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Yingli Green Energy Reports Fourth Quarter and Full Year 2010 Results

Feb. 18, 2011 Yingli Solar December 31, 2010

Fourth Quarter 2010 Consolidated Financial and Operating Highlights

  • RMB 4,066.2 million US$616.1 million
  • RMB 1,337.7 million US$202.7 million
  • RMB 943.5 million US$142.9 million
  • RMB 554.4 million US$84.0 million RMB 3.46 (US$0.52)
  • RMB 598.3 million US$90.7 million RMB 3.73 (US$0.57)
  • October 2010 RMB 2.4 billion RMB 1.0 billion
  • December 2010 US$171.3 million US$199.4 million US$1.2 million December 2012
  • RMB 749.4 million December 2010

(1) For convenience purposes, all references to "net income" in this press release, unless otherwise specified, represent "net income attributable to Yingli Green Energy" for all periods presented.

(2) All non-GAAP measures exclude share-based compensation, non-cash interest expenses, additional accounting charge upon the previously announced conversion of the senior secured convertible notes due 2012 (the "Convertible Notes"), the non-cash loss on debt extinguishment, the non-cash expense due to the changes in the fair value of the derivative liabilities and the amortization and impairment of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei Yingli"), an operating subsidiary of the Company. 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.

Full Year 2010 Consolidated Financial and Operating Highlights

  • PV module shipment increased by 102.1% year over year to 1,061.6 MW, exceeding the Company’s previously announced guidance of 1,020 MW to 1,040 MW.
  • RMB 12,500.0 million US$1,893.9 million US$1,780 million to US$1,810 million
  • RMB 4,152.8 million US$629.2 million
  • RMB 2,780.6 million US$421.3 million
  • RMB 1,419.2 million US$215.0 million RMB 9.06 (US$1.37)
  • RMB 1,662.8 million US$251.9 million RMB 10.62 (US$1.61)

Liansheng Miao Yingli Solar

Europe Italy France Greece Europe

"Outside Europe, we have never stopped penetrating deeper into new and emerging markets such as the U.S. and China. Throughout 2010, we continued our past success in the U.S. distributed generation market through leading the commercial component of the California Solar Initiative program. We are also proud to announce our growing success in the utility segment by acting as the exclusive supplier to four ground-mount projects, totaling over 55 MW. In 2010, the U.S. market accounted for over 10% of our global sales, and we are expecting to bring the number up to 13% to 15% in 2011. In China, we have been selected to supply approximately 70% of the PV modules for the 272 MW solar projects under the Golden Sun Program sponsored by the Ministry of Finance of China, which marks another significant business milestone in our market expansion. Under the terms of the sales agreements with system owners, we are scheduling to ship the majority of the PV modules in the second half of 2011," Mr. Miao continued.

Yingli Solar

"We are also continuing to make progress on the research and development front. On the PANDA commercial production lines, we have reached another historical high cell efficiency rate of 19.89%. Furthermore, we are leveraging the robust R&D platform afforded by our vertically integrated business model to optimize manufacturing techniques throughout the value chain."

"With these strategies and activities in place, I strongly believe that we are well positioned to enhance our industry leading position and emerge stronger in 2011," Mr. Miao concluded.

Fourth Quarter 2010 Financial Results

Total Net Revenues

RMB 4,066.2 million US$616.1 million RMB 3,284.2 million RMB 2,530.9 million

Gross Profit and Gross Margin

RMB 1,337.7 million US$202.7 million RMB 1,094.5 million RMB 750.4 million

Gross margin was 32.9% in the fourth quarter of 2010, slightly down from 33.3% in the third quarter of 2010 and an increase from 29.6% in the fourth quarter of 2009. The slight decrease in gross margin compared to the third quarter of 2010 was primarily attributable to the increase in the blended cost of polysilicon, partially offset by the improved average selling price.

Operating Expenses

RMB 394.3 million US$59.7 million RMB 358.7 million RMB 801.8 million RMB 453.8 million

Operating expenses as a percentage of total net revenues were 9.7% in the fourth quarter of 2010, a decrease from 10.9% in the third quarter of 2010 and 31.7% in the fourth quarter of 2009. The decrease from the third quarter of 2010 was primarily attributable to economies of scale and effective cost controls.

Operating Income and Margin

RMB 943.5 million US$142.9 million RMB 735.8 million RMB 51.4 million

Operating margin was 23.2% in the fourth quarter of 2010, an increase from 22.4% in the third quarter of 2010 and compared to a negative operating margin of 2.0% in the fourth quarter of 2009.

