BAODING, China, Dec. 19, 2017 /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, 2017.
Third Quarter 2017 Consolidated Financial and Operating
Summary
- Total net revenues were RMB1,678.7
million (US$252.3 million),
compared to RMB3,173.6 million in the
second quarter of 2017.
- Total photovoltaic ("PV") module shipments were 597.7 MW,
compared to 1,146.6MW in the second quarter of 2017.
- Gross profit and gross margin were RMB26.5 million (US$4.0
million) and 1.6% respectively, compared to RMB53.5 million and 1.7% respectively in the
second quarter of 2017. Gross margin on sales of PV modules was
3.4%.
- Operating loss was RMB2,266.7
million (US$340.7 million),
including a non-cash impairment loss on property, plant and
equipment of RMB1,897.3 million
(US$285.2 million) and project assets
of RMB144.4 million (US$21.7 million), compared to operating loss of
RMB180.8 million in the second
quarter of 2017.
- On a non-GAAP(1) basis, earnings before interest,
tax expenses, depreciation and amortization ("EBITDA") were
negative RMB2,116.3 million
(US$318.1 million), compared to
negative RMB27.4 million in the
second quarter of 2017.
- Net loss(2) and loss per American Depositary Share
(the "ADS", one ADS represents ten ordinary shares) were
RMB2,344.0 million (US$352.3 million) and RMB129.0 (US$19.4)
respectively, compared to RMB297.6
million and RMB16.4
respectively in the second quarter of 2017. On an adjusted non-GAAP
basis, adjusted net loss and adjusted loss per ADS were
RMB330.0 million (US$ 49.6 million) and RMB18.2 (US$2.7)
respectively, compared to RMB322.8
million and RMB17.8
respectively in the second quarter of 2017.
(1) All
non-GAAP measures other than EBITDA exclude, as applicable,
share-based compensation, impairment of long-lived assets,
provision for reserve for inventory purchase commitments and
provision for prepayments in relation to 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.
|
(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.
|
"In Q3, with the decline of demand in China after June 30,
2017, the Company delivered 597.7 MW of PV modules in Q3
under the premise of striking a balance between operating cash flow
and shipment volume," commented Mr. Liansheng Miao, Chairman and Chief Executive
Officer of Yingli Green Energy.
"Geographically, the distributed generation (DG) projects
maintained strong development momentum and became the main driving
force in China market. Therefore,
the Company adjusted its market strategy and developed more small
and medium scale customers to penetrate the DG market. In
Europe, the Company continued to
restructure its overseas sales network in Europe with the aim to better serve customers
from Europe, Africa and Latin
America, increase the operation efficiency, and decrease the
operation cost."
"On the technology side, the Company continued to focus on cost
reduction and efficiency improvement through increased application
of the diamond wire sawing technology and optimizing production
process. In addition, the Company successfully completed the
research and development of n-type 5 bus-bars half-cell modules and
started the research and development of multi-crystalline 12
bus-bars modules in order to better meet market demands for
products with high power output."
"Based on current market conditions, the Company's current
operating conditions, estimated production capacity and forecasted
customer demand, we expect the PV module shipments to be in the
range of 700 MW to 800 MW for the fourth quarter of 2017 and raise
2017 full year PV module shipments guidance to 2.8-2.9 GW," Mr.
Miao concluded.
Third Quarter 2017 Financial Results
Total Net Revenues
Total net revenues were RMB1,678.7
million (US$252.3 million),
compared to RMB3,173.6 million in the
second quarter of 2017 and RMB1,459.6
million in the third quarter of 2016. Total PV module
shipments were 597.7 MW, compared to1,146.6 MW in the second
quarter of 2017 and 365.3 MW in the third quarter of 2016.
The decrease of total net revenues from the second quarter of
2017 to the third quarter of 2017 was primarily due to the decrease
of PV module shipments from 1,146.6MW to 597.7 MW mainly as a
result of the decline of market demand in China due to the feed-in-tariff ("FiT")
reduction after June 30, 2017, as
well as the decrease of average selling price of the Company's PV
modules.
Gross Profit and Gross Margin
Gross profit was RMB26.5 million
(US$4.0 million) in the third quarter
of 2017, compared to RMB53.5 million
in the second quarter of 2017 and RMB 80.3
million in the third quarter of 2016.
