ZHONGSHAN, China, May 27, 2015
/PRNewswire/ -- China Ming Yang Wind Power Group
Limited (NYSE: MY) ("Ming Yang"
or the "Company"), a leading wind energy solution provider in
China, today announced its
unaudited financial results for the first quarter ended
March 31, 2015.
First Quarter 2015 Operating and Financial
Highlights:
- For the quarter ended March 31,
2015, total wind turbine generators ("WTGs") for which
revenue was recognized amounted to an equivalent wind power project
output of 406MW, or 100 units of 1.5MW WTGs and 128 units of 2.0MW
WTGs.
- Total revenue was RMB1,334.9
million (US$215.3 million)
compared to RMB1,224.0 million
in the first quarter of 2014.
- Among the revenue of RMB1,224.0
million in the first quarter of 2014, revenue of
RMB321.1 million, representing WTGs
with power output of 99MW, was recognized under the EPC
arrangements. None of the WTGs commissioned in the first quarter
of 2015 was under the EPC arrangements. As such, total revenue
other than EPC arrangements increased by 47.8% in the first quarter
of 2015 compared to the corresponding period in 2014.
- Gross profit was RMB189.1 million
(US$30.5 million), compared to
RMB192.0 million in the first
quarter of 2014.
- Gross margin in the first quarter of 2015 was 14.2%
compared to gross margin of 15.7% in the first quarter
of 2014. Gross profit of the EPC arrangements in the
first quarter of 2014 was RMB59.1
million, representing a gross margin of 18.4%, and projects
other than EPC arrangements recorded a gross margin of 14.7%
in the first quarter of 2014.
- Total comprehensive income was RMB43.0
million (US$6.9 million),
compared to total comprehensive income of RMB185.8 million in the first quarter
of 2014.
- Total comprehensive income in the first quarter
of 2014 included the gross profit of EPC arrangements of
RMB59.1 million and a gain on the
loss of control of subsidiaries of RMB124.5
million. There were no
such items in the first quarter of 2015.
- Basic and diluted earnings per share were RMB0.33 (US$0.053)
and RMB0.32 (US$0.052), respectively, compared to basic and
diluted earnings per share of RMB1.54
and RMB1.51, respectively,
in the first quarter of 2014.
"We are pleased with our strong year-on-year revenue growth in
the first quarter of 2015," said Mr. Chuanwei Zhang, Chairman
and Chief Executive Officer of Ming
Yang, "Driven by a series of positive policies in
China to promote the wind energy
sector, demand for wind turbine products has been increasing
recently. In addition, while we are on the track to evolve into a
technology-driven, service-centric provider of comprehensive wind
energy solutions, we also see growing business opportunities in the
value-added service area throughout the entire life cycle
of wind farm operations."
Mr. Zhang added, "In order to realize our vision and strategies,
we took an important step earlier this month by acquiring a leading
electrical systems total solutions provider in China, Tianjin REnergy Electrical Co., Ltd.
and its subsidiary, (collectively "RENergy"). In addition to the
anticipated significant cost and technology synergies, Ming Yang is also expected to be able to extend
its current product and
service offerings upon the completion of this acquisition. With
this acquisition and the continued execution of our overall
strategy, we are confident that we can deliver growing shareholder
value in the years ahead."
First Quarter 2015 Operating Data and Unaudited Financial
Results
Revenue
Revenue in the first quarter of 2015 was RMB1,334.9 million (US$215.3 million) compared to RMB1,224.0 million in the first quarter
of 2014. Among the revenue of RMB1,224.0 million in the first quarter
of 2014, revenue of RMB321.1
million was recognized under the EPC arrangements. As
such, total revenue other than EPC arrangements increased by 47.8%
in the first quarter of 2015 compared to the
corresponding period in 2014 of RMB902.9million. The increase was due to
the combined effect of (1)a 41.5% increase in the number of WTGs
commissioned (measured by power output) as mentioned below, and (2)
more 2.0MW WTGs with higher selling price being commissioned
in the first quarter of 2015 compared with the
corresponding period of 2014.
