Yingli Green Energy (Yingli Solar) has announced its unaudited consolidated financial results for the fourth quarter of 2015 and the full year 2015. Among the year, the company’s debt ratio worsened to over 100% due to several operating issues.
For 4Q15, net revenues were RMB 2,110 million, lower than RMB 2,233.9 million in previous quarter. PV module shipments increased from 460.4MW in 3Q15 to 504.5MW, while the gross margin dropped to 11.8%.
For the full year 2015, the net revenues were RMB 9,965.8 million, compared to RMB 12,927.4 million in 2014. Total PV shipment significantly decreased from 3,361.3MW in 2014 to 2,447.0MW, which caused the decrease of y-o-y revenue. The decreased PV module shipment was a result of the lower utilization rate of production capacity in certain quarters of 2015 caused by tight cash flow, as well as the decline of selling price of PV modules across the world, especially in China.
Gross margin in 2015 was 11.9%, lower than 17.3% in 2014. The decrease of gross margin year over year was mainly due to an increase in unit production cost of PV modules as a result of the lower-than-expected utilization rate of production facilities and the decline in average selling price of PV modules.
In the year of 2015, total assets were RMB 17.64 billion, and total liability of RMB 22.35 billion. This led to a debt ratio exceeded 100%, worsened from nearly 100% in 2014.
As for 2016, a series of supportive policies for the solar industry have been issued by the Chinese government, and Liansheng Miao, Chairman and CEO of Yingli Solar, believes that the market will become warmer than 2015.
“We will strive to continue to strengthen cooperation with our large clients such as state-owned enterprises controlled by central and local governments in China as well as influential private enterprises, funds, EPCs with strong financial background in order to increase our sales in the domestic market and accelerate our working capital turnover,” stated Miao.
In the first four months of 2016, Yingli Solar has secured PV module orders of more than 700MW from China.