Gross margin was 1.6% in the third quarter of 2017, compared to
1.7% in the second quarter of 2017 and 5.5% in the third quarter of
2016. Gross margin on sales of PV modules was 3.4% in the third
quarter of 2017, compared to 3.9% in the second quarter of 2017 and
6.2% in the third quarter of 2016.
The decrease of gross margin on sales of PV modules from the
second quarter of 2017 to the third quarter of 2017 was mainly due
to the decline of the Company's average selling price of PV
modules. The decrease in gross profit from the second quarter of
2017 to the third quarter of 2017 was mainly due to decrease of PV
module shipments as a result of the FiT reduction after
June 30, 2017 as well as decrease of
average selling price.
Operating Expenses
Operating expenses were RMB2,293.1
million (US$344.7 million),
compared to RMB234.3 million in the
second quarter of 2017 and RMB307.1
million in the third quarter of 2016. Operating expenses as
a percentage of net revenue was 136.6 % in the third quarter of
2017, compared to 7.4% in the second quarter of 2017 and 21.0% in
the third quarter of 2016.
The significant increase of operating expenses from the second
quarter of 2017 to the third quarter of 2017 was mainly because the
Company recorded an impairment loss of RMB1,897.3 million for property, plant and
equipment of (US$285.2 million) and
RMB144.4 million (US$21.7 million) for project assets, primarily as
a result of the lower gross margin and continuous decrease of
average selling price in recent quarters and lower than expected
power output of the Company's certain solar power stations.
Operating Loss and Margin
Operating loss was RMB2,266.7
million (US$340.7 million) in
the third quarter of 2017, compared to RMB180.8 million in the second quarter of 2017
and RMB 226.9 million in the third
quarter of 2016.
Operating margin was negative 135.0% in the third quarter of
2017, compared to negative 5.7% in the second quarter of 2017 and
negative 15.5% in the third quarter of 2016.
EBITDA
On a non-GAAP basis, earnings before interest, tax expenses,
depreciation and amortization ("EBITDA") were negative RMB2,116.3 million (US$318.1 million), compared to negative
RMB27.4 million in the second quarter
of 2017 and RMB25.7 million in the
third quarter of 2016.
Interest Expense
Interest expense was RMB160.7
million (US$ 24.2million) in
the third quarter of 2017, compared to RMB165.3 million in the second quarter of 2017
and RMB 159.7 million in the third
quarter of 2016. The Company's average interest rate was 5.10% in
the third quarter of 2017, compared to 5.11% in the second quarter
of 2017 and 5.35% in the third quarter of 2016.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB7.7
million (US$1.2 million) in
the third quarter of 2017, compared to RMB5.9 million in the second quarter of 2017 and
RMB 27.6 million in the third quarter
of 2016.
Income Tax Benefit (Expense)
Income tax benefit was RMB0.3
million (US$0.05 million) in
the third quarter of 2017, compared to income tax expense of
RMB 0.09 million in the second
quarter of 2017 and income tax benefit of RMB13.4 million in the third quarter of 2016.
Net Loss
Net loss was RMB2,344.0 million
(US$352.3 million) in the third
quarter of 2017, compared to net loss of RMB297.6 million in the second quarter of 2017
and net loss of RMB335.4 million in
the third quarter of 2016. Loss per ADS was RMB129.0 (US$19.4)
in the third quarter of 2017, compared to loss per ADS of
RMB16.4 in the second quarter of 2017
and loss per ADS of RMB18.5 in the
third quarter of 2016.
On an adjusted non-GAAP basis, adjusted net loss was
RMB330.0 million (US$ 49.6 million), compared to adjusted net loss
of RMB322.8 million in the second
quarter of 2017 and adjusted net loss of RMB345.3 million in the third quarter of 2016;
adjusted loss per ADS was RMB18.2
(US$2.7) in the third quarter of
2017, compared to adjusted loss per ADS of RMB17.8 in the second quarter of 2017 and
adjusted loss per ADS of RMB14.5 in
the third quarter of 2016.
Financial Position
As of September 30, 2017, the
Company had RMB439.3 million
(US$66.0 million) in cash and cash
equivalents, decreased from RMB658.2
million as of June 30,
2017.
As of September 30, 2017, the
Company had RMB337.4 million
(US$50.7 million) in restricted cash,
increased from RMB321.7 million as of
June 30, 2017.
