BAODING, China, June 5, 2015 /PRNewswire/ -- Yingli Green Energy
Holding Company Limited ("Yingli Green Energy" or the "Company")
(NYSE:YGE), one of the world's leading solar panel manufacturers,
known as "Yingli Solar" or "Yingli",
today announced its unaudited consolidated financial results for
the quarter ended March 31, 2015.
First Quarter 2015 Consolidated Financial and Operating
Summary
- Total net revenues were RMB2,905.8
million (US$468.7
million).
- Total photovoltaic ("PV") module shipments (including shipments
for PV systems to the Company's own downstream PV projects[1]) were
754.2MW.
- Gross profit was RMB410.8 million
(US$66.3 million), representing a
gross margin of 14.1%. The gross margin on sales of PV modules was
14.8%.
- Operating loss was RMB66.4
million (US$10.7 million),
representing a negative operating margin of 2.3%.
- On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were
RMB199.8 million (US$32.2 million).
- Net loss[2] was RMB363.2 million
(US$58.6 million) and loss per
ordinary share and per American depositary share ("ADS") was
RMB2.00 (US$0.32). On an adjusted non-GAAP[3] basis, net
loss was RMB353.0 million
(US$56.9 million) and loss per
ordinary share and per ADS was RMB1.94 (US$0.31).
[1] Revenues were not
recognized for internal shipments as required by U.S.
GAAP.
|
[2] For convenience
purposes, all references to "net loss/income" in this press
release, unless otherwise specified, represent "net loss/income
attributable to Yingli Green Energy" for all periods
presented.
|
[3] All non-GAAP
measures other than EBITDA exclude, as applicable, share-based
compensation, interest expenses related to the changes in the fair
value of the interest rate swap and the amortization of the debt
discount, the amortization of intangible assets, inventory
provision, impairment of long-lived assets and non-cash provision
for inventory purchase commitments. EBITDA excludes interest, tax
expenses, depreciation and amortization. For further details on
non-GAAP measures, please refer to the reconciliation table and a
detailed discussion of the Company's use of non-GAAP information
set forth elsewhere in this press release.
|
"We are pleased to see that shipments of PV modules in the first
quarter of 2015 increased by over 19.6% year over year, marking a
historically high record of first quarter growth for the Company.
This record growth was highlighted by, among others, robust demand
from Japan and emerging markets
such as Southeast Asia and
Latin America," commented Mr.
Liansheng Miao, Chairman and Chief
Executive Officer of Yingli Green Energy.
"In the first quarter of 2015 our sales to Japan and the emerging markets performed
remarkably well, reflecting a positive trend as the result of our
efforts to achieve greater market diversification. Our shipments to
Japan increased significantly by
over 100% compared to the first quarter of 2014. Meanwhile,
shipments to the emerging markets (i.e. markets other than
China, Japan, Europe, and the U.S.) accounted for 19% of our
total shipments in the first quarter, more than doubling from 9% in
the fourth quarter of 2014. In China, the PV industry gained additional
momentum in the first quarter of 2015 compared to the same quarter
of 2014. We continue to maintain our long-term cooperation with
state-owned utility partners in developing our domestic downstream
business in China. Our sales
performance in the U.S. market experienced a flat quarter as some
customers postponed their purchases on the expectations of a lower
rate of import duty tariffs that may come into effect soon, and we
expect that demand will pick up if the import duty tariffs are
reduced as expected during the second half of this year. In
Europe, the demand for our
products remained stable during this quarter. We have made good
progress on our plans to restructure our European operations, and
also are planning to reduce our headcounts there by approximately
50% as compared to 2014. Implementation of the plan has been well
on track so far."
"During the first quarter of 2015 our downstream business kept
expanding at a steady and reliable rate. We began the construction
of 94 MW of utility and distributed generation projects in the
first quarter. We have connected to the power grid 128 MW of solar
projects, most of which are in China. In addition, we also are actively
exploring options to better finance our downstream business and
have obtained a RMB300 million credit
facility in April which will be used to finance the construction of
PV projects. In light of accelerated development of solar projects
around the world, we expect to complete and connect to power grids
approximately 400-600MW of solar projects by the end of 2015. We
also expect to sell roughly half of these 400-600MV of solar
projects to third parties in 2015, which will generate cash inflows
and improve our balance sheet."
