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Yingli Green Energy Reports Fourth Quarter and Full Year 2012 Results

    Yingli Green Energy Reports Fourth Quarter and Full Year 2012 Results

Full Year 2012 PV Module Shipment Reached a Historic High of 2,297.1 MW

PR Newswire

BAODING, China, March 4, 2013

BAODING, China, March 4, 2013 /PRNewswire/-- Yingli Green Energy Holding
Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a
leading solar energy company and one of the world's largest vertically
integrated photovoltaic manufacturers, which markets its products under the
brand "Yingli Solar," today announced its unaudited consolidated financial
results for the quarter and full year ended December 31, 2012.

(Logo: http://www.prnasia.com/sa/2012/04/01/20120401160439160364.jpg)

Fourth Quarter 2012 Consolidated Financial and Operating Summary

  oTotal net revenues were RMB 2,902.9 million (US$466.0 million).
  oPV module shipment increased by 40.6% from the third quarter of 2012.
  oGross loss was RMB 247.8 million (US$39.8 million), representing a gross
    margin of negative 8.5%. Excluding the impact of a non-cash inventory
    provision of RMB 121.0 million (US$19.4 million) in this quarter, gross
    margin of PV modules in the fourth quarter of 2012 would be negative 3.5%.
  oOperating loss was RMB 1,130.4 million (US$181.4 million), representing an
    operating margin of negative 38.9%, which reflects the negative impact of
    the inventory provision mentioned above, a non-cash impairment of
    long-lived assets, a non-cash provision for bad debts and a loss of
    disposal of certain equipment in an aggregate of RMB 484.7 million
    (US$77.8 million).
  oNet loss^^[1] was RMB 1,249.0 million (US$200.5 million) and loss per
    ordinary share and per American depositary share ("ADS") was RMB 7.98
    (US$1.28). On an adjusted non-GAAP^^[2] basis, net loss was RMB 908.3
    million (US$145.8 million) and loss per ordinary share and per ADS was RMB
    5.80 (US$0.93).

[1] 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.
[2] All non-GAAP measures exclude, as applicable, share-based compensation,
interest expenses consisting of changes in the fair value of the interest rate
swap and the amortization of the debt discount, the amortization 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, inventory provision, impairment of long-lived assets, gain on bargain
purchase, valuation allowance for deferred income tax assets, non-cash
impairments of goodwill and non-cash provision for inventory purchase
commitments. 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 201

2 Consolidated Financial and Operating Summary

  oTotal net revenues were RMB 11,391.9 million (US$1,828.5 million).
  oPV module shipment increased by 43.2% year over year to 2,297.1 MW.
  oGross loss was RMB 368.8 million (US$59.2 million), representing an
    overall gross margin of negative 3.2%.Excluding the impact of a non-cash
    inventory provision of RMB 665.4 million (US$106.8 million) in this year,
    gross margin of PV modules would be 3.0%.
  oOperating loss was RMB 2,523.3 million (US$405.0 million), representing an
    operating margin of negative 22.2%, which was mainly impacted by the
    inventory provision and the impairment of long-lived assets.
  oNet loss was RMB 3,064.4 million (US$491.9 million) and loss per ordinary
    share and per ADS was RMB 19.59 (US$3.14).
  oOn an adjusted non-GAAP basis, net loss was RMB 2,097.3 million (US$336.6
    million) and loss per ordinary share and per ADS was RMB 13.41 (US$2.15).

"We're proud of being ranked by NPD Solarbuzz as the world's leading PV module
supplier in terms of shipment volumes for 2012. With 2.3 GW modules delivered,
we have continuously expanded our global market share under the challenging
market environment. This historic achievement was built upon our
well-recognized brand, superior quality products and services, extensive
customer base and our employees' tireless efforts," commented Mr. Liansheng
Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

"In the fourth quarter, demand in Europe remained stable as a result of
continued demand from Germany and contributions from other European markets,
while demand in the U.S. experienced a slight seasonal slowdown. Demand in
China continued to expand strongly and led our module shipments in the fourth
quarter to increase by 40.6% from the third quarter. The steady development of
the utility market and the quickly growing distributed generation segment will
likely catapult China to become the largest solar market in 2013. We expect to
increase our module shipment volumes to China in 2013 by more than 40%
compared with 2012."

