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Solar PV Corporate News Release
Trina Solar Announces Third Quarter 2016 Results
Nov 23, 2016
Canadian Solar Reports Third Quarter 2016 Results
Nov 21, 2016
JASolar Announces Third Quarter 2016 Financial Results
Nov 17, 2016
JinkoSolar Announces Third Quarter 2016 Financial Results
Nov 16, 2016
SunPower Reports Third Quarter 2016 Results
Nov 10, 2016
First Solar, Inc. Announces Third Quarter 2016 Financial Results
Nov 03, 2016
Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
Aug 23, 2016
Canadian Solar Reports Second Quarter 2016 Results
Aug 18, 2016
JA Solar Announces Second Quarter 2016 Results
Aug 17, 2016
SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
First Solar, Inc. Announces First Quarter 2016 Financial Results
Apr 27, 2016
JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results
Mar 01, 2016
First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results
Feb 24, 2016
SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
Feb 18, 2016
Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Dec 14, 2015
Hanwha Q CELLS Reports Third Quarter 2015 Results
Nov 19, 2015
JinkoSolar Announces Third Quarter 2015 Financial Results
Nov 19, 2015
JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
Jun 19, 2015
JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
Feb 05, 2015
First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
Jan 05, 2015
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Jan 05, 2015
Hanwha Solarone Files Shareholder Circular for Acquisition of Hanwha Q CELLS
Dec 29, 2014
Motech and Topcell Announced the Signing of Merger Agreement
Dec 26, 2014
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
Yingli Green Energy Reports Third Quarter 2014 Results
Nov 25, 2014
Trina Solar Announces Third Quarter 2014 Results
Nov 24, 2014
Hanwha SolarOne Reports Third Quarter 2014 Results
Nov 21, 2014
JA Solar Announces Third Quarter 2014 Results
Nov 19, 2014
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Nov 17, 2014
JA Solar Sets Power Output Record of over 280W for Multi-Si 60-cells Solar Modules
Nov 17, 2014
SunPower Announces Fiscal Year 2015 Guidance
Nov 13, 2014
WINAICO launches patented micro-crack preventing HeatCap technology at PV Taiwan
Oct 22, 2014
Trina Solar Announces Fourth Quarter and Full Year 2014 Results
Jan 01, 1970

Yingli Green Energy Reports Second Quarter 2016 Results

BAODING, China, Aug. 23, 2016 -- 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 June 30, 2016.

Second Quarter 2016 Consolidated Financial and Operating Summary

Total net revenues were RMB2,524.1 million (US$379.8 million), compared to RMB2,351.1 million in the first quarter of 2016.

Total photovoltaic ("PV") module shipments1 were 662.0MW, compared to 508.1MW in the first quarter of 2016.

Gross profit and gross margin were RMB460.1 million (US$69.2 million) and 18.2% respectively, compared to RMB469.3 million and 20% in the first quarter of 2016. Gross margin on sales of PV modules was 18.1%.

Operating income was RMB158.3 million (US$23.8 million), compared to RMB186.4 million in the first quarter of 2016.

On a non-GAAP2 basis, earnings before interest, tax expenses, depreciation and amortization ("EBITDA") were RMB469.5 million (US$70.6 million).

Net income3 was RMB71.8 million (US$10.8 million) and earnings per American Depositary Share4 (each representing ten ordinary shares of the Company, the "ADS") was RMB4.0 (US$0.6). On an adjusted non-GAAP basis, adjusted net income was RMB106.8 million (US$16.1 million), and adjusted income per ADS was RMB5.9 (US$0.9).

"We are delighted to report another solid quarter with a net profit of RMB71.8 million in the second quarter of 2016. Our total PV module shipments, including shipments to our own downstream PV projects, reached 662.0MW in the second quarter, representing an increase of approximately 30% from the first quarter of 2016," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

"In the second quarter, we maintained a positive momentum and our overall gross margin was 18.2% even though the average selling price of our PV modules was lower in the quarter than the first quarter of 2016 mainly as a result of higher proportion of shipments to China, where the selling price of PV modules generally is lower than that in other markets."

