BAODING, China, Dec. 2, 2015 /PRNewswire/ -- 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 September 30, 2015.
Third Quarter 2015 Consolidated Financial and Operating
Summary
- Total net revenues were RMB2,233.9
million (US$351.5
million).
- Total photovoltaic ("PV") module shipments (including shipments
to the Company's own downstream PV projects[1]) were 460.4MW.
- Gross profit was RMB357.2 million
(US$56.2 million), representing a
gross margin of 16.0%. Excluding the impact of the long-lived
assets impairment, which reduced the Company's depreciation for
fixed assets, the gross margin would be 8.6%.
- Operating loss was RMB2,863.0
million (US$450.5 million)
including a non-cash impairment charge on long-lived assets of
RMB3,804.1 million (US$598.5 million).
- On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were negative
RMB2,592.1 million (negative
US$407.8 million).
- Net loss[2] was RMB3,200.2
million (US$503.5 million) and
loss per ordinary share and per American depositary share ("ADS")
was RMB17.61 (US$2.77). On an adjusted non-GAAP[3] basis, net
loss was RMB423.7 million
(US$66.7 million) and loss per
ordinary share and per ADS was RMB2.33 (US$0.37).
[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, disposal gain from long- lived assets and
land use rights held by Fine Silicon Co. Ltd., a wholly owned
subsidiary of the Company 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.
|
"Through our intense and concerted efforts, we managed to
improve the overall utilization rate of production facilities
(including production as original equipment manufacturer, or OEM)
to approximately 70% in the third quarter of 2015 and increased our
gross margin significantly despite of the cash shortage," commented Mr. Liansheng Miao, Chairman and Chief Executive
Officer of Yingli Green Energy.
"During the third quarter of 2015, the Company has deployed more
flexible strategies by prioritizing full-payment orders or orders
with competitive profit margins, aiming to accelerate working
capital turnover. As of the end of third quarter, Yingli had signed
a total of approximately 350MW of supply agreements with full cash
prepayment in China. In
Japan, through close
communications with long term partners, the Company recorded the
seventh straight quarter of delivering over 120MW with accumulative
shipments exceeding 1.5GW in Japan. In the U.S., the Company is well
positioned given competitive trading tariff rates applicable to its
products and high brand recognition. Our sales in the distributed
generation sector continued with a satisfying momentum while
several megawatts utility sector deals began deliveries in the
quarter."
"As one of the world's leading PV companies, Yingli is committed
to all possible efforts to improve its operating fundamentals and
has obtained recognition and dedicated support from all relevant
parties including the government authorities and commercial banks.
Through various measures including disposal of PV project assets,
the potential introduction of strategic investors and potential new
cooperation models with our business partners, we will continue to
enhance our cash position in order to gradually improve our
financial position in the future," Mr. Miao concluded.
Third Quarter 2015 Financial Results
Total Net Revenues
Total net revenues were RMB2,233.9
million (US$351.5 million) in
the third quarter of 2015, compared to RMB2,716.1 million in the second quarter of 2015
and RMB3,385.2 million in the third
quarter of 2014. Total PV module shipments were 460.4MW in the
third quarter of 2015, compared to 727.9MW in the second quarter of
2015 and 903.4MW in the third quarter of 2014.
The decrease in total net revenues in the third quarter of 2015
compared to the second quarter of 2015 was mainly due to decreased
PV module shipments, which was primarily due to the Company's lower
utilization of its production capacity for its in-house PV
modules.
Gross Profit and Gross Margin
Gross profit was RMB357.2 million
(US$56.2 million) in the third
quarter of 2015, compared to RMB171.0
million in the second quarter of 2015 and RMB706.1 million in the third quarter of
2014.
Gross margin was 16.0% in the third quarter of 2015, compared to
6.3% in the second quarter of 2015 and 20.9% in the third quarter
of 2014. The increase in gross profit and gross margin from the
second quarter of 2015 to the third quarter of 2015 was mainly due
to a decrease in depreciation cost as a result of the recognition
of long-lived assets impairment in the quarter and a slight
increase in the average selling price of PV modules. Excluding the
impact of the long-lived assets impairment, which reduced the
Company's depreciation for fixed assets, the gross margin would be
8.6%.
