Yingli Performed Better than Financial Guidance in 3Q14

Yingli Green Energy announced its unaudited consolidated financial results for the quarter ended September 30, 2014. Both gross profit and gross margin grew substantially due to strong PV module demands in China, Japan and other emerging markets.

Third Quarter 2014 Consolidated Financial and Operating Summary

• Total net revenues were RMB 3,385.2 million (US$551.5 million).
• Total PV module shipments (including shipments for PV systems) were 903.4 MW.
• Gross profit was RMB 706.1 million (US$115.0 million), representing a gross margin of 20.9%.
• Operating income was RMB 199.7 million (US$32.5 million), representing an operating margin of 5.9%.
• On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (EBITDA) were RMB 495.7 million (US$80.8 million).
• Net loss was RMB 122.8 million (US$20.0 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 0.68 (US$0.11). On an adjusted non-GAAP basis, net loss was RMB 112.0 million (US$18.2 million) and loss per ordinary share and per ADS was RMB 0.62 (US$0.10).

"In the third quarter, we continued to see a remarkable demand for Yingli Solar modules from key markets, such as China, Japan and other new emerging markets,”  said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli. “In particular, our shipments to new emerging markets in the third quarter increased by approximately 17% quarter over quarter. With the booming installation for domestic projects in the second half of 2014, the third quarter witnessed comparatively higher average selling prices and better payment terms for solar panels. Shipments to China have increased by approximately 19% compared to the second quarter.”

The new policy published by China’s National Energy Administration (NEA) in September also accelerates distributed solar generation and contributes to Yingli’s financial performance, added Miao.