Yingli Green Energy Reports Fourth Quarter and Full Year 2014 Results

Veröffentlicht auf 26.03.2015
Yingli Green Energy 
Yingli Green Energy Holding Company Limited today announced its unaudited consolidated financial results for the quarter and full year ended December 31, 2014.

Fourth Quarter 2014 Consolidated Financial and Operating Summary

- Total net revenues were RMB 3,446.5 million (US$ 555.5 million).

- Total PV module shipments (including shipments for PV systems) were 939.2MW.

- Gross profit was RMB 578.7 million (US$ 93.3 million), representing a gross margin of 16.8%.

- Operating loss was RMB 200.0 million (US$ 32.2 million), representing negative 5.8% of operating margin .

- On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (EBITDA) were RMB 108.3 million (US$ 17.5 million).

- Net loss was RMB 550.0 million (US$ 88.7 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 3.03 (US$ 0.49). On an adjusted non-GAAP basis, net loss was RMB 535.1 million (US$ 86.2 million) and loss per ordinary share and per ADS was RMB 2.94 (US$ 0.47).

Full Year 2014 Consolidated Financial and Operating Summary

- Total net revenues were RMB 12,927.4 million (US$ 2,083.5 million).

- Total PV module shipments (including shipments for PV systems) were 3,361.3MW.

- Gross profit was RMB 2,238.2 million (US$ 360.7 million), representing a gross margin of 17.3 %.

- Operating loss was RMB 215.2 million (US$ 34.7 million), representing negative 1.7% of operating margin.

- On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (EBITDA) were RMB 1,114.4 million (US$ 246.1 million).

- Net loss was RMB1,299.8 million (US$ 209.5 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 7.49 (US$ 1.21). On an adjusted non-GAAP basis, net loss was RMB 1,260.6 million (US$ 203.2 million) and loss per ordinary share and per ADS was RMB 7.26 (US$ 1.17)

"We are pleased to conclude another solid year in 2014, with full year module shipments hitting a record high of 3.3GW and full year gross margin increasing to 17.3% from 10.9% in 2013, which was mainly attributable to our continuous efforts to diversify our market presence, reduce manufacturing cost and improve our profitability," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

"In parallel with the sustainable evolution of solar industry in 2014, we continued to witness strong demand for Yingli Solar modules from China, Japan, the United States, the Europe and other new emerging markets. With favourable governmental policies in place, China market accelerated in the second half of 2014 and accounted for approximately 37% of our total shipments for the full year. In Japan, our shipments nearly tripled with a more than 50% increase in the number of customers. In the United States, we had a solid year notwithstanding the uncertainty brought by the new trade case. In Europe, we continued to play an important role while navigating the complexities of the undertaking agreement. In addition, we continued to expand in new emerging markets with total shipments to these markets increased 90% year over year to 490MW. Given our strong brand recognition and high-quality PV modules and services, we became the sole solar panel supplier for the largest solar power projects in Malaysia, Bolivia and Honduras."

"We were also on track to meet our guidelines for downstream business. In 2014, we shipped 261MW of PV modules to our own downstream power plants in China."

"Looking ahead, we believe that the global PV market will continue to grow in 2015, especially after the National Energy Administration of China released the official solar installation target for 2015 of 17.8GW in March 2015. We're encouraged by the good news and well positioned to seize this great opportunity," Mr. Miao concluded.

Fourth Quarter 2014 Financial Results

Total Net Revenues

Total net revenues were RMB 3,446.5 million (US$ 555.5 million) in the fourth quarter of 2014, compared to RMB 3,385.2 million in the third quarter of 2014 and RMB 3,711.1 million in the fourth quarter of 2013. Total PV module shipments were 939.2MW in the fourth quarter of 2014 (including 73.7MW shipments for PV systems used for the Company's own downstream power plants in China), well in line with the Company's previous guidance and slightly increased from 903.4MW in the third quarter of 2014.

Gross Profit and Gross Margin

Gross profit was RMB 578.7 million (US$ 93.3 million) in the fourth quarter of 2014, compared to RMB 706.1 million in the third quarter of 2014 and RMB 451.7 million in the fourth quarter of 2013.

Gross margin was 16.8% in the fourth quarter of 2014, well in line with the Company's previous guidance and compared to 20.9% in the third quarter of 2014 and 12.2% in the fourth quarter of 2013. The decrease of gross margin in the fourth quarter from the third quarter of 2014 was primarily due to the lower average selling price ("ASP") of PV modules with more sales to China market and depreciation of Euro and Japanese Yen against Renminbi, and partially offset by reduction of overall manufacturing cost of PV module.

Operating Expenses

Operating expenses were RMB 778.7 million (US$ 125.5 million) in the fourth quarter of 2014, compared to RMB 506.4 million in the third quarter of 2014 and RMB 1,045.9 million in the fourth quarter of 2013. The increase of operating expenses from the third quarter to the fourth quarter of 2014 was mainly due to the increased research and development expense relating to technology innovations, the increased selling expense in line with the increased PV module shipments and a provision for bad debts of RMB 90.5 million relating to the long-term overdue receivable account of several customers in this quarter.

