BAODING, China, Dec. 8, 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 ended September 30, 2016.
Third Quarter 2016 Consolidated Financial and Operating
Summary
- Total net revenues were RMB1,459.6
million (US$218.9 million),
compared to RMB2,524.1 million in the
second quarter of 2016.
- Total photovoltaic ("PV") module shipments1 were
365.3MW, compared to 662.0MW in the second quarter of 2016.
- Gross profit and gross margin were RMB80.3 million (US$12.0
million) and 5.5% respectively, compared to RMB460.1 million and 18.2% in the second quarter
of 2016. Gross margin on sales of PV modules was 6.2%.
- Operating loss was RMB226.9
million (US$34.0 million),
compared to operating income of RMB158.3
million in the second quarter of 2016.
- On a non-GAAP2 basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were
RMB25.7 million (US$3.9 million).
- Net loss3 was RMB335.4
million (US$50.3 million) and
loss per American Depositary Share4 (the "ADS") was
RMB18.5 (US$2.8). On an adjusted non-GAAP basis, adjusted
net loss was RMB263.3 million
(US$39.5 million).
"Given the weakened demand in China after the feed-in-tariff adjustments and
the oversupply of PV modules in the market, the Company tried to
strike a balance between maintaining a healthy operating cash flow
and shipment volume in the third quarter of 2016. While we shipped
approximately 365MW PV modules, we achieved a positive operating
cash flow in the quarter," commented Mr. Liansheng Miao, Chairman and Chief Executive
Officer of Yingli Green Energy.
"Geographically, China
accounted for 56.4% of our total PV module shipments in this
quarter. Internationally, demand for our PV modules in Japan remained stable and Japan accounted for 30.2% of our total PV
module shipments in the quarter. We anticipate Japan will continue to be the most important
international market for us in the fourth quarter of 2016 with
continued demand for our PV modules."
"The Company has maintained its commitments to research and
developments, and through technological upgrade, the efficiency of
our patented PANDA n-type monocrystalline solar cells, which could
generate electricity on both sides, increased to approximately 21%
in the quarter and we expect to increase the efficiency of p-type
polycrystalline solar cells to approximately 19% early next year.
We will endeavor to further reduce our manufacturing cost and
increase the competitive of our PV products through continued
technological upgrade and the optimization of our production
facilities."
"Following the feed-in-tariff adjustments, the Company adjusted
its marketing strategy in China to
deal with the weakened demand and declining price. The Company has
given preference to orders with better payment terms in order to
accelerate cash turnover, actively participated in the bidding of
Top Runner program and other projects in China, and enhanced sales efforts for high
efficiency modules with higher margin. Based on current market
conditions, the Company's current operating conditions, estimated
production capacity and forecasted customer demand, we expect our
PV module shipments in the fourth quarter of 2016 would be in the
range of 600MW to 670MW, and we revise our shipments guidance for
full year of 2016 to 2.1GW to 2.2GW," Mr. Miao concluded.
Third Quarter 2016 Financial Results
Total Net Revenues
Total net revenues were RMB1,459.6
million (US$218.9 million),
compared to RMB2,524.1 million in the
second quarter of 2016 and RMB2,233.9
million in the third quarter of 2015. Total PV module
shipments were 365.3MW, compared to 662.0MW in the second quarter
of 2016 and 460.4MW in the third quarter of 2015.
The decrease of total net revenues from the second quarter of
2016 to the third quarter of 2016 was mainly due to the decrease of
external PV module shipments from 609.6MW to 365.3MW and the
generally lower average selling price of the Company's PV modules
primarily as a result of the decrease of demand in China in the third quarter of 2016.
Gross Profit and Gross Margin
Gross profit was RMB80.3 million
(US$12.0 million), compared to
RMB460.1 million in the second
quarter of 2016 and RMB357.2 million
in the third quarter of 2015.
Gross margin was 5.5% in the third quarter of 2016, compared to
18.2% in the second quarter of 2016 and 16.0% in the third quarter
of 2015. Gross margin on sales of PV modules was 6.2% in the third
quarter of 2016, compared to 18.1% in the second quarter of 2016
and 19.0% in the third quarter of 2015.