As of September 30, 2017, the
Company's accounts receivable had increased to RMB3,005.0 million (US$451.7million) from RMB
2,910.8 million as of June 30,
2017. Days sales outstanding were 161 days in the third
quarter of 2017, increased from 83 days in the second quarter of
2017, mainly because in the second quarter of 2017, the Company
received significant amount of down payment from customers due to
high demands for PV modules before the reduction of FiT, and no
such high proportion of down payment received in the third quarter
of 2017.
As of September 30, 2017, the
Company's accounts payable had increased to RMB2,527.7 million (US$379.9 million) from RMB2,408.6 million as of June 30, 2017. Days payable outstanding were 138
days in the third quarter of 2017, increased from 69 days in the
second quarter of 2017, primarily because the Company made payments
to suppliers in a longer period in the third quarter of 2017.
As of September 30, 2017, the
Company's inventory had increased to RMB1,058.1 million (US$159.0 million) from RMB1,039.7 million as of June 30, 2017. Inventory turnover days were 58
days in the third quarter of 2017, increased from 30 days in the
second quarter of 2017, which was mainly due to the decrease of
cost of total net revenues as a result of the decrease of PV module
shipments in the third quarter of 2017.
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, one of the Company's
subsidiaries, Tianwei Yingli, had medium-term notes, or MTNs, of
RMB1,757.0 million outstanding,
including RMB357.0 million of the
MTNs issued in 2010 (the "2010 MTNs"), which became due on
October 13, 2015, and RMB1.4 billion of the MTNs issued in 2011 (the
"2011 MTNs"), which became due on May 12,
2016. Tianwei Yingli is currently in payment default of the
2010 MTNs and 2011 MTNs. As stated in the Company's press release
dated September 1, 2017, one of the
holders of 2011 MTNs and 2010 MTNs filed a lawsuit against Tianwei
Yingli and the Company notified all holders of the MTNs of this
lawsuit and held a meeting with all holders of the MTNs. Thus far,
the Company has not received any other legal proceedings initiated
by holders of the 2011 MTNs or the 2010 MTNs against the Company or
any of its subsidiaries.
Updates on Long-term Polysilicon Supply Contracts
As previously reported in the Company's annual reports on Form
20-F, the Company has not fully performed some of its long-term
polysilicon supply contracts on their original terms, and suppliers
have sent the Company invoices or demand letters for failing to
perform certain obligations under these contracts. On December 15, 2017, one of our subsidiaries
received a notice of termination from one of such suppliers
notifying the Company of its decision to terminate its long-term
polysilicon supply contract with the Company with immediate effect
and claiming US$897.5 million of
payments due and payable by the Company under the contract. The
Company previously entered into an agreement with this supplier on
November 13, 2017 in which the
supplier agreed not to initiate any suit, claim, arbitration or
other proceeding against the Company in connection with the
contract before March 31, 2018.
Currently, the Company is still in discussion with the supplier to
find an amicable solution. However, the Company's negotiation
efforts may not be successful and the Company cannot assure you
that the supplier will not bring any legal action against the
Company to enforce its rights under the contract in the future.
While the Company does not expect termination of the contract to
negatively affect the Company's polysilicon procurement, the
Company is still assessing potential impact on its financial
condition and results of operation if an amicable solution cannot
be found with this supplier.
Business Outlook for Fourth Quarter and Full year of
2017
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 700MW to 800MW for the fourth quarter of
2017 and raises its full year PV module shipments guidance to
2.8-2.9 GW from previous 2.5-2.8GW.
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, provision
for reserve for inventory purchase commitments and provision for
prepayments in relation to 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
RMB6.6533 to US$1, 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, 2017. 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
Time on December 19, 2017,
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:
|
+65 6713
5090
|
Passcode:
|
1893067
|
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 webcast On-Demand will be available
shortly after the call on Yingli Green Energy's website for 12
months.
