Yingli Green Energy Reports Second Quarter 2013 Results

Pubblicato su 02 set 2013
Yingli Green Energy 
Aug. 30, 2013 - Yingli today announced its unaudited consolidated financial results for the quarter ended June 30, 2013.

Second Quarter 2013 Consolidated Financial and Operating Summary

Total net revenues were RMB 3,378.3 million (US$550.4 million).

PV module shipments increased by 23.6% from the first quarter of 2013.

Overall gross profit was RMB 397.5 million (US$64.8 million), representing a gross margin of 11.8%. Gross margin for PV modules was 12.5%.

Operating loss was RMB 129.2 million (US$21.1 million), representing an operating margin of negative 3.8%.

Net loss was RMB 320.8 million (US$52.3 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 2.05 (US$0.33). On an adjusted non-GAAP[2] basis, net loss was RMB 321.5 million (US$52.4 million) and loss per ordinary share and per ADS was RMB 2.05 (US$0.33).

"We are pleased to announce another better than expected quarter in terms of market share and profitability, mainly driven by the continuous fundamental improvements of solar market conditions, our well-recognized brand, diversified customer base and unceasing technological innovations," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

"Our total shipments in the second quarter increased by 23.6% compared to the previous quarter. The growth was primarily attributable to the robust demand from China and the U.S. associated with the traditional peak seasons and the accelerated construction of utility scale projects. In addition to China and the U.S., our revenues from Europe tracked better than expected as a result of pull-in demand despite the regulatory uncertainties. Combined with the continuously increasing selling prices and constant reduction of manufacturing cost, we managed to increase our gross margin to 11.8% from 4.1% in the first quarter. "

"Supported by a series of favorable policies issued recently, the China market is developing towards a more sound and steady direction of PV applications. We will take full advantage of our current leadership in China to extend our business downstream. The demand in the U.S. remains strong across all segments and geographies since earlier this year, and we expect to double our sales to the utility segment in 2013 while continuing to solidify our position as a leading PV module supplier to the distributed generation segment. Looking forward to the second half of 2013, China, the U.S., Japan and other emerging markets will play an increasingly important role in driving our shipment growth as demands for our products increase in those markets. Based on current customer demand and anticipated market conditions, we are confident to accomplish our module shipments guidance of 3.2-3.3GW for the full year 2013."

"In addition to expanding our market share, we have continued strengthening our R&D efforts to support continuous technological advancement and cost reduction, which we believe will help us further enhance our leading position in the long run," Mr. Miao concluded.

Second Quarter 2013 Financial Results

Total Net Revenues

Total net revenues were RMB 3,378.3 million (US$550.4 million) in the second quarter of 2013, an increase of 26.1% from RMB 2,679.3 million in the first quarter of 2013 and up from RMB 3,103.5 million in the second quarter of 2012. PV module shipments in the second quarter of 2013 increased by 23.6% from the first quarter of 2013. The significant sequential increase in net revenues from the first quarter of 2013 was mainly due to the increased PV module shipments and the slightly improved average selling price of PV modules in this quarter.

Gross Profit and Gross Margin

Gross profit was RMB 397.5 million (US$64.8 million) in the second quarter of 2013, a significant increase of 258.5% from RMB 110.9 million in the first quarter of 2013 and up from RMB 141.5 million in the second quarter of 2012.

Overall gross margin was 11.8% in the second quarter of 2013, which improved from 4.1% in the first quarter of 2013 and 4.6% in the second quarter of 2012.The sequential increase in gross margin in the second quarter of 2013 was primarily attributable to the slightly improved average selling price of PV modules in this quarter and the Company's continuous efforts in reducing manufacturing cost.

Operating Expenses

Operating expenses were RMB 526.7 million (US$85.8 million) in the second quarter of 2013, compared to RMB 435.6 million in the first quarter of 2013 and RMB 468.2 million in the second quarter of 2012. The increase in operating expenses was mainly a result of increased selling expenses in line with the Company's increased PV modules shipment volume in this quarter.

Operating expenses as a percentage of total net revenues was 15.6% in the second quarter of 2013, compared to 16.3% in the first quarter of 2013 and 15.1% in the second quarter of 2012.