Operating expenses as a percentage of total net revenues was 22.6% in the fourth quarter of 2014, compared to 15.0% in the third quarter of 2014 and 28.2% in the fourth quarter of 2013.

Operating Loss and Margin

Operating loss was RMB 200.0 million (US$ 32.2 million) in the fourth quarter of 2014, compared to operating income of RMB 199.7 million in the third quarter of 2014 and operating loss of RMB 594.2 million in the fourth quarter of 2013.

Operating margin was negative 5.8% in the fourth quarter of 2014, compared to 5.9% in the third quarter of 2014 and negative 16.0% in the fourth quarter of 2013.

EBITDA

On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (EBITDA) were RMB 108.3 million (US$ 17.5 million) in the fourth quarter of 2014, compared to RMB 495.7 million in the third quarter of 2014 and negative RMB 129.0 million in the fourth quarter of 2013.

Interest Expense

Interest expense was RMB 268.4 million (US$ 43.3 million) in the fourth quarter of 2014, compared to RMB 263.1 million in the third quarter of 2014 and RMB 256.5million in the fourth quarter of 2013. As of December 31, 2014, the Company had an aggregate of RMB 14.3 billion (US$ 2.3 billion) of borrowings and medium-term notes outstanding, which decreased from RMB 14.5 billion as of September 30, 2014 and RMB 14.7 billion as of December 31, 2013. The weighted average interest rate was 6.81% in the fourth quarter of 2014, compared to 6.31% in the third quarter of 2014 and 6.33% in the fourth quarter of 2013.

Foreign Currency Exchange Loss (Gain)

Foreign currency exchange loss was RMB 120.4 million (US$ 19.4 million) in the fourth quarter of 2014, compared to foreign currency exchange loss of RMB 112.0 million in the third quarter of 2014 and foreign currency exchange gain of RMB 12.3 million in the fourth quarter of 2013. The foreign currency exchange loss was mainly due to the depreciation of the Euro and Japanese Yen against Renminbi in this quarter, and the Company had significant balance of net current assets which are denominated in Euro and Japanese Yen.

Income Tax Expense

Income tax expense was RMB 88.1 million (US$ 14.2 million) in the fourth quarter of 2014, compared to income tax expense of RMB 19.0 million in the third quarter of 2014 and RMB 2.4 million in the fourth quarter of 2013. During the financial statement close process for the year ended December 31, 2014, the Company identified a prior period error totalling approximately RMB 64 million, which was corrected and recorded as an income tax expenses within the Consolidated Statement of Operations for the three months ended December 31, 2014 and year ended December 31, 2014. The adjustment mainly represents a cumulative adjustment to the tax payable to reflect the tax expenses incurred but not timely recorded in the Consolidated Statement of Operations before 2014. The Company does not believe that this adjustment was material to the consolidated financial statements for any prior period. The Company also does not believe this adjustment is material to the 2014 results.

Net Loss

Net loss was RMB 550.0 million (US$ 88.7 million) in the fourth quarter of 2014, compared to RMB 122.8 million in the third quarter of 2014 and RMB 776.2 million in the fourth quarter of 2013. Loss per ordinary share and per ADS was RMB 3.03 (US$ 0.49), compared to RMB 0.68 in the third quarter of 2014 and RMB 4.95 in the fourth quarter of 2013.

On an adjusted non-GAAP basis, net loss was RMB 535.1 million (US$ 86.2 million) in the fourth quarter of 2014, compared to RMB 112.0 million in the third quarter of 2014 and RMB 289.9 million in the fourth quarter of 2013. Adjusted non-GAAP loss per ordinary share and per ADS was RMB 2.94 (US$ 0.47) in the fourth quarter of 2014, compared to RMB 0.62 in the third quarter of 2014 and RMB 1.85 in the fourth quarter of 2013.

Balance Sheet Analysis

As of December 31, 2014, the Company had RMB 1,069.1 million (US$ 172.3 million) in cash and cash equivalents, compared to RMB 768.4 million as of September 30, 2014.

As of December 31, 2014, the Company had RMB 1,332.4 million (US$ 214.7 million) in restricted cash, compared to RMB 1,417.4 million as of September 30, 2014.

As a result of the Company's continued focus on account receivables management in the domestic market, as of December 31, 2014, accounts receivable decreased to RMB 4,334.0 million (US$ 698.5 million) from RMB 5,317.9 million as of September 30, 2014. Days sales outstanding were 113 days in the fourth quarter of 2014, improved from 141 days in the third quarter of 2014.

As a result of the Company's efforts to speed up inventory turnover, as of December 31, 2014, inventory significantly decreased to RMB 2,099.1 million (US$ 338.3 million) from RMB 2,719.4 million as of September 30, 2014. Inventory turnover days were 66 days in the fourth quarter of 2014, decreased from 91 days in the third quarter of 2014.

As of December 31, 2014, accounts payable were RMB 5,238.0 million (US$ 844.2 million), compared to RMB 5,451.3 million as of September 30, 2014. Days payable outstanding were 164 days in the fourth quarter of 2014, decreased from 183 days in the third quarter of 2014.