A replay of the conference call will be available until
December 27, 2017 by dialing:
U.S. Toll Free
Number:
|
+1-855-452-5696
|
International Dial-in
Number:
|
+61 2 8199
0299
|
Passcode:
|
1893067
|
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar", 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 20
regional subsidiaries and branch offices and has distributed more
than 18 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,
which may cause Yingli Green Energy's actual results, performance
or achievements to differ materially from those in the
forward-looking 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
September 30, 2016
|
As of June 30,
2017
|
As of
September 30, 2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and restricted
cash
|
966,026
|
979,853
|
776,726
|
116,743
|
Accounts receivable,
net
|
2,697,237
|
2,910,839
|
3,005,024
|
451,659
|
Inventories
|
1,657,515
|
1,039,654
|
1,058,139
|
159,040
|
Prepayment to
suppliers
|
574,296
|
467,219
|
596,066
|
89,590
|
Prepaid expenses and
other current assets
|
1,572,256
|
1,248,561
|
1,262,658
|
189,779
|
Total current
assets
|
7,467,330
|
6,646,126
|
6,698,613
|
1,006,811
|
Long-term prepayment
to suppliers
|
353,822
|
284,627
|
253,912
|
38,163
|
Land, property, plant
and equipment, net
|
6,334,342
|
4,671,176
|
2,677,058
|
402,366
|
Project
assets
|
734,159
|
651,136
|
498,954
|
74,993
|
Land use
rights
|
405,000
|
398,252
|
395,931
|
59,509
|
Intangible assets,
net
|
58,172
|
57,985
|
57,922
|
8,706
|
Investments in
affiliated companies
|
442,894
|
355,751
|
347,444
|
52,221
|
Other
assets
|
183,612
|
163,610
|
163,690
|
24,603
|
Total
assets
|
15,979,331
|
13,228,663
|
11,093,524
|
1,667,372
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term borrowings,
including current portion of
medium-term notes and long-term debt
|
8,870,402
|
8,994,005
|
8,335,416
|
1,252,824
|
Accounts
payable
|
2,862,132
|
2,408,599
|
2,527,687
|
379,915
|
Other current
liabilities and accrued expenses
|
2,581,169
|
2,976,599
|
3,179,738
|
477,919
|
Total current
liabilities
|
14,313,703
|
14,379,203
|
14,042,841
|
2,110,658
|
Long-term debt,
excluding current portion
|
2,569,955
|
2,497,738
|
3,064,924
|
460,662
|
Accrued warranty
liability, excluding current portion
|
809,331
|
827,545
|
836,775
|
125,768
|
Other
liabilities
|
3,299,588
|
3,207,580
|
3,169,930
|
476,445
|
Total
liabilities
|
20,992,577
|
20,912,066
|
21,114,470
|
3,173,533
|
Shareholders'
deficit:
|
|
|
|
|
Ordinary
shares
|
13,791
|
13,791
|
13,791
|
2,073
|
Additional paid-in
capital
|
7,247,794
|
7,248,786
|
7,249,051
|
1,089,542
|
Accumulated other
comprehensive income/(loss)
|
71,752
|
(5,343)
|
72,146
|
10,844
|
Treasury
stock
|
(127,331)
|
(127,331)
|
(127,331)
|
(19,138)
|
Accumulated
deficit
|
(13,436,893)
|
(15,910,478)
|
(18,254,514)
|
(2,743,678)
|
Total Yingli Green
Energy shareholders' deficit
|
(6,230,887)
|
(8,780,575)
|
(11,046,857)
|
(1,660,357)
|
Non-controlling
interests
|
1,217,641
|
1,097,172
|
1,025,911
|
154,196
|
Total
shareholders' deficit
|
(5,013,246)
|
(7,683,403)
|
(10,020,946)
|
(1,506,161)
|
Total liabilities
and shareholders' deficit
|
15,979,331
|
13,228,663
|
11,093,524
|
1,667,372
|
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,
2016
|
June 30,
2017
|
September 30,
2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
|
Sales of PV modules
|
1,240,818
|
2,948,075
|
1,459,425
|
219,354
|
Other revenues
|
218,769
|
225,513
|
219,231
|
32,950
|
Total net
revenues
|
1,459,587
|
3,173,588
|
1,678,656
|
252,304
|
Cost of
revenues:
|
|
|
|
|
Cost of PV modules sales
|
(1,164,464)
|
(2,833,278)
