Yingli reports Q1 2013 results and signs 96 MW project in South Africa

Baoding, China - Yingli Green Energy Holding Company Limited announced its unaudited consolidated financial results for the quarter ended March 31, 2013.

Total net revenues were RMB 2,679.3 million (US$431.4 million). PV module shipment decreased by 6.4% from the fourth quarter of 2012. Overall gross profit was RMB 110.9 million (US$17.8 million), representing a gross margin of 4.1%. Gross margin for PV modules was 5.0%. Operating loss was RMB 324.7 million (US$52.3 million), representing an operating margin of negative 12.1%. Net loss was RMB 611.8 million (US$98.5 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 3.91 (US$0.63). On an adjusted non-GAAP basis, net loss was RMB 607.1 million (US$97.7 million) and loss per ordinary share and per ADS was RMB 3.88 (US$0.62).

"We are pleased to conclude another quarter with higher than expected shipment volumes and improved gross margin, which we believe further strengthened our leadership position in the global PV market," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Our strong shipment was primarily supported by the strong European and the U.S. markets and the rapid growth of demand in new markets such as Japan. Europe remained strong as a result of the pull-in demand in the first quarter and we continue to see firm demand in Europe in the second quarter. The first quarter of 2013 in the U.S. was our second best quarter ever in terms of shipment volumes and we are going to consolidate our position in all segments of the U.S. market. In this quarter, our shipment to Japan increased significantly due to the vigorous demand before the subsidy adjustment in April. We expect that returns on investments will remain attractive, which will continuously drive demand in Japan."

Yingli further announced that the Company has signed a contract to supply 96 MW of PV modules to the Jasper PV, located in South Africa's Northern Cape. This solar plant will not only produce clean energy for South African residents, but also create jobs and help to stimulate the local economy. The consortium formed by Iberdrola Ingenieria y Construccion and South African company Group Five has been selected by Jasper Power Company to build the Jasper PV Plant in South Africa, which will be powered by more than 325,000 Yingli YL295P-35b multi-crystalline modules spread across 180 hectares. Yingli Green Energy is the exclusive PV module supplier for this project.

Source: IWR Online, 31 May 2013