Yingli Green Energy Reports Second Quarter 2017 Results
BAODING, China, Sept. 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 June 30, 2017.
Second Quarter 2017 Consolidated Financial and Operating Summary
-- Total net revenues were RMB3,173.6 million (US$468.1 million), compared
to RMB1,238.3 million in the first quarter of 2017.
-- Total photovoltaic ("PV") module shipments((1)) were 1,146.6MW, compared
to 370.9MW in the first quarter of 2017.
-- Gross profit and gross margin were RMB53.5 million (US$7.9 million) and
1.7% respectively, compared to RMB61.5 million and 5.0% respectively in
the first quarter of 2017. Gross margin on sales of PV modules was 3.9%.
-- Operating loss was RMB180.8 million (US$26.7 million), compared to
operating loss of RMB103.5 million in the first quarter of 2017.
-- On a non-GAAP((2)) basis, earnings before interest, tax expenses,
depreciation and amortization ("EBITDA") were negative RMB27.4 million
(US$4.0 million), compared to RMB100.9 million in the first quarter of
2017.
-- Net loss((3) )and loss per American Depositary Share (the "ADS", one ADS
represents ten ordinary shares) were RMB297.6 million (US$43.9 million)
and RMB16.4 (US$2.4) respectively, compared to RMB184.4 million and
RMB10.1 respectively in the first quarter of 2017. On an adjusted
non-GAAP basis, adjusted net loss and adjusted loss per ADS were
RMB322.8 million (US$47.6 million) and RMB17.8 (US$2.6) respectively,
compared to RMB191.9 million and RMB10.6 respectively in the first
quarter of 2017.
"Driven by the surging demand from China due to the expected feed-in-tariff ("FiT") reduction after June 30, 2017, the Company's PV module shipments reached a record high of 1,146.6 MW in a single quarter in the second quarter of 2017, increasing by 209% over the first quarter of 2017, and exceeded previous guidance," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.
"Geographically, shipments to China increased from 243MW in the first quarter of 2017 to 992MW and accounted for 86.5% of our total PV module shipments in the second quarter of 2017, as a result of successful cooperation with different types of customers. For example, the Company completed the delivery of more than 200 MW modules to a utility scale project in Hebei Province in the second quarter, which was a great contribution to the increase in shipments. The Company also enhanced its partnerships with distributors who focused on distributed generation systems, which brought considerable and relatively stable PV module shipments each month. The Company expects the Top Runner program, PV Poverty Alleviation projects and distributed generation projects in China will be the major driving forces for the Company's PV module shipments in China in the second half of 2017. In other markets, shipments to Europe, Japan, and United States all increased compared to the first quarter of 2017. In Japan, the Company successfully completed the delivery of about half of the 230MW modules ordered by the Japan's largest solar plant in the second quarter."
"On the technology side, the Company started to utilize diamond wire sawing technology in the second quarter of 2017 and plans to increase its application in the second half of 2017. This technology is expected to reduce unit production cost of PV modules by about 5%. The Company also launched a PANDA Bifacial half-cell module which could achieve over 300W of single-sided power output and 335W of double-sided power output. In addition, the Company put the Smart Hotspot Free and multi-crystalline black silicon modules in mass production in the second quarter of 2017, which further diversified the Company's product portfolio."
"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 550 MW to 600 MW for the third quarter of 2017, and we revise our shipments guidance for full year of 2017 to 2.5 GW to 2.8 GW," Mr. Miao concluded.
(1) Total PV module shipments
include shipments to the Company's
own downstream PV projects.
Revenues were not recognized for
internal shipments as required by
U.S. GAAP. The Company has
suspended new development business
of downstream PV projects in China
since September 2015, and there
were no shipments to its downstream
PV projects in the second quarter
of 2017.
(2) 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.
(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.
Second Quarter 2017 Financial Results
Total Net Revenues
Total net revenues were RMB3,173.6 million (US$468.1 million), compared to RMB1,238.3 million in the first quarter of 2017 and RMB2,524.1 million in the second quarter of 2016. Total PV module shipments were 1,146.6MW, compared to 370.9MW in the first quarter of 2017 and 662.0MW in the second quarter of 2016.