WTGs for which revenue was recognized in first quarter of 2015
amounted to an equivalent wind power project output of 406MW, or
100 units of 1.5MW WTGs and 128 units of 2.0MW WTGs. In the first quarter of 2014,
revenue was recognized for WTGs with power output of 386MW, among
which WTGs with power output of 99MW was under EPC
arrangements. These 99MW WTGs were commissioned prior
to the first quarter
of 2014 but revenue was recognized in the
first quarter of 2014 when the
EPC project companies became financially independent from
Ming Yang to settle the sales amount
of WTGs. None of the WTGs commissioned in the first quarter of 2015 was
under EPC arrangements. As such, in terms of power output, WTGs
commissioned other than EPC arrangements in the first quarter of 2015 showed an
increase of 41.5% compared to WTGs with 287MW power output
in the first quarter
of 2014.
Gross Profit and Gross Margin
Gross profit was RMB189.1 million
(US$30.5 million), compared to that
of RMB192.0 million in the first
quarter of 2014. Gross margin in the first quarter
of 2015 was 14.2% compared to gross margin of 15.7%
in the first quarter of 2014. The gross profit of EPC
arrangements in the first quarter of 2014 was
RMB59.1 million, representing a gross
margin of 18.4%, and projects other than EPC arrangements recorded a gross margin of 14.7%
in the first quarter of 2014.
On an adjusted basis, should warranty provisions be excluded
from cost of sales, the Company's adjusted gross margin would be
17.1% for the first quarter of 2015, compared to 18.9% for the
corresponding period in 2014.
Selling and Distribution Expenses
Selling and distribution expenses were RMB53.4 million (US$8.61
million) for the first quarter of 2015, compared to
RMB30.9 million for the corresponding
period in 2014, representing an increase of 72.8%. The increase was
mainly due to the increase in the number of WTGs transported.
Administrative Expenses
Administrative expenses were RMB89.2
million (US$14.4 million) for
the first quarter of 2015, compared to RMB68.1 million for the corresponding period in
2014, representing an increase of 31.0%. The increase in
administrative expenses was mainly due to provision for doubtful
trade and other receivables of RMB27.5
million (US$4.4 million) being
made in the first quarter of 2015 as compared to RMB5.8 million provision being made in the
corresponding period of 2014.
Research and Development Expenses
Research and development expenses were RMB18.6 million (US$3.0
million) for the first quarter of 2015, compared to
RMB19.6 million for the corresponding
period in 2014.
Gain on Loss of Control of Subsidiaries
There was a gain on loss of control of subsidiaries of
RMB124.5 million that was recognized
during the first quarter of 2014 as a result of the Company's
deconsolidation of Global Wind Power Limited ("GWPL") and accounted
for GWPL as a joint venture under equity method of accounting from
January 1, 2014, pursuant to the
Company's waiver of certain voting power in GWPL. There was no such
gain in the first quarter of 2015.
Net Finance Income/Expenses
Finance income was RMB33.6 million
(US$5.4 million) for the first
quarter of 2015, compared to RMB37.2
million for the corresponding period in 2014. The decrease
in finance income was mainly attributable to the decline in interest income from bank deposits
and entrusted loans.
Finance expenses were RMB17.7
million (US$2.9 million) for
the first quarter of 2015, compared to RMB41.6 million for the corresponding period in
2014. The decrease in finance expenses was mainly due to
the repayment of RMB1 billion of Ming Yang's
medium-term notes that matured on January
12, 2015.
Profit Before Income Tax
Profit before income tax was RMB48.7
million (US$7.9 million) for
the first quarter of 2015, compared to a profit before income tax
of RMB200.5 million for the
corresponding period in 2014. Profit before income tax in the
first quarter of 2014 included the gross profit of EPC
arrangements of RMB59.1 million and
the gain on the loss of control of subsidiaries of RMB124.5 million as mentioned above while no such
items were recorded in the first quarter of 2015.
Income Tax Expense
Income tax expense was RMB8.0
million (US$1.3 million) for
the first quarter of 2015, compared to income tax expense of
RMB13.2 million for the corresponding
period in 2014.
Total Comprehensive Income and Earnings per Share
As a result of the cumulative effects of the factors discussed
above, total comprehensive income for the first quarter of 2015 was
RMB43.0 million (US$6.9 million), compared to a total
comprehensive income of RMB185.8
million for the corresponding period in 2014.
Basic and diluted earnings per share were RMB0.33 (US$0.053)
and RMB0.32 (US$0.052 ) for the first quarter of 2015,
respectively, compared to basic and diluted earnings per share of
RMB1.54 and RMB1.51, respectively, in the corresponding
period in 2014.