The decrease in gross profit from the second quarter of 2016 to
the third quarter of 2016 was mainly due to the decrease of
external PV module shipments from 609.6MW to 365.3MW. The decrease
in gross margin from the second quarter of 2016 to the third
quarter of 2016 was primarily due to the increase in unit
manufacturing cost as a result of a lower utilization rate of
production facilities in the third quarter, inventory provision of
RMB51.4 million, as well as the
general lower average selling price of the Company's PV modules in
the quarter.
Operating Expenses
Operating expenses were RMB307.1
million (US$46.1 million),
compared to RMB301.9 million in the
second quarter of 2016 and RMB3,220.2
million in the third quarter of 2015.
Operating Income (Loss) and Margin
Operating loss was RMB226.9
million (US$34.0 million),
compared to operating income of RMB158.3
million in the second quarter of 2016 and operating loss of
RMB2,863.0 million in the third
quarter of 2015.
Operating margin was negative 15.5% in the third quarter of
2016, compared to 6.3% in the second quarter of 2016 and negative
128.2% in the third quarter of 2015.
EBITDA
On a non-GAAP basis, earnings before interest, tax expenses,
depreciation and amortization ("EBITDA") were RMB25.7 million (US$3.9
million), compared to RMB469.5
million in the second quarter of 2016 and negative
RMB2,592.1 million in the third
quarter of 2015.
Interest Expense
Interest expense was RMB159.7
million (US$24.0 million) in
the third quarter of 2016, compared to RMB158.6 million in the second quarter of 2016
and RMB252.1 million in the third
quarter of 2015. The Company's average interest rate was 5.35% in
the third quarter of 2016, compared to 5.09% in the second quarter
of 2016 and 6.42% in the third quarter of 2015.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB27.6 million (US$4.1
million) in the third quarter of 2016, compared to
RMB27.0 million in the second quarter
of 2016 and RMB37.7 million in the
third quarter of 2015. The foreign currency exchange gain in third
quarter of 2016 was mainly because Japanese Yen and Euro
appreciated against Renminbi in the third quarter of 2016 and the
Company had a balance of net asset denominated in Japanese Yen and
Euro, which was partially offset by the currency exchange loss
caused by the depreciation of Renminbi against US dollar in the
third quarter of 2016 because the Company had a balance of net
liability denominated in US dollar.
Income Tax Benefit (Expense)
Income tax benefit was RMB13.4
million (US$2.0 million) in
the third quarter of 2016, compared to income tax expense of
RMB1.1 million in the second quarter
of 2016 and income tax expense of RMB365.4
million in the third quarter of 2015. The income tax benefit
recognized in the third quarter of 2016 was mainly due to the
reversal of the income tax expense accrued by the Company's certain
subsidiary in previous quarter, as a result of the actual loss
being recognized in the third quarter of 2016.
Net Income (Loss)
Net loss was RMB335.4 million
(US$50.3 million) in the third
quarter of 2016, compared to net income of RMB71.8 million in the second quarter of 2016 and
net loss of RMB3,200.2 million in the
third quarter of 2015. Net margin was negative 23.0% in the third
quarter of 2016, compared to 2.8% in the second quarter of 2016 and
negative 143.3% in the third quarter of 2015. Loss per ADS was
RMB18.5 (US$2.8) in the third quarter of 2016, compared
to earnings per ADS of RMB4.0 in the
second quarter of 2016 and loss per ADS of RMB176.1 in the third quarter of 2015.
Financial Position
As of September 30, 2016, the
Company had RMB672.2 million
(US$100.8 million) in cash and cash
equivalents, increased from RMB596.5
million as of June 30,
2016.
As of September 30, 2016, the
Company had RMB293.8 million
(US$44.1 million) in restricted cash,
increased from RMB258.1 million as of
June 30, 2016.