The increase of total net revenues from the first quarter of 2017 to the second quarter of 2017 was mainly due to the increase of PV module shipments from 370.9MW to 1,146.6MW. As PV projects that became operational before June 30, 2017 are entitled to a higher feed-in tariff, the Company's shipments to China surged from 243MW in the first quarter of 2017 to 992MW in the second quarter of 2017. The increase was partially offset by the decrease of industry-wide average selling price of PV modules.
Gross Profit and Gross Margin
Gross profit was RMB53.5 million (US$7.9 million) in the second quarter of 2017, compared to RMB61.5 million in the first quarter of 2017 and RMB460.1 million in the second quarter of 2016.
Gross margin was 1.7% in the second quarter of 2017, compared to 5.0% in the first quarter of 2017 and 18.2% in the second quarter of 2016. Gross margin on sales of PV modules was 3.9% in the second quarter of 2017, compared to 8.8% in the first quarter of 2017 and 18.1% in the second quarter of 2016.
The decrease in gross profit and gross margin from the first quarter of 2017 to the second quarter of 2017 was mainly due to the decrease of average selling price of the Company's PV modules as a result of the decrease of average selling price for PV module worldwide as well as the decrease of shipments to Japan where the selling price of PV modules were generally higher than other markets. The Company also made additional inventory provisions as a result of continuous decrease in average selling price of PV modules in the second quarter of 2017.
Operating Expenses
Operating expenses were RMB234.3 million (US$34.6 million), compared to RMB165.1 million in the first quarter of 2017 and RMB301.9 million in the second quarter of 2016. Operating expenses as a percentage of net revenue was 7.4 % in the second quarter of 2017, compared to 13.3% in the first quarter of 2017 and 12.0% in the second quarter of 2016.
The increase of operating expenses from the first quarter of 2017 to the second quarter of 2017 was mainly due to increase of freight, warranty and other selling expenses as a result of significant increase of PV module shipments, and bad debt provision. The Company made bad debt provision of RMB14.4 million for doubtful accounts receivables in the second quarter of 2017, while the Company recorded reversal of bad debts provision of RMB14.9 million for doubtful accounts receivables in the first quarter of 2017.
The increase was partially offset by the reversal of provision for reserve for inventory purchase commitments due to foreign exchange re-measurement. As a result of foreign exchange re-measurement due to significant fluctuation in the foreign exchange rate between the Renminbi and U.S. dollars, the Company recorded a reversal of provision of RMB7.7 million in the first quarter of 2017, while in the second quarter of 2017 the Company recorded such reversal of provision of RMB25.4 million.
Operating Loss and Margin
Operating loss was RMB180.8 million (US$26.7 million) in the second quarter of 2017, compared to operating loss of RMB103.5 million in the first quarter of 2017 and operating income of RMB158.3 million in the second quarter of 2016.
Operating margin was negative 5.7% in the second quarter of 2017, compared to negative 8.4% in the first quarter of 2017 and 6.3% in the second quarter of 2016.
EBITDA
On a non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization ("EBITDA") were negative RMB27.4 million (US$4.0 million), compared to RMB100.9 million in the first quarter of 2017 and RMB469.5 million in the second quarter of 2016.
Interest Expense
Interest expense was RMB165.3 million (US$24.4 million) in the second quarter of 2017, compared to RMB156.5 million in the first quarter of 2017 and RMB158.6 million in the second quarter of 2016. The Company's average interest rate was 5.11% in the second quarter of 2017, compared to 5.17% in the first quarter of 2017 and 5.09% in the second quarter of 2016.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB5.9 million (US$0.9 million) in the second quarter of 2017, compared to RMB29.9 million in the first quarter of 2017 and RMB27.0 million in the second quarter of 2016. The foreign currency exchange gain in the second quarter of 2017 was mainly due to the depreciation of US dollar against Renminbi because the Company had a net balance of financial liabilities denominated in US dollar. Such gain was partially offset by the depreciation of Japanese Yen against Renminbi because the Company had a balance of net current assets denominated in Japanese Yen.
Income Tax Benefit (Expense)
Income tax expense was RMB0.09 million (US$0.01 million) in the second quarter of 2017, compared to RMB0.09 million in the first quarter of 2017 and RMB1.1 million in the second quarter of 2016.
Net Loss
Net loss was RMB297.6 million (US$43.9 million) in the second quarter of 2017, compared to net loss of RMB184.4 million in the first quarter of 2017 and net income of RMB 71.8 million in the second quarter of 2016. Loss per ADS was RMB16.4 (US$2.4) in the second quarter of 2017, compared to loss per ADS of RMB10.1 in the first quarter of 2017 and earnings per ADS of RMB4.0 in the second quarter of 2016.
