SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 


 

FORM 6-K

 


 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2015

 

Commission File Number: 001-33469

 


 

YINGLI GREEN ENERGY HOLDING COMPANY
LIMITED

 


 

No. 3399 North Chaoyang Avenue

Baoding 071051

People’s Republic of China

(Address of principal executive offices)

 


 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F  x        Form 40-F  o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  o

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes  o        No  x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 



 

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED

FORM 6-K

 

Yingli Receives Notice Regarding NYSE Continued Listing Criteria

 

EX-99.1

 

Press release dated September 8, 2015

 

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED

 

 

 

By:

/s/ Yiyu Wang

 

 

Name:

Yiyu Wang

 

 

Title:

Chief Financial Officer

 

Date: September 9, 2015

 

3




Exhibit 99.1

 

Yingli Green Energy Reports Second Quarter 2015 Results

 

Shipments in the second quarter of 2015 met previous guidance

 

BAODING, China, September 8, 2015— Yingli Green Energy Holding Company Limited (“Yingli Green Energy” or the “Company”) (NYSE:YGE), one of the world’s leading photovoltaic (PV) module manufacturers, known as “Yingli Solar” or “Yingli”, today announced its unaudited consolidated financial results for the quarter ended June 30, 2015 and an expected non-cash impairment charge on long lived assets in the quarter ending September 30, 2015.

 

Second Quarter 2015 Consolidated Financial and Operating Summary

 

·                      Total net revenues were RMB2,716.1 million (US$438.1 million).

 

·                      Total photovoltaic (“PV”) module shipments (including shipments for PV systems to the Company’s own downstream PV projects1) were 727.9 MW.

 

·                      Gross profit was RMB171.0 million (US$27.6 million), representing a gross margin of 6.3%. The gross margin on sales of PV modules was 7.9%.

 

·                      Operating loss was RMB178.3 million (US$28.8million), representing a negative operating margin of 6.6%.

 

·                      On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (“EBITDA”) were RMB198.8 million (US$32.1 million).

 

·                      Net loss2 was RMB598.1 million (US$96.5 million) and loss per ordinary share and per American depositary share (“ADS”) was RMB3.29 (US$0.53). On an adjusted non-GAAP3 basis, net loss was RMB596.9 million (US$96.3 million) and loss per ordinary share and per ADS was RMB3.28 (US$0.53).

 

“The Company achieved a PV module shipment volume of 727.9MW in the second quarter, which made our cumulative PV module deliveries exceed 14GW worldwide since our inception.” commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

 

“During the second quarter of 2015, our shipments to China and the U.S. grew significantly and increased by 110% and 35%, respectively, compared to the first quarter of 2015. Due to our continuous efforts in market diversification, our shipments to emerging markets, such as Northern and Southern Africa, Central and Southern Asia, Middle East and Latin America, continued to make remarkable progresses.”

 

“We successfully repaid the RMB1.2 billion three-year unsecured medium-term notes due in May 2015, and we are actively taking measures to prepare for repayment of the RMB1.0 billion five-year unsecured medium-term notes when they become due this October and are exploring a number of financing options including liquidation of idle

 


(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.

 



 

assets, introduction of strategic investors and potential new cooperation model with our business partners. Also, for our downstream project development business, we have adopted and will follow a core principle of ‘less investment and quicker turnover’ in order to maintain a stable cash flow. We believe these measures will help us to enhance our cash position, and allow us to gradually improve our balance sheet.” Mr. Miao concluded.

 

Second Quarter 2015 Financial Results

 

Total Net Revenues

 

Total net revenues were RMB2,716.1 million (US$438.1 million) in the second quarter of 2015, compared to RMB2,905.8 million in the first quarter of 2015 and RMB3,408.9 million in the second quarter of 2014. Total PV module shipments (including 43.2MW shipments for PV systems of the Company’s own downstream PV projects) were 727.9MW in the second quarter of 2015, compared to 754.2MW in the first quarter of 2015 and 887.9MW in the second quarter of 2014. Revenues were not recognized for 43.2MW of internal shipments as required by U.S. GAAP.

