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Yingli Green Energy Holding receives US$379.8 million net revenue

Hydrocarbon Engineering,

Yingli Green Energy Holding Co. Ltd has announced its unaudited consolidated financial results for the quarter ended 30 June 2016.

The highlights include:

  • Total net revenues were US$379.8 million compared to RMB2,351.1 million in 1Q16.
  • Total photovoltaic module shipments were 662.0MW, compared to 508.1MW in 1Q16.
  • Gross profit and gross margin were US$69.2 million and 18.2% respectively, compared to RMB469.3 million and 20% in 1Q16. Gross margin on sales of PV modules was 18.1%.
  • Operating income was US$23.8 million, compared to RMB186.4 million in 1Q16.
  • On a non-GAAP basis, earnings before interest, tax expenses, depreciation and amortisation were US$70.6 million.
  • Net income was US$10.8 million and earnings per American Depositary Share (each representing ten ordinary shares of the Company, the was US$0.6. On an adjusted non-GAAP basis, adjusted net income was US$16.1 million, and adjusted income per ADS was US$0.9.

"We are delighted to report another solid quarter with a net profit of RMB71.8 million in 2Q16. Our total PV module shipments, including shipments to our own downstream PV projects, reached 662.0MW in the second quarter, representing an increase of approximately 30% from the first quarter of 2016," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "In the second quarter, we maintained a positive momentum and our overall gross margin was 18.2% even though the average selling price of our PV modules was lower in the quarter than the first quarter of 2016 mainly as a result of higher proportion of shipments to China, where the selling price of PV modules generally is lower than that in other markets."

"We saw robust demand from China in the second quarter of 2016 as PV projects that were operational before 30 June 2016 are entitled to a higher feed-in tariff, and we increased our PV module shipments to China by more than 100% from the first quarter of 2016 by leveraging our cooperative relationships with certain large clients such as state-owned enterprises controlled by central and local governments in China as well as influential privately owned enterprises with strong financial background. Internationally, Japan continued to be the most important international market for us and our shipments to Japan accounted for more than 20% of our total PV module shipments in the second quarter of 2016, which was the seventh straight quarter that our shipments to Japan exceeded 120 MW. As the extension of ITC policy, the US continued to see a stable demand and continued to be important international market for us. We continued to supply PV modules for utility scale projects in western US in the second quarter of 2016."

"Looking forward to the second half of 2016, we expect to face various challenges, such as the downward trend of average selling price of PV module as a result of increasing competition in various markets and higher anti-dumping and countervailing duty tariff in U.S. To deal with such challenges, we will continue to make every effort to reduce production cost, control operating expenses, and adjust our marketing strategies as necessary in order to keep a positive momentum and maintain a healthy operation," Mr. Miao concluded.

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