"We also are pleased to report that, just as we paid in full the
principal and interests on medium-term notes of RMB1.2 billion due in May
2015, we are confident to repay on time and in full another
tranche of medium-term notes of RMB 1
billion due in October 2015.
In the long run, we will continue to reduce our debt exposure
through a combination of alternative financing solutions in order
to optimize our debt structure and improve our financial
condition." Mr. Miao concluded.
First Quarter 2015 Financial Results
Total Net Revenues
Total net revenues were RMB2,905.8
million (US$468.7 million) in
the first quarter of 2015, compared to RMB3,446.5 million in the fourth quarter of 2014
and RMB2,686.8 million in the first
quarter of 2014. Total PV module shipments (including 27.5MW
shipments for PV systems to the Company's own downstream PV
projects) were 754.2MW in the first quarter of 2015, exceeding the
Company's previous guidance, compared to 939.2MW in the fourth
quarter of 2014 and 630.8MW in the first quarter of 2014. Revenues
were not recognized for 27.5MW of internal shipments as required by
U.S. GAAP.
The decrease in total net revenues in the first quarter of 2015
compared to the fourth quarter of 2014 was mainly due to a smaller
amount of shipments in the first quarter of 2015. The decrease in
PV module shipments was primarily due to the impact of traditional
seasonality in the China market,
and was partially offset by an increase in shipments to
Japan and other emerging markets,
including those in Southeast Asia
and South America.
Gross Profit and Gross Margin
Gross profit was RMB410.8 million
(US$66.3 million) in the first
quarter of 2015, compared to RMB578.7
million in the fourth quarter of 2014 and RMB421.3 million in the first quarter of 2014.
The decrease in gross profit from the fourth quarter of 2014 was
mainly due to the decrease in total net revenues and the increase
in unit manufacturing cost as a result of lower utilization rate of
production capacity in the first quarter of 2015.
Gross margin was 14.1% in the first quarter of 2015, compared to
16.8% in the fourth quarter of 2014 and 15.7% in the first quarter
of 2014. The decrease in gross margin from the fourth quarter of
2014 to the first quarter of 2015 was mainly due to a lower
utilization rate of production capacity in the first quarter of
2015. Gross margin on sales of PV modules was 14.8% in the first
quarter of 2015.
Operating Expenses
Operating expenses significantly decreased to RMB477.2 million (US$77.0
million) in the first quarter of 2015 from RMB778.7 million in the fourth quarter of 2014,
and compared to RMB550.2 million in
the first quarter of 2014. The decrease in operating expenses from
the fourth quarter of 2014 to the first quarter of 2015 was mainly
due to a reduction in general, administrative and marketing
expenses as a result of continuous efforts to manage operating
costs, and was partially due to bad debts provisions recognized in
the prior quarter in 2014. No specific bad debts provision was made
in the first quarter of 2015.
Operating expenses as a percentage of total net revenues were
16.4% in the first quarter of 2015, significantly improved from
22.6% in the fourth quarter of 2014 and 20.5% in the first quarter
of 2014.
Operating Loss and Margin
Operating loss was RMB66.4 million
(US$10.7 million) in the first
quarter of 2015, significantly improved from operating loss of
RMB200.0 million in the fourth
quarter of 2014 and operating loss of RMB129.0 million in the first quarter of
2014.
Operating margin was negative 2.3% in the first quarter of 2015,
steadily improved from negative 5.8% in the fourth quarter of 2014
and negative 4.8% in the first quarter of 2014.
EBITDA
On an adjusted non-GAAP basis, EBITDA (earnings before interest,
tax expenses, depreciation and amortization) were RMB199.8 million (US$32.2
million) in the first quarter of 2015, compared to
RMB94.2 million in the fourth quarter
of 2014 and RMB218.9 million in the
first quarter of 2014.
