BAODING, China, May 11, 2016 /PRNewswire/ -- Yingli Green Energy
Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the
"Company"), one of the world's leading solar panel manufacturers,
known as "Yingli Solar," today
announced its unaudited consolidated financial results for the
quarter and full year ended December 31,
2015.
Fourth Quarter 2015 Consolidated Financial and Operating
Summary
- Total net revenues were RMB 2,110.0
million (US$ 325.7 million),
compared to RMB2,233.9 million in the
third quarter of 2015.
- Total photovoltaic ("PV") module shipments1 were
504.5 MW1, increased from 460.4 MW1 in the
third quarter of 2015, well above the Company's previous guidance
of 420 MW to 440 MW.
- Gross profit was RMB 248.3
million (US$ 38.3 million),
representing a gross margin of 11.8%. Gross margin on sales of PV
modules was 13.5%.
- Operating loss was RMB 1,120.3
million (US$ 172.9
million).
- On an adjusted non-GAAP2 basis, earnings before
interest, tax expenses, depreciation and amortization ("EBITDA")
were negative RMB 827.7 million
(US$ 127.8 million).
- Net loss3 was RMB 1,439.0
million (US$ 222.1 million)
and loss per American Depositary Share4 (each
representing ten ordinary shares of the Company, the "ADS") was
RMB 79.2 (US$
12.2). On an adjusted non-GAAP basis, adjusted net loss was
RMB 842.1 million (US$ 130.0 million), and adjusted loss per ADS was
RMB 46.3 (US$
7.2).
Full Year 2015 Consolidated Financial and Operating
Summary
- Total net revenues were RMB 9,965.8
million (US$ 1,538.5
million).
- Total PV module shipments were 2,447.0 MW, slightly exceeding
its previous guidance of 2.35GW to 2.40GW.
- Gross profit was RMB 1,187.3
million (US$ 183.3 million),
representing a gross margin of 11.9%. Gross margin on sales of PV
modules was 13.4%.
- Operating loss was RMB 4,228.0
million (US$ 652.7
million).
- On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization (EBITDA) were negative
RMB 3,021.2 million (US$ 466.4 million).
- Net loss was RMB 5,600.5 million
(US$ 864.6 million) and loss per ADS
was RMB 308.1 (US$ 47.6). On an adjusted non-GAAP basis,
adjusted net loss was RMB 2,320.1
million (US$ 358.2 million)
and adjusted loss per ADS was RMB
127.6 (US$ 19.7)
[1] Total PV module
shipments include shipments to the Company's own downstream PV
projects. The Company has suspended new development business of
downstream PV projects in China since September 2015, and there
were no shipments to new downstream PV projects in the fourth
quarter of 2015.
|
[2] All non-GAAP
measures other than EBITDA exclude, as applicable, share-based
compensation, interest expenses related to the changes in the fair
value of the interest rate swap and the amortization of the debt
discount, the amortization of intangible assets, inventory
provision, impairment of long-lived assets and losses on 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.
|
[3] 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.
|
[4] On December 28,
2015, the Company effected a change of the ratio of its ADSs to
ordinary shares from one (1) ADS representing one (1) ordinary
share to one (1) ADS representing ten (10) ordinary shares. Unless
otherwise indicated, ADSs and per ADS amount in this press have
been retroactively adjusted to reflect the change in ratio for all
periods presented.
|
"We are pleased to announce that we have improved the overall
utilization rate of our production capacity to more than 80% in the
fourth quarter and achieved an annual PV modules shipment of over
2.4GW in 2015 with support from local governments, banks and
business partners, despite our tight operating cash flow during the
period as a large amount of medium-term notes became due and we
repaid a substantial portion of them in 2015," commented Mr.
Liansheng Miao, Chairman and Chief
Executive Officer of Yingli Green Energy.
"In 2015, despite the financial challenges, we achieved
satisfactory performance in overseas markets. We achieved
significant growth in Japanese market with annual shipment to
Japan increased by over 18%
year-over-year and the quarterly shipment to Japan accounted for approximately 30% of our
total shipment in the fourth quarter of 2015. We have seen strong
momentum in North Americas as we continued deliveries to repeat
customers across the United States
and began deliveries to a large utility scale project in
Texas. The downstream project
portfolio of Yingli Europe has more
than doubled since our last earnings call with over 70% of
Yingli Europe's project portfolio
located in emerging African markets. We also had a sound presence
in various emerging markets with total sales to such markets
representing 18.3% of total revenues in 2015, increased from 14.8%
in 2014 and we delivered 120 MW solar panels to the largest hybrid
solar photovoltaic and concentrated solar power plant in
Latin America and 125 MW solar
panels to a solar power plant in Algeria."