As of September 30, 2016, the
Company's accounts receivable had decreased to RMB2,697.2 million (US$404.5 million) from RMB3,073.2 million as of June 30, 2016. Days sales outstanding were 166
days in the third quarter of 2016, increased from 110 days in the
second quarter of 2016 as a result of the significant decrease of
total net revenues in the third quarter while the average accounts
receivable for the third quarter mainly related to significantly
higher sales from previous quarters.
As of September 30, 2016, the
Company's accounts payable was RMB 2,862.1
million (US$429.2 million),
compared to RMB 3,111.9 million as of
June 30, 2016. Days payable
outstanding were 187 days in the third quarter of 2016, compared to
136 days in the second quarter of 2016.
As of September 30, 2016, the
Company's inventory was RMB1,657.5
million (US$248.6 million),
compared to RMB1,530.2 million as of
June 30, 2016, which was mainly due
to the decrease of external PV module shipments from 609.6MW to
365.3MW and was partially offset by the inventory provision of
RMB51.4 million. Inventory turnover
days were 108 days in the third quarter of 2016, compared to 67
days in the second quarter of 2016.
As of the date of this press release, the Company and its
subsidiaries had approximately RMB1,800
million in unutilized short-term lines of credit and
approximately RMB1,589 million in
committed long-term facilities. The Company and its subsidiaries
are exploring financing options to continue to manage the Company
and its subsidiaries' liquidity and to enhance their financial
flexibility.
Updates on Repayment of Medium-Term Notes
As of the date of this press release, the Company's subsidiaries
had medium-term notes, or MTNs, of RMB2,057.0 million outstanding, including
RMB357.0 million of the MTNs issued
in 2010 (the "2010 MTNs"), which became due on October 13, 2015; RMB1.4
billion of the MTNs issued in 2011 (the "2011 MTNs"), which
became due on May 12, 2016; and
RMB300.0 million of the MTNs issued
in 2012 (the "2012 MTNs"), which will become due on May 3, 2017. The Company has continued its
negotiation with the holders of the 2010 MTNs and 2011 MTNs about
revisions to the repayment schedules of the MTNs. As of the date of
this press release, the Company has not reached any agreement with
the holders of the MTNs or any other party with respect to any
concrete financing plan or plan for repayment of the MTNs
yet.
Business Outlook for Fourth Quarter and Full 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 600MW to 670MW for the quarter ending
December 31, 2016 and 2.1GW to 2.2GW
for the fiscal year of 2016.
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
RMB6.6685 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, 2016. 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 the results at 8:00 AM Eastern Standard Time on
December 8, 2016, 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: 12438040
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 16, 2016 by dialing:
U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +1-646-254-3697
Passcode: 12438040
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 17 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:
Eric Pan
Investor Relations
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,
2015
|
As of June 30,
2016
|
As of September
30, 2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and restricted
