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 December 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 December 2, 2015 |
|
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: December 3, 2015
Exhibit 99.1
Yingli Green Energy Reports Third Quarter
2015 Results
BAODING, China, December 2, 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 September
30, 2015.
Third Quarter 2015 Consolidated Financial and Operating Summary
| l | Total net revenues were RMB2,233.9 million (US$351.5 million). |
| l | Total photovoltaic
(“PV”) module shipments (including shipments to the Company’s own downstream PV projects1)
were 460.4MW. |
| l | 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%. |
| l | 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). |
| l | 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). |
| l | Net loss2
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-GAAP3
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). |
“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.”
| 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. |
“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 allowance of 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 in relation to Fine Silicon | |
| - | | |
| (138,441 | ) | |
| (1,028,876 | ) | |
| (161,885 | ) |
| Adjusted EBITDA | |
| 486,943 | | |
| 60,387 | | |
| 183,162 | | |
| 28,819 | |