Interest Expense
Interest expense was RMB236.8
million (US$38.2 million) in
the first quarter of 2015, decreased from RMB268.4 million in the fourth quarter of 2014
and RMB252.0 million in the first
quarter of 2014. The weighted average interest rate was 6.76% in
the first quarter of 2015, compared to 6.81% in the fourth quarter
of 2014 and 6.42% in the first quarter of 2014.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB130.6 million (US$21.1
million) in the first quarter of 2015, compared to foreign
currency exchange loss of RMB120.4
million in the fourth quarter of 2014 and foreign currency
exchange loss of RMB13.8 million in
the first quarter of 2014. The increase in foreign currency
exchange loss from the fourth quarter of 2014 was mainly due to
depreciation of the Euro and Japanese Yen against Renminbi in the
first quarter of 2015, and to the fact that the Company had a
significant balance of net current assets which are denominated in
Euro and Japanese Yen.
Income Tax Expense (Benefit)
Income tax expense was RMB0.5
million (US$0.1 million) in
the first quarter of 2015, compared to income tax expense of
RMB88.1 million in the fourth quarter
of 2014 and income tax benefit of RMB18.6
million in the first quarter of 2014.
Net Loss
Net loss was RMB363.2 million
(US$58.6 million) in the first
quarter of 2015, compared to RMB550.0
million in the fourth quarter of 2014 and RMB341.8 million in the first quarter of 2014.
Loss per ordinary share and per ADS was RMB2.00 (US$0.32),
compared to RMB3.03 in the fourth
quarter of 2014 and RMB2.18 in the
first quarter of 2014.
On an adjusted non-GAAP basis, net loss was RMB353.0 million (US$56.9
million) in the first quarter of 2015, compared to
RMB535.1 million in the fourth
quarter of 2014 and RMB338.5 million
in the first quarter of 2014. Adjusted non-GAAP loss per ordinary
share and per ADS was RMB1.94
(US$0.31) in the first quarter of
2015, compared to RMB2.94 in the
fourth quarter of 2014 and RMB2.16 in
the first quarter of 2014.
Balance Sheet Analysis
As of March 31, 2015, the
Company's cash and cash equivalents had increased to RMB1,140.9 million (US$184.1 million) from RMB1,069.1 million as of December 31, 2014.
As of March 31, 2015, the Company
had RMB1,323.2 million (US$213.5 million) in restricted cash, compared to
RMB1,332.4 million as of December 31, 2014.
As of March 31, 2015, the
Company's accounts receivable had decreased to RMB4,320.6 million (US$697.0 million) from RMB4,334.0 million as of December 31, 2014. Days sales outstanding were
134 days in the first quarter of 2015, compared to 113 days in the
fourth quarter of 2014.
As of March 31, 2015, the
Company's accounts payable had increased to RMB5,617.1 million (US$906.1 million) from RMB5,238.0 million as of December 31, 2014. Days payable outstanding were
203 days in the first quarter of 2015, compared to 164 days in the
fourth quarter of 2014.
As of March 31, 2015, the
Company's inventory had decreased to RMB2,020.3 million (US$325.9 million) from RMB2,099.1 million as of December 31, 2014. Inventory turnover days were
73 days in the first quarter of 2015, compared to 66 days in the
fourth quarter of 2014.
As of the date of this press release, the Company had
approximately RMB6,817 million in
unutilized short-term lines of credit and approximately
RMB1,243 million in committed
long-term facilities that can be drawn down in the near future.
From the beginning of 2015 to the date hereof the Company has been
able to renew all of its short-term borrowings when due and repaid
the mid-term notes in the principal amount of RMB 1.2 billion when they became due in
May 2015. The Company is currently
exploring financing options to alleviate near-term pressure on the
Company's liquidity and enhance financial flexibility.
Downstream Development in 2015
Currently, the Company has approximately 1.6GW of PV project
pipeline at different approval stages across a dozen of provinces
in China, and approximately 300MW
of PV project pipeline outside China. In the first quarter of 2015, the
Company shipped 27.5MW of PV modules to its own PV projects in
China.
