Yingli Green Energy (NYSE:YGE)

First Quarter 2012 Results

• Total net revenues were RMB 3,148.5 million (US$500.0 million).
• PV module shipment increased by 44.4% from the fourth quarter of 2011.
• Gross profit was RMB 245.2 million (US$38.9 million), representing a gross margin of 7.8%, which reflected a non-cash inventory provision of RMB 21.2 million (US$3.4 million) and a provision for preliminary U.S. countervailing and anti-dumping duties of RMB 86.3 million (US$13.7 million). Gross margin of PV modules excluding these provisions would be 11.5%.
• Operating loss was RMB 134.7 million (US$21.4 million), representing an operating margin of negative 4.3%.
• Net loss[1] was RMB 283.2 million (US$45.0 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 1.82 (US$0.29). On an adjusted non-GAAP[2] basis, net loss was RMB 239.5 million (US$38.0 million) and loss per ordinary share and per ADS was RMB 1.54 (US$0.24).

"Despite the tough market situation and seasonal impact, our module shipment reached another historical high in the first quarter of 2012 as we stayed committed to existing markets and expanded into new and emerging markets," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Although excessive module supply, potential subsidy adjustments in Europe and the anti-dumping and countervailing duty investigations in the U.S. continued to drive module price down, we achieved a gross margin of 7.8% in the first quarter due to our notable cost reduction efforts and premium brand."

"We experienced exceptionally strong demand in Germany and the U.S., which accounted for approximately 80% of our total revenues in the first quarter. Meanwhile, our remarkable sales performance was partially benefited from our research and development and after-sales service center in Madrid, Spain, through which we have provided more convenient and comprehensive service to European customers. Shipments to China were comparably small due to the seasonally soft demand in the first quarter. However, we believe that shipments to China will gradually pick up in the second quarter and the third quarter supported by the acceleration of utility scale projects in western China and the recently announced 1.7 GW projects under the Golden Sun program. We expect approximately 30% of our revenues to come from Chinese customers in this year by leveraging our solid customer relations and pioneer position in China."

"In addition, the successful issuance of the 1.5 billion RMB-denominated medium-term notes in early May strengthened our cash position, optimized our borrowing structure and reduced our financing cost. The successful issuance further demonstrated investors' strong confidence in our long-term growth."

"As the intense competition in the solar industry will sustain in the short term, we will continue to pursue sales diversification, product differentiation and cost control as our top priorities to achieve incremental shipment and market share."

Business Outlook for Full Year 2012

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reaffirms its PV module shipment target to be in the estimated range of 2,400 MW to 2,500 MW for fiscal year 2012, which represents an increase of 49.6% to 55.9% compared to fiscal year 2011.

BAODING, China, May 18, 2012 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar", today commented on the preliminary anti-dumping tariff decision by the Department of Commerce regarding the import of Chinese PV cells and PV modules to the United States. According to the decision, Yingli will be part of the separate rates group, subject to a preliminary anti-dumping tariff of 31.18%. This is following the March 20th preliminary decision on anti-subsidy tariffs, where Yingli was given a negligible amount of 3.61%.

"We felt validated after the Department of Commerce's preliminary CVD decision in March, which determined that we are not being substantially subsidized as the petitioners claim. Today's preliminary anti-dumping tariff recommendation was not unexpected given the historical tariff levels in these types of cases. We will continue to aggressively defend ourselves and remain optimistic that we will persevere in the final determination," said Robert Petrina, Managing Director of Yingli Green Energy Americas, Inc., the Company's operating subsidiary in the U.S. "The overwhelming majority of the U.S. solar industry supports access to affordable solar energy and fair market trade. We are grateful to the tens of thousands of U.S. solar installers, developers, manufacturers, and suppliers who stand behind us today."

The Department of Commerce's recent rulings are preliminary findings. No final tariff decisions will be made until both the Department of Commerce and the International Trade Commission complete their investigations, which are scheduled to occur before the end of 2012.

"As we've stated before, tariffs are disruptive and destructive for the entire solar industry," said Mr. Liangsheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We remain fully committed to serving the U.S. market irrespective of the outcome of these proceedings, and we will continue to strive for a global, competitive marketplace."

BAODING, China, May 3, 2012 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," announced today that one of its primary operating subsidiaries, Yingli Energy (China) Company Limited ("Yingli China"), has successfully completed its issuance of 1.5 billion RMB-denominated unsecured medium-term notes (the "Issuance").

