BAODING, China, June 14, 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 March 31, 2016.
First Quarter 2016 Consolidated Financial and Operating
Summary
- Total net revenues were RMB2,351.1
million (US$364.6 million),
compared to RMB2,110.0 million in the
fourth quarter of 2015.
- Total photovoltaic ("PV") module shipments1 were
508.1 MW, compared to 504.5MW in the fourth quarter of 2015.
- Gross profit was RMB469.3 million
(US$72.8 million), significantly
increased from RMB248.3 million in
the fourth quarter of 2015. Gross margin was 20.0%, increased from
11.8% in the fourth quarter of 2015. Gross margin on sales of PV
modules was 19.7%.
- Operating income was RMB186.4
million (US$28.9 million),
compared to operating loss of RMB1,120.3
million in the fourth quarter of 2015.
- On a non-GAAP2 basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were
RMB482.0 million (US$74.8 million).
- Net income3 was RMB79.6
million (US$12.3 million) and
earnings per American Depositary Share4 (each
representing ten ordinary shares of the Company, the
"ADS") was RMB4.4 (US$0.7). On an adjusted non-GAAP basis, adjusted
net income was RMB73.3 million
(US$11.4 million), and adjusted
income per ADS was RMB4.0
(US$0.6).
"We are glad to announce that we achieved profitability in the
first quarter of 2016, which was our first profitable quarter since
the third quarter of 2011. Our gross profit was RMB469.3 million in the first quarter, increased
approximately 90% quarter over quarter, representing a gross margin
of 20.0%, up from 11.8% in the fourth quarter of 2015. Our income
from operations and net income reached RMB186.4 million and RMB79.6 million, respectively, in the first
quarter while we had loss from operations and net loss in the
previous quarter. By now, we have accumulatively shipped over 15GW
of PV modules across the world, marking an important milestone in
our development," commented Mr. Liansheng
Miao, Chairman and Chief Executive Officer of Yingli Green
Energy.
"Internationally, we focused on major PV markets with relatively
higher selling prices in the first quarter in order to improve our
profitability. Our shipments to Japan continued to increase and shipments to
Japan as a percentage of our total
shipments increased to approximately 40% in the first quarter of
2016 from approximately 30% in the fourth quarter of 2015. We
expect the strong demand from Japan to continue in 2016 before Japan's announced reduction of subsidies for
PV power becomes effective in April
2017. We also had a solid first quarter in the United States with shipments to the U.S.
representing approximately 14% of our total shipments in the
quarter as compared to approximately 10% in the fourth quarter of
2015, and we expect to maintain our position in the U.S. with
orders from a stable base of run rate customers. In China, we have secured orders of approximately
820MW by the end of May due to robust demand in the first half of
2016."
"In May 2016, we successfully
commercialized our bifacial series of monocrystalline modules,
which were installed on a 50MW power plant in Datong, Shanxi province under China's "Top Runner" program and can generate
electricity from both the front and rear sides of the cells,
allowing power yields of up to 30% more than traditional
monocrystalline modules. We plan to continue to focus on high-end
products reflecting technological advancements to improve average
module gross margin and enhance our position in the competitive
domestic market this year."
"Despite the challenges we face, we have achieved a remarkable
improvement in our financial performance in the first quarter of
2016. We endeavor to make every effort to keep such momentum and
maintain a healthy operation," Mr. Miao concluded.
Notes:
|
|
1. Total PV module
shipments include shipments to the Company's own downstream PV
projects of 2.3 MW in the first quarter of 2016. 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 new downstream PV projects in the first quarter of
2016.
|
|
2. All non-GAAP
measures other than EBITDA exclude, as applicable, share-based
compensation, 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.
|
First Quarter 2016 Financial Results
Total Net Revenues
Total net revenues were RMB2,351.1
million (US$364.6 million) in
the first quarter of 2016, compared to RMB2,110.0 million in the fourth quarter of 2015
and RMB2,905.8 million in the first
quarter of 2015. Total PV module shipments were 508.1 MW in the
first quarter of 2016, compared to 504.5MW in the fourth quarter of
2015 and 754.2MW in the first quarter of 2015.
The increase in total net revenues in the first quarter of 2016
compared to the fourth quarter of 2015 was mainly due to the
increase of other revenues especially the sales of PV cells and the
higher average selling price of the Company's PV modules compared
to the fourth quarter of 2015 mainly as a result of higher
proportion of shipments to Japan,
where the selling price of PV modules generally is higher than that
in other markets. The appreciation of Japanese Yen against Renminbi
in the first quarter of 2016 and more shipments to the U.S. with
relatively higher selling price also contributed to the higher
average selling price of the Company's PV modules in the first
quarter of 2016.