"Because of the demand growth in China, U.S., Japan and other new markets, we
believe that the global solar market will continue to grow in 2013. In
addition to building on our success in Europe, China and the U.S., we will
continue to strengthen our marketing and selling efforts in Japan and other
regions with high potentials of solar applications, including South America,
Southeast Asia and Africa. As a result, we are confident to achieve 3.2 GW to
3.3GW of module shipment in 2013."

"In addition to further diversifying our sales geographies, we will focus on
improving our profitability and optimizing our debt structure to enhance
Yingli Green Energy's ability to withstand future market volatilities. With
these strategies and efforts in place, we are confident to further enhance our
industry leadership in 2013," Mr. Miao concluded.

Fourth Quarter 2012 Financial Results

Total Net Revenues

Total net revenues were RMB 2,902.9 million (US$466.0 million) in the fourth
quarter of 2012, compared to RMB 2,237.0 million in the third quarter of 2012
and RMB 2,567.6 million in the fourth quarter of 2011. PV module shipments in
the fourth quarter of 2012 increased by 40.6% from the third quarter of 2012.
The sequential increase in net revenues was primarily attributable to the
increased PV modules shipment, which was partially offset by the continuing
industry-wide decline in the average selling price of PV modules in this
quarter.

Gross Loss (Profit ) and Gross Margin

Gross loss was RMB 247.8 million (US$39.8 million) in the fourth quarter of
2012, compared to gross loss of RMB 507.8 million in the third quarter of 2012
and gross profit of RMB 77.3 million in the fourth quarter of 2011.

Gross margin was negative 8.5% in the fourth quarter of 2012, compared to
gross margin of negative 22.7% in the third quarter of 2012 and gross margin
of 3.0% in the fourth quarter of 2011.Gross margin in the fourth quarter of
2012 was negatively impacted by an inventory provision of RMB 121.0 million
(US$19.4 million) .

Excluding the impact of the non-cash inventory provision mentioned above,
gross margin of PV modules in the fourth quarter of 2012 would be negative
3.5%.

Operating Expenses

Operating expenses were RMB 882.6 million (US$141.7 million) in the fourth
quarter of 2012, compared to RMB 423.8 million in the third quarter of 2012
and RMB 3,861.5 million in the fourth quarter of 2011.

In this quarter, the Company recognized a non-cash impairment of long-lived
assets of RMB 200.5 million (US$32.2 million) related to the equipment of Fine
Silicon, a non-cash provision for bad debts of RMB 101.4 million (US$16.3
million) and a loss of RMB 61.7 million (US$9.9 million) related to disposal
of certain equipment. In addition, the increase of operating expenses in the
fourth quarter of 2012 was partially attributable to the increase of PV module
shipments.

Operating expenses as a percentage of total net revenues was 30.4% in the
fourth quarter of 2012. Excluding the impairment of long-lived assets, the
provision for bad debts and the loss of disposal of certain equipment
mentioned above, operating expenses in the fourth quarter of 2012 would be RMB
518.9 million (US$83.3 million) representing 17.9% of total net revenues.
Operating expenses as a percentage of total net revenues was 18.9% in the
third quarter of 2012 and 18.0% in the fourth quarter of 2011.

Operating Loss and Margin

Operating loss was RMB 1,130.4 million (US$181.4 million) in the fourth
quarter of 2012, compared to RMB 931.5 million in the third quarter of 2012
and RMB 3,784.2 million in the fourth quarter of 2011.

Operating margin was negative 38.9% in the fourth quarter of 2012, compared to
negative 41.6% in the third quarter of 2012 and negative 147.4% in the fourth
quarter of 2011.

Excluding the inventory provision, the impairment of long-lived assets, the
provision for bad debts and the loss of disposal of certain equipment
mentioned above, operating loss in the fourth quarter of 2012 would be RMB
645.7 million (US$103.6 million) representing a negative operating margin of
22.2% .

Interest Expense

Interest expense was RMB 209.4 million (US$33.6 million) in the fourth quarter
of 2012, compared to RMB 256.0 million in the third quarter of 2012 and RMB
182.0 million in the fourth quarter of 2011. As of December 31, 2012, the
Company had an aggregate of RMB 15.5 billion (US$2.5 billion) of bank
borrowings and medium-term notes, which slightly decreased from RMB 15.7
billion as of September 30, 2012. The weighted average interest rate was 6.22%
in the fourth quarter of 2012, a decrease from 6.33% in the third quarter of
2012. The decrease in interest expense was primarily attributable to the
Company's efforts on optimizing its debt structure, which led to a lower
weighted average interest rate.