Interest Expense

RMB 130.6 million US$19.8 million RMB 92.4 million RMB 80.8 million Hainan December 31, 2010 RMB 9,146.8 million US$1,385.9 million RMB 8,084.7 million September 30, 2010

RMB 114.6 million US$17.4 million RMB 70.9 million RMB 58.7 million

Foreign Currency Exchange Loss es (Gains )

RMB 62.9 million US$9.5 million RMB 52.3 million RMB 48.5 million

Income Tax Expense (Benefit )

RMB 89.3 million US$13.5 million RMB 106.4 million RMB 65.9 million

Net Income (Loss)  

RMB 554.4 million US$84.0 million RMB 456.1 million RMB 117.2 million RMB 3.46 (US$0.52) RMB 2.92 RMB 0.79

RMB 598.3 million US$90.7 million RMB 556.6 million RMB 65.2 million RMB 3.73 (US$0.57) RMB 3.57 RMB 0.44

Balance Sheet Analysis

December 31, 2010 RMB 6,501.1 million US$985.0 million RMB 4,384.2 million September 30, 2010

December 31, 2010 RMB 2,099.8 million US$318.2 million RMB 2,055.6 million September 30, 2010

December 31, 2010 RMB 1,001.3 million US$151.7 million RMB 48.3 million September 30, 2010 RMB 30.6 million December 31, 2009 December 2010

RMB 3,124.1 million US$473.3 million December 31, 2010 RMB 1,928.3 million September 30, 2010

RMB 4,795 million RMB 2,707 million

Full Year 2010 Results

Total Net Revenues

RMB 12,500.0 million US$1,893.9 million RMB 7,254.9 million

Gross Profit and Margin

RMB 4,152.8 million US$629.2 million RMB 1,714.4 million

Operating Expenses

RMB 1,372.2 million US$207.9 million RMB 1,395.8 million RMB 453.8 million RMB 942.0 million

Operating expenses as a percentage of net revenues were 11.0% in 2010, a decrease from 13.0% after excluding the two non-cash charges in 2009.

Interest Expense

RMB 387.2 million US$58.7 million RMB 354.1 million RMB 80.6 million US$12.2 million RMB 75.8 million

RMB 306.5 million US$46.4 million RMB 278.3 million

Foreign Currency Exchange Los se s (Gains )

RMB 338.2 million US$51.2 million RMB 38.4 million

Additional Non-cash Accounting Charge upon Conversion of Convertible Notes

RMB 50.9 million US$7.7 million US$26.2 million

Loss on Debt Extinguishment and Loss on Derivative Liabilities

RMB 244.7 million RMB 231.3 million

Income Tax Expense (Benefit )

RMB 301.1 million US$45.6 million RMB 31.8 million Yingli China

Net Income (Loss)

RMB 1,419.2 million US$215.0 million RMB 9.06 (US$1.37)

RMB 1,662.8 million US$251.9 million RMB 10.62 (US$1.61)

Business Outlook for Full Year 2011

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 1,700 MW to 1,750 MW for fiscal year 2011, which represents an increase of 60.1% to 64.8% compared to fiscal year 2010.

Non-GAAP Financial Measures

To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted net income (loss) and adjusted diluted earnings (loss) per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation, non-cash interest expense, the non-cash loss on debt extinguishment resulting from the early full repayment of ADM Capital loan, the non-cash expense due to the changes in the fair value of the derivative liabilities, additional accounting charge upon the previously announced conversion of the Convertible Notes, and the amortization and impairment of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Tianwei Yingli. 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 core operating results as such items are not directly attributable to the underlying performance of the Company’s business operations and 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

RMB 6.6000 to US$1.00 New York December 31, 2010

Conference Call

8:00 AM Eastern Standard Time February 18, 2011 9:00 PM Hong Kong

D ial-in details for the live conference call are as follows:

   — U.S. Toll Free Number: +1-8 66 272 9941

   — International dial-in number: +1- 617 213 8895

   — Passcode: 18757847

http://www.yinglisolar.com

A replay of the conference call will be available until February 25 , 201 1 by dialing:

   — U.S. Toll Free Number: +1-888-286-8010

   — International dial-in number: +1-617-801-6888

   — Passcode: 37967910

About Yingli Green Energy

Yingli Solar Hainan August 2010 Germany Spain Italy Greece France South Korea the United States http://www.yinglisolar.com

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," "schedule," "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, which may cause Yingli Green Energy’s actual results, performance or achievements to differ materially from those in the forward- looking 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:

Qing Miao

Director, Investor Relations

Yingli Green Energy Holding Company Limited

Tel: +86-312-3100-502

Email: [email protected]r.com

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIAR IES

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

December 31, 2009

December 31, 2010

RMB

RMB

US$

ASSETS

Current assets:

  Cash and restricted cash

3,463,278

6,501,060

985,009

  Accounts receivable, net

1,827,490

2,099,805

318,152

  Inventories

1,665,021

2,524,956

382,569

  Prepayments to suppliers

329,457

573,937

86,960

  Prepaid expenses and other current assets

671,229

1,207,303

182,925

Total current assets

7,956,475

12,907,061

1,955,615

Long-term prepayments to suppliers

678,311

504,326

76,413

Property, plant and equipment, net

6,573,851

9,933,956

1,505,145

Land use rights

354,560

358,834

54,369

Goodwill and i ntangible assets, net

481,492

434,160

65,782

Restricted cash, excluding current portion

167,774

Other assets

44,642

82,557

12,508

Total assets

16,257,105

24,220,894

3,669,832

LIABILITIES AND SHAREHOLDERS EQUITY

Current liabilities :

  Short-term bank borrowings, including current portion of

    long-term bank borrowings

3,501,027

5,557,878

842,103

  Convertible senior notes

1,291,843

  Accounts payable

1,852,216

2,475,415

375,063

  Other current liabilities and accrued expenses

294,302

1,749,685

265,103

Total current liabilities

6,939,388

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