Gross Profit and Gross Margin
Gross profit was RMB469.3 million
(US$72.8 million) in the first
quarter of 2016, significantly increased from RMB248.3 million in the fourth quarter of 2015
and RMB410.8 million in the first
quarter of 2015.
Gross margin was 20.0% in the first quarter of 2016, increased
from 11.8% in the fourth quarter of 2015 and 14.1% in the first
quarter of 2015. Gross margin on sales of PV modules was 19.7% in
the first quarter of 2016, increased from 13.5% in the fourth
quarter of 2015 and 14.8% in the first quarter of 2015.
The increase in gross profit and gross margin from the fourth
quarter of 2015 to the first quarter of 2016 was mainly due to the
higher average selling price of the Company's PV modules compared
to the fourth quarter of 2015 primarily as a result of higher
proportion of shipments to Japan
in the first quarter of 2016, where the selling price of PV modules
generally is higher than that in other markets. The appreciation of
Japanese Yen against Renminbi in the first quarter of 2016 and more
shipments to the U.S. with relatively higher selling price of PV
modules also contributed to the higher average selling price of the
Company's PV modules in the first quarter of 2016.
Operating Expenses
Operating expenses decreased to RMB282.8
million (US$43.9 million) in
the first quarter of 2016 from RMB1,368.6
million in the fourth quarter of 2015 and RMB477.2 million in the first quarter of 2015.
Operating expenses as a percentage of total net revenues were 12.0%
in the first quarter of 2016, compared to 64.9% in the fourth
quarter of 2015 and 16.4% in the first quarter of 2015.
The significant decline of operating expenses from the fourth
quarter of 2015 to the first quarter of 2016 was mainly due to the
provision for prepayments in relation to inventory purchase
commitments of RMB488.0 million,
provision for doubtful accounts receivables of RMB324.4 million, provision for reserve for
inventory purchase commitments of RMB77.7
million as a result of a foreign
exchange re-measurement due to the foreign exchange rates between
the Renminbi and U.S. dollars, and provision of RMB48.7 million for the settlement payment to
Solyndra recorded in the fourth quarter of 2015, while the Company
only recorded impairment of prepayment of RMB15.6 million and reversed provision for
reserve for inventory purchase commitments of RMB6.6 million as a result of a foreign exchange re-measurement of U.S. dollar
denominated provision in the first quarter of 2016.
Excluding the impact of such provisions, the decrease of
operating expenses was primarily due to more strict and effective
control on general and administrative expenses, the adjustments of
marketing and sales strategies, and the decrease of research and
development activities in the first quarter of 2016. However,
selling and research and development expenses may increase in
future periods as the Company's PV module shipments and research
and development activities increase.
Operating Income (Loss) and Margin
Operating income was RMB186.4
million (US$28.9 million) in
the first quarter of 2016, compared to operating loss of
RMB1,120.3 million in the fourth
quarter of 2015 and operating loss of RMB66.4 million in the first quarter of 2015.
Operating margin was 7.9% in the first quarter of 2016, compared
to negative 53.1% in the fourth quarter of 2015 and negative 2.3%
in the first quarter of 2015.
EBITDA
On a non-GAAP basis, earnings before interest, tax expenses,
depreciation and amortization ("EBITDA") were RMB482.0 million (US$74.8
million) in the first quarter of 2016, compared to negative
RMB827.7 million in the fourth
quarter of 2015 and RMB199.8 million
in the first quarter of 2015.
Interest Expense
Interest expense was RMB176.1
million (US$27.3 million) in
the first quarter of 2016, decreased from RMB246.1 million in the fourth quarter of 2015
and RMB236.8 million in the first
quarter of 2015, primarily because the Company utilized less
financing arrangements and repaid certain short-term borrowings
when due in the first quarter of 2016 and the Company's average
interest rate decreased to 6.30% in the first quarter of 2016 from
6.92% in the fourth quarter of 2015 and 6.76% in the first quarter
of 2015.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB55.5 million (US$8.6
million) in the first quarter of 2016, compared to foreign
currency exchange loss of RMB29.5
million in the fourth quarter of 2015 and foreign currency
exchange loss of RMB130.6 million in
the first quarter of 2015. The foreign currency exchange gain
recognized in the first quarter of 2016 was mainly resulted from
the appreciation of Japanese Yen against Renminbi and the fact that
the Company had a balance of net current assets denominated in
Japanese Yen.