The Company expects global PV demand to continue to exhibit
healthy growth in the remaining three quarters of 2015. The Company
expects to ship 400-600MW of PV modules to its own downstream PV
projects in 2015. Based on current project construction schedules,
the Company expects that 400-600MW of its downstream PV projects
will be connected to power grids by the end of 2015.
Business Outlook for Second Quarter and Fiscal Year
2015
Second Quarter of 2015
Based on current market conditions, the Company's current
operating conditions, estimated production capacity and forecasted
customer demand, the Company expects its PV module shipments to be
in the estimated range of 720MW to 750MW, of which 40MW to 60MW of
PV modules will be shipped to the Company's downstream PV projects
for the second quarter of 2015.
Fiscal Year 2015
Based on current market conditions, the Company's current
operating conditions, estimated production capacity and forecasted
customer demand, the Company expects its total PV module shipments
to be approximately 3.6GW , of which 400-600MW of PV modules will
be shipped to the Company's own downstream PV projects for fiscal
year 2015.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance
with GAAP, this press release includes certain non-GAAP financial
measures of adjusted gross profit, adjusted gross margin, adjusted
operating loss, adjusted operating margin, adjusted net income
(loss), adjusted diluted earnings (loss) per ordinary share and per
ADS and EBITDA, each of which (other than EBITDA) is adjusted to
exclude, as applicable, items related to share-based compensation,
interest expense related to the changes in the fair value of the
interest-rate swap and the amortization of the debt discount, the
amortization of intangible assets, inventory provision and non-cash
provision for inventory purchase commitments. EBITDA excludes
interest, tax expenses, depreciation and amortization. The Company
believes excluding these items from its non-GAAP financial measures
is useful for its management and investors to assess and analyze
the Company's on-going performance as such items are not directly
attributable to the underlying performance of the Company's
business operations and/or do not impact its cash earnings. The
Company also believes these non-GAAP financial measures are
important to help investors understand the Company's current
financial performance and future prospects and compare business
trends among different reporting periods on a consistent basis.
These non-GAAP financial measures should be considered in addition
to financial measures presented in accordance with GAAP, but should
not be considered as a substitute for, or superior to, financial
measures presented in accordance with GAAP. For a reconciliation of
each of these non-GAAP financial measures to the most directly
comparable GAAP financial measure, please see the financial
information included elsewhere in this press release.
Currency Conversion
Solely for the convenience of readers, certain Renminbi amounts
have been translated into U.S. dollar amounts at the rate of
RMB6.1990 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 March 31,
2015. No representation is intended to imply that these
translated Renminbi amounts could have been, or could be,
converted, realized or settled into U.S. dollar amounts at such
rate, or at any other rate. The percentages stated in this press
release are calculated based on Renminbi amounts.
Conference Call
Yingli Green Energy will host a conference call and live webcast
to discuss these results at 8:00 AM
Eastern Daylight Time