 

The decrease in total net revenues in the second quarter of 2015 compared to the first quarter of 2015 was mainly due to a decrease of PV module shipments in the second quarter of 2015 and decline in the average selling price of PV modules, which was primarily due to higher proportion of our shipment to China market and the depreciation of Euro and Japanese Yen against Renminbi in the quarter.

 

Gross Profit and Gross Margin

 

Gross profit was RMB171.0 million (US$27.6 million) in the second quarter of 2015, compared to RMB410.8 million in the first quarter of 2015 and RMB532.1 million in the second quarter of 2014.

 

Gross margin was 6.3% in the second quarter of 2015, compared to 14.1% in the first quarter of 2015 and 15.6% in the second quarter of 2014. The decrease in gross profit and gross margin from the first quarter of 2015 to the second quarter of 2015 was mainly due to the decline in average selling price of PV modulesand the increase in unit manufacturing cost as a result of a lower utilization rate of production facilities in the second quarter of 2015. Gross margin on sales of PV modules was 7.9% in the second quarter of 2015.

 

Operating Expenses

 

Operating expenses decreased to RMB349.3 million (US$56.3 million) in the second quarter of 2015 from RMB477.2 million in the first quarter of 2015, and compared to RMB618.1 million in the second quarter of 2014. The decrease in operating expenses from the first quarter of 2015 to the second quarter of 2015 was mainly due to the recognition of a gain from disposal of the land use rights held by Fine Silicon, a wholly-owned subsidiary of Yingli Green Energy.

 



 

Operating expenses as a percentage of total net revenues were 12.9 % in the second quarter of 2015, reduced from 16.4% in the first quarter of 2015 and 18.1% in the second quarter of 2014.

 

Operating Loss and Margin

 

Operating loss was RMB178.3 million (US$28.8 million) in the second quarter of 2015, compared to operating loss of RMB66.4 million in the first quarter of 2015 and operating loss of RMB85.9 million in the second quarter of 2014.

 

Operating margin was negative 6.6% in the second quarter of 2015, compared to negative 2.3% in the first quarter of 2015 and negative 2.5% in the second quarter of 2014.

 

EBITDA

 

On an adjusted non-GAAP basis, EBITDA (earnings before interest, tax expenses, depreciation and amortization) were RMB198.8 million (US$32.1 million) in the second quarter of 2015, compared to RMB199.8 million in the first quarter of 2015 and RMB279.3 million in the second quarter of 2014.

 

Interest Expense

 

Interest expense was RMB242.1 million (US$39.1 million) in the second quarter of 2015, compared to RMB236.8 million in the first quarter of 2015 and RMB232.4 million in the second quarter of 2014. The weighted average interest rate was 6.75% in the second quarter of 2015, compared to 6.76% in the first quarter of 2015 and 6.25% in the second quarter of 2014.

 

Foreign Currency Exchange Loss (Gain)

 

Foreign currency exchange loss was RMB10.3 million (US$1.7 million) in the second quarter of 2015, compared to foreign currency exchange loss of RMB130.6 million in the first quarter of 2015 and foreign currency exchange gain of RMB2.8 million in the second quarter of 2014. The decrease in foreign currency exchange loss from the first quarter of 2015 was mainly due to less fluctuation of the exchange rates between Euros and Renminbi in the second quarter of 2015.

 

Income Tax Expense

 

Income tax expense was RMB232.6 million (US$37.5 million) in the second quarter of 2015, compared to income tax expense of RMB0.5 million in the first quarter of 2015 and income tax expense of RMB1.2 million in the second quarter of 2014. The significant increase in income tax expense in the second quarter of 2015 mainly resulted from RMB200.0 million of valuation allowance on deferred tax assets recognized in this quarter and a reversal of deferred income tax assets of Fine Silicon, a wholly-owned subsidiary of Yingli Green Energy .