Income Tax Expense
Income tax expense was RMB13.9
million (US$2.2 million) in
the first quarter of 2016, compared to RMB132.7 million in the fourth quarter of 2015
and RMB0.5 million in the first
quarter of 2015. Income tax expense in the first quarter of 2016
was significantly lower than the fourth quarter of 2015 primarily
because there was no allowance of deferred income tax assets in the
first quarter of 2016 while such allowance was recorded in the
fourth quarter of 2015.
Net Income (Loss)
Net income was RMB79.6 million
(US$12.3 million) in the first
quarter of 2016, compared to net loss of RMB1,439.0 million in the fourth quarter of 2015
and net loss of RMB363.2 million in
the first quarter of 2015. Net margin was 3.4% in the first quarter
of 2016, compared to negative 68.2% in the fourth quarter of 2015
and negative 12.5% in the first quarter of 2015. Earnings per ADS
was RMB4.4 (US$0.7 ) in the first quarter of 2016, compared
to loss per ADS of RMB79.2 in the
fourth quarter of 2015 and loss per ADS of RMB20.0 in the first quarter of 2015.
On an adjusted non-GAAP basis, adjusted net income was
RMB73.3 million (US$11.4 million) in the first quarter of 2016,
compared to adjusted net loss of RMB 842.1
million in the fourth quarter of 2015 and adjusted net loss
of RMB 353.0 million in the first
quarter of 2015. Adjusted earnings per ADS was RMB4.0 (US$0.6) in
the first quarter of 2016, compared adjusted loss per ADS of
RMB 46.3 in the fourth quarter of
2015 and adjusted loss per ADS of RMB
19.4 in the first quarter of 2015.
Balance Sheet Analysis
As of March 31, 2016, the Company
had RMB548.4 million (US$85.0 million) in cash and cash equivalents,
decreased from RMB1,240.7 million as
of December 31, 2015. The change was
primarily due to the repayment of certain short-term borrowings
when they became due in the first quarter of 2016.
As of March 31, 2016, the Company
had RMB342.7 million (US$53.1 million) in restricted cash, decreased
from RMB346.9 million as of
December 31, 2015.
As of March 31, 2016, the
Company's accounts receivable had decreased to RMB2,727.9 million (US$423.1 million) from RMB2,922.5 million as of December 31, 2015. Days sales outstanding were
104 days in the first quarter of 2016, compared to 125 days in the
fourth quarter of 2015.
As of March 31, 2016, the
Company's accounts payable had decreased to RMB3,466.6 million (US$537.6 million) from RMB
3,960.5million as of December 31,
2015. Days payable outstanding were 166 days in the first
quarter of 2016, compared to 191 days in the fourth quarter of
2015.
As of March 31, 2016, the
Company's inventory had decreased to RMB1,416.2 million (US$219.6 million) from RMB1,484.3 million as of December 31, 2015. Inventory turnover days were
68 days in the first quarter of 2016, compared to 72 days in the
fourth quarter of 2015.
As of the date of this press release, the Company's subsidiaries
had approximately RMB2,433 million in
unutilized short-term lines of credit and approximately
RMB1,710 million in committed
long-term facilities. The Company's subsidiaries have been actively
communicating with lending banks for the renewal or rollover of
their borrowings. Recently, some of the lending banks have signed
agreements with the Company's subsidiaries to extend their
borrowings and reduce the interest rates on their borrowings from
such banks. In addition, 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 and Alternative
Financing Plans
As of the date of this press release, the Company's subsidiaries
had medium-term notes, or MTNs, of RMB
2,057.0 million outstanding, including RMB 357.0 million of the MTNs issued in 2010,
which became due on October 13, 2015;
RMB1.4 billion of the MTNs issued in
2011, which became due on May 12,
2016; and RMB 300.0 million of
the MTNs issued in 2012, which will become due on May 3, 2017. The Company has had meetings with
the noteholders several times and is still negotiating with the
noteholders about revisions to the repayment schedules of the MTNs.
The Company proposed to the noteholders not to require its
subsidiaries to repay the MTNs before they have the ability to do
so. The Company is also discussing with the noteholders and
potential funding sources about various alternative financing plans
for repayment of the MTNs, such as 1) introduction of strategic
investors to invest in the Company or its subsidiaries, 2)
introduction of new creditors to grant new borrowings to the
Company or its subsidiaries, and 3) sales of certain long-lived
assets including land use rights to get additional funds. Any plan
for sale of long-lived assets, if executed, may take more than one
year to complete. The Company expects such alternative financing
plans, if successfully completed, will further increase its
liquidity and improve its debt-to-equity ratio.