"We saw robust demand from China in the second quarter of 2016 as PV projects that were operational before June 30, 2016 are entitled to a higher feed-in tariff, and we increased our PV module shipments to China by more than 100% from the first quarter of 2016 by leveraging our cooperative relationships with certain large clients such as state-owned enterprises controlled by central and local governments in China as well as influential privately owned enterprises with strong financial background. Internationally, Japan continued to be the most important international market for us and our shipments to Japan accounted for more than 20% of our total PV module shipments in the second quarter of 2016, which was the seventh straight quarter that our shipments to Japan exceeded 120 MW. As the extension of ITC policy, the U.S. continued to see a stable demand and continued to be important international market for us. We continued to supply PV modules for utility scale projects in western U.S. in the second quarter of 2016."

"Looking forward to the second half of 2016, we expect to face various challenges, such as the downward trend of average selling price of PV module as a result of increasing competition in various markets and higher anti-dumping and countervailing duty tariff in U.S. To deal with such challenges, we will continue to make every effort to reduce production cost, control operating expenses, and adjust our marketing strategies as necessary in order to keep a positive momentum and maintain a healthy operation," Mr. Miao concluded.

[1] Total PV module shipments include shipments to the Company's own downstream PV projects of 50.9 MW in the second quarter of 2016. Revenues were not recognized for internal shipments as required by U.S. GAAP. The Company has suspended new development business of downstream PV projects in China since September 2015, and there were no shipments to new downstream PV projects in the second quarter of 2016.

[2] All non-GAAP measures other than EBITDA exclude, as applicable, share-based compensation, the amortization of the debt discount, the amortization of intangible assets, inventory provision, impairment of long-lived assets, 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] On December 28, 2015, the Company effected a change of the ratio of its ADSs to ordinary shares from one (1) ADS representing one (1) ordinary share to one (1) ADS representing ten (10) ordinary shares. Unless otherwise indicated, ADSs and per ADS amount in this press have been retroactively adjusted to reflect the change in ratio for all periods presented.

Second Quarter 2016 Financial Results

Total Net Revenues

Total net revenues were RMB2,524.1 million (US$379.8 million) in the second quarter of 2016, compared to RMB2,351.1 million in the first quarter of 2016 and RMB2,716.1 million in the second quarter of 2015. Total PV module shipments (including 50.9 MW of shipments to the Company's own downstream projects) were 662.0 MW in the second quarter of 2016, compared to 508.1 MW in the first quarter of 2016 and 727.9MW in the second quarter of 2015.

The increase in total net revenues in the second quarter of 2016 compared to the first quarter of 2016 was mainly due to the increase of PV module shipments, which was partially offset by the lower average selling price of the Company's PV modules in the quarter mainly as a result of the higher proportion of shipments to China, where the selling price of PV modules generally is lower than that in other markets..

Gross Profit and Gross Margin

Gross profit was RMB460.1 million (US$69.2 million) in the second quarter of 2016, compared to RMB469.3 million in the first quarter of 2016 and RMB171.0 million in the second quarter of 2015.

Gross margin was 18.2% in the second quarter of 2016, compared to 20.0% in the first quarter of 2016 and 6.3% in the second quarter of 2015. Gross margin on sales of PV modules was 18.1% in the second quarter of 2016, compared to19.7% in the first quarter of 2016 and 7.9% in the second quarter of 2015.

The slight decrease in gross profit and gross margin from the first quarter of 2016 to the second quarter of 2016 was mainly due to the lower average selling price of the Company's PV modules in the second quarter of 2016 compared to the first quarter of 2016 primarily as a result of higher proportion of shipments to China in the second quarter of 2016, where the selling price of PV modules generally is lower than that in other markets.

Operating Expenses

Operating expenses were RMB301.9 million (US$45.4 million) in the second quarter of 2016, compared to RMB282.8 million in the first quarter of 2016 and RMB349.3 million in the second quarter of 2015. Operating expenses as a percentage of total net revenues was 12.0% in the second quarter of 2016, compared to 12.0% in the first quarter of 2016 and 12.9% in the second quarter of 2015.

The slight increase of operating expenses from the first quarter to the second quarter of 2016 was mainly due to the additional provision for reserve for inventory purchase commitments of RMB34.6 million as a result of a foreign exchange re-measurement due to change in the foreign exchange rate between the Renminbi and U.S. dollars and the increase of research and development expenses as a result of the increased research and development activities, which was partially offset by the decrease in general and administrative expenses and selling expenses in the second quarter of 2016 mainly as a result of decreased shipping costs due to more shipments to China, as well as reversal of bad debt provision due to receipt of fully reserved accounts receivables.