"In 2016, with a series of supportive policies for the solar
industry issued by the Chinese government, we will strive to
continue to strengthen cooperation with our large clients such as
state-owned enterprises controlled by central and local governments
in China as well as influential
private enterprises, funds, EPCs with strong financial background
in order to increase our sales in the domestic market and
accelerate our working capital turnover. By the end of April, we
had secured PV module orders of over 700 MW from China in 2016, among those, more than half are
covered by full amount cash prepayment agreements."
"Looking ahead, we expect 2016 to be an important year of
transformation for us. We will continue to actively explore methods
to improve our operating fundamentals through reducing
manufacturing costs and related expenses and pursuing various
alternative financing options including restructuring our debts as
feasible in order to achieve a successful transformation," Mr. Miao
concluded.
Fourth Quarter 2015 Financial Results
Total Net Revenues
Total net revenues were RMB 2,110.0
million (US$ 325.7 million) in
the fourth quarter of 2015, compared to RMB
2,233.9 million in the third quarter of 2015 and
RMB 3,446.5 million in the fourth
quarter of 2014. Total PV module shipments were 504.5 MW in the
fourth quarter of 2015, compared to 460.4 MW in the third quarter
of 2015 and 939.2 MW in the fourth quarter of 2014.
The decrease in total net revenues in the fourth quarter of 2015
compared to the third quarter of 2015 was mainly due to the lower
average selling price of PV modules as a result of higher
proportion of shipment to China.
Gross Profit and Gross Margin
Gross profit was RMB 248.3 million
(US$ 38.3 million) in the fourth
quarter of 2015, compared to RMB357.2
million in the third quarter of 2015 and RMB 578.7 million in the fourth quarter of
2014.
Gross margin was 11.8% in the fourth quarter of 2015, compared
to 16.0% in the third quarter of 2015 and 16.8% in the fourth
quarter of 2014.
Gross margin on sales of PV modules was 13.5% in the fourth
quarter of 2015, compared to 19.0% in the third quarter of 2015 and
16.2% in the fourth quarter of 2014. The decrease in gross margin
on sales of PV modules from the third quarter of 2015 to the fourth
quarter of 2015 was mainly due to the lower average selling price
of PV modules as a result of higher proportion of shipment to
China market.
Operating Expenses
Operating expenses decreased to RMB
1,368.6 million (US$ 211.3
million) in the fourth quarter of 2015 from RMB 3,220.2 million in the third quarter of 2015,
and compared to RMB 778.7 million in
the fourth quarter of 2014. Operating expenses as a percentage of
total net revenues were 64.9% in the fourth quarter of 2015,
compared to 144.2% in the third quarter of 2015 and 22.6% in the
fourth quarter of 2014.
The decrease of operating expense was mainly because the Company
recognized a non-cash impairment charge on long-lived assets
totaling RMB 3.8 billion in the third
quarter of 2015, which was partially offset by a gain from disposal
of the land use rights held by Fine Silicon, while no such
impairment charge and disposal gain was recognized in the fourth
quarter of 2015. The decrease was also partially offset by the
increase of provision for prepayments in relation to inventory
purchase commitments, provision for doubtful accounts receivables,
and provision for reserve for inventory purchase commitments from
the third quarter to the fourth quarter of 2015.
Excluding the impact of the impairment charge on long-lived
assets and disposal gain, provision for prepayments in relation to
inventory purchase commitments, provision for doubtful accounts
receivables and provision for reserve for inventory purchase
commitments, the increase of operating expenses was primarily due
to the increase in the selling expenses as a result of increased PV
module shipments and the increase in the general and administrative
expenses partially due to the provision of US$ 7.5 million for the settlement payment to
Solyndra as disclosed in the Company's press release dated
April 4, 2016.
Operating Loss and Margin
Operating loss was RMB 1,120.3
million (US$ 172.9 million) in
the fourth quarter of 2015, compared to operating loss of
RMB 2,863.0 million in the third
quarter of 2015 and operating loss of RMB
200.0 million in the fourth quarter of 2014.
Operating margin was negative 53.1% in the fourth quarter of
2015, compared to negative 128.2% in the third quarter of 2015 and
negative 5.8% in the fourth quarter of 2014.
EBITDA
On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were negative
RMB 827.7 million (US$ 127.8 million) in the fourth quarter of 2015,
compared to negative RMB 2,592.1
million in the third quarter of 2015 and RMB 94.2 million in the fourth quarter of
2014.