Business Outlook for Second Quarter 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 580MW to 620MW for the quarter ending
June 30, 2016. The Company also
expects its gross margin in the second quart of 2016 to be in the
estimated range of 18% to 20%.
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
RMB6.4480 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 March 31,
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 Daylight
Time on June 14, 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: 23897615
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
June 22, 2016 by dialing:
U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +1-646-254-3697
Passcode: 23897615
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 15 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,
2015
|
As of March 31,
2016
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and restricted
cash
|
1,587,675
|
891,023
|
138,186
|
Accounts receivable,
net
|
2,922,479
|
2,727,938
|
423,067
|
Inventories
|
1,484,314
|
1,416,178
|
219,631
|
Prepayment to
suppliers
|
426,718
|
547,180
|
84,860
|
Prepaid expenses and
other current assets
|
1,982,196
|
2,079,488
|
322,501
|
Total Current
assets
|
8,403,382
|
7,661,807
|
1,188,245
|
Long-term prepayment
to suppliers
|
555,520
|
514,866
|
79,849
|
Land, property, plant
and equipment, net
|
6,846,482
|
6,698,653
|
1,038,873
|
Project
assets
|
720,286
|
739,709
|
114,719
|
Land use
rights
|
411,732
|
409,662
|
63,533
|
Intangible assets,
net
|
58,360
|
58,297
|
9,041
|
Investments in
affiliated companies
|
459,721
|
458,558
|
71,116
|
Other
assets
|
184,799
|
191,914
|
29,765
|
Total
assets
|
17,640,282
|
16,733,466
|
2,595,141
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY/(DEFICIT)
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term borrowings,
including current portion of
medium-term notes and long-term debt
|
9,124,183
|
8,710,505
|
1,350,885
|
Accounts
payable
|
3,960,458
|
3,466,642
|
537,631
|
Other current
liabilities and accrued expenses
|
2,576,076
|
2,521,983
|
391,126
|
Total Current
liabilities
|
15,660,717
|
14,699,130
|
2,279,642
|
Long-term debt,
excluding current portion
|
2,405,898
|
2,349,616
|
364,395
|
Medium-term
notes
|
300,000
|
300,000
|
46,526
|
Accrued warranty
liability, excluding current portion
|
753,270
|
768,848
|
119,238
|
Other
liabilities
|
3,232,548
|
3,265,413
|
506,422
|
Total
liabilities
|
22,352,433
|
21,383,007
|
3,316,223
|
Shareholders'
deficit:
|
|
|
|
Ordinary
shares
|
13,791
|
13,791
|
2,139
|
Additional paid-in
capital
|
7,246,760
|
7,247,042
|
1,123,921
|
Accumulated other
comprehensive income
|
180,025
|
177,849
|
27,582
|
Treasury
stock
|
(127,331)
|
(127,331)
|
(19,747)
|
Accumulated
deficit
|
(13,252,929)
|
(13,173,362)
|
(2,043,015)
|
Total Yingli Green
Energy shareholders' deficit
|
(5,939,684)
|
(5,862,011)
|
(909,120)
|
Non-controlling
interests
|
1,227,533
|
1,212,470
|
188,038
|
Total
shareholders' deficit
|
(4,712,151)
|
(4,649,541)
|
(721,082)
|
Total liabilities
and shareholders' deficit
|
17,640,282
|
16,733,466
|
2,595,141
|
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
|
|
March 31,
2015
|
December 31,
2015
|
March 31,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net
revenues:
|
|
|
|
|
Sales of PV modules
|
2,682,294
|
1,727,375
|
1,833,474
|
284,348
|
Other revenues
|
160,955
|
382,669
|
517,576
|
80,269
|
Total net
revenues
|
2,905,756
|
2,110,044
|
2,351,050
|
364,617
|
Cost of
revenues:
|
|
|
|
|
Cost of PV modules sales
|
(2,284,443)
|
(1,493,587)
|
(1,472,018)
|
(228,291)
|
Cost of other revenues
