Yingli Green Energy Shipped More PV Modules in 2013 but Loss

published: 2014-03-19 14:02 | editor: | category: News

Yingli Green Energy announced its consolidated financial results for the quarter and full year ended December 31, 2013. In 4Q13, the total net revenues reached RMB 3.7 billion (approximately US$613 million), and 2013’s total net revenues were RMB 13.4 billion (approximately US$2.21 billion). Increased PV module shipment in 2013 (around 40% more YoY) counted a huge amount of the revenues, and the net loss was lower y0y.

Fourth Quarter 2013 Consolidated Financial and Operating Summary

  • Total net revenues were RMB 3,711.1 million (US$613.0 million).
  • Total PV module shipments (including shipments for PV systems) increased by 11.4% from the third quarter of 2013.
  • Overall gross profit was RMB 451.7 million (US$74.6 million), representing a gross margin of 12.2%. Excluding the year-end tax adjustment, gross margin for sale of PV modules would be 14.2%. 
  • Operating loss was RMB 594.2 million (US$98.1 million), representing an operating margin of negative 16.0%, including a provision of RMB 480.2 million (US$79.3 million) on the Company's inventory purchase commitment under long-term polysilicon supply contracts. Excluding such non-cash charge, operating loss would be RMB 114.0 million (US$18.8 million) and operating margin would be negative 3.1%.
  • Net loss was RMB 776.2 million (US$128.2 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 4.95 (US$0.82). On an adjusted non-GAAP basis, net loss was RMB 289.9 million (US$47.9 million) and loss per ordinary share and per ADS was RMB 1.85 (US$0.31).

Full Year 2013 Consolidated Financial and Operating Summary

  • Total net revenues were RMB 13,418.1 million (US$2,216.5 million).
  • Total PV module shipments (including shipments for PV systems) increased by 40.8% year over year to 3,234.3 MW.
  • Overall gross profit was RMB 1,458.9 million (US$241.0 million), representing an overall gross margin of 10.9%. Excluding the year-end tax adjustment, gross margin for sale of PV modules was 11.8% on an adjusted non-GAAP basis.
  • Operating loss was RMB 1,118.4 million (US$184.7 million), representing an operating margin of negative 8.3%, including a provision of RMB 480.2 million (US$79.3 million) on the Company's inventory purchase commitment under long-term polysilicon supply contracts. Excluding such non-cash charge, operating loss would be RMB 638.2 million (US$105.4 million) and operating margin would be negative 4.8% on an adjusted non-GAAP basis.
  • Net loss was RMB 1,944.4 million (US$321.2 million) and loss per ordinary share and per ADS was RMB 12.41 (US$2.05).
  • On an adjusted non-GAAP basis, net loss was RMB 1,440.1 million (US$237.9 million) and loss per ordinary share and per ADS was RMB 9.19 (US$1.52).

For more detail, please visit: Yingli Green Energy Reports Fourth Quarter and Full Year 2013 Results

announcements add announcements     mail print
Share