Operating Income (Loss) and Margin

Operating income was RMB158.3 million (US$23.8 million) in the second quarter of 2016, compared to RMB186.4 million in the first quarter of 2016 and operating loss of RMB178.3 million in the second quarter of 2015.

Operating margin was 6.3% in the second quarter of 2016, compared to 7.9% in the first quarter of 2016 and negative 6.6% in the second quarter of 2015.

EBITDA

On a non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization ("EBITDA") were RMB469.5 million (US$70.6 million) in the second quarter of 2016, compared to RMB482.0 million in the first quarter of 2016 and RMB198.8 million in the second quarter of 2015. 

Interest Expense

Interest expense was RMB158.6 million (US$23.9 million) in the second quarter of 2016, decreased from RMB176.1 million in the first quarter of 2016 and RMB242.1 million in the second quarter of 2015, primarily because the Company's subsidiaries entered into written agreements with some of the lending banks in the second quarter of 2016 which extended their borrowings from such banks and reduced the interest rates on such borrowings. The Company's average interest rate decreased to 5.09% in the second quarter of 2016 from 6.30% in the first quarter of 2016 and 6.75% in the second quarter of 2015.

Foreign Currency Exchange Gain (Loss)

Foreign currency exchange gain was RMB27.0 million (US$4.1 million) in the second quarter of 2016, compared to foreign currency exchange gain of RMB55.5 million in the first quarter of 2016 and foreign currency exchange loss of RMB10.3 million in the second quarter of 2015. The decrease of foreign currency exchange gain from the first quarter of 2016 to the second quarter of 2016 was mainly because Japanese Yen and Euro appreciated against Renminbi and Renminbi appreciated against US dollar in the first quarter of 2016. Japanese Yen and Euro generally continued to appreciate against Renminbi, which generated foreign exchange gain and the Company had a balance of net asset denominated in Japanese Yen and Euro, while Renminbi depreciated against US dollar in the second quarter of 2016, which resulted in foreign exchange loss that mitigated gains and the Company had a balance of net liability denominated in US dollar.

Income Tax Expense

Income tax expense was RMB1.1 million (US$0.2 million) in the second quarter of 2016, compared to RMB13.9 million in the first quarter of 2016 and RMB232.6 million in the second quarter of 2015.

Net Income (Loss)

Net income was RMB71.8 million (US$10.8 million) in the second quarter of 2016, compared to net income of RMB79.6 million in the first quarter of 2016 and net loss of RMB598.1 million in the second quarter of 2015. Net margin was 2.8% in the second quarter of 2016, compared to 3.4% in the first quarter of 2016 and negative 22.0% in the second quarter of 2015. Earnings per ADS was RMB4.0 (US$0.6 ) in the second quarter of 2016, compared to earnings per ADS of RMB4.4 in the first quarter of 2016 and loss per ADS of RMB32.9 in the second quarter of 2015.

On an adjusted non-GAAP basis, adjusted net income was RMB106.8 million (US$16.1 million) in the second quarter of 2016, compared to adjusted net income of RMB73.3 million in the first quarter of 2016 and adjusted net loss of RMB596.9 million in the second quarter of 2015. Adjusted earnings per ADS was RMB5.9 (US$0.9) in the second quarter of 2016, compared adjusted earnings per ADS of RMB4.0 in the first quarter of 2016 and adjusted loss per ADS of RMB32.8 in the second quarter of 2015.

Balance Sheet Analysis

As of June 30, 2016, the Company had RMB596.5 million (US$89.8 million) in cash and cash equivalents, slightly increased from RMB548.4 million as of March 31, 2016.

As of June 30, 2016, the Company had RMB258.1 million (US$38.8 million) in restricted cash, decreased from RMB342.7 million as of March 31, 2016.

As of June 30, 2016, the Company's accounts receivable had increased to RMB3,073.2 million (US$462.4 million) from RMB2,727.9 million as of March 31, 2016. The increase of accounts receivable from the first quarter of 2016 to the second quarter of 2016 was mainly due to the increase of PV module shipments. Days sales outstanding were 110 days in the second quarter of 2016, compared to 104 days in the first quarter of 2016.

As of June 30, 2016, the Company's accounts payable had decreased to RMB 3,111.9 million (US$468.2 million) from RMB3,466.6 million as of March 31, 2016. Days payable outstanding were 136 days in the second quarter of 2016, compared to 166 days in the first quarter of 2016. Accounts payable and days payable outstanding decreased from the first quarter of 2016 to the second quarter of 2016 mainly because the Company continued to pay off some of its over-due accounts payables in the second quarter of 2016.