cash
|
1,587,675
|
854,619
|
966,026
|
144,864
|
Accounts receivable,
net
|
2,922,479
|
3,073,205
|
2,697,237
|
404,474
|
Inventories
|
1,484,314
|
1,530,214
|
1,657,515
|
248,559
|
Prepayment to
suppliers
|
426,718
|
685,608
|
574,296
|
86,121
|
Prepaid expenses and
other current assets
|
1,982,196
|
1,886,520
|
1,572,256
|
235,774
|
Total current
assets
|
8,403,382
|
8,030,166
|
7,467,330
|
1,119,792
|
Long-term prepayment
to suppliers
|
555,520
|
374,260
|
353,822
|
53,059
|
Land, property, plant
and equipment, net
|
6,846,482
|
6,535,501
|
6,334,342
|
949,890
|
Project
assets
|
720,286
|
738,158
|
734,159
|
110,094
|
Land use
rights
|
411,732
|
407,320
|
405,000
|
60,733
|
Goodwill and
intangible assets, net
|
58,360
|
58,235
|
58,172
|
8,723
|
Investments in
affiliated companies
|
459,721
|
459,492
|
442,894
|
66,416
|
Other
assets
|
184,799
|
184,601
|
183,612
|
27,534
|
Total
assets
|
17,640,282
|
16,787,733
|
15,979,331
|
2,396,241
|
LIABILITIES AND
SHAREHOLDERS' EQUITY/(DEFICIT)
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term borrowings,
including current portion of medium-term notes and long-term
debt
|
9,124,183
|
8,922,803
|
8,870,402
|
1,330,194
|
Accounts
payable
|
3,960,458
|
3,111,889
|
2,862,132
|
429,202
|
Other current
liabilities and accrued expenses
|
2,576,076
|
2,745,695
|
2,581,169
|
387,069
|
Total current
liabilities
|
15,660,717
|
14,780,387
|
14,313,703
|
2,146,465
|
Long-term debt,
excluding current portion
|
2,405,898
|
2,571,848
|
2,569,955
|
385,387
|
Medium-term
notes
|
300,000
|
-
|
-
|
-
|
Accrued warranty
liability, excluding current portion
|
753,270
|
789,981
|
809,331
|
121,366
|
Other
liabilities
|
3,232,548
|
3,290,871
|
3,299,588
|
494,803
|
Total
liabilities
|
22,352,433
|
21,433,087
|
20,992,577
|
3,148,021
|
Shareholders'
deficit:
|
|
|
|
|
Ordinary
shares
|
13,791
|
13,791
|
13,791
|
2,068
|
Additional paid-in
capital
|
7,246,760
|
7,247,359
|
7,247,794
|
1,086,870
|
Accumulated other
comprehensive income
|
180,025
|
99,322
|
71,752
|
10,760
|
Treasury
stock
|
(127,331)
|
(127,331)
|
(127,331)
|
(19,094)
|
Accumulated
deficit
|
(13,252,929)
|
(13,101,537)
|
(13,436,893)
|
(2,014,980)
|
Total Yingli Green
Energy shareholders' deficit
|
(5,939,684)
|
(5,868,396)
|
(6,230,887)
|
(934,376)
|
Non-controlling
interests
|
1,227,533
|
1,223,042
|
1,217,641
|
182,596
|
Total
shareholders' deficit
|
(4,712,151)
|
(4,645,354)
|
(5,013,246)
|
(751,780)
|
Total liabilities
and shareholders' deficit
|
17,640,282
|
16,787,733
|
15,979,331
|
2,396,241
|
|
|
|
|
|
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
|
|
September 30,
2015
|
June 30,
2016
|
September 30,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
|
Sales of PV modules
|
1,651,417
|
2,123,262
|
1,240,818
|
186,071
|
Other revenues
|
582,468
|
400,794
|
218,769
|
32,806
|
Total net
revenues
|
2,233,885
|
2,524,056
|
1,459,587
|
218,877
|
Cost of
revenues:
|
|
|
|
|
Cost of PV modules sales
|
(1,337,845)
|
(1,739,232)
|
(1,164,464)
|
(174,622)
|
Cost of other revenues
|
(538,838)
|
(324,697)
|
(214,858)
|
(32,221)
|
Total cost of
revenues
|
(1,876,683)
|
(2,063,929)
|
(1,379,322)
|
(206,843)
|
Gross
profit
|
357,202
|
460,127
|
80,265
|
12,034
|
Selling expenses
|
(154,059)
|
(154,556)
|
(144,450)
|
(21,662)
|
General and administrative expenses
|
(203,438)
|
(70,514)
|
(112,177)
|
(16,821)
|
Research and development expenses
