Baoding Dec 2, 2015 (Thomson StreetEvents) -- Edited Transcript of Yingli Green Energy Holding Co Ltd earnings conference call or presentation Wednesday, December 2, 2015 at 1:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Zhenhua Fan Yingli Green Energy Holding Company Limited - Director of Legal Affairs * Liansheng Miao Yingli Green Energy Holding Company Limited - Chairman & CEO * Jeffrey Barnett Yingli Green Energy Holding Company Limited - MD Americas * Darren Thompson Yingli Green Energy Holding Company Limited - MD, Europe * Yiyu Wang Yingli Green Energy Holding Company Limited - CFO * Qing Miao Yingli Green Energy Holding Company Limited - Director, IR ================================================================================ Conference Call Participants ================================================================================ * Vishal Shah Deutsche Bank Research - Analyst * Patrick Jobin Credit Suisse - Analyst * Justin Clare ROTH Capital Partners - Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Hello, ladies and gentlemen. This is Chandra; I'll be the operator for this conference call. I would like to welcome everyone to Yingli Green Energy Holding Company Limited's third quarter 2015 financial results conference call. (Operator Instructions). Now I would like to transfer the call to the host for today's call, Mr. Zhenhua Fan, Director of Legal Affairs of Yingli Green Energy. Mr. Zhenhua, please proceed. -------------------------------------------------------------------------------- Zhenhua Fan, Yingli Green Energy Holding Company Limited - Director of Legal Affairs [2] -------------------------------------------------------------------------------- Thank you, operator, and thank you, everyone, for joining us today for Yingli's third quarter 2015 financial results conference call. On the call today from Yingli Green Energy are Mr. Liansheng Miao, Chairman and Chief Executive Officer; Mr. Yiyu Wang, Chief Financial Officer; Miss Qing Miao, VP of Corporate Communications; Mr. Jeffrey Barnett, Managing Director, Yingli Green Energy Americas; Mr. Darren Thompson, Vice President of Sales and Managing Director of Yingli Europe; and Miss Jean Tian, IR Director; Mr. [Lawrence Wong], Financial Controller. The call today will feature a presentation from Mr. Miao, covering business and operational development. Mr. Jeffrey and Mr. Thompson will talk about the development of American, European and other emerging markets respectively. And then Mr. Wong will take you through a discussion of the Company's financial performance. After that, we will open the floor to questions from the audience. Before beginning, Yingli Green Energy's management team would like to remind the audience that this presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as a mandate, and as defined in the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expect, anticipate, future, intends, plans, believes, estimates and the similar phrases. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results or achievements to differ materially from those in the forward-looking statements. Further information regarding this and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the US Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. I would now like to turn the call over to Mr. Miao. -------------------------------------------------------------------------------- Liansheng Miao, Yingli Green Energy Holding Company Limited - Chairman & CEO [3] -------------------------------------------------------------------------------- (interpreted) Welcome, everyone. Thank you for joining us today. Sorry, because of technical problems, so our earnings call might be delayed [upload for quite a few minutes], so you can follow our conference call and transcript first. Sorry for that. In the second half of 2015, commodity prices worldwide, particular oil prices, continued to decline. At the same time, China accelerated its economic restructuring with a focus on more balanced domestic consumption. As you can see, China is taking both domestic and international difficulties. Yingli is also facing some financial challenges, but with everyone's efforts in gross margin improvement and expenditure control, we have successfully repaid a substantial amount of the middle-term bank note during October 2015. What's more, in the third quarter we improved our utilization rate of production facilities to approximately 70% through different strategies, including OEM, which lead to a decrease of our production cost. Therefore, the gross margin on non-GAAP basis increased to 8.6% in the third quarter, compared to 6.3% in the second quarter. Considering accounting impact of long-lived assets impairment, the gross margin in the second quarter is 16%. In the third quarter, we saw a stronger demand and a slight [lineup] in average selling price for PV modules in China, due to accelerated construction of utility scale projects. Meanwhile, the Chinese Government continued to promote domestic rural improvements through the development of PV projects and carry on Top Runner program. For example, Hubei Province increased [electricity] subsidy grant of rural improvement projects from RMB0.1 to RMB0.2 per watt. Also, [they are to] increase the PV installation target of 2015 by additional 5.3 gigawatts for certain areas with faster and better than expected development of PV projects. According to an NEA official, China is likely to increase its accumulated PV capacity to 150 gigawatts by 2020 as part of its 13th five-year plan on energy, which means an estimate of approximately 20 gigawatts of new PV installations for each year over the next five years. Due to high quality products and a world-renowned brand, Yingli has maintained and strengthened the relationship with long-term partners in China. For example, in the third quarter we entered into agreements to supply 170 megawatts of PV modules to CFC Construction, a leading EPC contractor in China. This particular agreement was our largest PV module supply order to date in China. We also signed 130 megawatts PV module supply agreement with NESI, a leading provider of agriculture PV solution in China. In addition, the Company pursued more flexible market strategies and given priorities to the orders with higher price and better payment. As of third quarter, the Company has signed a deal of 350 megawatts full amount cash prepayment agreements in China, accelerating our working capital turnover. Given the cash flow challenges, and the negative impact of China's nationwide delay in subsidy allocation, we have decided to suspend the entrustment agreement for development of PV projects in China with other related parties, and accelerated the disposal of PV project [downstream] assets owned by the Company, in order to quickly collect the funds related to the downstream business. Through the cooperation with state-backed, large scale enterprises and other financial institutions, approximately 115 megawatts of projects has been sold to third parties. In addition, we are also negotiating with third parties for the sale of approximately 200 megawatts of PV projects and expect to enter into contracts around yearend. We believe our [commitment] (inaudible) innovation in R&D upstream, higher efficiency and differentiation will ensure customer retention and continued trust. On