As of June 30, 2016, the Company's inventory had increased to RMB1,530.2 million (US$230.2 million) from RMB1,416.2 million as of March 31, 2016. Inventory turnover days were 67 days in the second quarter of 2016, compared to 68 days in the first quarter of 2016.

Updates on Debt Repayment and Alternative Financing Plans

As of the date of this press release, the Company's subsidiaries had medium-term notes, or MTNs, of RMB2,057.0 million outstanding, including RMB357.0 million of the MTNs issued in 2010 (the "2010 MTNs"), which became due on October 13, 2015; RMB1.4 billion of the MTNs issued in 2011 (the "2011 MTNs"), which became due on May 12, 2016; and RMB300.0 million of the MTNs issued in 2012 (the "2012 MTNs"), which will become due on May 3, 2017. As the Company previously announced on June 29, 2016, the lead underwriter of the 2010 MTNs and 2011 MTNs had announced resolutions passed by holders of the MTNs after meetings between the Company's subsidiaries and the MTN holders. The Company has continued its negotiation with the holders of the 2010 MTNs and 2011 MTNs about revisions to the repayment schedules of the MTNs. In addition to making efforts to improve its financial performance, the Company continues to discuss with different funding sources about alternative financing plans, such as 1) introduction of strategic investors to invest into the Company or its subsidiaries, 2) introduction of new creditors to grant new borrowings to the Company or its subsidiaries, and 3) sales of certain long-lived assets including land use rights to obtain additional funds. As of the date of this press release, the Company has not reached any agreement with the holders of the MTNs or any other party with respect to any concrete financing plan or plan for repayment of the MTNs yet.

As of the date of this press release, the Company and its subsidiaries had approximately RMB2,129 million in unutilized short-term lines of credit and approximately RMB2,307 million in committed long-term facilities. The Company's subsidiaries had successfully renewed or extended over half of their loans from major lending banks and also reduced the interest rates of some of these loans. Given the Company's continued need for short-term financing, the Company's subsidiaries have been negotiating with their lending banks for the extension of their remaining loans, including a loan with outstanding amount of RMB99.1 million overdue as of the date of this press release. The Company and its subsidiaries are exploring financing options to continue to manage the Company and its subsidiaries' liquidity and to enhance their financial flexibility.

Business Outlook for Third Quarter 2016

Based on current market conditions, the Company's current operating conditions, estimated production capacity and forecasted customer demand, the Company expects its PV module shipments to be in the estimated range of 300MW to 400MW for the quarter ending September 30, 2016. The Company also expects its gross margin in the third quart of 2016 to be in the estimated range of 12.5% to 14%.

Non-GAAP Financial Measures

To supplement the financial measures calculated in accordance with GAAP, this press release may include certain non-GAAP financial measures of adjusted gross profit, adjusted gross margin, adjusted operating expenses adjusted operating profit or loss, adjusted operating margin, adjusted net income (loss), adjusted diluted earnings (loss) per ordinary share and per ADS and EBITDA, each of which (other than EBITDA) is adjusted to exclude, as applicable, items related to share-based compensation, interest expense related to the changes in the fair value of the interest-rate swap and the amortization of the debt discount, the amortization of intangible assets, inventory provision, impairment charge on long-lived assets, gain on disposal of long lived assets and land use rights, provision for prepayments in relation to inventory purchase commitments, and provision for reserve for inventory purchase commitments. EBITDA excludes interest, tax expenses, depreciation and amortization. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's on-going performance as such items are not directly attributable to the underlying performance of the Company's business operations and/or do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.6459 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 June 30, 2016. No representation is intended to imply that these translated Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollar amounts at such rate, or at any other rate. The percentages stated in this press release are calculated based on Renminbi amounts.

Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar" or "Yingli", is one of the world's leading photovoltaic (PV) module manufacturers. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and PV module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 15 GW solar panels to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For further information, please contact:

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 December 31, 2015

As of March 31, 2016

As of June 30, 2016

RMB

RMB

RMB

US$

ASSETS

Current assets:

Cash and restricted cash

1,587,675

891,023

854,619

128,593

Accounts receivable, net

2,922,479

2,727,938

3,073,205

462,421

Inventories

1,484,314

1,416,178

1,530,214

230,249

Prepayment to suppliers

426,718

547,180

685,608

103,163

Prepaid expenses and other current assets

1,982,196

2,079,488

1,886,520

283,862

Total current assets

8,403,382

7,661,807

8,030,166

1,208,288

Long-term prepayment to suppliers

555,520

514,866

374,260

56,314

Land, property, plant and equipment, net

6,846,482

6,698,653

6,535,501

983,388

Project assets

720,286

739,709

738,158

111,070

Land use rights

411,732

409,662

407,320

61,289

Goodwill and intangible assets, net

58,360

58,297

58,235

8,763

Investments in affiliated companies

459,721

458,558

459,492

69,139

Other assets

184,799

191,914

184,601

27,778

Total assets

17,640,282

16,733,466

16,787,733

2,526,029

LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)

Current liabilities:

Short-term borrowings, including current portion of medium-term notes and long-term debt

9,124,183

8,710,505

8,922,803

1,342,603

Accounts payable

3,960,458

3,466,642

3,111,889

468,242

Other current liabilities and accrued expenses

2,576,076

2,521,983

2,745,695

413,141

Total current liabilities

15,660,717

14,699,130

14,780,387

2,223,986

Long-term debt, excluding current portion

2,405,898

2,349,616

2,571,848

386,983

Medium-term notes

300,000

300,000

-

-

Accrued warranty liability, excluding current portion

753,270

768,848

789,981

118,867

Other liabilities

3,232,548

3,265,413

3,290,871

495,173

Total liabilities

22,352,433

21,383,007

21,433,087

3,225,009

Shareholders' deficit:

Ordinary shares

13,791

13,791

13,791

2,075

Additional paid-in capital

7,246,760

7,247,042

7,247,359

1,090,501

Accumulated other comprehensive income

180,025

177,849

99,322

14,945

Treasury stock

(127,331)

(127,331)

(127,331)

(19,159)

Accumulated deficit

(13,252,929)

(13,173,362)

(13,101,537)

(1,971,371)

Total Yingli Green Energy shareholders' deficit

(5,939,684)

(5,862,011)

(5,868,396)

(883,009)

Non-controlling interests

1,227,533

1,212,470

1,223,042

184,029

Total shareholders' deficit

(4,712,151)

(4,649,541)

(4,645,354)

(698,980)

Total liabilities and shareholders' deficit

17,640,282

16,733,466

16,787,733

2,526,029

 

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

June 30, 2015

March 31, 2016

June 30, 2016

RMB

RMB

RMB

US$

Net revenues:

    Sales of PV modules

2,403,693

1,833,474

2,123,262

319,484

    Other revenues

312,408

517,576

400,794

60,307

Total net revenues

2,716,101

2,351,050

2,524,056

379,791

Cost of revenues:

    Cost of PV modules sales

(2,213,431)

(1,472,018)

(1,739,232)

(261,700)

    Cost of other revenues

(331,663)

(409,751)

(324,697)

(48,857)

Total cost of revenues

(2,545,094)

(1,881,769)

(2,063,929)

(310,557)

Gross profit

171,007

469,281

460,127

69,234

    Selling expenses

(257,077)

(182,854)

(154,556)

(23,256)

    General and administrative expenses

(140,100)

(85,550)

(70,512)

(10,609)

    Research and development expenses

(90,585)

(21,030)

(42,183)

(6,347)

    Disposal gain from long lived assets and land use right in
    relation to Fine Silicon

138,441

-

-

-

    (Provision for)/reversal of reserve for inventory purchase commitments

-

6,598

(34,623)

(5,209)

Total operating expenses

(349,321)

(282,836)

(301,874)

(45,421)

Income (loss) from operations

(178,314)

186,445

158,253

23,813

Interest expense

(242,145)

(176,131)

(158,568)

(23,860)

Interest income

7,396

1,069

1,017

153

Foreign currency exchange gain(loss)

(10,281)

55,491

26,954

4,056

Other income(expenses)

30,220

12,536

51,716

7,782

Income (loss) before income taxes

(393,124)

79,410

79,372

11,944

Income tax expense

(232,593)

(13,935)

(1,120)

(168)

Net income (loss)

(625,717)

65,475

78,252

11,776

Less : Loss(gain) attributable to the non-controlling interests

27,591

14,092

(6,428)

(967)

Net income (loss) attributable to Yingli Green Energy

(598,126)

79,567

71,824

10,809

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

(3.29)

0.44

0.40

0.06

Diluted

(3.29)