On an adjusted non-GAAP basis, adjusted net loss was RMB322.8 million (US$47.6 million), compared to adjusted net loss of RMB191.9 million in the first quarter of 2017 and adjusted net income of RMB106.8 million in the second quarter of 2016; adjusted loss per ADS was RMB17.8 (US$2.6) in the second quarter of 2017, compared to adjusted loss per ADS of RMB10.6 in the first quarter of 2017 and adjusted earnings per ADS of RMB5.9 in the second quarter of 2016.
Financial Position
As of June 30, 2017, the Company had RMB658.2 million (US$97.1million) in cash and cash equivalents, increased from RMB417.3 million as of March 31, 2017, mainly due to the increase of PV module shipments in the second quarter of 2017.
As of June 30, 2017, the Company had RMB321.7 million (US$47.5 million) in restricted cash, decreased from RMB374.3 million as of March 31, 2017.
As of June 30, 2017, the Company's accounts receivable had increased to RMB2,910.8 million (US$429.4 million) from RMB2,728.1 million as of March 31, 2017. Days sales outstanding were 83 days in the second quarter of 2017, decreased from 198 days in the first quarter of 2017 mainly due to the significant increase of total net revenues as a result of the increase of PV module shipments in the second quarter of 2017.
As of June 30, 2017, the Company's accounts payable had decreased to RMB2,408.6 million (US$355.3 million) from RMB2,585.3 million as of March 31, 2017. Days payable outstanding were 69 days in the second quarter of 2017, decreased from 198 days in the first quarter of 2017, primarily because the Company settled certain long aging accounts payables in the second quarter of 2017.
As of June 30, 2017, the Company's inventory had decreased to RMB1,039.7 million (US$153.4 million) from RMB1,552.7 million as of March 31, 2017, which was mainly due to the increase of PV module shipments in the second quarter of 2017. Inventory turnover days were 30 days in the second quarter of 2017, decreased from119 days in the first 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 previously announced by the Company, one of the holders (the "Note Holder") of 2011 MTNs and 2010 MTNs filed a lawsuit against Tianwei Yingli in a PRC court to recover the amount due under such MTNs. The principal amount of the MTNs held by the Note Holder is alleged to be RMB65.7 million, representing approximately 3.7% of the total amount of the 2011 MTNs and 2010 MTNs that are still outstanding. The Note Holder claimed that Tianwei Yingli should repay principal, interest and overdue penalty on the MTNs for an aggregate amount of RMB74.4 million and bear costs relating to the lawsuit. Tianwei Yingli plans to vigorously defend its rights in court while continuing to seek a mutually beneficial solution out of court. Considering the amount claimed by the Note Holder, the Company does not expect this lawsuit to have any direct material impact on the Company's overall operation. The Company notified all holders of the MTNs of this lawsuit and held a meeting with them to discuss the Company's debt restructuring, strategic alternatives and financing plans. The Company is not aware of any other legal proceedings initiated by holders of the 2011 MTNs or the 2010 MTNs against the Company or any of its subsidiaries.