Interest Expense
Interest expense was RMB 246.1
million (US$ 38.0 million) in
the fourth quarter of 2015, slightly decreased from RMB 252.1 million in the third quarter of 2015
and RMB268.4 million in the fourth
quarter of 2014. The weighted average interest rate was 6.92 % in
the fourth quarter of 2015, compared to 6.42% in the third quarter
of 2015 and 6.81% in the fourth quarter of 2014.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB
29.5 million (US$ 4.6 million)
in the fourth quarter of 2015, compared to foreign currency
exchange gain of RMB 37.7 million in
the third quarter of 2015 and foreign currency exchange loss of
RMB 120.4 million in the fourth
quarter of 2014. The foreign currency exchange loss recognized in
the fourth quarter of 2015 was mainly due to the depreciation of
Renminbi against US dollars and the appreciation of Renminbi
against Euros, as well as the fact that the Company had a balance
of net current assets denominated in Euro and a balance of net
liabilities denominated in US dollars.
Income Tax Expense
Income tax expense was RMB 132.7
million (US$ 20.5 million) in
the fourth quarter of 2015, compared to income tax expense of
RMB 365.4 million in the third
quarter of 2015 and income tax expense of RMB 88.1 million in the fourth quarter of 2014.
Income tax expense in the fourth quarter of 2015 was significantly
lower than third quarter of 2015 primarily 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 RMB 1,439.0 million
(US$ 222.1 million) in the fourth
quarter of 2015, compared to RMB 3,200.2
million in the third quarter of 2015 and RMB 550.0 million in the fourth quarter of 2014.
Loss per ADS was RMB 79.2 (US$
12.2 ) in the fourth quarter of 2015, compared to
RMB 176.1 in the third quarter of
2015 and RMB 30.3 in the fourth
quarter of 2014.
On an adjusted non-GAAP basis, adjusted net loss was
RMB 842.1 million (US$ 130.0 million) in the fourth quarter of 2015,
compared to RMB 389.7 million in the
third quarter of 2015 and RMB 535.1
million in the fourth quarter of 2014; adjusted loss per ADS
was RMB 46.3 (US$ 7.2) in the fourth quarter of 2015, compared
to RMB 21.4 in the third quarter of
2015 and RMB 29.4 in the fourth
quarter of 2014.
Balance Sheet Analysis
As of December 31, 2015, the
Company had RMB 1,240.7 million
(US$ 191.5 million) in cash and cash
equivalents, increased from RMB735.0
million as of September 30,
2015.
As of December 31, 2015, the
Company had RMB 346.9 million
(US$ 53.6 million) in restricted
cash, decreased from RMB 870.2
million as of September 30,
2015.
As of December 31, 2015, the
Company's accounts receivable had decreased to RMB 2,922.5 million (US$
451.2 million) from RMB 4,356.4
million as of September 30,
2015. Days sales outstanding were 125 days in the fourth
quarter of 2015, decreased from 179 days in the third quarter of
2015.
As of December 31, 2015, the
Company's accounts payable had decreased to RMB 3,960.5 million (US$
611.4 million) from RMB 4,802.8
million as of September 30,
2015. Days payable outstanding were 191 days in the fourth
quarter of 2015, decreased from 236 days in the third quarter of
2015.
As of December 31, 2015, the
Company's inventory had increased to RMB
1,484.3 million (US$ 229.1
million) from RMB1,285.6
million as of September 30,
2015, which was mainly due to the higher utilization rate of
its production capacity for in-house PV modules. Inventory turnover
days were 72 days in the fourth quarter of 2015, compared to 63
days in the third quarter of 2015.
As of the date of this press release, the Company had
approximately RMB 4,240 million in
unutilized short-term lines of credit and approximately
RMB 1,266 million in committed
long-term facilities. In addition, the Company has been able to
renew a majority of its short-term borrowings since the beginning
of 2015 and is exploring financing options to continue to manage
the Company's liquidity and to enhance its financial
flexibility.
Full Year 2015 Financial Results
Total Net Revenues
Total net revenues in 2015 were RMB
9,965.8 million (US$ 1,538.5
million), compared to RMB 12,927.4
million in 2014. Total PV module shipments in 2015 were
2,447.0 MW, compared to 3,361.3 MW in 2014. The decrease in total
net revenues year-over-year was mainly due to the decreased PV
module shipments as a result of the lower utilization rate of
production capacity in certain quarters of 2015 caused by tight
cash flow, as well as the decline of selling price of PV modules
across the world, especially in China.
Gross Profit and Gross Margin
Gross profit and gross margin in 2015 were RMB 1,187.3 million (US$
183.3 million) and 11.9%, decreased from RMB 2,238.2 million and 17.3% in 2014,
respectively. The decrease of both gross profit and gross margin
year over year was mainly due to an increase in unit production
cost of PV modules as a result of the lower-than-expected
utilization rate of production facilities and the decline in
average selling price of PV modules.