 



 

Net Loss

 

Net loss was RMB598.1 million (US$96.5 million) in the second quarter of 2015, compared to RMB363.2 million in the first quarter of 2015 and RMB285.2 million in the second quarter of 2014. Loss per ordinary share and per ADS was RMB3.29 (US$0.53), compared to RMB2.00 in the first quarter of 2015 and RMB1.64 in the second quarter of 2014.

 

On an adjusted non-GAAP basis, net loss was RMB596.9 million (US$96.3 million) in the second quarter of 2015, compared to RMB353.0 million in the first quarter of 2015 and RMB275.0 million in the second quarter of 2014. Adjusted non-GAAP loss per ordinary share and per ADS was RMB3.28 (US$0.53) in the second quarter of 2015, compared to RMB1.94 in the first quarter of 2015 and RMB1.58 in the second quarter of 2014.

 

Balance Sheet Analysis

 

As of June 30, 2015, the Company had RMB575.0 million (US$92.7 million) in cash and cash equivalents, compared to RMB1,140.9 million as of March 31, 2015. The decrease in cash and cash equivalents was mainly due to the repayment of the medium-term notes in the principal amount of RMB 1.2 billion due in May 2015.

 

As of June 30, 2015, the Company had RMB1,201.8 million (US$193.8 million) in restricted cash, compared to RMB1,323.2 million as of March 31, 2015.

 

As of June 30, 2015, the Company’s accounts receivable had decreased to RMB3,854.4 million (US$621.7 million) from RMB4,320.6 million as of March 31, 2015. Days sales outstanding were [128] days in the second quarter of 2015, compared to 134 days in the first quarter of 2015.

 

As of June 30, 2015, the Company’s accounts payable had decreased to RMB5,432.2 million (US$876.2 million) from RMB5,617.1 million as of March 31, 2015. Days payable outstanding were 192 days in the second quarter of 2015, decreased from 203 days in the first quarter of 2015.

 

As of June 30, 2015, the Company’s inventory had decreased to RMB1,522.4 million (US$245.6 million) from RMB2,020.3 million as of March 31, 2015. Inventory turnover days were 54 days in the second quarter of 2015, decreased from 73 days in the first quarter of 2015.

 

As of the date of this press release, the Company had approximately RMB 6,627 million in unutilized short-term lines of credit and approximately RMB 1,195 million in committed long-term facilities. The Company repaid the RMB1.2 billion three-year unsecured medium-term notes when they became due in May 2015. For the RMB 1.0 billion five-year unsecured medium-term notes due in October 2015, the Company is exploring various measures for the repayment of these notes. The Company is also working on a number of financing options to continue to manage the Company’s liquidity and to enhance its financial flexibility.

 



 

Downstream Development in 2015

 

In China, the Company began the construction of 78 MW of PV projects and connected 94 MW of PV projects to the grid in the second quarter 2015. As of June 30, 2015, the Company had a total of over 400 MW of PV projects under construction across a dozen provinces in China.

 

In July, the Company was selected to develop and construct a 50 MW PV project in Shanxi Province, China, which will be one of the key demonstration projects of National Energy Administration’s “Top Runner” program.

 

In consideration of China’s nationwide delay in subsidy allocation, long-term operation of large ground-mounted PV stations would require significant capital. Accordingly, the Company has adopted a more prudent approach to downstream project development business and is in active negotiations with certain leading corporations about potential sale of the PV projects developed by the Company. The Company has approximately 100MW of PV projects sold or close to sale to those parties.