Operating Loss and Margin

Operating loss was RMB 129.2 million (US$21.1 million) in the second quarter of 2013, a significant decrease from RMB 324.7 million in the first quarter of 2013 and RMB 326.7 million in the second quarter of 2012.

Operating margin was negative 3.8% in the second quarter of 2013, compared to negative 12.1% in the first quarter of 2013 and negative 10.5% in the second quarter of 2012.

Interest Expense

Interest expense was RMB 224.9 million (US$36.6 million) in the second quarter of 2013, compared to RMB 221.9 million in the first quarter of 2013 and RMB 229.3 million in the second quarter of 2012. As of June 30, 2013, the Company had an aggregate of RMB 17.2 billion (US$2.8 billion) of bank borrowings and medium-term notes, compared to RMB 15.5 billion as of March 31, 2013. The weighted average interest rate of the Company's borrowings was 6.20% in the second quarter of 2013, which decreased from 6.34% in the first quarter of 2013. The slight increase in interest expense was mainly due to increased bank borrowings, and partially offset by the Company's efforts in optimizing its debt structure.

Foreign Currency Exchange Gain (Loss)

Foreign currency exchange gain was RMB 6.5 million (US$1.1 million) in the second quarter of 2013, compared to foreign currency exchange loss of RMB 92.4 million in the first quarter of 2013 and RMB 183.7 million in the second quarter of 2012. Given that the Company had a net USD-denominated liability position, the foreign currency exchange gain was mainly due to the appreciation of the RMB against the USD in this quarter.

Income Tax Benefit (Expense)

Income tax benefit was RMB 4.2 million (US$0.7 million) in the second quarter of 2013, compared to income tax expense of RMB 9.8 million in the first quarter of 2013 and income tax benefit of RMB 102.3 million in the second quarter of 2012.

Net Loss

Net loss was RMB 320.8 million (US$52.3 million) in the second quarter of 2013, compared to RMB 611.8 million in the first quarter of 2013 and RMB 573.0 million in the second quarter of 2012. Loss per ordinary share and per ADS was RMB 2.05 (US$0.33) in the second quarter of 2013, compared to RMB 3.91 in the first quarter of 2013 and RMB 3.66 in the second quarter of 2012.

On an adjusted non-GAAP basis, net loss was RMB 321.5 million (US$52.4 million) in the second quarter of 2013, compared to RMB 607.1 million in the first quarter of 2013 and RMB 551.2 million in the second quarter of 2012. Adjusted non-GAAP loss per ordinary share and per ADS was RMB 2.05 (US$0.33) in the second quarter of 2013, compared to RMB 3.88 in the first quarter of 2013 and RMB 3.52 in the second quarter of 2012.

Balance Sheet Analysis

As of June 30, 2013, the Company had RMB 3,627.4 million (US$591.0 million) in cash and restricted cash, an increase from RMB 2,821.3 million as of March 31, 2013.

As of June 30, 2013, accounts receivable were RMB 4,435.2 million (US$722.6 million), compared to RMB 4,174.6 million as of March 31, 2013. Days sales outstanding was 118 days in the second quarter of 2013, which improved from 140 days in the first quarter of 2013.

As of June 30, 2013, accounts payable were RMB 4,708.0 million (US$767.1 million), compared to RMB 4,591.1 million as of March 31, 2013. Days payable outstanding was 142 days in the second quarter of 2013, compared to 161 days in the first quarter of 2013.

As of June 30, 2013, inventories were RMB 3,095.2 million (US$504.3 million), compared to RMB 2,893.4 million as of March 31, 2013. Inventory turnover days was 93 days in the second quarter of 2013, compared to 101 days in the first quarter of 2013.

As of the date of this press release, the Company had approximately RMB 5,270.6 million in unutilized short-term lines of credit and RMB 1,567.0 million committed long-term facility that can be drawn down in the near future.

Business Outlook for Full Year 2013

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reiterates its PV module shipment target to be in the estimated range of 3.2GW to 3.3GW for fiscal year 2013, which represents an increase of 39.4% to 43.7% compared to fiscal year 2012.


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Yingli Green Energy (Materiali): https://it.enfsolar.com/yingli-green-energy
Yingli Green Energy (Pannelli Fotovoltaici): https://it.enfsolar.com/yingli-green-energy
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