Operating Expenses
Operating expenses in 2015 were RMB
5,415.4 million (US$ 836.0
million), compared to RMB 2,453.4
million in 2014. Operating expenses as a percentage of net
revenue increased to 54.3% in 2015 from 19.0% in 2014. The increase
in operating expenses was mainly due to:
- Impairment of long-lived assets. Due to the decreased
shipment, gross margin and lower-than-expected utilization of
production facilities, the Company did an impairment analysis on
its long-lived assets in 2015 and recorded an impairment loss of
RMB 3.8 billion for property, plant
and equipment with respect to the production facilities based on
the difference between carrying value and fair value of such
long-lived assets.
- Provision for prepayments in relation to inventory
purchase commitments. In 2015, the Company recorded provisions
of approximately RMB 522.1 million
for the prepayments to certain supplier under the Company's
long-term polysilicon supply contracts as a result of the
reassessment of the purchase commitments under those supply
contracts. No such provision was made in 2014.
- Provision for doubtful accounts receivable. As a result
of certain customers' prolonged failure to settle accounts
receivable and the continuing deterioration of their financial
condition and creditworthiness, the Company made a total provision
of RMB 404.3 million (US$ 62.4 million) in 2015 for the doubtful
accounts receivable related to these customers, while the Company
made provision for doubtful accounts receivable of RMB 169.4 million in 2014. Such provision was
included in the Company's general and administrative expenses.
- Provision for reserve for inventory purchase
commitments. In 2015, the Company recorded provision for
reserve for inventory purchase commitments of RMB 77.7 million while no such provision was made
in 2014.
The increase in operating expenses was partially offset by:
- Gain on disposal of long-lived assets and land use
rights. In 2015, Fine Silicon, one of the Company's
subsidiaries in China, disposed
its long-lived assets and land use rights and the Company
recognized a disposal gain of RMB 1.2
billion.
Excluding the impact of non-cash impairment charge on long-lived
assets, gain on disposal of long-lived assets and land use rights,
provision for prepayments in relation to inventory purchase
commitments, provision for doubtful accounts receivables and
provision for reserve for inventory purchase commitments, the
decrease of operating expense from 2014 to 2015 was mainly due to
the decreased PV module shipments as well as research and
developments expenses.
EBITDA
On an adjusted non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization (EBITDA) were negative
RMB 3,021.2 million (US$ 466.4 million) in 2015, compared to
RMB 1,079.4 million in 2014.
Interest Expense
Interest expense in 2015 was RMB 977.2
million (US$ 150.9 million),
compared to RMB 1,015.9 million in
2014. As of December 31, 2015, the
Company had an aggregate of RMB 11.8
billion (US$ 1.8 billion) of
borrowings and medium-term notes outstanding, compared to
RMB 14.7 billion as of December 31, 2014. The weighted average interest
rate for the Company's borrowings in 2015 was 6.39%, which
decreased from 6.44% in 2014.
Foreign Currency Exchange Loss
Foreign currency exchange loss was RMB
132.7 million (US$ 20.5
million) in 2015, compared to RMB
243.4 million in 2014. The decrease in foreign exchange loss
year over year was mainly due to less depreciation of Euros and
Japanese Yen against Renminbi in 2015, and to the fact that the
Company had a balance of net current assets denominated in Euro and
Japanese Yen.
Income Tax Expense
Income tax expense was RMB 731.2
million (US$ 112.9 million) in
2015, compared to income tax expense of RMB
89.7 million in 2014. The increase of income tax expense
year-over-year was primarily due to assessment on recovery of
deferred income tax assets which resulting in an additional
valuation allowance of deferred income tax assets as well as the
realization of deferred tax assets upon the disposal of Fine
Silicon land use rights in 2015.
Net Loss
Net loss was RMB 5,600.5 million
(US$ 864.6 million) and loss per ADS
was RMB 308.1 (US$ 47.6) in 2015, compared to net loss of
RMB 1,299.8 million and loss per ADS
of RMB 74.9 in 2014. On an adjusted
non-GAAP basis, adjusted net loss was RMB
2,320.1 million (US$ 358.2
million) and adjusted loss per ADS was RMB 127.6 (US$
19.7) in 2015, compared to adjusted net loss of RMB 1,260.6 million and adjusted loss per ADS of
RMB 72.6 in 2014.
Debt Restructuring and Introduction of Strategic
Investors
The Company's subsidiaries are exploring various potential debt
restructuring options in order to improve theirs liquidity and
debt-to-equity ratio and reduce cash outflow from debt repayments.
In particular, the Company's subsidiaries have been proactively
negotiating with main bank creditors and holders of their
medium-term notes ("MTNs") to try to find viable solutions. The
Company understands that these bank creditors and holders of MTNs
as well as the relevant state, provincial and municipal government
authorities are aware of the difficulties in repayment of such
debts and have expressed their understanding and continuous
support. The Company and its subsidiaries are also negotiating
proactively with potential strategic investors for potential
strategic investments in the Company or its subsidiaries. Such debt
restructuring and strategic investments, if successfully completed,
will further increase the Company and its subsidiaries' liquidity
and improve their debt-to-equity ratio.