Cash and Cash Equivalents
Cash and cash equivalents as of March 31,
2015 were RMB650.6 million
(US$105.0 million), compared to
RMB2,169.8 million as of December 31, 2014.
Recent Business Developments
- MY acquired electrical systems provider, RENergy --
In May 2015, MY announced the
acquisition of a 99% majority equity interest in China Smart Electric Group Limited
("China Smart"), a Cayman Islands company. China Smart owns all of the equity interest in
Wise Renergy Holdings Limited, a Hong
Kong company, which in turn owns all of the equity interests
in mainland China-based subsidiaries, Tianjin REnergy Electrical
Co., Ltd. and Tianjin Ruiyuan Electrical Co., Ltd. (all such
Renergy entities are collectively referred to as "RENergy").
RENergy is China's largest supplier of core components for WTGs,
including components such as main control systems, pitch control
systems and converters. Ming Yang
expects to integrate RENergy's patented electrical control system
technologies into Ming Yang's
existing product offerings, allowing Ming
Yang to evolve further into a provider of comprehensive wind
energy solutions and to address a wider range of its customers'
requirements. For details of the transaction, please refer to the
related press release and presentation on the Investor Relations
section of the Company's website.
- MY launched 3.0MW 120-meter three-blade super compact drive
("SCD") WTG -- In May 2015, the innovative SCD wind turbine
utilizing Ming Yang's own
technologies was unveiled. As an important complement to the
Company's current flagship product of 6.0MW two-blade offshore SCD,
the 3.0MW 120-meter SCD mainly targets low-wind onshore areas, a
significant market after China started to focus the development of
eastern and southern areas.
- MY is in the process
of securing approximately 1GW wind
resources -- Ming Yang's wind and solar farms investment arm
has obtained government approval for approximately 400MW quality
projects and is in the progress of applying for government approval
for approximately 600MW quality projects and Ming Yang anticipates to realize 2GW
installations by 2017. Ming Yang
expects that the downstream projects will not only contribute cash
flow to Ming Yang, but will also act
as demonstration projects for Ming
Yang's next-generation wind turbines.
Business Update
Order Book Update
- New Sales Contracts -- During the first quarter of 2015,
Ming Yang entered into sales
contracts for wind power projects with a total output of 264 MW,
representing 66 units of 1.5MW WTGs, 81 units of 2.0MW WTGs and 1
unit of SCD 3.0MW WTG.
- Order Backlog -- As
of March 31, 2015, the Company's order backlog was
approximately 3.55GW, representing 1,005 units of 1.5MW WTGs, 930
units of 2.0MW WTGs, 60 units of 2.5-3.0MW SCD WTGs and 1 unit of
6.0MW SCD WTG. Cumulative signed orders since inception was10.41GW,
representing 4,848 units of 1.5MW WTGs, 1,449 units of 2.0MW WTGs,
80 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.
Industry Update
- By the end of the first quarter of 2015, China's cumulative
grid-connected wind power capacity reached 101GW with, 4.7GW of new
installations added during the quarter, according to the National
Energy Administration (the "NEA") of China.
- In order to meet its target of generating 15% of total
electricity from renewable sources by 2020, the NEA increased the
next five-year plan's cumulative power capacity target from 200GW
to 250GW by the end of the same year.
- In an effort to balance electricity generation and consumption,
the NEA has prohibited provinces with curtailment rate over 20%
from installing new wind farms.
- Quotas were set at provincial levels in order to give priority
to electricity from renewable sources by certain provinces in
China. For example, one notice
from Inner Mongolia said that new energy will represent 15% of
total on-grid power generation by 2015, compared with 10% in
2014.
- The 5th batch of wind power projects that were released by the
NEA in late April for the 12th five-year plan announced an
aggregate power capacity of 34GW, which was a record amount and
beat market expectations.
Earnings Guidance
Based on the Company's current order
book and its current views and estimates on its current operating
and market conditions, its current business plans and customer
demand, and without taking into consideration the effect of its
recent acquisition of RENergy, the Company expects that for the
quarter ended June 30, 2015, (i) its
estimated revenue will be in the range of RMB1.4 billion to RMB1.6 billion, representing an
increase of 50% to 71% compared with RMB0.9
billion for the quarter ended June
30, 2014; and (ii) its estimated net profit for the period
will be in the range of RMB50 million to
RMB55 million, representing an increase of 327% to 370%
compared with RMB11.7 million for the
quarter ended June 30, 2014. Please
note that these projections are subject to change and changes may
be material. In addition, the second quarter is typically a
seasonally slower period since it is a rainy season in many parts
of China when the construction progress on customers' wind farms is
generally slow.