The Issuance is composed of 300 million RMB-denominated five-year medium-term notes (the "Five-year Notes") and 1.2 billion RMB-denominated three-year medium-term notes (the "Three-year Notes"). The Five-year Notes bear a fixed annual interest rate of 6.01% and will mature on May 3, 2017. The Three-year Notes bear a fixed annual interest rate of 5.78% and will mature on May 3, 2015.

China Development Bank ("CDB") acted as the lead underwriter and book runner for the Issuance with standby commitment. 60% of the proceeds will be used to enhance Yingli China's working capital, and the remaining 40% will be used to repay bank loans of higher interest rates.

"We have achieved tremendous success in the issuance of the medium-term notes through working closely with CDB. This successful issuance demonstrates not only investors' strong confidence in the long-term growth potential of the PV industry and Yingli's industry leadership, but also CDB's recognition of Yingli's proven track record and solid market position," commented Mr. Bryan Li, Director and Chief Financial Officer of Yingli Green Energy.

Fourth Quarter 2011 Results

• Total net revenues were RMB 2,567.6 million (US$408.0 million) and PV module shipment decreased by 29.8% quarter over quarter.
• Gross profit was RMB 77.3 million (US$12.3 million), representing an overall gross margin of 3.0%, which reflected a non-cash inventory provision of RMB211.2 million (US$33.6 million). Gross margin of PV modules excluding the non-cash inventory provision would be 12.7%.
• Operating loss was RMB 3,784.2 million (US$601.2 million), which reflected an aggregate of RMB 3,611.3 million (US$573.8 million) non-cash charges, including an impairment of long-lived assets of Fine Silicon Co., Ltd. ("Fine Silicon"), the Company's in-house polysilicon production subsidiary, of RMB 2,275.0 million (US$361.5 million), an impairment of goodwill of RMB 273.4 million (US$43.4 million), a provision of RMB 851.7 million (US$135.3 million) on the Company's inventory purchase commitment under long-term polysilicon supply contracts and the inventory provision mentioned above. Excluding such non-cash charges, operating loss would be RMB 172.8 million (US$27.5 million), representing an operating margin of negative 6.7%.
• Net loss(1) was RMB 3,772.4 million (US$599.4 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 24.37 (US$3.87).
• On an adjusted non-GAAP(2) basis, net loss was RMB 126.5 million (US$20.1 million) and loss per ordinary share and per ADS was RMB 0.82 (US$0.13).

"The PV industry experienced tremendous pressure in 2011 due to supply-demand imbalance throughout the value chain. This pressure was exacerbated by incentive adjustments in major solar markets and implementation of government austerity measures in Europe. Yingli Green Energy successfully navigated the intensified competition by achieving full year 2011 module shipments of 1,603.8 MW, representing a volume increase of fifty-one percent over 2010. This increase was attributable to our differentiated market channels, strong brand and end market diversification," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "While our module shipment volume in the fourth quarter was down from the previous quarter, we strengthened our position in major markets such as Germany, China and the United States."

"As one of the solar pioneers, Germany has created a strong foundation for the establishment and growth of leading solar EPC and distribution companies that now operate across Europe and globally. Beyond our continued efforts in Germany, we will deploy more resources in other European markets. The US market grew in-line with expectations in 2011 and we achieved our targets for the region. We maintain a cautiously optimistic view toward the US market in 2012 and expect to see more clarity emerge from the anti-dumping and countervailing duty investigation process. As one of the most promising markets, China is expected to sustain its strong growth momentum supported by the boom of the utility segment and the steady growth of the roof-top segment. In 2011, sales to China accounted for approximately twenty-two percent of our total revenues, compared to approximately six percent a year ago. Going forward, we will continue our firm commitment to China and strengthen our leading position in this fast growing market."

Business Outlook for Full Year 2012

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company expects its PV module shipment target to be in the estimated range of 2,400 MW to 2,500 MW for fiscal year 2012, which represents an increase of 49.6% to 55.9% compared to fiscal year 2011

BAODING, China, February 22, 2012 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its preliminary unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2011.

Based upon preliminary data, the Company now expects a decrease of PV module shipments close to thirty percent from the third quarter to the fourth quarter of 2011, compared to its previously provided guidance of a low to middle twenties percent decrease. The Company also reaffirms its guidance of PV module shipment of 1,580 MW to 1,630 MW for fiscal year 2011.

The Company estimates its overall gross margin for the fourth quarter of 2011, including a non-cash inventory provision, to be approximately 3 percent, compared to its previously provided guidance of approximately 10 percent. Excluding the non-cash inventory provision, the Company estimates that its gross margin of PV module for the fourth quarter of 2011 would be approximately 12 percent.

