UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF
FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR
15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2015
Commission File Number: 001-34866
CHINA MING
YANG WIND POWER GROUP LIMITED
Jianye Road, Mingyang Industry Park
National Hi-Tech Industrial Development Zone
Zhongshan, Guangdong 528437
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No
x
If Yes is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
Exhibit 99.1 Press release dated May 27, 2015
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
|
CHINA MING YANG WIND POWER GROUP LIMITED |
|
|
By: |
|
/s/ Chuanwei Zhang |
Name: |
|
Chuanwei Zhang |
Title: |
|
Chairman of the Board of Directors,
Chief Executive Officer |
Date: June 1, 2015
3
Exhibit 99.1
MY Reports First Quarter 2015 Unaudited Results
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 Q1 2014. |
|
|
|
Among the revenue of RMB1,224.0 million in Q1 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 Q1 2015 was under
the EPC arrangements. As such, total revenue other than EPC arrangements increased by 47.8% in Q1 2015 compared to the corresponding period in 2014. |
|
|
|
Gross profit was RMB189.1 million (US$30.5 million), compared to RMB192.0 million in Q1 2014. |
|
|
|
Gross margin in Q1 2015 was 14.2% compared to gross margin of 15.7% in Q1 2014. Gross profit of the EPC arrangements in Q1 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 Q1 2014. |
|
|
|
Total comprehensive income was RMB43.0 million (US$6.9 million), compared to total comprehensive income of RMB185.8 million in Q1 2014. |
|
|
|
Total comprehensive income in Q1 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 Q1 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 the 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
Companys 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 an 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 Companys deconsolidation of Global Wind Power Limited (GWPL) and accounted for GWPL as a joint venture
under the equity method of accounting from January 1, 2014, pursuant to the Companys 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 Yangs 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 Chinas largest supplier of core components for WTGs, including components such as main control systems, pitch control
systems and converters. Ming Yang expects to integrate RENergys patented electrical control system technologies into Ming Yangs 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 Companys website.
|
|
|
|
MY launched 3.0MW 120-meter three-blade super compact drive (SCD) WTG In May 2015, the innovative SCD wind turbine utilizing Ming Yangs own technologies was unveiled. As an important
complement to the Companys 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 Yangs 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 Yangs 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 Companys 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, Chinas 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 plans 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 of 2015 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
Companys 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 the effect of its recent acquisition of RENergy, the Company affirms its
projected ranges of estimated revenue, net profit, 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 RENergys 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 effect of 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 managements 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 Yangs control, which may cause Ming Yangs 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 Yangs 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 Yangs 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 |
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 Companys 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 |
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 worlds 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 Companys 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 subsidiaries |
|
|
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 December 31, 2014 |
|
|
As of 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE: China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Grp. Limited American Depositary Shares, Each Representing One Ordinary Share $0.001 Par Value (NYSE:MY)
Historical Stock Chart
From Jun 2024 to Jul 2024
China Ming Yang Wind Power Grp. Limited American Depositary Shares, Each Representing One Ordinary Share $0.001 Par Value (NYSE:MY)
Historical Stock Chart
From Jul 2023 to Jul 2024