MY Reports First Quarter 2013 Unaudited Results

               MY Reports First Quarter 2013 Unaudited Results

PR Newswire

ZHONGSHAN, China, May 30, 2013

ZHONGSHAN, China, May 30, 2013 /PRNewswire/ -- China Ming Yang Wind Power
Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind
turbine manufacturer in China, today announced its unaudited financial results
for the first quarter ended March 31, 2013.

First Quarter 2013 Financial Highlights:

  oTotal wind turbine generators ("WTGs") for which revenue was recognized
    amounted to an equivalent wind power project output of 238MW, or 112 units
    of 1.5MW WTGs and 35 units of 2.0MW WTGs, an increase of 98.3% compared to
    120 MW, or 80 units of 1.5MW WTGsin Q1 2012.
  oTotal revenue was RMB805.4 million (US$129.7 million), an increase of
    98.1% compared to RMB406.6 million in Q1 2012.
  oGross profit was RMB89.7 million (US$14.4 million), an increase of 121.3%
    compared to Q1 2012. Gross margin was 11.1% for Q1 2013, compared to 10.0%
    in Q1 2012.
  oTotal comprehensive income was RMB4.5 million (US$0.7 million), compared
    to total comprehensive loss of RMB116.2 million in Q1 2012.
  oTotal comprehensive income attributable to shareholders was RMB23.3
    million (US$3.8 million), compared to total comprehensive loss
    attributable to shareholders of RMB114.1 million in Q1 2012.
  oBasic and diluted earnings per share was RMB0.19 (US$0.03), compared to
    basic and diluted loss per share of RMB0.93 in Q1 2012.

Recent Developments

  oShare Repurchase Program – During the first quarter of 2013, the Company
    did not make any repurchases under its share repurchase program. Since the
    inception of the program, the Company has repurchased an aggregate of
    3,153,897 ADS, representing 3,153,897 ordinary shares of the Company from
    the open market for an aggregate consideration of approximately US$8.6
    million (excluding commissions).

"We have positioned Ming Yang to take advantage of the recovery in the market
for wind turbine generators in 2013," commented Mr. Chuanwei Zhang, chairman
and chief executive officer of Ming Yang. "Our 8.7% market share in China in
2012, in terms of newly installed capacity according to Chinese Wind Energy
Association, is a clear vindication of our strategy to focus on offering
leading edge, large capacity WTGs and innovative business solutions in China."

"As the renewable industry in China continues its recovery and downstream
customers see tangible improvement in their subsidy rebates, Ming Yang
continues to expect increased market demand from its customers in 2013. During
the previous downturn, Ming Yang had increased its market share, and now with
the market in recovery, it expects to continue to enhance its leading market
position."

"We increased shipment and revenues for our 2.0MW WTGs in the first quarter of
2013. It was the first time that newly signed orders for 2.0MW WTGs exceeded
those of 1.5MW WTGs. We expect 2.0MW-class and above WTGs to have firmer
pricing and more room for cost reduction. As WTG pricing in China continues to
edge slowly upwards, we believe our products are well placed to take advantage
of current market opportunities in China and beyond."

First Quarter 2013 Unaudited Financial Results

Revenue

Revenue in the first quarter of 2013 was RMB805.4 million (US$129.7 million),
representing an increase of 98.1% from RMB406.6 million in the corresponding
period in 2012. WTGs for which revenue was recognized amounted to an
equivalent wind power project output of 238MW, or 112 units of 1.5MW WTGs and
35 units of 2.0MW WTGs compared to 120MW, or 80 units of 1.5MW WTGs for the
corresponding period in 2012. The increase in revenue in the first quarter was
primarily due to the higher number of WTGs commissioned during the period.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2013 was RMB89.7 million (US$14.4
million), representing an increase of 121.3% from RMB40.5 million for the
corresponding period in 2012. Gross margin in the first quarter of 2013 was
11.1%, compared to 10.0% for the corresponding period in 2012. The increase
was primarily due to the revenue recognition of 2.0MW WTGs which tend to
achieve a higher gross margin than our 1.5MW WTGs.

Selling and Distribution Expenses

Selling and distribution expenses were RMB31.3 million (US$5.0 million) for
the first quarter of 2013, compared to RMB70.3 million for the corresponding
period in 2012, representing a decrease of 55.4%. The decrease was primarily
due to the marketing and bidding expenses incurred in the corresponding period
in 2012.

Administrative Expenses

Administrative expenses were RMB62.2 million (US$10.0 million) for the first
quarter of 2013, compared to RMB50.2 million for the corresponding period in
2012, representing an increase of 23.9%. The increase was primarily due to an
increase in amortization of intangible assets.

Research and Development Expenses

Research and development expenses were RMB17.7 million (US$2.8 million) for
the first quarter of 2013, compared to RMB18.6 million for the corresponding
period in 2012, representing a decrease of 4.5%.

Net Finance Income/(Expense)

Net finance income was RMB20.7 million (US$3.3 million) for the first quarter
of 2013, compared to net finance expense of RMB48.2 million in the
corresponding period of 2012.