Without taking into consideration its recent acquisition of
RENergy, the Company affirms its projected ranges of estimated
revenue, profit for the year, gross margin and operating income
margin for the year ending December 31,
2015 as announced on April 7,
2015.
The Company notes that it acquired a 99% majority equity
interest in RENergy in May 2015 and
RENergy became a consolidated subsidiary of the Company since then.
The Company purchases electrical controls systems from RENergy, and
the unrealized profits in inventories arising from purchases from
RENergy subsequent to the acquisition will be eliminated upon
consolidation. The Company is in the progress of integrating the
operations of RENergy after the acquisition. After completing the
integration, the Company expects the acquisition may result in
synergies and benefits, including increases in gross profit margin
and/or a reduction in various costs. However, the Company is
currently unable to quantify the likely financial effects of such
potential synergies and benefits nor can the Company currently
estimate with any level of certainty the operating costs to be
incurred by RENergy, the fair value adjustment on RENergy's assets
and liabilities on the acquisition date, and the related
amortization and tax implication thereon. Accordingly, the
Company has not revised its previously announced estimates to take
into consideration the effectof the acquisition of RENergy.
Note to the Financial Information
The preliminary unaudited consolidated statements of operations
and comprehensive income and consolidated statements of financial
position accompanying this press release (collectively the
"preliminary unaudited financial information") have been prepared
by management using International Financial Reporting Standards, or
IFRSs, as issued by the International Accounting Standards
Board. The preliminary unaudited financial information is not
intended to fully comply with IFRSs because it does not present all
of the financial information and disclosures required by IFRSs.
Currency Conversion
Solely for the convenience of readers, certain Renminbi amounts
have been translated into U.S. dollar amounts at the rate
of RMB6.1990 to US$1.00, the
noon buying rate in New York for cable transfers of
Renminbi for U.S. dollars on March 31, 2015 as set forth
in the H.10 weekly statistical release of the Federal Reserve
Board. No representation is intended to imply that the Renminbi
amounts could have been, or could be, converted, realized or
settled into U.S. dollar amounts at such a rate or at any other
rate.
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," "to be," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "target," "goal," "strategy" 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 Ming Yang's control,
which may cause Ming Yang's actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Actual results or events
may differ from those anticipated or predicted in this press
release, and the differences may be material. Further information
regarding these and other risks, uncertainties or factors is
included in Ming Yang's filings with
the U.S. Securities and Exchange Commission. Ming Yang 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.
Conference Call
Ming Yang's senior management
will host a conference call on Wednesday, May 27,
2015 at 8:00 am (Eastern)/ 5:00
am (Pacific)/ 8:00 pm (China) to discuss its
quarterly results and recent business activities.
To access the conference call, please dial:
United
States:
|
+1-845-675-0437
|
International
(toll):
|
+65-6723-9381
|
|
|
Mainland China,
Domestic:
|
400-620-8038 /
800-819-0121
|
Hong
Kong:
|
+852-3018-6771
|
To access international Toll Free Dial-In numbers:
Hong
Kong:
|
800-906-601
|
United
States:
|
+1-866-519-4004
|
Please ask to be connected to 1Q2015 China Ming Yang Wind Power
Group Limited Earnings Conference Call and provide the following
pass code: Ming Yang.
Ming Yang will also broadcast a
live audio webcast of the conference call. The broadcast will be
available by visiting the "Investor Relations" section of the
Company's web site at http://ir.mywind.com.cn.
Following the earnings conference call, an archive of the call
will be available by dialing:
United
States:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Mainland
China:
|
400-602-2065/400-632-2162 /
800-870-0206/800-870-0205
|
Hong
Kong:
|
800-963-117
|
|
|
Passcode:
|
4612-9881
|
The replay will be archived for seven days following the
earnings announcement until June 3, 2015.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading
wind energy solution provider in China, focusing on designing, manufacturing,
selling and servicing megawatt-class wind turbines, including
cutting-edge SCD (Super Compact Drive) solutions, and providing
post-sales value-added maintenance and technology upgrade services
to wind farm owners. Ming Yang
cooperates with aerodyne Energiesysteme, one of the world's leading
wind turbine design firms based in Germany, to co-develop wind turbines. In terms
of newly installed capacity, Ming
Yang was a top 10 wind turbine manufacturer worldwide and
the largest non-state owned wind turbine manufacturer in
China in 2014.