Additionally, due to the challenging solar market conditions and the significant reduction of the Company's market capitalization since the second quarter of 2011, the Company expects to recognize an impairment of long-lived assets of Fine Silicon Co., Ltd., or Fine Silicon, the Company's in-house polysilicon production subsidiary, of approximately US$361 million and an impairment of goodwill of approximately US$43 million for the fourth quarter and full year 2011. The impairment of long-lived assets of Fine Silicon was to reflect the less than expected profit-generating ability of Fine Silicon's assets due to a sharp decline in the spot market price of polysilicon. The goodwill was originated due to the historical acquisitions of equity interests in 2006, 2007 and 2008 in Baoding Tianwei Yingli New Energy Resources Co., Ltd., an operating subsidiary of the Company. The estimates presented in this press release are preliminary, unaudited and subject to further adjustments.

The Company further expects to provide a provision of approximately US$135 million on its inventory purchase commitment under long-term polysilicon supply contracts as a result of continuing decline in the polysilicon purchase price. The management continues to negotiate with its suppliers to amend the prices under these long-term contracts. Should the contract prices be revised down in the future, the provision will be reversed to the extent of the amount recovered.

Third Quarter 2011 Results

BAODING, China and LIVINGSTON, N.J., Nov. 21, 2011 /PRNewswire-Asia/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar", and CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of financing to small businesses and middle market companies, today announced a strategic financing relationship. Under the terms of the agreement, CIT Vendor Finance will provide financing options for the purchase and installation of modules to the customers of Yingli Green Energy's U.S. subsidiary, Yingli Americas.

"The alternative energy sector continues to experience significant growth and we are excited to announce this new relationship with Yingli Americas," said Ron Arrington, Global President of CIT Vendor Finance. "The financing solutions offered by CIT Vendor Finance to Yingli America's customers will allow them the opportunity to take advantage of the increased demand for solar energy projects. It is another example of how financing from CIT helps all kinds of companies to acquire the equipment they need to grow their business."

"We are pleased to provide our customers with access to financial solutions from CIT, an innovative and long-standing market leader in financial services," said Robert Petrina, Managing Director of Yingli Americas. "We have been working hard to provide numerous opportunities to make solar projects as streamlined and financially accessible as possible. With this new relationship, we hope to continue to simplify that process."

Second Quarter 2011 Results

BAODING, China and SAN FRANCISCO, July 12, 2011 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic ("PV") manufacturers, which markets its products under the brand "Yingli Solar," announced today at Intersolar North America, that its U.S. subsidiary, Yingli Green Energy Americas, Inc. ("Yingli Americas"), has reached several significant business and product development milestones.

Yingli Americas Expected to Capture 15% of North American Solar Market

With cumulative shipments of 250 MWs to 23 U.S. states, as well as to Canada, Mexico and the Caribbean, Yingli Americas has become a leading module supplier in North America. During the first half of 2011, Yingli Americas delivered more PV modules than during the full year 2010. The Company expects Yingli Americas to capture nearly 15 percent of the North American solar market in 2011. Yingli Americas' customers are diversified across the commercial, residential and utility segments.

In perspective, 250 MWs of solar modules could provide enough energy to power 50,000 typical U.S. homes. It would have also been enough to supply the grid-tied PV installations nationwide in the first quarter of 2011, which grew 66% year-over-year to reach 252 MWs, according to the Solar Energy Industries Association.

"This milestone exemplifies Yingli Americas' commitment to building long-term partnerships, providing outstanding customer service, and always delivering on our commitments," said Robert Petrina, Managing Director of Yingli Americas. "We are immensely grateful to our customers, extremely proud of our exceptional organization, and believe that our strong partnerships across the industry are the foundation of our continued growth."

Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented, "As today's announcement demonstrates, we are fully dedicated to the Americas and have established excellent resources to support our customers locally. We expect this ever-growing market would comprise over 15% of our global sales in 2011, and will be a pivotal driver for realizing our vision of a clean energy future."

Release of Zep Compatible™ YGE-Z Series Modules

Yingli Americas has been focusing on expanding its product portfolio, evidenced by today's release of the YGE-Z Series ("Z Series") module. Through a strategic licensing agreement with Zep Solar, an innovative module mounting manufacturer, Yingli Americas has incorporated the patented Zep Groove feature into its 240 Watt product family. The Z Series is also optimized for use with Enphase Microinverters.

