Yingli Delays on Filing Financial Report

published: 2016-05-03 18:08 | editor: | category: News

Yingli Solar has filed with the Securities and Exchange Commission a Form 12b-25 (the "Form 12b-25") to extend by fifteen days the due date for filing its annual report on Form 20-F for the fiscal year ended December 31, 2015 (the "2015 Form 20-F").

Yingli Solar is unable to file the 2015 Form 20-F on time because it needs more time to prepare and review its consolidated financial statements as of and for the year ended December 31, 2015 and notes thereto, to finalize the assessment of its internal control over financial reporting and to finalize its other disclosures, including those related to its liquidity, as further discussed below. Yingli Solar expects that the 2015 Form 20-F will be filed on or before May 16, 2016.

As for the preliminary, unaudited financial results for full year 2015, Yingli Solar estimates that its net loss in 2015 was between RMB 5.8 billion and RMB 5.9 billion, increased from net loss of RMB 1.3 billion in 2014. This was majorly resulted from (1) decrease of net revenues, from RMB 12.9 billion in 2014 to RMB 10~10.2 billion in 2015; (2) decrease of gross profit, from RMB 2.2 billion in 2014 to RMB 1.1~1.2 billion, due to lower utilization rate; (3) impairment of long-lived assets of approximately RMB 3.8 billion; (4) provision for inventory purchase commitments under long-term polysilicon supply contracts; and (5) increase of income tax expense. 

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