For further information, please visit the Company's website:
ir.mywind.com.cn.
For investor and media inquiries, please contact:
Investor and Media Contacts:
China Ming Yang Wind Power Group Limited
Johnson Zhang
+86-760-2813-8898
ir@mywind.com.cn
http://ir.mywind.com.cn
CHINA MING YANG WIND
POWER GROUP LIMITED
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
|
(Amounts expressed in
thousands, except share and ADS data)
|
|
|
|
|
|
|
|
For the three
months period ended March 31,
|
|
2014
|
|
2015
|
|
2015
|
|
RMB
'000
|
|
RMB
'000
|
|
USD
'000
|
Revenue
|
1,224,032
|
|
1,334,856
|
|
215,334
|
Cost of
sales
|
(1,032,026)
|
|
(1,145,750)
|
|
(184,828)
|
Gross
profit
|
192,006
|
|
189,106
|
|
30,506
|
Other
income
|
7,170
|
|
4,977
|
|
803
|
Selling and
distribution expenses
|
(30,935)
|
|
(53,367)
|
|
(8,609)
|
Administrative
expenses
|
(68,107)
|
|
(89,150)
|
|
(14,382)
|
Research and
development expenses
|
(19,597)
|
|
(18,642)
|
|
(3,007)
|
Profit from
operations
|
80,537
|
|
32,924
|
|
5,311
|
Finance
income
|
37,243
|
|
33,638
|
|
5,426
|
Finance
expenses
|
(41,595)
|
|
(17,733)
|
|
(2,860)
|
Net finance
(expenses) / income
|
(4,352)
|
|
15,905
|
|
2,566
|
Gain on loss of
control of subidiaries
|
124,460
|
|
-
|
|
-
|
Share of loss of
associates
|
(172)
|
|
(91)
|
|
(15)
|
Profit before
income tax
|
200,473
|
|
48,738
|
|
7,862
|
Income tax
expense
|
(13,238)
|
|
(7,996)
|
|
(1,290)
|
Profit for the
period
|
187,235
|
|
40,742
|
|
6,572
|
|
|
|
|
|
|
Other
comprehensive (loss) / income for the period
|
|
|
|
|
|
Foreign operations -
foreign currency translation differences
|
(1,440)
|
|
2,242
|
|
362
|
Total
comprehensive income for the period
|
185,795
|
|
42,984
|
|
6,934
|
|
|
|
|
|
|
Profit
attributable to:
|
|
|
|
|
|
Shareholders of the
Company
|
188,416
|
|
40,755
|
|
6,574
|
Non-controlling
interests
|
(1,181)
|
|
(13)
|
|
(2)
|
|
187,235
|
|
40,742
|
|
6,572
|
|
|
|
|
|
|
Basic earnings per
share(1)
|
1.54
|
|
0.33
|
|
0.05
|
Diluted earnings per
share(2)
|
1.51
|
|
0.32
|
|
0.05
|
|
|
|
|
|
|
Total
comprehensive income attributable to:
|
|
|
|
|
|
Shareholders of the
Company
|
186,976
|
|
42,997
|
|
6,936
|
Non-controlling
interests
|
(1,181)
|
|
(13)
|
|
(2)
|
|
185,795
|
|
42,984
|
|
6,934
|
|
|
|
|
|
|
(1) The calculation
of the basic earnings per share is based on the profit
attributable to the shareholders of the Company and the weighted
average number of ordinary shares outstanding during the relevant
periods.
|
|
|
|
|
|
|
(2) The calculation
of diluted earnings per share is based on the profit
attributable to shareholders of the Company and weighted average
number of ordinary shares outstanding after adjustment for the
effects of all dilutive ordinary shares during the relevant
periods.