Gross margin on sales of PV modules was 19.0% in the third
quarter of 2015, compared to 7.9% in the second quarter of 2015 and
20.6% in the third quarter of 2014. Excluding the impact of
decrease in depreciation cost as a result of the recognition of the
long-lived assets impairment, the gross margin on sales of PV
modules would be 9.0% in the third quarter of 2015. Management
finalized its analysis on accounting application of the impact of
the long-lived assets impairment to the third quarter of 2015 after
the Company announced its preliminary financial results for the
quarter on November 25, 2015.
Operating Expenses
Operating expenses increased to RMB3,220.2 million (US$506.7 million) in the third quarter of 2015
from RMB349.9 million in the second
quarter of 2015, and compared to RMB506.4
million in the third quarter of 2014. The increase in
operating expenses from the second quarter of 2015 to the third
quarter of 2015 was mainly due to the recognition of a non-cash
impairment charge on long-lived assets totaling RMB3,804.1 million (US$598.5 million), which was partially offset by
a gain from disposal of the land use rights held by Fine Silicon.
Excluding the impact of the impairment charge on long-lived assets
and disposal gain, the operating expenses would be RMB425.0 million (US$66.9
million) in the third quarter of 2015 compared to
RMB488.4 million in the second
quarter of 2015.
Operating expenses as a percentage of total net revenues were
144.2% in the third quarter of 2015, increased from 12.9% in the
second quarter of 2015 and 15.0% in the third quarter of 2014.
Operating Loss (Gain) and Margin
Operating loss was RMB2,863.0
million (US$450.5 million) in
the third quarter of 2015, compared to operating loss of
RMB178.9 million in the second
quarter of 2015 and operating gain of RMB199.7 million in the third quarter of
2014.
Operating margin was negative 128.2% in the third quarter of
2015, compared to negative 6.6% in the second quarter of 2015 and
5.9% in the third quarter of 2014.
EBITDA
On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were negative
RMB2,592.1 million (US$407.8 million) in the third quarter of 2015,
compared to RMB198.2 million in the
second quarter of 2015 and RMB486.9
million in the third quarter of 2014. Excluding the impact
of the long-lived assets impairment and disposal gain, the adjusted
EBITDA would be RMB183.2million
(US$28.8 million) in the third
quarter of 2015.
Interest Expense
Interest expense was RMB252.1
million (US$39.7 million) in
the third quarter of 2015, compared to RMB242.1 million in the second quarter of 2015
and RMB263.1million in the third
quarter of 2014. The weighted average interest rate was 6.42% in
the third quarter of 2015, compared to 6.75% in the second quarter
of 2015 and 6.31% in the third quarter of 2014.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB37.7 million (US$5.9
million) in the third quarter of 2015, compared to foreign
currency exchange loss of RMB10.3
million in the second quarter of 2015 and foreign currency
exchange loss of RMB112.0 million in
the third quarter of 2014. The foreign currency exchange gain
recognized in the third quarter of 2015 was mainly due to the
depreciation of Renminbi against US dollars and Euros in the
quarter.
Income Tax Expense
Income tax expense was RMB365.4
million (US$57.5 million) in
the third quarter of 2015, compared to income tax expense of
RMB232.6 million in the second
quarter of 2015 and income tax expense of RMB19.0 million in the third quarter of 2014.
Income tax expense in the third quarter of 2015 was higher than
that of the second quarter of 2015, which was mainly because
recovery and additional valuation allowanceof deferred income tax
assets of Fine Silicon were recorded in the third quarter of
2015.
Net Loss
Net loss was RMB3,200.2 million
(US$503.5 million) in the third
quarter of 2015, compared to RMB598.7
million in the second quarter of 2015 and RMB122.8 million in the third quarter of 2014.
Loss per ordinary share and per ADS was RMB17.61 (US$2.77),
compared to RMB3.29 in the second
quarter of 2015 and RMB0.62 in the
third quarter of 2014
On an adjusted non-GAAP basis, net loss was RMB423.7 million (US$66.7
million) in the third quarter of 2015, compared to
RMB597.5 million in the second
quarter of 2015 and RMB112.0 million
in the third quarter of 2014. Adjusted non-GAAP loss per ordinary
share and per ADS was RMB2.33
(US$0.37) in the third quarter of
2015, compared to RMB3.29 in the
second quarter of 2015 and RMB0.62 in
the third quarter of 2014.
Balance Sheet Analysis
As of September 30, 2015, the
Company had RMB735.0 million
(US$115.6 million) in cash and cash
equivalents, compared to RMB575.0
million as of June 30,
2015.
As of September 30, 2015, the
Company had RMB870.2 million
(US$136.9 million) in restricted
cash, compared to RMB1,201.8 million
as of June 30, 2015.
