BAODING, China, June
15, 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 March 31,
2017.
First Quarter 2017 Consolidated Financial and Operating
Summary
- Total net revenues were RMB1,238.3
million (US$179.9
million), compared to
RMB2,041.4 million in the fourth
quarter of 2016.
- Total photovoltaic ("PV") module
shipments(1) were 370.9MW, compared
to 635.1MW in the fourth quarter of
2016.
- Gross profit and gross margin were RMB61.5 million (US$8.9
million) and 5.0% respectively, compared to RMB142.2 million and 7.0% respectively in the
fourth quarter of 2016. Gross margin on sales of PV
modules was 8.8%, which is the same as the fourth quarter of
2016.
- Operating loss was RMB103.5
million (US$15.0 million),
compared to operating loss of RMB1,802.7
million(4) in the fourth
quarter of 2016.
- On a non-GAAP(2) basis, earnings before
interest, tax expenses, depreciation and amortization ("EBITDA")
were RMB101.3 million (US$14.7 million), compared to negative RMB1,528.3million(4)
in the fourth quarter of 2016.
- Net loss(3) and loss per American Depositary
Share (the "ADS", one ADS represents ten ordinary
shares) were RMB184.4
million (US$26.8 million) and
RMB10.1 (US$1.5) respectively, compared to RMB1,913.7 million(4) and RMB105.3(4) respectively
in the fourth quarter of 2016. On an adjusted
non-GAAP basis, adjusted net loss and adjusted loss per ADS were
RMB191.9 million (US$27.9 million) and RMB10.6 (US$1.5)
respectively, compared to RMB583.1
million(4) and RMB32.1(4) respectively in the fourth
quarter of 2016.
"Mainly affected by the the
traditional seasonality in China
and the soft demand along with the reduction of feed-in-tariff
(FiT) in Japan, the Company's PV
module shipments in the first quarter of 2017 decreased to 370.9MW,
which was slightly below previous guidance. But the gross margin on
sales of PV modules was maintained at 8.8% in the first quarter of
2017," commented Mr.
Liansheng Miao, Chairman and Chief
Executive Officer of Yingli Green Energy.
"Geographically, we have seen a surge of
orders from China since late April driven by rise in demand before
the expected FiT reduction in China on June 30,
2017, and expect a significant increase of PV module
shipments in the second quarter of 2017. For the second half of the
year, we believe that the Top Runner program, PV Poverty
Alleviation projects, and Distributed Generation projects in
China will continue to provide
strong support for our PV module sales. In Japan, in addition to large scale projects, we
are focusing on developing new customers who are continuously
developing small to middle-sized projects, including both FiT
projects and non-FiT projects in local areas. We have also
completed the optimization of our
business in Latin Americas and started the transition of our
business in EU region to a more cost-effective structure that can
adapt more easily and faster to changing market
conditions."
"According to information we have obtained,
as the largest PV project powered by our patented PANDA Bifacial PV
module, Datong 50 MW Top Runner project produced
electricity from July 2016 to
April 2017 that far
exceeded expectation and the project's monthly power output is up
to 15.6% higher than projects with traditional
polycrystalline PV modules with the same
capacity. In addition, the
Europe's largest bifacial PV solar
plant powered by our PANDA N-type bifacial PV modules was
completed in early June. Such
results demonstrated the success of our long-term commitment to
technology innovation. We are also improving the PANDA Bifacial
module by increasing its power output and working on mass
production and promotion of Smart Hot-spot Free series
modules." 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 first 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.
|
(4)
Subsequent to our press release dated April 13, 2017 reporting our
fourth quarter and full year 2016 results, in consideration of the
uncertainties involved in the appeals process described below, our
management reevaluated its earlier assessment of certain litigation
originally filed against us by a supplier in September 2015 and
related court judgments issued at the end of December 2016 of which
we were notified in January 2017 and which we appealed, and
concluded that we should recognize a provision of RMB59 million in
respect of such litigation in the fourth quarter and year ended
December 31, 2016. The recognition of this provision impacted our
general and administrative expenses, total operating expenses, loss
from operations, EBITDA, net loss, net loss attributable to Yingli
Green Energy, loss per share, loss per ADS, adjusted net loss,
adjusted loss per share and adjusted loss per ADS for the quarter
and year ended December 31, 2016 and was reflected in our annual
report on Form 20-F filed with the SEC on May 16, 2017.
|
First Quarter 2017 Financial Results
Total Net Revenues
Total net revenues were RMB1,238.3 million (US$179.9 million), compared to RMB2,041.4 million in the fourth quarter of 2016
and RMB2,351.1 million in the first
quarter of 2016. Total PV module shipments
were 370.9MW, compared to 635.1MW in the fourth
quarter of 2016 and 508.1MW in the first quarter of
2016.