Update on Repayment of Medium-Term Notes
Tianwei Yingli, a major subsidiary of the Company, repaid
approximately 70% of the RMB denominated unsecured five-year
medium-term notes of RMB1.0 billion
(the "2010 MTNs") when they became due on October 13, 2015, and has RMB denominated
unsecured five-year medium-term notes of RMB1.4 billion (the "2011 MTNs") due on
May 12, 2016. As disclosed in the
Company's press release dated April 6,
2016, Tianwei Yingli informed holders of the 2011 MTNs that
it would be very difficult for Tianwei Yingli to repay the 2011
MTNs on the due date and Tianwei Yingli proposed to extend the
repayment date by two to three years; and holders of the 2010 MTNs
demanded Tianwei Yingli to repay the remaining portion of the 2010
MTNs in full together with accrued interests before May 12, 2016. Tianwei Yingli expects to be unable
to repay the 2011 MTNs or the 2010 MTNs on May 12, 2016, and is still in the process of
actively discussing with the holders of the 2011 MTNs and the 2010
MTNs about potential extension of the repayment dates of both MTNs.
The Company is exploring various alternative financing plans for
repayment of both MTNs such as: 1) introduction of strategic
investors to invest into the Company and the Company's
subsidiaries, 2) introduction of new creditors to grant new
borrowings to the Company or the Company's subsidiaries, and 3)
sales of certain long-lived assets including land use rights to
obtain additional funds.
Liquidating Land Use Right Held by Hainan Yingli
On November 5, 2015, Hainan Yingli
entered into a Capital Increase Agreement with its shareholder
Haikou National, pursuant to which Haikou National used its land
use rights to subscribe for newly issued equity interests in Hainan
Yingli and Hainan Yingli is required to repurchase such equity
interests from Haikou National in three installments within 10
years at an aggregate price equal to the fair market value of the
land use rights on the date of the agreement plus interests
calculated at the prevailing bank loan interest rate in
China. Hainan Yingli subsequently
disposed of the land use rights contributed by Haikou National by
transferring to a third party 100% equity interest in its wholly
owned subsidiary that held the land use rights (the "Hainan Land
Disposal"). As of the date hereof, the Hainan Land Disposal is
substantially completed while the parties are in the process of
completing remaining administrative procedures. Hainan Yingli
received RMB 265.0 million as partial
consideration for the Hainan Land Disposal in 2015 and expects to
receive the remaining portion of the consideration in the amount of
RMB 470.0 million in 2016.
Business Outlook for First Quarter and Fiscal Year
2016
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 480 MW to 510 MW for the quarter ending
March 31, 2016 and 2.6 GW to 3.0 GW
for the fiscal year ending December 31,
2016. The Company also expects its gross margin in the first
quart of 2016 to be in the estimated range of 17 % to 19%.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance
with GAAP, this press release may include certain non-GAAP
financial measures of adjusted gross profit, adjusted gross margin,
adjusted operating expenses adjusted operating profit or 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
charge on long-lived assets, gain on disposal of long lived assets
and land use rights, provision for prepayments in relation to
inventory purchase commitments, and provision for reserve 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
RMB 6.4778 to US$1.00, the noon
buying rate in New York for cable
transfers of Renminbi per U.S. dollar as set forth in the H.10
weekly statistical release of the Federal Reserve Board as of
December 31, 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 May 11,
2016, 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: 73401201
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