As of September 30, 2015, the
Company's accounts receivable had increased to RMB4,356.4 million (US$685.4 million) from RMB3,854.4 million as of June 30, 2015. Days sales outstanding were 179
days in the third quarter of 2015, compared to 128 days in the
second quarter of 2015.
As of September 30, 2015, the
Company's accounts payable had decreased to RMB4,802.8 million (US$755.7 million) from RMB5,432.2 million as of June 30, 2015. Days payable outstanding were 236
days in the third quarter of 2015, increased from 192 days in the
second quarter of 2015.
As of September 30, 2015, the
Company's inventory had decreased to RMB1,285.6 million (US$202.3 million) from RMB1,522.4 million as of June 30, 2015. Inventory turnover days were 63
days in the third quarter of 2015, increased from 54 days in the
second quarter of 2015.
As of the date of this press release, the Company had
approximately RMB6,758 million in
unutilized short-term lines of credit and approximately
RMB1,269 million in committed
long-term facilities. The Company repaid approximately 70% of the
RMB1.0 billion five-year unsecured
medium-term notes due in October 2015
and is exploring various measures for repayment of the remaining
portion of the notes before October
2016. 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
China
Due to China's nationwide delay
in subsidy allocation, long-term operation of large ground-mounted
PV stations would require significant capital, and in consideration
of the Company's cash flow challenges, the Company decided to
suspend the downstream development business in China since September
2015 until its recovery to a healthy financial position and
continued to accelerate the disposition of downstream assets held
by the Company in order to collect funds related to downstream
business. As of the date of this press release, the Company has
sold a total of approximately 115MW of PV projects and is
negotiating with certain leading corporations in China for the sale of a total of approximately
200MW of PV projects.
Overseas
With focus on selling rather than holding to efficiently recycle
cash back into the project development portfolio, the Company has
developed a downstream project development business with a
portfolio footprint in Europe,
Africa and other markets outside
of China.
In the third quarter, the Company expanded its Polish project
portfolio by 30 MW to a total capacity of 60 MW, which will be
developed for inclusion in the Polish auction system in 2016
through 2017. In Turkey, the
Company entered into a new partnership to jointly develop a
pipeline of 20 MW of utility scale projects. Therefore, as of the
date of this press release the downstream project portfolio outside
of China has reached a total
capacity of over 200 MW.
Business Outlook for Fourth Quarter and Fiscal Year
2015
Fourth 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 420MW to 440MW for the quarter ending
December 31, 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 2.35GW to 2.40GW 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, impairment
of long-lived assets, disposal gain from long lived assets and land
related to Fine Silicon 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
RMB6.3556 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 September
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 December 2,
2015, which corresponds to 9:00
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:
|
83679371
|
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 December 10, 2015 by dialing:
U.S. Toll Free
Number:
|
+1-855-452-5696
|
International Dial-in
Number:
|
+1-646-254-3697
|
Passcode:
|
83679371
|
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 14 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)