Finance income was RMB86.8 million (US$14.0 million) for the first quarter of
2013, primarily including a gain of RMB49.9 million (US$8.0 million) from the
disposal of shares of Huadian Fuxin Energy Corporation Limited (HKEx: 00816)
and EPC capital gains of RMB19.1 million (US$3.1 million).

Finance expense was RMB66.1 million (US$10.6 million) for the first quarter of
2013, compared to RMB69.2 million in the corresponding period of 2012,
primarily including mid-term notes interest RMB22.8million (US$3.7 million)
and bank borrowing interest RMB27.8 million (US$4.5 million).

Profit/(Loss) Before Income Tax Expense

Profit before income tax expense was RMB3.7 million (US$0.6 million) for the
first quarter of 2013, compared to a loss before income tax expense of
RMB126.0 million in the corresponding period of 2012.

Income Tax (Expense)/Benefit

Income tax expense was RMB0.1 million (US$18.2 thousand) for the first quarter
of 2013, compared to an income tax benefit of RMB10.5 million in the
corresponding period of 2012.

Total Comprehensive Income/(Loss) and Earning/(Loss) per Share

Total comprehensive income for the first quarter of 2013 was RMB4.5 million
(US$0.7 million), compared to total comprehensive loss of RMB116.2 million in
the corresponding period of 2012.

Total comprehensive income attributable to shareholders was RMB23.3 million
(US$3.8 million), compared to total comprehensive loss attributable to
shareholders of RMB114.1 million in the corresponding period in 2012. For the
first quarter of 2013, basic and diluted earnings per share were RMB0.19
(US$0.03), compared to basic and diluted loss per share of RMB0.93 for the
corresponding period in 2012.

Cash and Cash Equivalents

Cash and cash equivalents as of March 31, 2013 were RMB1,004.9 million
(US$161.8 million), compared to RMB1,319.7 million as of December 31, 2012.

Business Update

Order Book Update

New Sales Contracts – During the first quarter of 2013, Ming Yang entered into
sales contracts for wind power projects with a total output of 349MW,
representing 99 units of 1.5MW WTGs and 100 units of 2.0MW WTGs.

Order Backlog – As of March 31, 2013, the Company's order backlog amounted to
2.2 GW, representing 1,066 units of 1.5MW WTGs, 180 units of 2.0MW WTGs, 67
units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed
orders since its inception amounted to 6.1GW, representing 3,622 units of
1.5MW WTGs, 222 units of 2.0MW WTGs, 84 units of 2.5-3.0MW SCD WTGs and 1 unit
of 6.0MW SCD WTG.

Note to the Financial Information

The preliminary unaudited consolidated statements of comprehensive income and
consolidated statements of financial position accompanying this press release
have been prepared by management using International Financial Reporting
Standards, or IFRSs. This preliminary unaudited financial information is not
intended to fully comply with IFRSs because it does not present all of the
financial information and disclosures required by IFRSs.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been
translated into U.S. dollar amounts at the rate of RMB6.2108 to US$1.00, the
noon buying rate in New York for cable transfers of Renminbi for U.S. dollars
on March 29, 2013 as set forth in the H.10 weekly statistical release of the
Federal Reserve Board. 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 a rate or at any other rate.

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," "goal," "strategy" 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 Ming Yang's control, which may cause Ming Yang'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 Ming Yang's filings with the
U.S. Securities and Exchange Commission. Ming Yang 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.

Conference Call

Ming Yang will host an earnings conference call on Thursday, May 30, at 8:00
am Eastern Time (5:00 am Pacific Time / 8:00 pm Beijing Time). The management
team will be on the call to discuss the Company's results, operating
performance and business outlook and to answer questions.

To access the conference call, please dial:

United States:         +1-866-519-4004
International (toll): +65-6723-9381
China, Domestic:   400-620-8038 / 800-819-0121
Hong Kong:        800-930-346

Please ask to be connected to Q1 2013 China Ming Yang Wind Power Group
Earnings Conference Call and provide the following passcode: Ming Yang

Ming Yang will also broadcast a live audio webcast of the conference call. The
broadcast will be available by visiting the "Investor Relations" section of
the Company's web site at http://ir.mywind.com.cn.

Following the earnings conference call, an archive of the call will be
available by dialing:

United States:    +1-855-452-5696
International:   +61-2-8199-0299
China:      400-120-0932 / 800-870-0205
Hong Kong:   800-963-117
Passcode: 7311-2194

The replay will be archived for seven days following the earnings announcement
until June 6, 2013.

About China Ming Yang Wind Power Group Limited

China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind turbine
manufacturer in China, focusing on designing, manufacturing, selling and
servicing megawatt-class wind turbines. Ming Yang produces advanced, highly
adaptable wind turbines with high energy output and provides customers with
comprehensive post-sales services. Ming Yang cooperates with aerodyne
Energiesysteme, one of the world's leading wind turbine design firms based in
Germany, to co-develop wind turbines. In terms of newly installed capacity,
Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest
non-state owned wind turbine manufacturer in China in 2012.