Business Outlook for Third Quarter and Full Year 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 550MW to 600MW for the third quarter of 2017. The Company revises the shipments guidance for full year of 2017 from 2.1-2.2GW to 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 RMB6.7793 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 June 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 Daylight Time on September 19, 2017, 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: +65 6713 5090
Passcode: 72132603
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 September 27, 2017 by dialing:
U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +61 2 8199 0299
Passcode: 72132603
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 June 30, 2016 As of March 31, 2017 As of June 30, 2017
------------------- -------------------- -------------------
RMB RMB RMB US$
--- --- --- ---
ASSETS
------
Current assets:
---------------
Cash and restricted cash 854,619 791,550 979,853 144,536
------------------------ ------- ------- ------- -------
Accounts receivable, net 3,073,205 2,728,090 2,910,839 429,372
------------------------ --------- --------- --------- -------
Inventories 1,530,214 1,552,731 1,039,654 153,357
----------- --------- --------- --------- -------
Prepayment to suppliers 685,608 392,943 467,219 68,918
----------------------- ------- ------- ------- ------
Prepaid expenses and other current assets 1,886,520 1,336,392 1,248,561 184,173
----------------------------------------- --------- --------- --------- -------
Total current assets 8,030,166 6,801,706 6,646,126 980,356
-------------------- --------- --------- --------- -------
Long-term prepayment to suppliers 374,260 315,800 284,627 41,985
--------------------------------- ------- ------- ------- ------
Land, property, plant and equipment, net 6,535,501 4,762,158 4,671,176 689,035
---------------------------------------- --------- --------- --------- -------
Project assets 738,158 658,854 651,136 96,048
-------------- ------- ------- ------- ------
Land use rights 407,320 400,360 398,252 58,745
--------------- ------- ------- ------- ------
Intangible assets, net 58,235 58,047 57,985 8,553
---------------------- ------ ------ ------ -----
Investments in affiliated companies 459,492 354,810 355,751 52,476
----------------------------------- ------- ------- ------- ------
Other assets 184,601 165,497 163,610 24,135
------------ ------- ------- ------- ------
Total assets 16,787,733 13,517,232 13,228,663 1,951,333
------------ ---------- ---------- ---------- ---------
LIABILITIES AND SHAREHOLDERS' DEFICIT
-------------------------------------
Current liabilities:
--------------------
Short-term borrowings, including current portion of 8,922,803 8,942,822 8,994,005 1,326,686
medium-term notes and long-term debt
------------------------------------ ---
Accounts payable 3,111,889 2,585,264 2,408,599 355,287
---------------- --------- --------- --------- -------
Other current liabilities and accrued expenses 2,745,695 2,841,734 2,976,599 439,072
---------------------------------------------- --------- --------- --------- -------
Total current liabilities 14,780,387 14,369,820 14,379,203 2,121,045
------------------------- ---------- ---------- ---------- ---------
Long-term debt, excluding current portion 2,571,848 2,491,144 2,497,738 368,436
----------------------------------------- --------- --------- --------- -------
Accrued warranty liability, excluding current portion 789,981 810,617 827,545 122,069
----------------------------------------------------- ------- ------- ------- -------
Other liabilities 3,290,871 3,247,958 3,207,580 473,144
----------------- --------- --------- --------- -------
Total liabilities 21,433,087 20,919,539 20,912,066 3,084,694
----------------- ---------- ---------- ---------- ---------
Shareholders' deficit:
----------------------
Ordinary shares 13,791 13,791 13,791 2,034
--------------- ------ ------ ------ -----
Additional paid-in capital 7,247,359 7,248,514 7,248,786 1,069,253
-------------------------- --------- --------- --------- ---------
Accumulated other comprehensive income (loss) 99,322 (52,652) (5,343) (787)
-------------------------------------------- ------ ------- ------ ----
Treasury stock (127,331) (127,331) (127,331) (18,782)
-------------- -------- -------- -------- -------
Accumulated deficit (13,101,537) (15,612,873) (15,910,478) (2,346,920)
------------------- ----------- ----------- ----------- ----------
Total Yingli Green Energy shareholders' deficit (5,868,396) (8,530,551) (8,780,575) (1,295,202)
----------------------------------------------- ---------- ---------- ---------- ----------
Non-controlling interests 1,223,042 1,128,244 1,097,172 161,841
------------------------- --------- --------- --------- -------
Total shareholders' deficit (4,645,354) (7,402,307) (7,683,403) (1,133,361)
--------------------------- ---------- ---------- ---------- ----------
Total liabilities and shareholders' deficit 16,787,733 13,517,232 13,228,663 1,951,333
