yingli Green Energy
|
|
(1,440,059)
|
|
(1,260,588)
|
|
(203,170)
|
Share-based
compensation
|
|
(15,884)
|
|
(34,932)
|
|
(5,630)
|
Amortization of
intangible assets
|
|
(3,237)
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
inventory purchase commitments
|
|
(480,182)
|
|
|
|
|
Inventory
provision
|
|
(4,958)
|
|
(4,208)
|
|
(678)
|
Non-cash interest
expenses consisting of
changes in fair value of the interest
rate
swap and the amortization of the debt
discount
|
|
(103)
|
|
(81)
|
|
(13)
|
Net loss
attributable to Yingli Green Energy
|
|
(1,944,423)
|
|
(1,299,809)
|
|
(209,491)
|
Non-GAAP diluted loss
per share and per ADS
|
|
(9.19)
|
|
(7.26)
|
|
(1.17)
|
Diluted loss per
share and per ADS
|
|
(12.41)
|
|
(7.49)
|
|
(1.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA measures to income before income tax & minority interest
measures
|
|
|
Year Ended December
31, 2014
|
|
|
|
2013
|
|
2014
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Income before
income taxes and minority
interest
|
|
(2,023,872)
|
|
(1,311,612)
|
|
(211,393)
|
|
Interest expense
|
|
971,597
|
|
1,015,871
|
|
163,729
|
|
Depreciation
|
|
1,279,321
|
|
1,388,283
|
|
223,750
|
|
Amortization for land
use rights and intangible assets
|
|
19,058
|
|
21,842
|
|
3,520
|
|
EBITDA
|
|
246,104
|
|
1,114,384
|
|
179,606
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-fourth-quarter-and-full-year-2014-results-300055710.html
SOURCE Yingli Green Energy Holding Company Limited