May 18, 2016 by dialing:
U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +1-646-254-3697
Passcode: 73401201
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:
Jean Tian
Investor Relations Director
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: ir@yingli.com
YINGLI GREEN
ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In
thousands)
|
|
|
As of December 31,
2014
|
As of December 31,
2015
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and restricted
cash
|
2,401,458
|
1,587,675
|
245,095
|
Accounts receivable,
net
|
4,334,023
|
2,922,479
|
451,153
|
Inventories
|
2,099,082
|
1,484,314
|
229,139
|
Prepayment to
suppliers
|
926,165
|
426,718
|
65,874
|
Prepaid expenses and
other current assets
|
1,563,569
|
1,982,196
|
305,998
|
Total Current
assets
|
11,324,297
|
8,403,382
|
1,297,259
|
Long-term prepayment
to suppliers
|
721,651
|
555,520
|
85,758
|
Land, property, plant
and equipment, net
|
12,110,794
|
6,846,482
|
1,056,915
|
Project
assets
|
1,369,662
|
720,286
|
111,193
|
Land use
rights
|
603,514
|
411,732
|
63,560
|
Intangible assets,
net
|
58,610
|
58,360
|
9,009
|
Investments in
affiliated companies
|
423,301
|
459,721
|
70,969
|
Other
assets
|
496,621
|
184,799
|
28,527
|
Total
assets
|
27,108,450
|
17,640,282
|
2,723,190
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY/(DEFICIT)
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term borrowings,
including current
portion of medium-term notes and long-term
debt
|
10,112,055
|
9,124,183
|
1,408,531
|
Accounts
payable
|
5,237,989
|
3,960,458
|
611,389
|
Other current
liabilities and accrued expenses
|
2,726,682
|
2,576,076
|
397,678
|
Total Current
liabilities
|
18,076,726
|
15,660,717
|
2,417,598
|
Long-term debt,
excluding current portion
|
2,858,153
|
2,405,898
|
371,407
|
Medium-term
notes
|
1,713,308
|
300,000
|
46,312
|
Accrued warranty
liability, excluding current
portion
|
707,525
|
753,270
|
116,285
|
Other
liabilities
|
2,451,057
|
3,232,548
|
499,019
|
Total
liabilities
|
25,806,769
|
22,352,433
|
3,450,621
|
Shareholders'
deficit:
|
|
|
|
Ordinary
shares
|
13,791
|
13,791
|
2,129
|
Additional paid-in
capital
|
7,234,810
|
7,246,760
|
1,118,707
|
Accumulated other
comprehensive income
|
312,110
|
180,025
|
27,791
|
Treasury
stock
|
(127,331)
|
(127,331)
|
(19,656)
|
Retained
earnings
|
(7,650,744)
|
(13,252,929)
|
(2,045,900)
|
Total Yingli Green
Energy shareholders' deficit
|
(217,364)
|
(5,939,684)
|
(916,929)
|
Non-controlling
interests
|
1,519,045
|
1,227,533
|
189,498
|
Total
shareholders' equity/(deficit)
|
1,301,681
|
(4,712,151)
|
(727,431)
|
Total liabilities
and shareholders' equity/(deficit)
|
27,108,450
|
17,640,282
|
2,723,190
|
YINGLI GREEN
ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
(In thousands,
except for ordinary shares, per ordinary share and per ADS
data)
|
|
|
For the three
month ended
|
|
December 31,
2014
|
September 30,
2015
|
December 31,
2015
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
|
Sales of PV modules
|
3,208,441
|
1,651,417
|
1,727,375
|
266,661
|
Other revenues
|
238,070
|
582,468
|
382,669
|
59,074
|
Total net
revenues
|
3,446,511
|
2,233,885
|
2,110,044
|
325,735
|
Cost of
revenues:
|
|
|
|
|
Cost of PV modules sales
|
(2,688,151)
|
(1,337,845)
|
(1,493,587)
|
(230,570)
|
Cost of other revenues
|
(179,627)
|
(538,838)
|
(368,175)
|
(56,837)
|
Total cost of
revenues
|
(2,867,778)
|
(1,876,683)
|
(1,861,762)
|
(287,407)
|
Gross
profit
|
578,733
|
357,202
|
248,282
|
38,328
|
Selling expenses
|
(303,123)
|
(154,059)
|
(234,916)
|
(36,265)
|
General and administrative expenses
|
(264,038)
|
(169,411)
|
(483,069)
|
(74,572)
|
Research and development expenses
|
(211,579)
|
(87,490)
|
(84,858)
|
(13,100)
|
Impairment of long-lived assets
|
-
|
(3,804,116)
|
-
|
-
|
Disposal gain
from long-lived assets and land use right in relation to a
subsidiary
|
-
|
1,028,876
|
-
|
-
|
Provision for
prepayments in relation to inventory purchase