Ideal for residential and commercial projects, the new Z Series reduces installation labor costs by over 25 percent, eliminates extraneous hardware through Zep Solar's ultra-low parts count, and provides an attractive roof-integrated look with a sleek black frame,low profile, and aesthetic skirt. Installers can also lock the new Zep Compatible Enphase Microinverter into the Z Series module groove in one easy step to simplify design and lower installation time. A preview of this integrated solution will be displayed in Yingli Solar's booth at Intersolar North America (Moscone West, Level 2). The Zep Compatible Enphase Microinverter will be available the fourth quarter of this year.

"Expanding our product portfolio to meet our diverse customer needs is a critical component of our growth strategy. Following the successful launch of our high-efficiency PANDA module, the Z Series reflects our collaboration with customers and supply chain partners to innovate on system-wide design and to drive down system costs," said Mathew Sachs, Director of Business Development, Yingli Americas.

Opening R&D Facility in San Francisco Bay Area

Yingli Americas also announces the opening of a new research and development facility in South San Francisco for comprehensive product testing and evaluation.

"Our new research and development lab will accelerate our understanding of module performance and reliability," said Brian Grenko, Director of Operations for Yingli Americas. "This investment will enable us to more quickly evaluate new technologies, deliver next generation products, and better serve our customers throughout all stages of a project's life cycle."

"We now have the ability to offer product testing and development support within the U.S. for our customers here," added Mr. Petrina. "We plan to use this new facility to proactively address market opportunities and trends to better support our pre- and post-sales efforts - a sign of our continued dedication to technical leadership."

We require a significant amount of cash to fund our operations. We will also require cash to meet future capital requirements, which are difficult to predict in the rapidly changing PV industry. In particular, we will need capital to fund the expansion of our facilities, and research and development activities in order to remain competitive.

Our ability to continue as a going concern for a reasonable period of time largely depends on the ability of our management to successfully execute our business plan (including increasing sales while decreasing operating costs and expenses) and, if required, the ability to obtain additional funds from third parties, including banks, and from our related parties or from the issuance of additional equity or debt securities. Our management believes increased sales as we expand our market presence in Europe and other target markets, as well as the proceeds from our other completed or potential equity or debt issuances, long-term bank borrowings and other financings entered into from time to time, will enable us to fund our operational cash flow needs and meet our commitments and current liabilities, as and when they come due, as well as our selective debt prepayment needs, for a reasonable period of time. In our opinion, our working capital is sufficient for our present requirements.

We believe that our current cash and available lines of credit will be sufficient to meet our anticipated present cash needs, including cash needs for working capital and capital expenditures. We plan to meet our cash needs for working capital and capital expenditures for the remainder of 2011 and beyond primarily through cash generated from operations, and to the extent required, through borrowings from financial institutions and/or issuances of equity and debt securities.

Capital Expenditures

We had capital expenditures of RMB 2,036.3 million, RMB 3,001.2 million and RMB 3,744.5 million (US$567.3 million) in 2008, 2009 and 2010, respectively. As of December 31, 2010, we committed an aggregate of RMB 1,125.0 million (US$170.5 million) to purchase property, plant and equipment for our capacity expansion. Our capital expenditures were used primarily to build manufacturing facilities for our PV products. We estimate that we will make capital expenditures in 2011 in the aggregate of approximately RMB 3,414.6 million (US$517.4 million), which will be used primarily to build manufacturing facilities for our PV products and the manufacture of polysilicon. We currently plan to increase our overall annual manufacturing capacity of each of polysilicon ingots and wafers, PV cells and PV modules to 1,700 megawatts in the end of 2011. We plan to fund part of the capital expenditures for these plans with additional borrowings from third parties, including banks, and if any, cash from operations.

BAODING, China, June 2, 2011 /PRNewswire-Asia/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced that Yingli Energy (China) Company Limited ("Yingli China"), a wholly-owned subsidiary of Yingli Green Energy, has received a five-year loan of RMB 1.16 billion from the China Citic Bank, Shijiazhuang Branch  ("CITIC") and the Bank of China, Baoding Branch ("BOC"). CITIC acts as the lead arranger and BOC acts as the correspondent bank for this loan. Under the terms of the loan agreement, Yingli China is required to meet certain criteria before it may draw down on the loan.

The Company believes that this loan will support the Company's long-term growth initiatives and the expansion projects we are currently constructing. "We are gratified by the confidence CITIC and BOC have shown in our operations and long-term prospects, as well as their positive views toward the solar industry and the overseas and domestic solar power markets. We believe this long-term loan will further optimize our loan structure and enhance our financial ability to pursue our long-term growth strategy," commented Mr. Bryan Li, Director and Chief Financial Officer of Yingli Green Energy.