Foreign Currency Exchange Gain (Loss)

Foreign currency exchange gain was RMB 26.7 million (US$4.3 million) in the
fourth quarter of 2012, compared to RMB 52.1 million in the third quarter of
2012 and foreign currency exchange loss of RMB 134.0 million in the fourth
quarter of 2011. Given that the Company's Euro-denominated assets and
liabilities are in a net asset position, the foreign currency exchange gain
was mainly due to the appreciation of the Euro against the RMB in this
quarter.

Income Tax Expense

Income tax expense was RMB 5.0 million (US$0.8 million) in the fourth quarter
of 2012, compared to income tax benefit of RMB 97.1 million in the third
quarter of 2012 and income tax benefit of RMB 249.3 million in the fourth
quarter of 2011. The income tax expense in the fourth quarter of 2012 mainly
resulted from a valuation allowance of deferred income tax assets.

Net Loss

Net loss was RMB 1,249.0 million (US$200.5 million) in the fourth quarter of
2012, compared to RMB 959.2 million in the third quarter of 2012 and RMB
3,772.4 million in the fourth quarter of 2011. Loss per ordinary share and per
ADS was RMB 7.98 (US$1.28), compared to RMB 6.13 in the third quarter of 2012
and RMB 24.37 in the fourth quarter of 2011.

On an adjusted non-GAAP basis, net loss was RMB 908.3 million (US$145.8
million) in the fourth quarter of 2012, compared to RMB 398.3 million in the
third quarter of 2012 and RMB 126.5 million in the fourth quarter of 2011.
Adjusted non-GAAP loss per ordinary share and per ADS was RMB 5.80 (US$0.93)
in the fourth quarter of 2012, compared to RMB 2.54 in the third quarter of
2012 and RMB 0.82 in the fourth quarter of 2011.

Balance Sheet Analysis

As of December 31, 2012, the Company had RMB 3,051.7 million (US$489.8
million) in cash and restricted cash, compared to RMB 3,720.5 million as of
September 30, 2012.

As of December 31, 2012, accounts receivable were RMB 3,918.7 million
(US$629.0 million), compared to RMB 3,220.5 million as of September 30, 2012.
Days sales outstanding was 121 days in the fourth quarter of 2012, a decrease
from 130 days in the third quarter of 2012.

As of December 31, 2012, accounts payable were RMB 3,680.3 million (US$590.7
million), compared to RMB 3,670.2 million as of September 30, 2012. Days
payable outstanding was 105 days in the fourth quarter of 2012, compared to
120 days in the third quarter of 2012.

As of the date of this press release, the Company had approximately RMB
3,286.5 million in unutilized short-term lines of credit and RMB 2,394.0
million committed long-term facility that can be drawn down in the near
future.

Full Year 2012 Results

Total Net Revenues

Total net revenues in 2012 were RMB 11,391.9 million (US$1,828.5 million),
compare to RMB 14,678.0 million in 2011. PV module shipment volume in 2012 was
2,297.1 MW, a significant increase of 43.2% from 1,603.8 MW in 2011. The
decrease in total net revenues year-over-year was mainly due to the
significant industry-wide decline in the average selling price for PV modules
compared to 2011, partially offset by an increase in PV module shipment
volume.

Gross Loss (Profit) and Margin

Gross loss in 2012 was RMB 368.8 million (US$59.2 million), compared to gross
profit of RMB 2,449.7 million in 2011. Overall gross margin was negative 3.2%
in 2012, compared to 16.7% in 2011.

The Company recognized a non-cash inventory provision of RMB 665.4 million
(US$106.8 million) in 2012. In 2011, the Company recognized non-cash inventory
provision of RMB 469.9 million, upon review of its inventory. Excluding the
impact of the non-cash charges mentioned above, gross margin of PV modules
would be 3.0% in 2012, compared to 20.6% in 2011.