commitments
|
-
|
(34,027)
|
(488,023)
|
(75,338)
|
Provision for reserve for inventory purchase commitments
|
-
|
-
|
(77,705)
|
(11,996)
|
Total operating
expenses
|
(778,740)
|
(3,220,227)
|
(1,368,571)
|
(211,271)
|
Loss from
operations
|
(200,007)
|
(2,863,025)
|
(1,120,289)
|
(172,943)
|
Interest
expense
|
(268,399)
|
(252,091)
|
(246,120)
|
(37,994)
|
Interest
income
|
14,065
|
4,256
|
5,553
|
857
|
Foreign currency
exchange gain(loss)
|
(120,446)
|
37,677
|
(29,473)
|
(4,550)
|
Other
income(expenses)
|
53,834
|
43,835
|
37,437
|
5,779
|
Loss before income
taxes
|
(520,953)
|
(3,029,348)
|
(1,352,892)
|
(208,851)
|
Income tax
expense
|
(88,119)
|
(365,382)
|
(132,716)
|
(20,487)
|
Net
loss
|
(609,072)
|
(3,394,730)
|
(1,485,608)
|
(229,338)
|
Less: Loss
attributable to the non-controlling interests
|
59,026
|
194,499
|
46,611
|
7,195
|
Net loss
attributable to Yingli Green Energy
|
(550,046)
|
(3,200,231)
|
(1,438,997)
|
(222,143)
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
Basic
|
181,763,770
|
181,763,770
|
181,763,770
|
181,763,770
|
Diluted
|
181,763,770
|
181,763,770
|
181,763,770
|
181,763,770
|
Loss per ordinary
share
|
|
|
|
|
Basic
|
(3.03)
|
(17.61)
|
(7.92)
|
(1.22)
|
Diluted
|
(3.03)
|
(17.61)
|
(7.92)
|
(1.22)
|
Loss per
ADS
|
|
|
|
|
Basic
|
(30.3)
|
(176.1)
|
(79.2)
|
(12.2)
|
Diluted
|
(30.3)
|
(176.1)
|
(79.2)
|
(12.2)
|
Net
loss
|
(609,072)
|
(3,394,730)
|
(1,485,608)
|
(229,338)
|
Other
comprehensive income (loss)
|
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
19,750
|
(83,863)
|
(53,999)
|
(8,336)
|
Cash flow hedging
derivatives, net of nil tax
|
(3,007)
|
-
|
(1,180)
|
(183)
|
Comprehensive
loss
|
(592,329)
|
(3,478,593)
|
(1,540,787)
|
(237,857)
|
Less: Comprehensive
loss attributable to the non-controlling interest
|
63,518
|
188,014
|
43,554
|
6,724
|
Comprehensive loss
attributable to Yingli Green Energy
|
(528,811)
|
(3,290,579)
|
(1,497,233)
|
(231,133)
|
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
For the three
month ended
|
|
December 31,
2014
|
September 30,
2015
|
December 31,
2015
|
|
RMB
|
RMB
|
RMB
|
US$
|
Non-GAAP
loss
|
(535,069)
|
(389,687)
|
(842,126)
|
(130,002)
|
Share-based
compensation
|
(10,769)
|
(1,277)
|
787
|
122
|
Impairment of
long-lived assets
|
-
|
(3,804,116)
|
-
|
-
|
Provision for reserve
for inventory purchase commitments
|
-
|
-
|
(77,705)
|
(11,996)
|
Provision for
prepayments in relation to inventory purchase
commitments
|
-
|
(34,027)
|
(488,023)
|
(75,338)
|
Inventory
provision
|
(4,208)
|
-
|
(31,930)
|
(4,929)
|
Disposal gain from
long-lived assets and land use right in relation to a
subsidiary
|
-
|
1,028,876
|
-
|
-
|
Net loss attributable
to Yingli Green Energy
|
(550,046)
|
(3,200,231)
|
(1,438,997)
|
(222,143)
|
Non-GAAP diluted loss
per ordinary share
|
(2.94)
|
(2.14)
|
(4.63)
|
(0.72)
|
Diluted loss per
ordinary share
|
(3.03)
|
(17.61)
|
(7.92)
|
(1.22)
|
|
Reconciliation of
EBITDA and adjusted EBITDA measures to loss before income tax &
minority interest measures
|
Loss before income
taxes and non-controlling interest
|
(520,953)
|
(3,029,348)
|
(1,352,892)
|
(208,850)
|
Interest
expense
|
268,399
|
252,091
|
246,120
|
37,994
|
Interest
income
|
(14,065)
|
(4,256)
|
(5,553)
|
(857)
|
Depreciation
|
355,576
|
185,397
|
280,597
|
43,317
|
Amortization for land
use rights and intangible assets
|
5,253
|
4,038
|
3,987
|
616
|
EBITDA
|
94,210
|
(2,592,078)
|
(827,741)
|
(127,780)
|
YINGLI GREEN
ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES
|
Unaudited
Condensed Consolidated Statements of Operations
|
(In thousands,
except for ordinary shares, per share and per ADS
data)
|
|
|
For the year
ended Full
Year
|
|
December 31,
2014
|
December 31,
2015
|
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
Sales of PV modules
|
12,179,474
|
8,464,779
|
1,306,737
|
Other revenues
|
747,903
|
1,501,007
|
231,716
|
Total net
revenues
|
12,927,377
|
9,965,786
|