First Quarter Results:

• Total net revenues were RMB 3,453.0 million (US$527.3 million).
• PV module shipment decreased by a low teen percentage from the fourth quarter of 2010.
• Gross profit was RMB 943.7 million (US$144.1 million), representing a gross margin of 27.3%.
• Operating income was RMB 568.2 million (US$86.8 million), representing an operating margin of 16.5%.
• Net income(1) was RMB 368.3 million (US$56.2 million) and diluted earnings per ordinary share and per American depositary share ("ADS") were RMB 2.29 (US$0.35).
• On an adjusted non- GAAP(2) basis, net income was RMB 403.6 million (US$61.6 million) and diluted earnings per ordinary share and per ADS were RMB 2.51 (US$ 0.38).

In May 2011, through one of its operating subsidiaries in China, the Company completed a successful issuance of RMB 1.4 billion medium-term notes on the PRC inter-bank debenture market.

"In the first quarter of 2011, we experienced a sudden demand slowdown in Europe, primarily due to the uncertainties relating to the feed-in-tariff policy change in Italy and the severe winter season conditions in Germany. However, despite a lower than expected shipment in the past quarter, we remain confident to accomplish our full year shipment guidance of 1.7 to 1.75 GW through continuously optimized global sales strategies." Commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

BAODING, China, Feb. 9, 2011 /PRNewswire-Asia/ -- Yingli Green Energy Holding Company Limited announced today that its U.S. subsidiary, Yingli Green Energy Americas, Inc., has signed a new PV module supply agreement with San Diego-based Borrego Solar Systems Inc. Under the terms of the agreement, Yingli Americas is expected to supply 20 megawatts of PV modules to Borrego Solar in 2011. These modules are designated for commercial solar projects across the U.S.

Third Quarter 2010 Consolidated Financial Highlights

• Total net revenues were RMB 3,284.2 million (US$490.9 million), and shipment increased by 25.2% quarter over quarter.

• Gross profit was RMB 1,094.5 million (US$163.6 million), representing a gross margin of 33.3%.

• Operating income was RMB 735.8 million (US$110.0 million), representing an operating margin of 22.4%.

• Net income(1) was RMB 456.1 million (US$68.2 million) and diluted earnings per ordinary share and per American depositary share (“ADS”) was RMB 2.92(US$0.44).

• On an adjusted non-GAAP(2) basis, net income was RMB 556.6 million (US$83.2 million) and diluted earnings per ordinary share and per ADS was RMB 3.57(US$0.53) vs. diluted earnings per ordinary share and per ADS of $0.18 in the third quarter of 2009.

Business Outlook for Full Year 2010

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company raises its PV module shipment target to the estimated range of 1,020 MW to 1,040 MW from the previous estimated range of 950 MW to 1,000 MW for fiscal year 2010, which represents an increase of 94.2% to 98.0% compared to fiscal year 2009. The net revenue for full year 2010 is estimated to be in the range of US$1,780 million to US$1,810 million.

In addition, based on the strong gross margin performance in the first three quarters of 2010, the estimated ramp-up cost of Fine Silicon and the 400 MW of new production lines which started initial operation in July 2010, the expected average selling price of PV modules and forecasted exchange rates of the euro and U.S. dollar against the Renminbi, the Company further raises its gross margin target to the estimated range of 32.0% to 32.5% from the recently raised estimated range of 31% to 32% for fiscal year 2010.

First Quarter 2010 Consolidated Financial and Operating Highlights

• Total net revenues were RMB 2,449.9 million (US$358.9 million).
• Gross profit was RMB 815.4 million (US$119.5 million) and gross margin was 33.3%. 
• Operating income was RMB 535.9 million (US$78.5 million) and operating margin was 21.9%.
• Net income (1) was RMB 190.9 million (US$28.0 million) and diluted earnings per ordinary share and per American depositary share ("ADS") was RMB 1.24 (US$0.18).
• On an adjusted non-GAAP (2) basis, net income was RMB 246.8 million (US$36.2 million) and diluted earnings per ordinary share and per ADS was RMB 1.60 (US$0.23).
• Actual output of existing 600 MW vertically integrated production capacity was nearly 30% higher than nameplate capacity.

"Looking ahead, to strengthen our leadership in the global solar market we will continue to focus on improving cell efficiency and yield rates across the integrated value chain while reducing costs, increasing the diversity of our customer base, securing new long-term and strategic partnerships, strengthening our risk control capabilities across different regions and assuring the quality of our products by cooperating with leading partners such as TUV Rheinland. With a strong quarter behind us and solid strategies in place, we look forward to driving continued healthy growth in the future."