 

Expected Non-Cash Impairment Charge on Long Lived Assets in Third Quarter and Fiscal Year 2015

 

As a result of the lower-than-expected utilization of certain production facilities of the Company in the second quarter of 2015 and the expected continuation of such utilization in the remaining quarters of 2015, the Company has concluded that impairment triggering events have become apparent in the third quarter of 2015 and has begun the process of performing its long-lived asset impairment analysis with respect to those production facilities. While the impairment analysis has not been completed yet, the Company expects to recognize a significant amount of non-cash impairment charge on those production facilities in the third quarter of 2015, which will have a material adverse effect on the Company’s financial results for the third quarter of 2015 and fiscal year 2015.

 

Business Outlook for Third Quarter and Fiscal Year 2015

 

Third Quarter of 2015

 

Based on current market conditions, the Company’s current operating conditions, estimated production capacity and forecasted customer demand, the Company expects its PV module shipments to be in the estimated range of 550 MW to 580 MW for the quarter ending September 30, 2015.

 

Fiscal Year 2015

 

Based on current market conditions, the Company’s current operating conditions, estimated production capacity and forecasted customer demand, the Company expects its total PV module shipments to be 2.5 GW to 2.8 GW for the fiscal year ending December 31, 2015.

 



 

Non-GAAP Financial Measures

 

To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted gross profit, adjusted gross margin, adjusted operating loss, adjusted operating margin, adjusted net income (loss), adjusted diluted earnings (loss) per ordinary share and per ADS and EBITDA, each of which (other than EBITDA) is adjusted to exclude, as applicable, items related to share-based compensation, interest expense related to the changes in the fair value of the interest-rate swap and the amortization of the debt discount, the amortization of intangible assets, inventory provision and non-cash provision for inventory purchase commitments. EBITDA excludes interest, tax expenses, depreciation and amortization. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company’s on-going performance as such items are not directly attributable to the underlying performance of the Company’s business operations and/or do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company’s current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.

 

Currency Conversion

 

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.2000 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board as of June 30, 2015. No representation is intended to imply that these translated Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollar amounts at such rate, or at any other rate. The percentages stated in this press release are calculated based on Renminbi amounts.

 

Conference Call

 

Yingli Green Energy will host a conference call and live webcast to discuss these results at 8:00 AM Eastern Standard Time (EST) on September 8, 2015, which corresponds to 8:00 PM Beijing/Hong Kong time on the same day.

 

The dial-in details for the live conference call are as follows:

 

· U.S. Toll Free Number: +1-866-519-4004

· International Dial-in Number: +1-845-675-0437

· Passcode: 14832918

 

A live and archived webcast of the conference call will be available on the Investors section of Yingli Green Energy’s website at www.yinglisolar.com. A replay will be available shortly after the call on Yingli Green Energy’s website for 90 days.

 

A replay of the conference call will be available until September 15, 2015 by dialing:

 

· U.S. Toll Free Number: +1-855-452-5696

· International Dial-in Number: +1-646-254-3697

· Passcode: 14832918

 



 

About Yingli Green Energy

 

Yingli Green Energy Holding Company Limited (NYSE: YGE), known as “Yingli Solar” or “Yingli”, is one of the world’s leading photovoltaic (PV) module manufacturers. Yingli Green Energy’s manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and PV module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 13 GW solar panels to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy’s filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

 

For further information, please contact:

 

Qing Miao

 

Vice President of Corporate Communications

 

Yingli Green Energy Holding Company Limited

 

Tel: +86 312 8929787

 

Email: ir@yingli.com

 



 

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES

 

Unaudited Condensed Consolidated Balance Sheets

 

(In thousands)

 

 

 

March 31,2015

 

June 30,2015

 

 

 

RMB

 

RMB

 

US$

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and restricted cash

 

2,464,129

 

1,776,784

 

286,578

 

Accounts receivable, net

 

4,320,560

 

3,854,423

 

621,681

 

Inventories

 

2,020,290

 

1,522,440

 

245,555

 

Prepayments to suppliers

 

847,193

 

877,746

 

141,572

 

Prepaid expenses and other current assets

 

1,941,446

 

2,289,622

 

369,294

 