|
|
|
|
June 30
,2015
|
|
September
30,2015
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and restricted
cash
|
|
1,776,784
|
|
1,605,138
|
|
252,555
|
Accounts receivable,
net
|
|
3,854,423
|
|
4,356,395
|
|
685,442
|
Inventories
|
|
1,522,440
|
|
1,285,580
|
|
202,275
|
Prepayments to
suppliers
|
|
877,746
|
|
670,310
|
|
105,468
|
Prepaid expenses and
other current assets
|
|
2,289,622
|
|
3,171,953
|
|
499,079
|
Total current
assets
|
|
10,321,015
|
|
11,089,376
|
|
1,744,819
|
|
|
|
|
|
|
|
Long-term prepayments
to suppliers
|
|
614,390
|
|
727,818
|
|
114,516
|
Property, plant and
equipment, net
|
|
11,055,028
|
|
6,904,448
|
|
1,086,356
|
Project
assets
|
|
2,258,298
|
|
906,693
|
|
142,661
|
Land use
rights
|
|
416,369
|
|
414,050
|
|
65,147
|
Intangible
assets
|
|
58,485
|
|
58,422
|
|
9,192
|
Investment in and
advances to affiliates
|
|
443,359
|
|
464,260
|
|
73,047
|
Other
assets
|
|
250,019
|
|
207,536
|
|
32,656
|
Total
assets
|
|
25,416,963
|
|
20,772,603
|
|
3,268,394
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term borrowings,
including current portion of medium notes and long-term
debt
|
|
10,078,470
|
|
9,761,390
|
|
1,535,872
|
Accounts
payable
|
|
5,432,205
|
|
4,802,776
|
|
755,676
|
Other current
liabilities and accrued expenses
|
|
3,737,622
|
|
3,837,923
|
|
603,865
|
Total current
liabilities
|
|
19,248,297
|
|
18,402,089
|
|
2,895,413
|
|
|
|
|
|
|
|
Long-term debt,
excluding current portion
|
|
2,063,767
|
|
2,044,040
|
|
321,612
|
Medium-term
notes
|
|
300,000
|
|
300,000
|
|
47,202
|
Accrued warranty
cost, excluding current portion
|
|
752,696
|
|
756,610
|
|
119,046
|
Other
liabilities
|
|
2,745,482
|
|
2,440,459
|
|
383,987
|
Total
liabilities
|
|
25,110,242
|
|
23,943,198
|
|
3,767,260
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Ordinary
shares
|
|
13,791
|
|
13,791
|
|
2,170
|
Additional paid-in
capital
|
|
7,246,252
|
|
7,247,529
|
|
1,140,337
|
Treasury
stock
|
|
(127,331)
|
|
(127,331)
|
|
(20,034)
|
Accumulated other
comprehensive income
|
|
328,609
|
|
238,261
|
|
37,488
|
Accumulated
deficit
|
|
(8,613,700)
|
|
(11,813,931)
|
|
(1,858,822)
|
Total deficit
attributable to Yingli Green Energy
|
|
(1,152,379)
|
|
(4,441,681)
|
|
(698,861)
|
Non controlling
interests
|
|
1,459,100
|
|
1,271,086
|
|
199,995
|
Total
shareholders' equity
|
|
306,721
|
|
(3,170,595)
|
|
(498,866)
|
Total liabilities
and shareholders' equity
|
|
25,416,963
|
|
20,772,603
|
|
3,268,394
|
|
|
|
|
|
|
|
|
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
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Sales of PV
modules
|
|
3,180,848
|
|
2,403,693
|
|
1,651,417
|
|
259,837
|
Sales of PV
systems
|
|
25,987
|
|
86,869
|
|
59,643
|
|
9,384
|
Other
revenues
|
|
178,371
|
|
225,539
|
|
522,825
|
|
82,262
|
Total net
revenues
|
|
3,385,206
|
|
2,716,101
|
|
2,233,885
|
|
351,483
|
Cost of
revenues:
|
|
|
|
|
|
|
Cost of PV modules
sales
|
|
(2,526,021)
|
|
(2,213,431)
|
|
(1,337,845)
|
|
(210,499)
|
Cost of PV systems
sales
|
|
(21,628)
|
|
(76,888)
|
|
(58,304)
|
|
(9,174)
|
Cost of other
revenues
|
|
(131,457)
|
|
(254,775)
|
|
(480,534)
|
|
(75,608)
|
Total cost of
revenues
|
|
(2,679,106)
|
|
(2,545,094)
|
|
(1,876,683)
|
|
(295,281)
|
Gross profit
(loss)
|
|
706,100
|
|
171,007
|
|
357,202
|
|
56,202
|
Selling
expenses
|
|
(281,893)
|
|
(257,077)
|
|
(154,059)
|
|
(24,240)
|
General and
administrative expenses
|
|
(119,694)
|
|
(140,100)
|
|
(203,438)
|
|
(32,009)
|
Research and
development expenses
|
|
(104,803)
|
|
(90,585)
|
|
(87,490)
|
|
(13, 766)
|
Impairment of
long-lived assets
|
|
-
|
|
-
|
|
(3,804,116)
|
|
(598,546)
|
Disposal gain from
long lived assets and land use right in relation to Fine
Silicon
|
|
-
|
|
138,441
|
|
1,028,876
|
|
161,885
|