Operating Expenses

Operating expenses in 2012 were RMB 2,154.5 million (US$345.8 million),
compared to RMB 5,144.7 million in 2011. Operating expenses in 2012 were
mainly impacted by a non-cash impairment of long-lived assets, a non-cash
provision for bad debts and a loss of disposal of certain equipment, while
operating expenses in 2011 included a non-cash impairment of long-lived assets
relating to Fine Silicon, a non-cash impairment of goodwill, a non-cash
provision for bad debts, a loss of disposal of certain equipment and a
non-cash provision on the Company's inventory purchase commitments.

Excluding the above non-cash charges in an aggregate of RMB 383.4 million
(US$61.5 million) and RMB 3,488.0 million in 2012 and 2011, respectively,
operating expenses in 2012 would be 1,771.1 million (US$284.3 million),
compared to RMB 1,656.8 million in 2011. The increase in operating expenses in
2012 was mainly caused by an expanded scale of business.

Operating expenses as a percentage of net revenues was 18.9% in 2012.
Excluding the non-cash charges mentioned above, operating expenses as a
percentage of net revenues would be 15.5% in 2012, compared to 11.3% in 2011.

Interest Expense

Interest expense in 2012 was RMB 897.1 million (US$144.0 million), compared to
RMB 626.7 million in 2011. The increase in interest expense in 2012 was
primarily attributable to the Company's enlarged scale of borrowings,
partially offset by its efforts on optimizing the Company's debt structure As
of December 31, 2012, the Company had an aggregate of RMB 15.5 billion (US$2.5
billion) of bank borrowings and medium-term notes, compared to RMB 14.2
billion as of December 31, 2011.The weighted average interest rate for the
Company's borrowings in 2012 was 6.25%, which slightly decreased from 6.33% in
2011.

Foreign Currency Exchange Loss

Foreign currency exchange loss was RMB 78.6 million (US$12.6 million) in 2012,
compared to RMB 190.5 million in 2011. Given that the Company's
Euro-denominated assets and liabilities are in a net asset position, the
foreign currency exchange loss was mainly due to the depreciation of the Euro
against the RMB in both 2012 and 2011.

Income Tax Benefit

Income tax benefit was RMB 205.7 million (US$33.0 million) in 2012, compared
to RMB 133.4 million in 2011.

Net Loss

Net loss was RMB 3,064.4 million (US$491.9 million) and loss per ordinary
share and per ADS was RMB 19.59 (US$3.14) in 2012.

On an adjusted non-GAAP basis, net loss was RMB 2,097.3 million (US$336.6
million) in 2012. Adjusted non-GAAP diluted loss per ordinary share and per
ADS was RMB 13.41 (US$2.15) in 2012.

Business Outlook for Full Year 2013

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 3.2 GW to 3.3 GW for fiscal
year 2013, which represents an increase of 39.4% to 43.7% compared to fiscal
year 2012.

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, as applicable, items related to
share-based compensation, interest expense consisting of changes in the fair
value of the interest-rate swap and the amortization of the debt discount, the
amortization of intangible assets arising from purchase price allocation in
connection with a series of acquisitions of equity interests in Tianwei
Yingli, inventory provision, impairment of long-lived assets, gain on bargain
purchase, valuation allowance for deferred income tax assets, non-cash
impairments of goodwill and non-cash provision for inventory purchase
commitments. The Company believes excluding these items from its non-GAAP
financial measures is useful for its management and investors to assess and
analyse the Company's on-going performance 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

Solely for the convenience of readers, certain Renminbi amounts have been
translated into U.S. dollar amounts at the rate of RMB 6.2301 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 December 31, 2012. 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 rate, or at any other rate. The percentages
stated in this press release are calculated based on Renminbi.

Conference Call

Yingli Green Energy will host a conference call and live webcast to discuss
the results at 8:00 AM Eastern Standard Time (EST) on March 4, 2013, which
corresponds to 9:00 PM Beijing/Hong Kong time on the same day.

The dial-in details for the live conference call are as follows:

-- U.S. Toll Free Number:        +1-866-519-4004
-- International dial-in number: +1-718-354-1231
-- Passcode:                     12754231

A live and archived webcast of the conference call will be available on the
Investors section of Yingli Green Energy's website at www.yinglisolar.com. A
replay will be available shortly after the call on Yingli Green Energy's
website for 90 days.