(EDT) on June 5, 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: 51483678
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
June 13, 2015 by dialing:
-- U.S. Toll Free Number: +1-855-452-5696
-- International Dial-in Number: +1-646-254-3697
-- Passcode: 51483678
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 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 13 GW solar panels to customers worldwide. For more
information, please visit www.yinglisolar.com and join the
conversation on Facebook, Twitter and Weibo.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond Yingli Green Energy's control,
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,
2014
|
|
March
31,2015
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and restricted
cash
|
|
2,401,458
|
|
2,464,129
|
|
397,504
|
Accounts receivable,
net
|
|
4,334,023
|
|
4,320,560
|
|
696,977
|
Inventories
|
|
2,099,082
|
|
2,020,290
|
|
325,906
|
Prepayments to
suppliers
|
|
926,165
|
|
847,193
|
|
136,666
|
Prepaid expenses and
other current assets
|
|
1,563,569
|
|
1,941,446
|
|
313,187
|
Total current
assets
|
|
11,324,297
|
|
11,593,618
|
|
1,870,240
|
|
|
|
|
|
|
|
Long-term prepayments
to suppliers
|
|
721,651
|
|
668,808
|
|
107,890
|
Property, plant and
equipment, net
|
|
12,110,794
|
|
11,687,807
|
|
1,885,434
|
Project
assets
|
|
1,369,662
|
|
1,619,613
|
|
261,270
|
Land use
rights
|
|
603,514
|
|
604,608
|
|
97,533
|
Intangible
assets
|
|
58,610
|
|
58,547
|
|
9,445
|
Investment in and
advances to affiliates
|
|
423,301
|
|
443,100
|
|
71,479
|
Other
assets
|
|
496,621
|
|
476,522
|
|
76,871
|
Total
assets
|
|
27,108,450
|
|
27,152,623
|
|
4,380,162
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term borrowings,
including current portion of long-term debt
|
|
10,112,055
|
|
9,752,969
|
|
1,573,313
|
Accounts
payable
|
|
5,237,989
|
|
5,617,102
|
|
906,130
|
Other current
liabilities and accrued expenses
|
|
2,726,682
|
|
3,109,849
|
|
501,670
|
Total current
liabilities
|
|
18,076,726
|
|
18,479,920
|
|
2,981,113
|
|
|
|
|
|
|
|
Long-term debt,
excluding current portion
|
|
2,858,153
|
|
2,861,665
|
|
461,633
|
Medium-term
notes
|
|
1,713,308
|
|
1,700,000
|
|
274,238
|
Accrued warranty
cost, excluding current portion
|
|
707,525
|
|
715,627
|
|
115,442
|
Other
liabilities
|
|
2,451,057
|
|
2,469,105
|
|
398,307
|
Total
liabilities
|
|
25,806,769
|
|
26,226,317
|
|
4,230,733
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Ordinary
shares
|
|
13,791
|
|
13,791
|
|
2,225
|
Additional paid-in
capital
|
|
7,234,810
|
|
7,244,999
|
|
1,168,737
|
Treasury
stock
|
|
(127,331)
|
|
(127,331)
|
|
(20,541)
|
Accumulated other
comprehensive income
|
|
312,110
|
|
323,332
|
|
52,159
|
Accumulated
deficit
|
|
(7,650,744)
|
|
(8,015,574)
|
|
(1,293,043)
|
Total deficit
attributable to Yingli Green Energy
|
|
(217,364)
|
|
(560,783)
|
|
(90,463)
|
Non controlling
interests
|
|
1,519,045
|
|
1,487,089
|
|
239,892
|
Total
shareholders' equity
|
|
1,301,681
|
|
926,306
|
|
149,429
|
Total liabilities
and shareholders' equity
|
|
27,108,450
|
|
27,152,623
|
|
4,380,162
|
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
|
|
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Sales of PV
modules
|
|
2,541,831
|
|
3,208,441
|
|
2,682,294
|
|
432,698
|
Sales of PV
systems
|
|
23,963
|
|
55,221
|
|
62,507
|
|
10,083
|
Other
revenues
|
|
120,964
|
|
182,849
|
|
160,955
|
|
25,965
|
Total net
revenues
|
|
2,686,758
|
|
3,446,511
|
|
2,905,756
|
|
468,746
|
Cost of
revenues:
|
|
|
|
|
|
|
Cost of PV modules
sales
|
|
(2,113,966)
|
|
(2,688,151)
|
|
(2,284,443)
|
|
(368,518)
|
Cost of PV systems
sales
|
|
(19,632)
|
|
(42,302)
|
|
(54,244)
|
|
(8,750)