For further information, please visit the Company's website: ir.mywind.com.cn


For investor and media inquiries, please contact:

China Ming Yang Wind Power Group Limited

Beatrice Li
Tel: +86 760 28138898
Email: ir@mywind.com.cn
http://ir.mywind.com.cn



CHINA MING YANG WIND POWER GROUP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts expressed in thousands, except share and ADS data)
                                       For the three-month period ended
                                       March 31,     March 31,    March 31,
                                       2012          2013         2013
                                       RMB'000       RMB'000      USD'000
Revenue                                406,632       805,404      129,678
Cost of sales                          (366,125)     (715,746)    (115,242)
Gross profit                           40,507        89,658       14,436
Other income                           20,884        5,385        867
Selling and distribution expenses      (70,275)      (31,335)     (5,045)
Administrative expenses                (50,178)      (62,161)     (10,009)
Research and development expenses      (18,576)      (17,736)     (2,856)
Loss from operations                   (77,638)      (16,189)     (2,607)
Finance income                         21,050        86,798       13,975
Finance expense                        (69,215)      (66,072)     (10,638)
Share of loss of associates            (176)         (795)        (128)
(Loss)/profit before income tax        (125,979)     3,742        602
expense
Income tax benefit/(expense)           10,544        (113)        (18)
(Loss)/profit for the period           (115,435)     3,629        584
Other comprehensive (loss)/income
for the

period:
Foreign currency translation
differences -foreign                  (764)         862          139

operations
Total comprehensive (loss)/income      (116,199)     4,491        723
forthe period
(Loss)/profit attributable to:
Shareholders of the Company            (113,340)     23,326       3,756
Non-controlling interests              (2,095)       (19,697)     (3,171)
                                       (115,435)     3,629        585
Total comprehensive (loss)/income
attributable

to:
Shareholders of the Company            (114,104)     23,268       3,746
Non-controlling interests              (2,095)       (18,777)     (3,023)
                                       (116,199)     4,491        723
Basicanddiluted(loss)/earnings      (0.93)        0.19         0.03
per share(1)
(1) The calculation of the basic (loss)/earnings per share is based on the
(loss)/profit attributable to the shareholders of the Company and the weighted
average of ordinary shares outstanding during the relevant period.





CHINA MING YANG WIND POWER GROUP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts expressed in thousands)
                                      As of              As of

                                      December31,2012  March31,2013
                                      RMB '000           RMB '000    USD '000
Assets
Non-current assets
Property, plant and equipment         1,053,307          1,057,581   170,281
Intangible assets                     427,681            409,720     65,969
Lease prepayments                     356,932            358,481     57,719
Investments in associates             9,166              9,291       1,496
Investments in jointly controlled     691,837            736,087     118,517
entities
Other investments                     7,144              30,154      4,855
Trade and other receivables           930,424            955,417     153,832
Prepayments                           66,024             79,748      12,840
Deferred tax assets                   174,024            171,090     27,547
Total non-current assets              3,716,539          3,807,569   613,056
Financial assets carried at
                                      168,139            18,587      2,993
fair value through profit or loss
Inventories                           2,028,435          1,825,788   293,970
Trade and other receivables           4,224,375          4,186,194   674,018
Prepayments                           199,970            193,689     31,186
Other current assets                  7,511              13,675      2,202
Pledged bank deposits                 276,651            278,940     44,912
Cash and cash equivalents             1,319,694          1,004,875   161,795
Total current assets                  8,224,775          7,521,748   1,211,076
Total assets                          11,941,314         11,329,317  1,824,132
Equity
Issued share capital                  850                850         137
Reserves for own shares               (55,113)           (44,628)    (7,186)
Capital reserves                      3,670,380          3,670,850   591,044
Translation reserves                  (61,191)           (61,249)    (9,862)
Accumulated loss                      (28,163)           (4,837)     (779)
Total equity attributable to          3,526,763          3,560,986   573,354
shareholders ofthe Company
Non-controlling interests             110,787            92,010      14,815
Total equity                          3,637,550          3,652,996   588,169
Liabilities
Non-current liabilities
Long- term bank loans                 354,437            345,772     55,673
Bond payable                          986,206            987,763     159,040
Deferred tax liabilities              86,969             82,016      13,205
Provisions                            212,064            277,731     44,717
Trade and other payables              83,553             107,200     17,260
Deferred income                       280,024            275,424     44,346
Total non-current liabilities         2,003,253          2,075,906   334,241
Current liabilities
Trade and other payables              3,811,342          3,368,458   542,356
Short-term bank and other loans       1,685,685          1,475,332   237,543
Income tax payable                    9,789              11,714      1,886
Provisions                            178,425            128,796     20,737
Deferred income                       34,088             37,832      6,091
Deferred revenue                      581,182            578,283     93,109
Total current liabilities             6,300,511          5,600,415   901,722
Total liabilities                     8,303,764          7,676,321   1,235,963
Total equity and liabilities          11,941,314         11,329,317  1,824,132





SOURCE China Ming Yang Wind Power Group Limited

Website: http://ir.mywind.com.cn
 
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