The decrease of total net revenues from the
fourth quarter of 2016 to the first quarter of
2017 was mainly due to the decrease of PV module shipments from
635.1MW to 370.9MW, primarily as a result of the traditional
seasonality in China
and the soft demand along with the reduction of
feed-in-tariff in Japan, which
were the Company's largest two markets, and slightly decrease of
average selling price for PV module
worldwide.
The decrease of total net revenues
from the first quarter of 2016 to
the first quarter of 2017 was mainly due to the decrease of PV
module shipments from 508.1MW to 370.9MW, primarily as a result of
the decrease of PV module shipments to Japan and U.S., as well as the general decline
of average selling prices of PV module worldwide.
Gross Profit and Gross Margin
Gross profit was RMB61.5 million (US$8.9
million) in the first quarter of
2017, compared to RMB142.2
million in the fourth quarter of 2016 and
compared to RMB469.3 million in the
first quarter of 2016.
Gross margin was 5.0% in the first quarter of 2017,
compared to 7.0% in the fourth quarter of 2016 and 20.0% in the
first quarter of 2016. Gross margin on sales of PV
modules was 8.8% in the first quarter of 2017, compared to 8.8% in
the fourth quarter of 2016
and 19.7% in the first quarter of
2016.
The decrease in gross profit and gross margin from the
fourth quarter of 2016 to the first quarter of 2017
was mainly due to the decrease of PV module
shipments from 635.1MW to 370.9MW and the lower gross
margin on sales of PV cells. The
decrease in gross margin from the first quarter
of 2016 to the first 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 and U.S. Markets where the selling price
of PV modules were generally higher than other
markets.
Operating Expenses
Operating expenses were RMB165.1
million (US$24.0 million),
decreased significantly from RMB1,944.9
million in the fourth quarter of 2016 and RMB282.8 million in the first quarter of 2016.
Operating expenses as a percentage of net revenue was 13.3% in the
first quarter of 2017, compared to 95.3% in the fourth quarter of
2016 and 12.0% in the first quarter of 2016.
The significant decrease of operating expenses from the
fourth quarter of 2016 to the first quarter of 2017 was mainly due
to the following operating expenses recorded in the fourth quarter
of 2016: (i) impairment loss of RMB1,277.4
million for property, plant and equipment based on the
difference between carrying value and fair value of such long-lived
assets, (ii) a provision of RMB143.0
million on receivables from disposal of land use right,
(iii) a provision of RMB97.8 million
on prepayment made to a supplier due to its continued failure to
fulfil its delivery obligation under its contracts with the
Company, and (iv) a provision of RMB59
million related to an on-going litigation between the
Company and a supplier. Besides, the Company made RMB52.8 million of provision for reserve for
inventory purchase commitments in the fourth quarter of 2016 as a
result of a foreign exchange re-measurement due to significant
fluctuation in the foreign exchange rate between the Renminbi and
U.S. dollars, while the Company recorded a reversal of RMB7.7 million of such provision in the first
quarter of 2017 due to the foreign exchange
re-measurement.
In addition to aforementioned impairment and provisions,
the decrease of operating expenses from the fourth
quarter of 2016 to the first quarter of 2017 was also
due to decrease of PV module shipments, more strict and effective
control on general and administrative expenses, and the decrease of
research and development activities in the first quarter of 2017.
However, selling expenses and research and development expenses may
increase in future periods if the Company's PV module shipments and
research and development activities increase.
Operating Loss and Margin
Operating loss was RMB103.5 million (US$15.0
million) in the first quarter of
2017, compared to operating loss of RMB1,802.7 million in the
fourth quarter of 2016 and operating income
of RMB186.4 million in
the first quarter of 2016.
Operating margin was negative 8.4% in the first quarter of
2017, compared to negative 88.3% in the fourth quarter of 2016 and
7.9% in the first quarter of 2016.
EBITDA
On a non-GAAP basis, earnings before interest, tax
expenses, depreciation and amortization ("EBITDA") were
RMB101.3 million (US$14.7 million), compared to negative
RMB1,528.3 million in the
fourth quarter of 2016 and RMB483.1 million in the first quarter of
2016.
Interest Expense
Interest expense was RMB156.5
million (US$22.7 million) in
the first quarter of 2017, compared to RMB168.8 million in the fourth quarter of 2016
and RMB176.1 million in the first
quarter of 2016. The Company's average interest rate
was 5.17% in the first quarter of 2017,
compared to 5.31%in the fourth quarter of 2016 and
6.30% in the first quarter of 2016.