|
|
|
|
|
|
|
(3) The
reconciliation of adjusted gross margin (to exclude warranty
provision from cost of sales) is as below:
|
|
|
|
|
|
|
|
For the three
months period ended March 31,
|
|
2014
|
|
2015
|
|
2015
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenue
(A)
|
1,224,032
|
|
1,334,856
|
|
215,334
|
|
|
|
|
|
|
Cost of sales
(B)
|
(1,032,026)
|
|
(1,145,750)
|
|
(184,828)
|
Less: warranty
provision
|
39,355
|
|
39,694
|
|
6,403
|
Cost of sales
excluding warranty provision (C)
|
(992,671)
|
|
(1,106,056)
|
|
(178,425)
|
|
|
|
|
|
|
Gross margin
[D=(A+B)/A]
|
15.7%
|
|
14.2%
|
|
14.2%
|
Adjusted gross
margin[E=(A+C)/A]
|
18.9%
|
|
17.1%
|
|
17.1%
|
CHINA MING YANG WIND
POWER GROUP LIMITED
|
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
(Amounts expressed in
thousands)
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
December 31, 2014
|
March 31, 2015
|
|
RMB
'000
|
|
RMB
'000
|
|
USD
'000
|
Assets
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
781,224
|
|
793,173
|
|
127,952
|
Intangible
assets
|
76,426
|
|
74,461
|
|
12,012
|
Lease
prepayments
|
344,563
|
|
342,580
|
|
55,264
|
Investments in
associates
|
69,936
|
|
69,846
|
|
11,267
|
Investments in joint
ventures
|
867,848
|
|
925,602
|
|
149,315
|
Other
investment
|
30,000
|
|
30,000
|
|
4,839
|
Trade and other
receivables
|
1,076,040
|
|
1,161,459
|
|
187,362
|
Prepayments
|
120,842
|
|
120,912
|
|
19,505
|
Deferred tax
assets
|
222,343
|
|
225,673
|
|
36,405
|
Total non-current
assets
|
3,589,222
|
|
3,743,706
|
|
603,921
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
2,015,820
|
|
2,223,868
|
|
358,746
|
Trade and other
receivables
|
4,454,126
|
|
5,150,862
|
|
830,918
|
Prepayments
|
104,104
|
|
83,901
|
|
13,535
|
Other current
assets
|
15,015
|
|
41,802
|
|
6,743
|
Pledged bank
deposits
|
306,883
|
|
356,830
|
|
57,563
|
Cash and cash
equivalents
|
2,169,810
|
|
650,616
|
|
104,955
|
Total current
assets
|
9,065,758
|
|
8,507,879
|
|
1,372,460
|
Total
assets
|
12,654,980
|
|
12,251,585
|
|
1,976,381
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Issued share
capital
|
864
|
|
864
|
|
139
|
Reserve for own
shares
|
(39,386)
|
|
(39,386)
|
|
(6,354)
|
Capital
reserves
|
3,721,039
|
|
3,721,039
|
|
600,265
|
Translation
reserves
|
(78,704)
|
|
(76,462)
|
|
(12,334)
|
Accumulated
losses
|
(173,829)
|
|
(133,074)
|
|
(21,467)
|
Total equity
attributable to shareholders of the Company
|
3,429,984
|
|
3,472,981
|
|
560,249
|
Non-controlling
interests
|
48,169
|
|
48,156
|
|
7,768
|
Total
equity
|
3,478,153
|
|
3,521,137
|
|
568,017
|
Liabilities
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Deferred tax
liabilities
|
13,961
|
|
13,843
|
|
2,233
|
Provisions
|
198,949
|
|
192,141
|
|
30,996
|
Trade and other
payables
|
298,410
|
|
353,200
|
|
56,977
|
Deferred
income
|
309,398
|
|
320,087
|
|
51,635
|
Total non-current
liabilities
|
820,718
|
|
879,271
|
|
141,841
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Bond
payable
|
999,749
|
|
-
|
|
-
|
Trade and other
payables
|
5,649,670
|
|
5,930,709
|
|
956,720
|
Short-term bank
loans
|
551,450
|
|
700,785
|
|
113,048
|
Income tax
payable
|
44,309
|
|
49,154
|
|
7,930
|
Provisions
|
301,966
|
|
327,878
|
|
52,892
|
Deferred
income
|
67,652
|
|
71,134
|
|
11,475
|
Deferred
revenue
|
741,313
|
|
771,517
|
|
124,458
|
Total current
liabilities
|
8,356,109
|
|
7,851,177
|
|
1,266,523
|
|
|
|
|
|
|
Total
liabilities
|
9,176,827
|
|
8,730,448
|
|
1,408,364
|
Total equity and
liabilities
|
12,654,980
|
|
12,251,585
|
|
1,976,381
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/my-reports-first-quarter-2015-unaudited-results-300089320.html
SOURCE China Ming Yang Wind Power Group Limited