0.44

0.40

0.06

Income (loss) per ADS

Basic

(32.9)

4.4

4.0

0.6

Diluted

(32.9)

4.4

4.0

0.6

Net income (loss)                                                         

(625,717)

65,475

78,252

11,776

Other comprehensive income (loss)

Foreign Currency exchange translation adjustment, net of nil tax

4,879

(3,147)

(74,384)

(11,192)

Comprehensive income (loss)

(620,838)

62,328

3,868

584

Less : Comprehensive loss(income) attributable to the non-controlling interest

27,989

15,063

(10,571)

(1,591)

Comprehensive income (loss) attributable to Yingli Green Energy

(592,849)

77,391

(6,703)

(1,007)

Reconciliation of Non-GAAP measures to GAAP measures

For the three month ended

June 30, 2015

March 31, 2016

June 30, 2016

RMB

RMB

RMB

US$

Non-GAAP income (loss)

(596,856)

73,251

106,763

16,066

Share-based compensation

(1,270)

(282)

(318)

(48)

(Provision for)/reversal of reserve for inventory purchase commitments

-

6,598

(34,621)

(5,209)

Net income (loss) attributable to Yingli Green Energy

(598,126)

79,567

71,824

10,809

Non-GAAP diluted income (loss) per ordinary share

(3.28)

0.40

0.59

0.09

Reconciliation of EBITDA measures to loss before income tax & minority interest measures

Income (loss) before income taxes and non-controlling interest

(393,124)

79,410

79,372

11,944

Interest expense

242,145

176,131

158,568

23,860

Interest income

(7,396)

(1,069)

(1,017)

(153)

Depreciation

353,141

224,381

229,671

34,558

Amortization for land use rights and intangible assets

4,062

3,161

2,896

437

EBITDA

198,828

482,014

469,490

70,646

 

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 six month ended

June 30, 2015

June 30, 2016

RMB

RMB

US$

Net revenues:

    Sales of PV modules

5,085,987

3,956,736

595,365

    Other revenues

535,870

918,370

138,186

Total net revenues

5,621,857

4,875,106

733,551

Cost of revenues:

    Cost of PV modules sales

(4,497,874)

(3,211,250)

(483,193)

    Cost of other revenues

(542,137)

(734,448)

(110,511)

Total cost of revenues

(5,040,011)

(3,945,698)

(593,704)

Gross profit

581,846

929,408

139,847

    Selling expenses

(465,340)

(337,410)

(50,770)

    General and administrative expenses

(275,015)

(156,062)

(23,482)

    Research and development expenses

(224,643)

(63,213)

(9,512)

    Disposal gain from long lived assets and land use right in
    relation to Fine Silicon

138,441

-

-

    Provision for reserve for inventory purchase commitments

-

(28,025)

(4,217)

Total operating expenses

(826,557)

(584,710)

(87,981)

Income (loss) from operations

(244,711)

344,698

51,866

Interest expense

(478,965)

(334,699)

(50,362)

Interest income

12,823

2,086

314

Foreign currency exchange gain(loss)

(140,913)

82,445

12,405

Other income(expenses)

66,361

64,252

9,668

Income (loss) before income taxes

(785,405)

158,782

23,892

Income tax expense

(233,093)

(15,055)

(2,265)

Net income (loss)

(1,018,498)

143,727

21,626

Less : Loss attributable to the non-controlling interests

57,200

7,664

1,153

Net income (loss) attributable to Yingli Green Energy

(961,298)

151,391

22,780

Weighted average ordinary shares outstanding

Basic

181,763,770

181,763,770

181,763,770

Diluted

181,763,770

181,763,770

181,763,770

Income (loss) per ordinary share

Basic

(5.29)

0.83

0.13

Diluted

(5.29)

0.83

0.13

Income (loss) per ADS

Basic

(52.9)

8.3

1.3

Diluted

(52.9)

8.3

1.3

Net income (loss)

(1,018,498)

143,727

21,626

Other comprehensive income (loss)

Foreign Currency exchange translation adjustment, net of nil tax

16,647

(77,531)

(11,666)

Cash flow hedging derivatives, net of nil tax 

431

Comprehensive income (loss)

(1,001,420)

66,196

9,960

Less : Comprehensive loss attributable to the non-controlling interest

56,621

4,492

676

Comprehensive income (loss) attributable to Yingli Green Energy

(944,799)

70,688

10,636

SOURCE Yingli Green Energy Holding Company Limited

 

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