Foreign Currency Exchange Gain (Loss)
Foreign currency exchange gain was RMB29.9 million (US$4.3
million) in the first quarter of 2017, compared to foreign
currency exchange loss of RMB104.0
million in the fourth quarter of 2016 and foreign currency
exchange gain of RMB55.5 million in
the first quarter of 2016. The foreign currency exchange gain in
the first quarter of 2017 was mainly due to the appreciation of
Japanese Yen against Renminbi because the Company had a net balance
of financial assets denominated in Japanese Yen, and the
appreciation of Renminbi against US dollar because the Company had
a net balance of financial liabilities denominated in US
dollar.
Income Tax Benefit (Expense)
Income tax expense was RMB0.09
million (US$0.01 million) in
the first quarter of 2017, compared to RMB11.2 million in the fourth
quarter of 2016 and RMB13.9 million
in the first quarter of 2016.
Net Loss
Net loss was RMB184.4
million (US$26.8 million)
in the first quarter of 2017, compared to
net loss of RMB1,913.7
million in the fourth quarter of 2016
and net income of RMB79.6
million in the first quarter of 2016. Loss per ADS
was RMB10.1 (US$1.5) in the first quarter of 2017, compared
to loss per ADS of RMB105.3
in the fourth quarter of 2016 and earnings per
ADS of RMB4.4 in the first quarter of
2016.
On an adjusted non-GAAP basis, adjusted net loss was
RMB191.9 million (US$27.9 million), compared to adjusted net loss
of RMB583.1 million in the fourth
quarter of 2016 and adjusted net income was RMB73.3 million in the first quarter of 2016;
adjusted loss per ADS was RMB10.6
(US$1.5) in the first
quarter of 2017, compared to adjusted loss per ADS of
RMB32.1 in the fourth quarter of 2016
and adjusted earnings per ADS of RMB4.0 in the first quarter of 2016.
Financial Position
As of March 31, 2017, the
Company had RMB417.3 million
(US$60.6 million) in cash and cash
equivalents, decreased from RMB506.6
million as of December 31,
2016.
As of March 31, 2017, the
Company had RMB374.3 million
(US$54.4 million) in restricted cash,
increased from RMB361.8 million as of
December 31, 2016.
As of March 31, 2017, the
Company's accounts receivable had increased to RMB2,728.1 million (US$396.3 million) from RMB2,634.8 million as of December 31, 2016. Days sales outstanding were
198 days in the first quarter of 2017, increased from 116 days in
the fourth quarter of 2016, mainly due to the significant decrease
of total net revenues in the first quarter of 2017 while the
average accounts receivable for the quarter mainly related to
significantly higher sales from previous quarters.
As of March 31, 2017, the
Company's accounts payable had increased to RMB2,585.3 million (US$375.6 million) from RMB2,471.8 million as of December 31, 2016. Days payable outstanding were
198 days in the first quarter of 2017, increased from 117 days in
the fourth quarter of 2016.
As of March 31, 2017, the
Company's inventory had increased to RMB1,552.7 million (US$225.6 million) from RMB1,314.8 million as of December 31, 2016, which was
mainly due to the decrease of PV module shipments from
635.1MW in the fourth quarter of 2016 to 370.9MW in the first
quarter of 2017. Inventory turnover days were 119 days in the first
quarter of 2017, compared to 62 days in the fourth quarter of
2016.
Updates on Repayment of Medium-Term
Notes
On May 3, 2017, the Company
paid the RMB300 million of
RMB-denominated five-year medium-term notes issued by Yingli China in 2012 (the"2012 MTNs") with full
principle and accrued interests totalling RMB318 million when they matured. As such,
Yingli China has discharged all of
its payment obligations under the 2012 MTNs. 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. The Company is continuing its negotiations
with holders of the 2010 MTNs and 2011 MTNs. As of the date of this
press release, the Company has not reached any agreement with the
holders of the 2010 MTNs and 2011 MTNs or any other party with
respect to any concrete financing plan or plan for repayment of the
2010 MTNs and 2011 MTNs yet.
Business Outlook for Second Quarter 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 950 MW to 1,050MW for the second quarter
of 2017.