|
(87,490)
|
(42,183)
|
(40,999)
|
(6,148)
|
Impairment of
long-lived assets
|
(3,804,116)
|
-
|
-
|
-
|
Disposal gain from
long lived assets and land use right in relation to Fine
Silicon
|
1,028,876
|
-
|
-
|
-
|
(Provision for) /
reversal of reserve for inventory purchase commitments
|
-
|
(34,621)
|
(9,490)
|
(1,423)
|
Total operating
expenses
|
(3,220,227)
|
(301,874)
|
(307,116)
|
(46,054)
|
Income (loss) from
operations
|
(2,863,025)
|
158,253
|
(226,851)
|
(34,020)
|
Interest
expense
|
(252,091)
|
(158,568)
|
(159,735)
|
(23,954)
|
Interest
income
|
4,256
|
1,017
|
1,984
|
298
|
Foreign currency
exchange gain (loss)
|
37,677
|
26,954
|
27,567
|
4,134
|
Other income
(expenses)
|
43,835
|
51,716
|
2,513
|
377
|
Income (loss)
before income taxes
|
(3,029,348)
|
79,372
|
(354,522)
|
(53,165)
|
Income tax benefit
(expenses)
|
(365,382)
|
(1,120)
|
13,353
|
2,003
|
Net income
(loss)
|
(3,394,730)
|
78,252
|
(341,169)
|
(51,162)
|
Less : Loss (gain)
attributable to the non-controlling interests
|
194,499
|
(6,428)
|
5,813
|
872
|
Net income (loss)
attributable to Yingli Green Energy
|
(3,200,231)
|
71,824
|
(335,356)
|
(50,290)
|
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
|
Income (loss) per
ordinary share
|
|
|
|
|
Basic
|
(17.61)
|
0.40
|
(1.85)
|
(0.28)
|
Diluted
|
(17.61)
|
0.40
|
(1.85)
|
(0.28)
|
Income (loss) per
ADS
|
|
|
|
|
Basic
|
(176.1)
|
4.0
|
(18.5)
|
(2.8)
|
Diluted
|
(176.1)
|
4.0
|
(18.5)
|
(2.8)
|
Net income
(loss)
|
(3,394,730)
|
78,252
|
(341,169)
|
(51,162)
|
Other
comprehensive loss
|
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
(83,863)
|
(74,384)
|
(26,415)
|
(3,961)
|
Comprehensive
income (loss)
|
(3,478,593)
|
3,868
|
(367,584)
|
(55,123)
|
Less : Comprehensive
loss(income) attributable to the non-controlling
interest
|
188,014
|
(10,571)
|
4,658
|
698
|
Comprehensive loss
attributable to Yingli Green Energy
|
(3,290,579)
|
(6,703)
|
(362,926)
|
(54,425)
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
For the three
month ended
|
|
September 30,
2015
|
June 30,
2016
|
September 30,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
Non-GAAP income
(loss)
|
(423,714)
|
106,763
|
(263,315)
|
(39,488)
|
Share-based
compensation
|
(1,277)
|
(318)
|
(435)
|
(65)
|
Impairment of
long-lived assets
|
(3,804,116)
|
-
|
|
|
(Provision
for)/reversal of reserve for inventory purchase
commitments
|
-
|
(34,621)
|
(9,490)
|
(1,423)
|
Provision for long
term prepayment
|
-
|
-
|
(10,672)
|
(1,600)
|
Inventory
provision
|
-
|
-
|
(51,444)
|
(7,714)
|
Disposal gain from
long lived assets and land use right in relation to Fine
Silicon
|
1,028,876
|
-
|
-
|
-
|
Net income (loss)
attributable to Yingli Green Energy
|
(3,200,231)
|
71,824
|
(335,356)
|
(50,290)
|
Reconciliation of
EBITDA measures to loss before income tax & minority interest
measures
|
Income (loss)
before income taxes and non-controlling interest
|
(3,029,348)
|
79,372
|
(354,522)
|
(53,165)
|
Interest
expense
|
252,091
|
158,568
|
159,735
|
23,954
|
Interest
income
|
(4,256)
|
(1,017)
|
(1,984)
|
(298)
|
Depreciation
|
185,397
|
229,671
|
219,881
|
32,973
|
Amortization for land
use rights and intangible assets
|
4,038
|
2,896
|
2,593
|
390
|
EBITDA
|
(2,592,078)
|
469,490
|
25,703
|
3,854
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-third-quarter-2016-results-300375214.html
SOURCE Yingli Green Energy Holding Company Limited