------------------------------------------- ---------- ---------- ---------- ---------
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
-------------------------
June 30, 2016 March 31, 2017 June 30, 2017
------------- -------------- -------------
RMB RMB RMB US$
--- --- --- ---
Net revenues:
-------------
Sales of PV modules 2,123,262 1,030,312 2,948,075 434,864
------------------- --------- --------- --------- -------
Other revenues 400,794 207,946 225,513 33,265
-------------- ------- ------- ------- ------
Total net revenues 2,524,056 1,238,258 3,173,588 468,129
------------------ --------- --------- --------- -------
Cost of revenues:
-----------------
Cost of PV modules sales (1,739,232) (940,033) (2,833,278) (417,931)
------------------------ ---------- -------- ---------- --------
Cost of other revenues (324,697) (236,686) (286,794) (42,305)
---------------------- -------- -------- -------- -------
Total cost of revenues (2,063,929) (1,176,719) (3,120,072) (460,236)
---------------------- ---------- ---------- ---------- --------
Gross profit 460,127 61,539 53,516 7,893
------------ ------- ------ ------ -----
Selling expenses (154,556) (110,404) (129,277) (19,069)
---------------- -------- -------- -------- -------
General and administrative expenses (70,512) (31,826) (85,280) (12,580)
----------------------------------- ------- ------- ------- -------
Research and development expenses (42,183) (30,506) (45,220) (6,670)
--------------------------------- ------- ------- ------- ------
Reversal of/(provision) for reserve for inventory purchase (34,623) 7,678 25,436 3,752
commitments
----------- ---
Total operating expenses (301,874) (165,058) (234,341) (34,567)
------------------------ -------- -------- -------- -------
Income/(Loss) from operations 158,253 (103,519) (180,825) (26,674)
----------------------------- ------- -------- -------- -------
Interest expense (158,568) (156,464) (165,344) (24,390)
---------------- -------- -------- -------- -------
Interest income 1,017 817 859 127
--------------- ----- --- --- ---
Foreign currency exchange gain 26,954 29,855 5,918 873
------------------------------ ------ ------ ----- ---
Other income 50,781 18,296 14,234 2,100
------------ ------ ------ ------ -----
Income/(Loss) before income taxes 78,437 (211,015) (325,158) (47,964)
--------------------------------- ------ -------- -------- -------
Income tax expenses (1,120) (94) (87) (13)
------------------- ------ --- --- ---
Equity in income/(loss) of affiliates, net 935 (382) 338 50
------------------------------------------ --- ---- --- ---
Net income/ (loss) 78,252 (211,491) (324,907) (47,927)
------------------ ------ -------- -------- -------
Less : Loss/(gain) attributable to the non-controlling interests (6,428) 27,044 27,301 4,027
---------------------------------------------------------------- ------ ------ ------ -----
Net income/( loss) attributable to Yingli Green Energy 71,824 (184,447) (297,606) (43,900)
------------------------------------------------------ ------ -------- -------- -------
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 0.40 (1.01) (1.64) (0.24)
----- ---- ----- ----- -----
Diluted 0.40 (1.01) (1.64) (0.24)
------- ---- ----- ----- -----
Earnings/(Loss) per ADS
-----------------------
Basic 4.0 (10.1) (16.4) (2.4)
----- --- ----- ----- ----
Diluted 4.0 (10.1) (16.4) (2.4)
------- --- ----- ----- ----
Net income/(loss) 78,252 (211,491) (324,907) (47,927)
----------------- ------ -------- -------- -------
Other comprehensive income/(loss)
---------------------------------
Foreign Currency exchange translation adjustment, net of nil (74,384) 1,109 43,538 6,422
tax
--- ---
Comprehensive income/(loss) 3,868 (210,382) (281,369) (41,505)
--------------------------- ----- -------- -------- -------
Less : Comprehensive loss/(income) attributable to the non-controlling interest (10,571) 27,934 31,072 4,583
------------------------------------------------------------------------------- ------- ------ ------ -----
Comprehensive loss attributable to Yingli Green Energy (6,703) (182,448) (250,297) (36,922)
------------------------------------------------------ ------ -------- -------- -------
Reconciliation of Non-GAAP measures to GAAP measures
----------------------------------------------------
For the three month ended
-------------------------
June 30, 2016 March 31, 2017 June 30, 2017
------------- -------------- -------------
RMB RMB RMB US$
--- --- --- ---
Net income/(loss) attributable to Yingli Green Energy 71,824 (184,447) (297,606) (43,900)
----------------------------------------------------- ------ -------- -------- -------
Share-based compensation (318) (273) (272) (40)
------------------------ ---- ---- ---- ---
Reversal of/(provision) for reserve for inventory purchase (34,623) 7,678 25,436 3,752
commitments
----------- ---
Non-GAAP income/(loss) 106,765 (191,852) (322,770) (47,612)
---------------------- ------- -------- -------- -------
Non-GAAP diluted earnings/(loss) per share 0.59 (1.06) (1.78) (0.26)