|
(1,410,088)
|
(211,938)
|
Cost of other revenues
|
(214,858)
|
(286,794)
|
(242,115)
|
(36,390)
|
Total cost of
revenues
|
(1,379,322)
|
(3,120,072)
|
(1,652,203)
|
(248,328)
|
Gross
profit
|
80,265
|
53,516
|
26,453
|
3,976
|
Selling expenses
|
(144,450)
|
(129,277)
|
(136,650)
|
(20,539)
|
General and administrative expenses
|
(112,177)
|
(85,280)
|
(107,131)
|
(16,102)
|
Research and development expenses
|
(40,999)
|
(45,220)
|
(35,625)
|
(5,355)
|
Impairment of
property, plant and equipment
|
0
|
0
|
(1,897,308)
|
(285,168)
|
Impairment of project
assets
|
0
|
0
|
(144,433)
|
(21,708)
|
Reversal
of/(provision) for reserve for inventory purchase
commitments
|
(9,490)
|
25,436
|
28,002
|
4,209
|
Total operating
expenses
|
(307,116)
|
(234,341)
|
(2,293,145)
|
(344,663)
|
Loss from
operations
|
(226,851)
|
(180,825)
|
(2,266,692)
|
(340,687)
|
Interest
expense
|
(159,735)
|
(165,344)
|
(160,723)
|
(24,157)
|
Interest
income
|
1,984
|
859
|
961
|
144
|
Foreign currency
exchange gain
|
27,567
|
5,918
|
7,672
|
1,153
|
Other
income
|
2,349
|
14,234
|
6,530
|
982
|
Loss before income
taxes
|
(354,686)
|
(325,158)
|
(2,412,252)
|
(362,565)
|
Income tax
benefit/(expenses)
|
13,353
|
(87)
|
315
|
47
|
Equity in
income/(loss) of affiliates, net
|
164
|
338
|
(90)
|
(14)
|
Net
loss
|
(341,169)
|
(324,907)
|
(2,412,027)
|
(362,532)
|
Less : Gain
attributable to the non-controlling interests
|
5,813
|
27,301
|
67,991
|
10,219
|
Net loss
attributable to Yingli Green Energy
|
(335,356)
|
(297,606)
|
(2,344,036)
|
(352,313)
|
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
|
(1.85)
|
(1.64)
|
(12.90)
|
(1.94)
|
Diluted
|
(1.85)
|
(1.64)
|
(12.90)
|
(1.94)
|
Loss per
ADS
|
|
|
|
|
Basic
|
(18.5)
|
(16.4)
|
(129.0)
|
(19.4)
|
Diluted
|
(18.5)
|
(16.4)
|
(129.0)
|
(19.4)
|
Net
loss
|
(341,169)
|
(324,907)
|
(2,412,027)
|
(362,532)
|
Other
comprehensive income/(loss)
|
|
|
|
|
Foreign Currency
exchange translation adjustment, net of
nil tax
|
(26,415)
|
43,538
|
74,219
|
11,155
|
Comprehensive
loss
|
(367,584)
|
(281,369)
|
(2,337,808)
|
(351,377)
|
Less: Comprehensive
loss attributable to the non-controlling interest
|
4,658
|
31,072
|
71,261
|
10,711
|
Comprehensive loss
attributable to Yingli Green Energy
|
(362,926)
|
(250,297)
|
(2,266,547)
|
(340,666)
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
For the three
month ended
|
|
September 30,
2016
|
June 30,
2017
|
September 30,
2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net loss
attributable to Yingli Green Energy
|
(335,356)
|
(297,606)
|
(2,344,036)
|
(352,313)
|
Share-based
compensation
|
(435)
|
(272)
|
(264)
|
(40)
|
Reversal
of/(provision) for reserve for inventory purchase
commitments
|
(9,490)
|
25,436
|
28,002
|
4,209
|
Impairment of
long-lived assets
|
-
|
-
|
(2,041,741)
|
(306,876)
|
Non-GAAP
loss
|
(345,281)
|
(322,770)
|
(330,033)
|
(49,606)
|
Non-GAAP diluted loss
per ordinary share
|
(1.90)
|
(1.78)
|
(1.82)
|
(0.27)
|
Reconciliation of
EBITDA measures to loss before income tax & minority interest
measures
|
Loss before income
taxes and non-controlling interest
|
(354,522)
|
(324,820)
|
(2,412,342)
|
(362,579)
|
Interest
expense
|
159,735
|
165,344
|
160,723
|
24,157
|
Interest
income
|
(1,984)
|
(859)
|
(961)
|
(144)
|
Depreciation
|
219,881
|
131,269
|
134,456
|
20,209
|
Amortization for land
use rights and intangible assets
|
2,593
|
1,659
|
1,838
|
276
|
EBITDA
|
25,703
|
(27,407)
|
(2,116,286)
|
(318,081)
|
View original
content:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-third-quarter-2017-results-300573103.html
SOURCE Yingli Green Energy Holding Company Limited