Total current assets

 

11,593,618

 

10,321,015

 

1,664,680

 

 

 

 

 

 

 

 

 

Long-term prepayments to suppliers

 

668,808

 

614,390

 

99,095

 

Property, plant and equipment, net

 

11,687,807

 

11,055,028

 

1,783,069

 

Project assets

 

1,619,613

 

2,258,298

 

364,242

 

Land use rights

 

604,608

 

416,369

 

67,156

 

Intangible assets

 

58,547

 

58,485

 

9,433

 

Investment in and advances to affiliates

 

443,100

 

443,359

 

71,509

 

Other assets

 

476,522

 

250,019

 

40,326

 

Total assets

 

27,152,623

 

25,416,963

 

4,099,510

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term borrowings, including current portion of medium notes and long-term debt

 

9,752,969

 

10,078,470

 

1,625,560

 

Accounts payable

 

5,617,102

 

5,432,205

 

876,162

 

Other current liabilities and accrued expenses

 

3,109,849

 

3,737,622

 

602,842

 

Total current liabilities

 

18,479,920

 

19,248,297

 

3,104,564

 

 

 

 

 

 

 

 

 

Long-term debt, excluding current portion

 

2,861,665

 

2,063,767

 

332,866

 

Medium-term notes

 

1,700,000

 

300,000

 

48,387

 

Accrued warranty cost, excluding current portion

 

715,627

 

752,696

 

121,403

 

Other liabilities

 

2,469,105

 

2,745,482

 

442,819

 

Total liabilities

 

26,226,317

 

25,110,242

 

4,050,039

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Ordinary shares

 

13,791

 

13,791

 

2,224

 

Additional paid-in capital

 

7,244,999

 

7,246,252

 

1,168,750

 

Treasury stock

 

(127,331

)

(127,331

)

(20,537

)

Accumulated other comprehensive income

 

323,332

 

328,609

 

53,001

 

Accumulated deficit

 

(8,015,574

)

(8,613,700

)

(1,389,306

)

Total deficit attributable to Yingli Green Energy

 

(560,783

)

(1,152,379

)

(185,868

)

Non controlling interests

 

1,487,089

 

1,459,100

 

235,339

 

Total shareholders’ equity

 

926,306

 

306,721

 

49,471

 

Total liabilities and shareholders’ equity

 

27,152,623

 

25,416,963

 

4,099,510

 

 



 

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES

 

Unaudited Condensed Statements of Comprehensive Income

 

(In thousands, except for share, ADS, per share and per ADS data)

 

 

 

Three months ended

 

 

 

June 30, 2014

 

March 31, 2015

 

June 30, 2015

 

 

 

 

 

RMB

 

RMB

 

RMB

 

US$

 

Net revenues:

 

 

 

 

 

 

 

 

 

Sales of PV modules

 

3,248,354

 

2,682,294

 

2,403,693

 

387,692

 

Sales of PV systems

 

55,864

 

62,507

 

86,869

 

14,011

 

Other revenues

 

104,684

 

160,955

 

225,539

 

36,377

 

Total net revenues

 

3,408,902

 

2,905,756

 

2,716,101

 

438,080

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

Cost of PV modules sales

 

(2,722,706

)

(2,284,443

)

(2,213,431

)

(357,005

)

Cost of PV systems sales

 

(53,834

)

(54,244

)

(76,888

)

(12,401

)

Cost of other revenues

 

(100,213

)

(156,230

)

(254,775

)

(41,092

)

Total cost of revenues

 

(2,876,753

)

(2,494,917

)

(2,545,094

)

(410,498

)

Gross profit (loss)

 

532,149

 

410,839

 

171,007

 

27,582

 

Selling expenses

 

(314,272

)

(208,263

)

(257,077

)

(41,464

)

General and administrative expenses

 

(178,386

)

(134,915

)

(1,659

)

(268

)

Research and development expenses

 

(125,429

)