------------------------------------------ ---- ----- ----- -----
Reconciliation of EBITDA measures to loss before income tax & minority interest measures
----------------------------------------------------------------------------------------
Income/(Loss) before income taxes and non-controlling interest 79,372 (211,397) (324,820) (47,914)
-------------------------------------------------------------- ------ -------- -------- -------
Interest expense 158,568 156,464 165,344 24,390
---------------- ------- ------- ------- ------
Interest income (1,017) (817) (859) (127)
--------------- ------ ---- ---- ----
Depreciation 229,671 154,706 131,269 19,363
------------ ------- ------- ------- ------
Amortization for land use rights and intangible assets 2,896 1,961 1,659 245
------------------------------------------------------ ----- ----- ----- ---
EBITDA 469,490 100,917 (27,407) (4,043)
------ ------- ------- ------- ------
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 six month ended
-----------------------
June 30, 2016 June 30, 2017
------------- -------------
RMB RMB US$
--- --- ---
Net revenues:
-------------
Sales of PV modules 3,956,736 3,978,387 586,843
------------------- --------- --------- -------
Other revenues 918,370 433,460 63,939
-------------- ------- ------- ------
Total net revenues 4,875,106 4,411,847 650,782
------------------ --------- --------- -------
Cost of revenues:
-----------------
Cost of PV modules sales (3,211,250) (3,773,311) (556,593)
------------------------ ---------- ---------- --------
Cost of other revenues (734,448) (523,481) (77,218)
---------------------- -------- -------- -------
Total cost of revenues (3,945,698) (4,296,792) (633,811)
---------------------- ---------- ---------- --------
Gross profit 929,408 115,055 16,971
------------ ------- ------- ------
Selling expenses (337,410) (239,680) (35,355)
---------------- -------- -------- -------
General and administrative expenses (156,062) (117,106) (17,274)
----------------------------------- -------- -------- -------
Research and development expenses (63,213) (75,726) (11,170)
--------------------------------- ------- ------- -------
Reversal of/(provision) for reserve for inventory purchase (28,025) 33,114 4,885
commitments
-----------
Total operating expenses (584,710) (399,398) (58,914)
------------------------ -------- -------- -------
Income/(loss) from operations 344,698 (284,343) (41,943)
----------------------------- ------- -------- -------
Interest expense (334,699) (321,808) (47,469)
---------------- -------- -------- -------
Interest income 2,086 1,676 247
--------------- ----- ----- ---
Foreign currency exchange gain 82,445 35,773 5,277
------------------------------ ------ ------ -----
Other income 64,400 32,530 4,798
------------ ------ ------ -----
Income/(loss) before income taxes 158,930 (536,172) (79,090)
--------------------------------- ------- -------- -------
Income tax expense (15,055) (181) (27)
------------------ ------- ---- ---
Equity in income of affiliates, net (148) (44) (7)
----------------------------------- ---- --- ---
Net income/(loss) 143,727 (536,397) (79,116)
----------------- ------- -------- -------
Less : Loss attributable to the non-controlling interests 7,664 54,345 8,016
--------------------------------------------------------- ----- ------ -----
Net income/(loss) attributable to Yingli Green Energy 151,391 (482,052) (71,100)
----------------------------------------------------- ------- -------- -------
Weighted average ordinary shares outstanding
--------------------------------------------
Basic 181,763,770 181,763,770 181,763,770
----- ----------- ----------- -----------
Diluted 181,763,770 181,763,770 181,763,770
------- ----------- ----------- -----------
Income/(loss) per ordinary share
--------------------------------
Basic 0.83 (2.65) (0.39)
----- ---- ----- -----
Diluted 0.83 (2.65) (0.39)
------- ---- ----- -----
Income/(loss) per ADS
---------------------
Basic 8.3 (26.5) (3.9)
----- --- ----- ----
Diluted 8.3 (26.5) (3.9)
------- --- ----- ----
Net income/(loss) 143,727 (536,397) (79,116)
----------------- ------- -------- -------
Other comprehensive income/(loss)
---------------------------------
Foreign Currency exchange translation adjustment, net of nil tax (77,531) 44,647 6,586
---------------------------------------------------------------- ------- ------ -----
Comprehensive income/(loss) 66,196 (491,750) (72,530)
--------------------------- ------ -------- -------
Less: Comprehensive loss attributable to the non-controlling interest 4,492 59,006 8,704
--------------------------------------------------------------------- ----- ------ -----
Comprehensive income/(loss) attributable to Yingli Green Energy 70,688 (432,744) (63,826)
--------------------------------------------------------------- ------ -------- -------
View original content:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-second-quarter-2017-results-300521911.html
SOURCE Yingli Green Energy Holding Company Limited