Total operating
expenses
|
|
(506,390)
|
|
(349,321)
|
|
(3,220,227)
|
|
(506,676)
|
Income
(Loss) from operations
|
|
199,710
|
|
(178,314)
|
|
(2,863,025)
|
|
(450,474)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Equity in loss of an
affiliate
|
|
29,562
|
|
5,447
|
|
620
|
|
98
|
Interest
expense
|
|
(263,082)
|
|
(242,145)
|
|
(252,091)
|
|
(39,664)
|
Interest
income
|
|
8,786
|
|
7,396
|
|
4,256
|
|
670
|
Foreign currency
exchange gains (losses)
|
|
(111,983)
|
|
(10,281)
|
|
37,677
|
|
5,928
|
Other
income
|
|
17,890
|
|
24,774
|
|
43,213
|
|
6,799
|
Loss before income
taxes
|
|
(119,117)
|
|
(393,124)
|
|
(3,029,348)
|
|
(476,643)
|
Income tax (expense)
benefit
|
|
(18,968)
|
|
(232,593)
|
|
(365,382)
|
|
(57,490)
|
Net
loss
|
|
(138,084)
|
|
(625,717)
|
|
(3,394,730)
|
|
(534,133)
|
Less: Loss
attributable to the non controlling interests
|
|
15,239
|
|
27,591
|
|
194,499
|
|
30,603
|
Net loss
attributable to Yingli Green Energy
|
|
(122,846)
|
|
(598,126)
|
|
(3,200,231)
|
|
(503,530)
|
Weighted average
shares and ADSs outstanding
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
181,763,770
|
|
181,763,770
|
|
181,763,770
|
|
181,763,770
|
Loss per share and
per ADS
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
(0.68)
|
|
(3.29)
|
|
(17.61)
|
|
(2.77)
|
Net
loss
|
|
(138,085)
|
|
(625,717)
|
|
(3,394,730)
|
|
(534,132)
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
exchange translation adjustment, net of nil tax
|
|
17,174
|
|
4,879
|
|
(83,863)
|
|
(13,195)
|
Cash flow hedging
derivatives, net of nil tax
|
|
7,423
|
|
-
|
|
-
|
|
-
|
Comprehensive
loss
|
|
(113,488)
|
|
(620,838)
|
|
(3,478,593)
|
|
(547,327)
|
Less: Comprehensive
loss attributable to the non controlling interest
|
|
15,247
|
|
27,989
|
|
188,014
|
|
29,582
|
Comprehensive loss
attributable to Yingli Green Energy
|
|
(98,241)
|
|
(592,849)
|
|
(3,290,579)
|
|
(517,641)
|
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
|
Three months
ended
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Non-GAAP loss
attributable to Yingli Green Energy
|
|
(112,001)
|
|
(735,297)
|
|
(423,714)
|
|
(66,668)
|
Share-based
compensation
|
|
(10,845)
|
|
(1,270)
|
|
(1,277)
|
|
(201)
|
Impairment of
long-lived assets
|
|
-
|
|
-
|
|
(3,804,116)
|
|
(598,546)
|
Disposal gain from
long lived assets and land use right in relation to Fine
Silicon
|
|
|
|
138,441
|
|
1,028,876
|
|
161,885
|
Net loss
attributable to Yingli Green Energy
|
|
(122,846)
|
|
(598,126)
|
|
(3,200,231)
|
|
(503,530)
|
Non-GAAP diluted loss
per share and per ADS
|
|
(0.62)
|
|
(4.04)
|
|
(2.33)
|
|
(0.37)
|
Diluted loss per
share and per ADS
|
|
(0.68)
|
|
(3.29)
|
|
(17.61)
|
|
(2.77)
|
|
Reconciliation of
EBITDA and adjusted EBITDA measures to income before income tax
& minority interest measures
|
|
|
Three months
ended
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Loss before income
taxes and non-controlling interest
|
|
(119,117)
|
|
(393,124)
|
|
(3,029,384)
|
|
(476,642)
|
Interest
expense
|
|
263,082
|
|
242,145
|
|
252,091
|
|
39,664
|
Interest
income
|
|
(8,786)
|
|
(7,396)
|
|
(4,256)
|
|
(670)
|
Depreciation
|
|
346,333
|
|
353,141
|
|
185,397
|
|
29,171
|
Amortization for land
use rights and intangible assets
|
|
5,432
|
|
4,062
|
|
4,038
|
|
635
|
EBITDA
|
|
486,943
|
|
198,828
|
|
(2,592,078)
|
|
(407,842)
|
Impairment of long
lived assets
|
|
-
|
|
-
|
|
3,804,116
|
|
598,546
|
Disposal gain from
long lived assets and land use right
|
|
|
|
|
|
|
|
|
assets and land
use right
|
|
-
|
|
(138,441)
|
|
(1,028,876)
|
|
(161,885)
|
Adjusted
EBITDA
|
|
486,943
|
|
60,387
|
|
183,162
|
|
28,819
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-third-quarter-2015-results-300186864.html
SOURCE Yingli Green Energy Holding Company Limited