A replay of the conference call will be available until March 11, 2013 by
dialing:

-- U.S. Toll Free Number:        +1-855-452-5696
-- International dial-in number: +1-646-254-3697
-- Passcode:                     12754231

About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its
products under the brand "Yingli Solar," is a leading solar energy company and
one of the world's largest vertically integrated photovoltaic manufacturers.
Yingli Green Energy's manufacturing covers the entire photovoltaic value
chain, from the production of polysilicon through ingot casting and wafering,
to solar cell production and module assembly. Yingli Green Energy currently
maintains a balanced vertically integrated production capacity of 2,450 MW per
year at its production facilities located in Baoding, Haikou, Tianjin and
Hengshui, respectively. Yingli Green Energy distributes its photovoltaic
modules to a wide range of markets, including Germany, Spain, Italy, Greece,
France, South Korea, China and the United States. Headquartered in Baoding,
China, Yingli Green Energy has more than 20 subsidiaries and branch offices
worldwide. Yingli Green Energy is publicly listed on the New York Stock
Exchange (NYSE: YGE). For more information, please visit 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," "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
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: ir@yinglisolar.com



YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
                                     December31,2011  December 31, 2012
                                     RMB                RMB          US$
ASSETS
Current assets:
Cash and restricted cash             5,613,320          3,051,743    489,839
Accounts receivable, net             2,411,886          3,918,666    628,989
Inventories                          2,670,919          2,523,550    405,058
Prepayments to suppliers             386,939            239,912      38,509
Prepaid expenses and other current   1,655,231          1,379,003    221,345
assets
Total current assets                 12,738,295         11,112,874   1,783,740
Long-term prepayments to suppliers   1,322,714          1,280,131    205,475
Property, plant and equipment, net   12,389,184         13,218,200   2,121,667
Land use rights                      523,219            710,183      113,992
Intangible assets, net               110,386            62,812       10,082
Other assets                         399,615            769,386      123,495
Total assets                         27,483,413         27,153,586   4,358,451
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Short-term bank borrowings,
including current portion of         8,225,076          7,526,015    1,208,009
long-term debt
Convertible notes                    139,345            -            -
Accounts payable                     2,977,230          3,680,259    590,722
Other current liabilities and        1,607,961          1,734,695    278,439
accrued expenses
Total current liabilities            12,949,612         12,940,969   2,077,170
Long-term debt, excluding current    3,451,899          4,076,456    654,316
portion
Medium-term notes                    2,406,391          3,911,907    627,904
Accrued warranty cost, excluding     425,350            519,539      83,392
current portion
Other liabilities                    1,196,500          1,487,944    238,831
Total liabilities                    20,429,752         22,936,815   3,681,613
Shareholders' equity:
Ordinary shares                      12,011             12,241       1,965
Additional paid-in capital           6,476,123          6,634,852    1,064,967
Treasury stock                       (123,838)          (127,332)    (20,438)
Accumulated other comprehensive      138,999            237,385      38,103
income
Accumulated deficit                  (1,342,098)        (4,406,510)  (707,294)
Total equity attributable to Yingli  5,161,197          2,350,636    377,303
Green Energy
Noncontrolling interests             1,892,464          1,866,135    299,535
Total shareholders' equity           7,053,661          4,216,771    676,838
Total liabilities and shareholders'  27,483,413         27,153,586   4,358,451
equity





YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Statements of Comprehensive Income
(In thousands, except for share, ADS, per share and per ADS data)
                                                                                               Three months ended
                                                                                               December31,2011  September30,2012  December 31, 2012
                                                                                               RMB                RMB                 RMB          US$
Netrevenues:
Sales of PV modules                                                                            2,503,157          2,164,493           2,684,571    430,903
Sales of PV systems                                                                            35,948             28,814              119,147      19,124
Other revenues                                                                                 28,490             43,684              99,213       15,925
Total net revenues                                                                             2,567,595          2,236,991           2,902,931    465,952
Cost of revenues:
Cost of PV modules sales                                                                       (2,396,760)        (2,670,396)         (2,900,192)  (465,513)
Cost of PV systems sales                                                                       (30,176)           (21,009)            (119,413)    (19,167)
Cost of other revenues                                                                         (63,335)           (53,343)            (131,145)    (21,050)
Total cost of revenues                                                                         (2,490,271)        (2,744,748)         (3,150,750)  (505,730)
Gross profit (loss)                                                                            77,324             (507,757)           (247,819)    (39,778)
Selling expenses                                                                               (221,542)          (206,647)           (242,210)    (38,877)
General and administrative expenses                                                            (193,198)          (163,027)           (386,869)    (62,097)
Research and development expenses                                                              (46,672)           (54,096)            (52,977)     (8,503)
Provision for inventory purchase commitments                                                   (851,694)          -
Impairment of long-lived assets and goodwill                                                   (2,548,406)        -                   (200,497)    (32,182)
Total operating expenses                                                                       (3,861,512)        (423,770)           (882,553)    (141,659)
Loss from operations                                                                           (3,784,188)        (931,527)           (1,130,372)  (181,437)
Other income (expense):
Interest expense                                                                               (181,993)          (256,008)           (209,368)    (33,606)
Interest income                                                                                11,254             3,445               11,220       1,801
Foreign currency exchange gains (losses)                                                       (133,969)          52,128              26,659       4,279
Other income                                                                                   18,787             17,453              21,160       3,397
Loss before income taxes                                                                       (4,070,109)        (1,114,509)         (1,280,701)  (205,566)
Income tax benefit (expense)                                                                   249,321            97,053              (5,015)      (805)
Net loss                                                                                       (3,820,788)        (1,017,456)         (1,285,716)  (206,371)
Less: Loss attributable to the noncontrolling interests                                        48,435             58,232              36,692       5,889
Net loss attributable to Yingli Green Energy                                                   (3,772,353)        (959,224)           (1,249,024)  (200,482)
Weighted average shares and ADSs outstanding
Basic and diluted                                                                              154,769,797        156,580,455         156,585,020  156,585,020
Loss per share and per ADS
Basic and diluted                                                                              (24.37)            (6.13)              (7.98)       (1.28)
Net loss                                                                                       (3,820,788)        (1,017,456)         (1,285,716)  (206,371)
Other comprehensive income (loss)
Foreign currency exchange translation adjustment, net of nil tax                               13,177             32,702              5,020        806
Cash flow hedging derivatives, net of nil tax                                                  (4,092)            (969)               1,134        182
Comprehensive loss                                                                             (3,811,703)        (985,723)           (1,279,562)  (205,383)
Less: Comprehensive loss attributable to the noncontrolling interest                           50,392             51,725              29,366       4,714
Comprehensive loss attributable to Yingli Green Energy                                         (3,761,311)        (933,998)           (1,250,196)  (200,669)





Reconciliation of Non-GAAP measures to GAAP measures
                                   Three months ended
                                   December31,2011  September30,2012   December 31, 2012
                                   RMB                RMB                  RMB           US$
Non-GAAP loss attributable to      (126,502)          (398,337)            (908,259)     (145,785)
Yingli Green Energy
Share-based compensation           (22,297)           (6,858)              (8,499)       (1,364)
Amortizationofintangibleassets  (11,967)           (11,967)             (10,821)      (1,737)
Inventory provision                (211,245)          (523,203)            (121,005)     (19,423)
Impairment of long-lived assets    (2,275,024)        -                    (200,497)     (32,182)
Impairment of goodwill             (273,382)          -                    -             -
Provision for inventory purchase   (851,694)          -                    -             -
commitments
Interest expenses consisting of
changes in fair value of the       (242)              (671)                57            9
interest rate swap and the
amortization of the debt discount
Non-cash valuation allowance for   -                  (18,188)             -             -
deferred income tax assets
Net loss attributable to Yingli    (3,772,353)        (959,224)            (1,249,024)   (200,482)
Green Energy
Non-GAAP diluted loss per share    (0.82)             (2.54)               (5.80)        (0.93)
and per ADS
Diluted loss per share and per     (24.37)            (6.13)               (7.98)        (1.28)
ADS



YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except for share, ADS, per share and per ADS data)
                                                                                                      Year ended
                                                                                                      December31,2011  December 31, 2012
                                                                                                      RMB                RMB             US$
Netrevenues:
Sales of PV modules                                                                                   14,397,086         10,989,767      1,763,979
Sales of PV systems                                                                                   53,731             171,013         27,449
Other revenues                                                                                        227,148            231,148         37,102
Total net revenues                                                                                    14,677,965         11,391,928      1,828,530
Cost of revenues:
Cost of PV modules sales                                                                              (11,905,502)       (11,329,951)    (1,818,582)
Cost of PV systems sales                                                                              (43,280)           (155,310)       (24,929)
Cost of other revenues                                                                                (279,504)          (275,468)       (44,216)
Total cost of revenues                                                                                (12,228,286)       (11,760,729)    (1,887,727)
Gross profit (loss)                                                                                   2,449,679          (368,801)       (59,197)
Selling expenses                                                                                      (818,022)          (893,331)       (143,390)
General and administrative expenses                                                                   (641,716)          (873,148)       (140,150)
Research and development expenses                                                                     (284,909)          (187,538)       (30,102)
Provision for inventory purchase commitments                                                          (851,694)
Impairment of long-lived assets and goodwill                                                          (2,548,406)        (200,497)       (32,182)
Total operating expenses                                                                              (5,144,747)        (2,154,514)     (345,823)
Loss from operations                                                                                  (2,695,068)        (2,523,315)     (405,020)
Other income (expense):
Interest expense                                                                                      (626,737)          (897,124)       (143,998)
Interest income                                                                                       28,852             46,446          7,455
Foreign currency exchange losses                                                                      (190,475)          (78,599)        (12,616)
Gain on bargain purchase from an acquisition                                                          52,202             -               -
Other income                                                                                          32,036             54,963          8,822
Loss before income taxes                                                                              (3,399,190)        (3,397,629)     (545,357)
Income tax benefit                                                                                    133,413            205,742         33,024
Net loss                                                                                              (3,265,777)        (3,191,887)     (512,333)
Less: Loss attributable to the non-controlling interests                                              56,866             127,475         20,461
Net loss attributable to Yingli Green Energy                                                          (3,208,911)        (3,064,412)     (491,872)
Weighted average shares and ADSs outstanding
Basic and diluted                                                                                     156,805,040        156,425,307     156,425,307
Loss per share and per ADS
Basic and diluted                                                                                     (20.46)            (19.59)         (3.14)
Net loss                                                                                              (3,265,777)        (3,191,887)     (512,333)
Other comprehensive income (loss)
Foreign currency exchange translation adjustment, net of nil tax                                      71,275             116,993         18,779
Cash flow hedging derivatives, net of nil tax                                                         (343)              (424)           (68)
Comprehensive loss                                                                                    (3,194,845)        (3,075,318)     (493,622)
Less: Comprehensive loss attributable to the noncontrolling interest                                  65,773             100,923         16,199
Comprehensive loss attributable to Yingli Green Energy                                                (3,129,072)        (2,974,395)     (477,423)



Reconciliation of Non-GAAP measures to GAAP measures
                                                                                             Year ended
                                                                                             December31,2011  December 31, 2012
                                                                                             RMB                RMB          US$
Non-GAAP income (loss) attributable to Yingli Green Energy                                   773,747            (2,097,264)  (336,635)
Share-based compensation                                                                     (64,674)           (34,368)     (5,516)
Amortizationofintangibleassets  (47,867)           (46,721)     (7,499)
Impairment of long-lived assets                                                              (2,275,024)        (200,497)    (32,182)
Impairment of goodwill                                                                       (273,382)          -            -
Provision for inventory purchase commitments                                                 (851,694)          -            -
Inventory provision                                                                          (469,873)          (665,416)    (106,807)
Gain on bargain purchase                                                                     52,202             -            -
Valuation allowance for deferred tax assets                                                  (28,862)           (18,188)     (2,919)
Non-cash interest expenses consisting of changes in fair value of the interest rate swap     (23,484)           (1,958)      (314)
and the amortization of the debt discount
NetlossattributabletoYingliGreen Energy                                                 (3,208,911)        (3,064,412)  (491,872)
Non-GAAP diluted earnings (loss) pershareandperADS                                       4.81               (13.41)      (2.15)
Diluted loss per share and per ADS                                                           (20.46)            (19.59)      (3.14)





SOURCE Yingli Green Energy Holding Company Limited

Website: http://www.yinglisolar.com
Website: http://www.prnasia.com/sa/2012/04/01/20120401160439160364.jpg
 
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