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,
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. 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 RMB6.8832 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,
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 June 15,
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
67135090
Passcode: 32137301
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
June 23, 2017 by dialing:
U.S. Toll Free Number:
+1-855-452-5696
International Dial-in
Number: +61 2 8199
0299
Passcode: 32137301
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 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,
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 March 31, 2016
|
As of December 31, 2016
|
As of March 31, 2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and restricted cash
|
891,023
|
868,439
|
791,550
|
114,997
|
Accounts receivable, net
|
2,727,938
|
2,634,805
|
2,728,090
|
396,340
|
Inventories
|
1,416,178
|
1,314,834
|
1,552,731
|
225,583
|
Prepayment to suppliers
|
547,180
|
475,347
|
392,943
|
57,087
|
Prepaid expenses and other current
assets
|
2,079,488
|
1,336,288
|
1,336,392
|
194,153
|
Total current assets
|
7,661,807
|
6,629,713
|
6,801,706
|
988,160
|
Long-term prepayment to suppliers
|
514,866
|
343,591
|
315,800
|
45,880
|
Land, property, plant and equipment,
net
|
6,698,653
|
4,879,086
|
4,762,158
|
691,852
|
Project assets
|
739,709
|
672,045
|
658,854
|
95,719
|
Land use rights
|
409,662
|
402,680
|
400,360
|
58,165
|
Intangible assets, net
|
58,297
|
58,110
|
58,047
|
8,433
|
Investments in affiliated companies
|
458,558
|
355,192
|
354,810
|
51,547
|
Other assets
|
191,914
|
159,397
|
165,497
|
24,045
|
Total assets
|
16,733,466
|
13,499,814
|
13,517,232
|
1,963,801
|
LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings, including current portion
of medium-term notes and long-term
debt
|
8,710,505
|
9,010,205
|
8,942,822
|
1,299,224
|
Accounts payable
|
3,466,642
|
2,471,812
|
2,585,264
|
375,590
|
Other current liabilities and accrued
expenses
|
2,521,983
|
2,619,272
|
2,841,734
|
412,852
|
Total current liabilities
|
14,699,130
|
14,101,289
|
14,369,820
|
2,087,666
|
Long-term debt, excluding current
portion
|
2,349,616
|
2,523,621
|
2,491,144
|
361,917
|
Medium-term notes
|
300,000
|
-
|
-
|
-
|
Accrued warranty liability, excluding current
portion
|
768,848
|
804,344
|
810,617
|
117,767
|
Other liabilities
|
3,265,413
|
3,262,759
|
3,247,958
|
471,867
|
Total liabilities
|
21,383,007
|
20,692,013
|
20,919,539
|
3,039,217
|
Shareholders' deficit:
|
|
|
|
|
Ordinary shares
|
13,791
|
13,791
|
13,791
|
2,004
|
Additional paid-in capital
|
7,247,042
|
7,248,240
|
7,248,514
|
1,053,073
|
Accumulated other comprehensive income
(loss)
|
177,849
|
(54,651)
|
(52,652)
|
(7,649)
|
Treasury stock
|
(127,331)
|
(127,331)
|
(127,331)
|
(18,499)
|
Accumulated deficit
|
(13,173,362)
|
(15,428,426)
|
(15,612,873)
|
(2,268,258)
|
Total Yingli Green Energy shareholders'
deficit
|
(5,862,011)
|
(8,348,377)
|
(8,530,551)
|
(1,239,329)
|
Non-controlling interests
|
1,212,470
|
1,156,178
|
1,128,244
|
163,913
|
Total shareholders' deficit
|
(4,649,541)
|
(7,192,199)
|
(7,402,307)
|
(1,075,416)
|
Total liabilities and shareholders'
deficit
|
16,733,466
|
13,499,814
|
13,517,232
|
1,963,801
|
|
|
|
|
|
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, 2016
|
December 31, 2016
|
March 31, 2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net revenues:
|
|
|
|
|
Sales of PV
modules
|
1,833,474
|
1,828,521
|
1,030,312
|
149,685
|
Other revenues
|
517,576
|
212,886
|
207,946
|
30,210
|
Total net revenues
|
2,351,050
|
2,041,407