(134,058

)

(90,585

)

(14,611

)

Total operating expenses

 

(618,087

)

(477,236

)

(349,321

)

(56,343

)

Income(Loss) from operations

 

(85,938

)

(66,397

)

(178,314

)

(28,761

)

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest expense

 

(232,404

)

(236,820

)

(242,145

)

(39,056

)

Interest income

 

9,178

 

5,427

 

7,396

 

1,193

 

Foreign currency exchange gains (losses)

 

2,797

 

(130,632

)

(10,281

)

(1,658

)

Other income

 

14,078

 

36,141

 

30,220

 

4,874

 

Loss before income taxes

 

(292,289

)

(392,281

)

(393,124

)

(63,408

)

Income tax (expense) benefit

 

(1,213

)

(500

)

(232,593

)

(37,515

)

Net loss

 

(293,502

)

(392,781

)

(625,717

)

(100,923

)

 

 

 

 

 

 

 

 

 

 

Less: Loss attributable to the non controlling interests

 

8,344

 

29,609

 

27,591

 

4,449

 

Net loss attributable to Yingli Green Energy

 

(285,158

)

(363,172

)

(598,126

)

(96,474

)

Weighted average shares and ADSs outstanding

 

 

 

 

 

 

 

 

 

Basic and diluted

 

173,796,737

 

181,763,770

 

181,763,770

 

181,763,770

 

Loss per share and per ADS

 

 

 

 

 

 

 

 

 

Basic and diluted

 

(1.64

)

(2.00

)

(3.29

)

(0.53

)

Net loss

 

(293,502

)

(392,781

)

(625,717

)

(100,923

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

Foreign currency exchange translation adjustment, net of nil tax

 

745

 

11,768

 

4,879

 

787

 

Cash flow hedging derivatives, net of nil tax 

 

4,681

 

431

 

0

 

0

 

Comprehensive loss

 

(288,076

)

(380,582

)

(620,838

)

(100,136

)

Less: Comprehensive loss attributable to the non controlling interest

 

8,327

 

28,632

 

27,989

 

4,514

 

Comprehensive loss attributable toYingli Green Energy

 

(279,749

)

(351,950

)

(592,849

)

(95,622

)

 



 

Reconciliation of Non-GAAP measures to GAAP measures

 

 

 

Three months ended

 

 

 

June 30, 2014

 

March 31, 2015

 

June 30, 2015

 

 

 

RMB

 

RMB

 

RMB

 

US$

 

Non-GAAP loss attributable to Yingli Green Energy

 

(274,978

)

(352,982

)

(596,856

)

(96,269

)

Share-based compensation

 

(10,208

)

(10,190

)

(1,270

)

(205

)

Net loss attributable to Yingli Green Energy

 

(285,158

)

(363,172

)

(598,126

)

(96,474

)

Non-GAAP diluted loss per share and per ADS

 

(1.58

)

(1.94

)

(3.28

)

(0.53

)

 

 

 

 

 

 

 

 

 

 

Diluted loss per share and per ADS

 

(1.64

)

(2.00

)

(3.29

)

(0.53

)

 

Reconciliation of EBITDA measures to income before income tax & minority interest measures

 

 

 

Three months ended

 

 

 

June 30, 2014

 

March 31, 2015

 

June 30, 2015

 

 

 

RMB

 

RMB

 

RMB

 

US$

 

Loss before income taxes and non-controlling interest

 

(292,289

)

(392,281

)

(393,124

)

(63,408

)

Interest expense

 

232,404

 

236,820

 

242,145

 

39,055

 

Interest income

 

(9,178

)

(5,427

)

(7,396

)

(1,193

)

Depreciation

 

342,784

 

355,570

 

353,141

 

56,958

 

Amortization for land use rights and intangible assets

 

5,581

 

5,139

 

4,062

 

655

 

EBITDA

 

279,302

 

199,821

 

198,828

 

32,067