1,538,453
|
Cost of
revenues:
|
|
|
|
Cost of PV modules sales
|
(10,050,844)
|
(7,329,306)
|
(1,131,450)
|
Cost of other revenues
|
(638,288)
|
(1,449,150)
|
(223,711)
|
Total cost of
revenues
|
(10,689,132)
|
(8,778,456)
|
(1,355,161)
|
Gross
profit
|
2,238,245
|
1,187,330
|
183,292
|
Selling expenses
|
(1,095,145)
|
(854,315)
|
(131,884)
|
General and administrative expenses
|
(784,502)
|
(927,495)
|
(143,180)
|
Research and development expenses
|
(573,792)
|
(396,991)
|
(61,285)
|
Impairment of long-lived assets
|
-
|
(3,804,116)
|
(587,254)
|
Disposal gain from
long-lived assets and land use right in relation to a
subsidiary
|
-
|
1,167,317
|
180,203
|
Provision for
prepayments in relation to inventory purchase
commitments
|
-
|
(522,050)
|
(80,591)
|
Provision for reserve
for inventory purchase commitments
|
-
|
(77,705)
|
(11,996)
|
Total operating
expenses
|
(2,453,439)
|
(5,415,355)
|
(835,987)
|
Loss from
operations
|
(215,194)
|
(4,228,025)
|
(652,695)
|
Interest expense
|
(1,015,871)
|
(977,176)
|
(150,850)
|
Interest income
|
35,026
|
22,632
|
3,494
|
Foreign currency exchange losses
|
(243,386)
|
(132,709)
|
(20,487)
|
Other income
|
127,813
|
147,633
|
22,791
|
Loss before income
taxes
|
(1,311,612)
|
(5,167,645)
|
(797,747)
|
Income tax
expense
|
(89,723)
|
(731,191)
|
(112,876)
|
Net
loss
|
(1,401,335)
|
(5,898,836)
|
(910,623)
|
Less: Loss
attributable to the non-controlling interests
|
101,526
|
298,310
|
46,051
|
Net loss
attributable to Yingli Green Energy
|
(1,299,809)
|
(5,600,526)
|
(864,572)
|
Weighted average
ordinary shares
|
|
|
|
Basic
|
173,613,085
|
181,763,770
|
181,763,770
|
Diluted
|
173,613,085
|
181,763,770
|
181,763,770
|
Loss per ordinary
share
|
|
|
|
Basic
|
(7.49)
|
(30.81)
|
(4.76)
|
Diluted
|
(7.49)
|
(30.81)
|
(4.76)
|
Loss per
ADS
|
|
|
|
Basic
|
(74.9)
|
(308.1)
|
(47.6)
|
Diluted
|
(74.9)
|
(308.1)
|
(47.6)
|
Net
loss
|
(1,401,335)
|
(5,898,836)
|
(910,623)
|
|
Other
comprehensive income (loss)
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
23,040
|
(121,215)
|
(18,712)
|
Cash flow hedging
derivatives, net of nil tax
|
(273)
|
(749)
|
(116)
|
Comprehensive
loss
|
(1,378,568)
|
(6,020,800)
|
(929,451)
|
Less: Comprehensive
loss attributable to the non-controlling interest
|
100,980
|
288,189
|
44,488
|
Comprehensive loss
attributable to Yingli Green Energy
|
(1,277,588)
|
(5,732,611)
|
(884,963)
|
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
December 31,
2014
|
December 31,
2015
|
|
RMB
|
RMB
|
US$
|
Non-GAAP
loss
|
(1,260,588)
|
(2,320,092)
|
(358,160)
|
Share-based
compensation
|
(34,932)
|
(11,950)
|
(1,845)
|
Impairment of
long-lived assets
|
-
|
(3,804,116)
|
(587,254)
|
Provision for reserve
for inventory purchase commitments
|
-
|
(77,705)
|
(11,996)
|
Provision for
prepayment in relation to inventory purchase commitments
|
-
|
(522,050)
|
(80,591)
|
Inventory
provision
|
(4,208)
|
(31,930)
|
(4,929)
|
Disposal gain from
long-lived assets and land use right in relation to a
subsidiary
|
-
|
1,167,317
|
180,203
|
Non-cash interest
expenses
|
(81)
|
-
|
-
|
Net loss attributable
to Yingli Green Energy
|
(1,299,809)
|
(5,600,526)
|
(864,572)
|
Non-GAAP diluted loss
per ordinary share
|
(7.26)
|
(12.76)
|
(1.97)
|
Diluted loss per
ordinary share
|
(7.49)
|
(30.81)
|
(4.76)
|
|
Reconciliation of
EBITDA and adjusted EBITDA measures to loss before income tax &
minority interest measures
|
Loss before income
taxes and non-controlling interest
|
(1,311,612)
|
(5,167,645)
|
(797,747)
|
Interest
expense
|
1,015,871
|
977,176
|
150,850
|
Interest
income
|
(35,026)
|
(22,632)
|
(3,494)
|
Depreciation
|
1,388,283
|
1,174,705
|
181,343
|
Amortization for land
use rights and intangible assets
|
21,842
|
17,227
|
2,660
|
EBITDA
|
1,079,358
|
(3,021,169)
|
(466,388)
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-fourth-quarter-and-full-year-2015-results-300266750.html
SOURCE Yingli Green Energy Holding Company Limited