|
1,238,258
|
179,895
|
Cost of revenues:
|
|
|
|
|
Cost of PV modules
sales
|
(1,472,018)
|
(1,668,479)
|
(940,033)
|
(136,569)
|
Cost of other
revenues
|
(409,751)
|
(230,725)
|
(236,686)
|
(34,386)
|
Total cost of revenues
|
(1,881,769)
|
(1,899,204)
|
(1,176,719)
|
(170,955)
|
Gross profit
|
469,281
|
142,203
|
61,539
|
8,940
|
Selling expenses
|
(182,854)
|
(149,013)
|
(110,404)
|
(16,040)
|
General and administrative
expenses
|
(85,550)
|
(423,103)
|
(31,826)
|
(4,624)
|
Research and development
expenses
|
(21,030)
|
(42,638)
|
(30,506)
|
(4,432)
|
Impairment of long-lived assets
|
-
|
(1,277,373)
|
-
|
-
|
Provision/(reversal) for reserve for inventory
purchase
commitments
|
6,598
|
(52,787)
|
7,678
|
1,116
|
Total operating expenses
|
(282,836)
|
(1,944,914)
|
(165,058)
|
(23,980)
|
Income/(Loss) from operations
|
186,445
|
(1,802,711)
|
(103,519)
|
(15,040)
|
Interest expense
|
(176,131)
|
(168,782)
|
(156,464)
|
(22,731)
|
Interest income
|
1,069
|
2,525
|
817
|
119
|
Foreign currency exchange gain
(loss)
|
55,491
|
(104,012)
|
29,855
|
4,337
|
Other income
|
13,619
|
162,966
|
18,296
|
2,658
|
Income/(Loss) before income
taxes
|
80,493
|
(1,910,014)
|
(211,015)
|
(30,657)
|
Income tax benefit (expenses)
|
(13,935)
|
(11,196)
|
(94)
|
(14)
|
Equity in loss of affiliates, net
|
(1,083)
|
(318)
|
(382)
|
(55)
|
Net income/ (loss)
|
65,475
|
(1,921,528)
|
(211,491)
|
(30,726)
|
Less: Loss attributable to the non-controlling
interests
|
14,092
|
7,839
|
27,044
|
3,929
|
Net income/( loss) attributable to Yingli Green
Energy
|
79,567
|
(1,913,689)
|
(184,447)
|
(26,797)
|
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
|
0.44
|
(10.53)
|
(1.01)
|
(0.15)
|
Diluted
|
0.44
|
(10.53)
|
(1.01)
|
(0.15)
|
Earnings/(Loss) per
ADS
|
|
|
|
|
Basic
|
4.4
|
(105.3)
|
(10.1)
|
(1.5)
|
Diluted
|
4.4
|
(105.3)
|
(10.1)
|
(1.5)
|
Net income/(loss)
|
65,475
|
(1,921,528)
|
(211,491)
|
(30,726)
|
Other comprehensive
(loss)/income
|
|
|
|
|
Foreign Currency exchange translation adjustment, net
of nil
tax
|
(3,147)
|
(119,490)
|
1,109
|
161
|
Comprehensive income/(loss)
|
62,328
|
(2,041,018)
|
(210,382)
|
(30,565)
|
Less : Comprehensive loss attributable to the
non-controlling interest
|
15,063
|
926
|
27,934
|
4,058
|
Comprehensive income/ (loss) attributable to Yingli
Green Energy
|
77,391
|
(2,040,092)
|
(182,448)
|
(26,507)
|
Reconciliation of Non-GAAP measures to GAAP
measures
|
|
For the three month ended
|
|
March 31, 2016
|
December 31, 2016
|
March 31, 2017
|
|
RMB
|
RMB
|
RMB
|
US$
|
Net income/(loss) attributable to Yingli Green
Energy
|
79,567
|
(1,913,689)
|
(184,447)
|
(26,797)
|
Share-based compensation
|
(282)
|
(446)
|
(273)
|
(40)
|
Impairment of long-lived assets
|
-
|
(1,277,373)
|
-
|
-
|
Provision/(reversal) for reserve for inventory
purchase commitments
|
6,598
|
(52,787)
|
7,678
|
1,115
|
Non-GAAP income/(loss)
|
73,251
|
(583,083)
|
(191,852)
|
(27,872)
|
Non-GAAP diluted earnings/(loss) per
share
|
0.40
|
(3.21)
|
(1.06)
|
(0.15)
|
Reconciliation of EBITDA measures to loss before
income tax & minority interest measures
|
Income/(Loss) before income taxes and non-controlling
interest
|
80,493
|
(1,910,014)
|
(211,015)
|
(30,657)
|
Interest expense
|
(176,131)
|
(168,782)
|
(156,464)
|
(22,731)
|
Interest income
|
1,069
|
2,525
|
817
|
119
|
Depreciation
|
(224,381)
|
(213,459)
|
(154,706)
|
(22,476)
|
Amortization for land use rights and intangible
assets
|
(3,161)
|
(2,047)
|
(1,961)
|
(285)
|
EBITDA
|
483,097
|
(1,528,251)
|
101,299
|
14,716
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-first-quarter-2017-results-300474530.html
SOURCE Yingli Green Energy Holding Company Limited