As of the date of this press release, the Company had approximately RMB 3,422.8 million in unutilized short-term lines of credit and approximately RMB 3,389.5 million committed long-term facility that can be drawn down in the near future. The Company is exploring various financing options, including utilizing credit facilities from local banks and other financial institutions, the renewal and rollover of short-term borrowings and other financing alternatives to support its medium-term notes payment obligations in 2015. Such other financing alternatives may include, among others, debt restructuring, liquidating land use rights held by a subsidiary of the Company for land no longer in use by the Company, and introducing strategic investors.

Full Year 2014 Financial Results

Total Net Revenues

Total net revenues in 2014 were RMB 12,927.4 million (US$ 2,083.5 million), compared to RMB 13,418.1 million in 2013. Total PV module shipments (including 260.6 [3] MW shipments for PV systems used for the Company's own downstream power plants in China) in 2014 were 3,361.3 MW, compared to 3,234.3 MW in 2013 (there were no shipments for PV systems used for the Company's own downstream power plants in China). The decrease in total net revenues year-over-year was mainly due to a decline in revenues from sale of PV systems recognized in 2014.

Gross Profit and Gross Margin

Gross profit and gross margin in 2014 were RMB 2,238.2 million (US$ 360.7 million) and 17.3%, significantly improved from RMB 1,458.9 million and 10.9% in 2013, respectively. The significant increase of both gross profit and gross margin were primarily due to the decreased cost of PV module as a result of the Company's continuous efforts on cost reduction through all processes of PV module manufacturing.

Operating Expenses

Operating expenses in 2014 were RMB 2,453.4 million (US$ 395.4 million), compared to RMB 2,577.2 million in 2013. In 2013, the Company recognized a provision of RMB 480.2 million on its inventory purchase commitment under long-term polysilicon supply contracts. Excluding this provision, the year over year increase of operating expenses was mainly due to the increased research and development expense relating to technology innovations.

Operating expenses as a percentage of total net revenues was 19.0% in 2014, compared to 19.2% in 2013.

EBITDA

On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (EBITDA) were RMB 1,114.4 million (US$ 179.6 million) in 2014, compared to RMB 246.1 million in 2013.

Interest Expense

Interest expense in 2014 was RMB 1,015.9 million (US$ 163.7 million), compared to RMB 971.6 million in 2013. The slight increase in interest expense in 2014 was mainly a result of the increased weighted average interest rate, which was partially offset by the Company's efforts on optimizing its debt structure. As of December 31, 2014, the Company had an aggregate of RMB 14.3 billion (US$ 2.3 billion) of borrowings and medium-term notes outstanding, compared to RMB 14.7 billion as of December 31, 2013. The weighted average interest rate for the Company's borrowings in 2014 was 6.44 %, which slightly increased from 6.31% in 2013.

Foreign Currency Exchange Loss

Foreign currency exchange loss was RMB 243.4 million (US$ 39.2 million) in 2014, compared to RMB 32.2 million in 2013. The extended foreign currency exchange loss was mainly due to the depreciation of the Euro and Japanese Yen against the Renminbi in 2014, and the Company had significant balance of net current assets denominated in Euro and Japanese Yen.

Income Tax Expense

Income tax expense was RMB 89.7 million (US$ 14.5 million) in 2014, compared to income tax expense of RMB 31.0 million in 2013.

Net Loss

Net loss was RMB 1,299.8 million (US$ 209.5 million) and loss per ordinary share and per ADS was RMB 7.49 (US$ 1.21) in 2014, compared to net loss of RMB 1,944.4 million and loss per ordinary share and per ADS of RMB 12.41 in 2013. On an adjusted non-GAAP basis, net loss was RMB 1,260.6 million (US$ 203.2 million) and loss per ordinary share and per ADS was RMB 7.26 (US$ 1.17) in 2014, compared to net loss of RMB 1,440.1 million and loss per ordinary share and per ADS of RMB 9.19 in 2013.

Downstream Development in 2014 and 2015

Currently, the Company has over 1.6 GW of PV projects pipeline at different approval stages across a dozen of provinces in China. In the fourth quarter of 2014, the Company shipped 73.7 MW of PV modules to its own PV projects in China, which made the total shipments to its own PV projects reaching 260.6 MW for the full year of 2014.

The Company expects the global PV demand continues to show healthy growth in 2015. With the acceleration of solar project development globally, the Company now expects to ship 400-600 MW of PV modules to its own downstream PV projects in 2015. Based on the project construction schedule, the Company expects 400-600 MW of its own downstream PV projects will be connected to the grid by the end of 2015.

Business Outlook for Full Year 2015

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company expects its PV module shipment target to be in the estimated range of 3.6GW to 3.9GW (including 400 to 600MW shipment to the Company's own downstream power plants) for fiscal year 2015, which represents an increase of 7.1% to 16.0% compared to fiscal year 2014.


ENF Profile von in diesem Artikel genannten Unternehmen

Yingli Green Energy (Solarwerkstoffe): https://de.enfsolar.com/yingli-green-energy
Yingli Green Energy (Solarmodule): https://de.enfsolar.com/yingli-green-energy
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