|
(156,230)
|
(368,175)
|
(409,751)
|
(63,547)
|
Total cost of
revenues
|
(2,494,917)
|
(1,861,762)
|
(1,881,769)
|
(291,838)
|
Gross
profit
|
410,839
|
248,282
|
469,281
|
72,779
|
Selling expenses
|
(208,263)
|
(234,916)
|
(182,854)
|
(28,357)
|
General and administrative expenses
|
(134,915)
|
(483,069)
|
(85,550)
|
(13,268)
|
Research and development expenses
|
(134,058)
|
(84,858)
|
(21,030)
|
(3,262)
|
Provision for prepayments in relation to inventory purchase
commitments
|
-
|
(488,023)
|
-
|
-
|
Provision for reserve for inventory purchase commitments
|
-
|
(77,705)
|
6,598
|
1,023
|
Total operating
expenses
|
(477,236)
|
(1,368,571)
|
(282,836)
|
(43,864)
|
Income (loss) from
operations
|
(66,397)
|
(1,120,289)
|
186,445
|
28,915
|
Interest
expense
|
(236,820)
|
(246,120)
|
(176,131)
|
(27,316)
|
Interest
income
|
5,427
|
5,553
|
1,069
|
166
|
Foreign currency
exchange gain(loss)
|
(130,632)
|
(29,473)
|
55,491
|
8,606
|
Other
income(expenses)
|
36,141
|
37,437
|
12,536
|
1,944
|
Income (loss)
before income taxes
|
(392,281)
|
(1,352,892)
|
79,410
|
12,315
|
Income tax
expense
|
(500)
|
(132,716)
|
(13,935)
|
(2,161)
|
Net income
(loss)
|
(391,781)
|
(1,485,608)
|
65,475
|
10,154
|
Less : Loss
attributable to the non-controlling interests
|
29,609
|
46,611
|
14,092
|
2,186
|
Net income (loss)
attributable to Yingli Green Energy
|
(363,172)
|
(1,438,997)
|
79,567
|
12,340
|
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
|
(2.00)
|
(7.92)
|
0.44
|
0.07
|
Diluted
|
(2.00)
|
(7.92)
|
0.44
|
0.07
|
Income (loss) per
ADS
|
|
|
|
|
Basic
|
(20.0)
|
(79.2)
|
4.4
|
0.7
|
Diluted
|
(20.0)
|
(79.2)
|
4.4
|
0.7
|
Net income
(loss)
|
(392,781)
|
(1,485,608)
|
65,475
|
10,154
|
Other
comprehensive income (loss)
|
|
|
|
|
Foreign Currency
exchange translation adjustment, net of nil tax
|
11,768
|
(53,999)
|
(3,147)
|
(488)
|
Cash flow hedging
derivatives, net of nil tax
|
431
|
(1,180)
|
-
|
-
|
Comprehensive
income (loss)
|
(380,582)
|
(1,540,787)
|
62,328
|
9,666
|
Less : Comprehensive
loss attributable to the non-controlling interest
|
28,632
|
43,554
|
15,063
|
2,335
|
Comprehensive
income (loss) attributable to Yingli Green Energy
|
(351,950)
|
(1,497,233)
|
77,391
|
12,001
|
Reconciliation of
Non-GAAP measures to GAAP measures
|
|
For the three
month ended
|
|
March 31,
2015
|
December 31,
2015
|
March 31,
2016
|
|
RMB
|
RMB
|
RMB
|
US$
|
Non-GAAP income
(loss)
|
(352,982)
|
(842,126)
|
73,251
|
11,361
|
Share-based
compensation
|
(10,190)
|
787
|
(282)
|
(44)
|
Provision for reserve
for inventory purchase commitments
|
-
|
(77,705)
|
6,598
|
1,023
|
Provision for
prepayments in relation to inventory purchase
commitments
|
-
|
(488,023)
|
-
|
-
|
Inventory
provision
|
-
|
(31,930)
|
-
|
-
|
Net income (loss)
attributable to Yingli Green Energy
|
(363,172)
|
(1,438,997)
|
79,567
|
12,340
|
Non-GAAP diluted
income (loss) per ordinary share
|
(1.94)
|
(4.63)
|
0.40
|
0.06
|
Reconciliation of
EBITDA measures to loss before income tax & minority interest
measures
|
Income (loss)
before income taxes and non-controlling interest
|
(392,281)
|
(1,352,892)
|
79,410
|
12,315
|
Interest
expense
|
236,820
|
246,120
|
176,131
|
27,316
|
Interest
income
|
(5,427)
|
(5,553)
|
(1,069)
|
(166)
|
Depreciation
|
355,570
|
280,597
|
224,381
|
34,799
|
Amortization for land
use rights and intangible assets
|
5,140
|
3,987
|
3,161
|
490
|
EBITDA
|
199,822
|
(827,741)
|
482,014
|
74,754
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-first-quarter-2016-results-300284195.html
SOURCE Yingli Green Energy Holding Company Limited