|
Cost of other
revenues
|
|
(131,897)
|
|
(137,325)
|
|
(156,230)
|
|
(25,203)
|
Total cost of
revenues
|
|
(2,265,495)
|
|
(2,867,778)
|
|
(2,494,917)
|
|
(402,471)
|
Gross profit
(loss)
|
|
421,263
|
|
578,733
|
|
410,839
|
|
66,275
|
Selling
expenses
|
|
(195,857)
|
|
(303,123)
|
|
(208,263)
|
|
(33,596)
|
General and
administrative expenses
|
|
(222,384)
|
|
(264,038)
|
|
(134,915)
|
|
(21,764)
|
Research and
development expenses
|
|
(131,981)
|
|
(211,579)
|
|
(134,058)
|
|
(21,626)
|
Total operating
expenses
|
|
(550,222)
|
|
(778,740)
|
|
(477,236)
|
|
(76,986)
|
Income(Loss) from
operations
|
|
(128,959)
|
|
(200,007)
|
|
(66,397)
|
|
(10,711)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(251,986)
|
|
(268,399)
|
|
(236,820)
|
|
(38,203)
|
Interest
income
|
|
2,997
|
|
14,065
|
|
5,427
|
|
875
|
Foreign currency
exchange gains (losses)
|
|
(13,754)
|
|
(120,446)
|
|
(130,632)
|
|
(21,073)
|
Other
income
|
|
12,450
|
|
53,834
|
|
36,141
|
|
5,834
|
Loss before income
taxes
|
|
(379,252)
|
|
(520,953)
|
|
(392,281)
|
|
(63,278)
|
Income tax (expense)
benefit
|
|
18,577
|
|
(88,119)
|
|
(500)
|
|
(81)
|
Net
loss
|
|
(360,675)
|
|
(609,072)
|
|
(391,781)
|
|
(63,359)
|
Less: Loss
attributable to the non controlling interests
|
|
18,917
|
|
59,026
|
|
29,609
|
|
4,776
|
Net loss
attributable to Yingli Green Energy
|
|
(341,758)
|
|
(550,046)
|
|
(363,172)
|
|
(58,583)
|
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
|
|
(2.18)
|
|
(3.03)
|
|
(2.00)
|
|
(0. 32)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(360,675)
|
|
(609,073)
|
|
(392,781)
|
|
(63,359)
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
exchange translation adjustment, net of nil tax
|
|
(14,630)
|
|
19,750
|
|
11,768
|
|
1,898
|
Cash flow hedging
derivatives, net of nil tax
|
|
(9,370)
|
|
(3,007)
|
|
431
|
|
70
|
Comprehensive
loss
|
|
(384,675)
|
|
(592,329)
|
|
(380,582)
|
|
(61,394)
|
Less: Comprehensive
loss attributable to the non controlling interest
|
|
13,889
|
|
63,517
|
|
28,632
|
|
4,616
|
Comprehensive loss
attributable to Yingli Green Energy
|
|
(370,786)
|
|
(528,812)
|
|
(351,950)
|
|
(56,775)
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
|
|
Three months
ended
|
|
|
|
March 31,
2014
|
|
December 31,
2014
|
|
December 31,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Non-GAAP loss
attributable to Yingli Green Energy
|
|
(338,539)
|
|
(535,070)
|
|
(352,982)
|
|
(56,942)
|
|
Share-based
compensation
|
|
(3,110)
|
|
(10,769)
|
|
(10,190)
|
|
(1,641)
|
|
Inventory
provision
|
|
-
|
|
(4,208)
|
|
-
|
|
-
|
|
Net loss
attributable to Yingli Green Energy
|
|
(109)
|
|
(550,048)
|
|
(363,172)
|
|
(58,583)
|
|
Non-GAAP diluted loss
per share and
per ADS
|
|
(341,758)
|
|
(2.94)
|
|
(1.94)
|
|
(0.31)
|
|
Diluted loss per
share and per ADS
|
|
(2.16)
|
|
(3.03)
|
|
(2.00)
|
|
(0.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA measures to income before income tax & minority interest
measures
|
|
|
Three months
ended
|
|
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Loss before income
taxes and
non-controlling
interest
|
|
(379,252)
|
|
(520,953)
|
|
(392,281)
|
|
(63,278)
|
|
Interest
expense
|
|
251,986
|
|
268,399
|
|
236,820
|
|
38,203
|
|
Interest
income
|
|
(2,997)
|
|
(14,065)
|
|
(5,427)
|
|
(875)
|
|
Depreciation
|
|
343,590
|
|
355,576
|
|
355,570
|
|
57,359
|
|
Amortization for land
use rights and
intangible assets
|
|
5,576
|
|
5,252
|
|
5,140
|
|
826
|
|
EBITDA
|
|
218,903
|
|
94,209
|
|
199,822
|
|
32,235
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-first-quarter-2015-results-300094741.html
SOURCE Yingli Green Energy Holding Company Limited