conversion efficiency of PV sale front, Yingli's patented PANDA technology achieved average efficiency of over 20%, combining the special feature of being able to generate power on both front and rear sides. The power output of PANDA double glass module could increase by approximately 20% compared to the traditional modules. That means the power output of a PANDA double glass module with nominal power of [271] nearly equal to a traditional module with nominal power equivalent to 10 watts under the same conditions. A PANDA double glass module have been utilized on the low carbon city park, the largest PV greenhouse building in Asia, with a capacity of 3 megawatts, that has been opened to the public. As to the new products, Yingli successfully launched high voltage modules, [N-type] monocrystalline modules, modules applicable to extreme weather conditions, various demands. Recently, Yingli's international standards were approved by SEMI, a global leading organization in the department of PV related standards, making Yingli as the Company with the most international standards approved by SEMI in PV industry. During the quarter, Yingli continued to actively improve its operating fundamentals and promoted the transformation of [projects], with great support from government and banks. For example, the proceeds from liquidation of idle land by Fine Silicon in the special [bank pool] enabled the Company to maintain its cash stabilization and repay several matured loans with substantial amount of middle-term bank notes due in October 2015. Besides, Yingli continued to strengthen the communication with potential strategic partners and financial investors on our current situation and long-term plan, preparing for successful transformation. I would like to introduce our new MD for Yingli Americas, Mr. Jeff Barnett, who joined Yingli since October 2012. Before that, Jeff had over 15 years of global business development experience in renewable energy industry, and we believe has [perspective and] will lead our team to continue successfully penetrating the Americas and the South American market. Next, Jeff and Darren will talk you through the Americas, Europe, [UK] and other regions. I just want to remind everyone that our earnings [coverage] right now is available at the website [where you can view it]. [Thank you]. -------------------------------------------------------------------------------- Jeffrey Barnett, Yingli Green Energy Holding Company Limited - MD Americas [4] -------------------------------------------------------------------------------- Thank you, Mr. Miao, and hello to everyone. Yingli Americas had a balanced third quarter overall, while maintaining consistent customer demand and experiencing opportunistic growth, particularly within Latin America and the Caribbean. Sales in the US continued with run-rate customers in the DEG sector, and the team garnered a large utility sector deal, deliveries of which started at the end of the third quarter. We saw US pricing stabilize and remain flat from Q2 to Q3, and activity within Latin America and the Caribbean remained strong, with several contracts executed across the region with new customers as well as a good baseline of existing customers. The beginning of the third quarter also positioned Yingli well within the US market, given the Company's low tariff rate on Chinese cells, as determined by the Department of Commerce. Yingli received the lowest rate amongst our tier 1 competitors of 21.73%; that's CBD plus AD. Although Department of Commerce will announce its preliminary results of the second administrative reviews in the AD and CBD proceedings at the end of this year, in December to be precise, Yingli will maintain its current rate until the Department issues its final results in mid-2016. I'd like to just point out a few specific highlights of the quarter. A large utility scale deal won in Texas; again, deliveries began at the end of the third quarter. We maintained our strong presence across Latin America and the Caribbean, particularly with sales volumes increasing within the distributed generation sector in Mexico, with also strong sales across Central America and the Caribbean. Overall, ASPs within Latin America and the Caribbean rose by 11% from last quarter, and this is, in large part, due to increased DEG project sales in Mexico. A couple of other highlights; on the engineering and marketing fronts, Yingli America spearheaded the global launch of our new utility scale module designed for maximum system voltages of 1,500 volts. We also showcased a new [4-busbar] module, our Enki CleanARC coating solution, with our Enki partners. And an exciting transportable, yet easy-to-install, generation solution with our partner called [Power Station]. We remain very optimistic about the remainder of 2015, and especially 2016, as utility scale project demand rises in the US, and policy support for renewable energy continues to improve within Latin America and the Caribbean. I'd like to pass the call over to Darren Thompson. Thank you. -------------------------------------------------------------------------------- Darren Thompson, Yingli Green Energy Holding Company Limited - MD, Europe [5] -------------------------------------------------------------------------------- Thank you, Jeff. In Q3, our European operations continued to experience the negative effects of a non-competitive minimum import price, combined with competitors aggressively pricing below the floor price for Chinese imports. Demand side from Europe remained [up] as a result of government incentive program adjustments, creating a mix of uncertainty and a general decline in the conditions that offer motivating economics for users or investors. As a consequence, Europe's Q3 share of global shipments reduced sequentially from 8.9% to 2.9%. Our transition to a downstream project development business model will help shelter us from these headwinds, given the portfolio's footprint that extends outside of the EU, and in combination with significantly lower operating expenses following restructuring activities, as disclosed in the last call. During the last quarter, we agreed to extend our Polish project portfolio by 30 megawatts, bringing our total portfolio under joint development to a total capacity of 60 megawatts. Projects will be developed for inclusion in the Polish auction system in 2016 through 2017. In Turkey, we agreed a new partnership to jointly develop the pipeline of 20 megawatt of utility scale projects. Development has commenced for the first 10 megawatts across four sites in Turkey, with construction expected to begin in Q2, 2016. Our downstream project portfolio outside of China, that has reached its minimum [assigned term sheet] milestone now totals [202.8] megawatts, including the 18.8 megawatt UK Boxted project that has been sold, as announced in August. Our current strategy is to focus on sell rather than hold to efficiently recycle cash back into our project development portfolio. We began to gain traction on our activities in West Africa, through our JV in Ghana for first shipment to be made to fulfill first rooftop commercial opportunities. We aim to broaden and deepen our activities in other regions and countries in Africa, where we identify opportunities for material solar PV deployment, given growing energy demand and intermittency challenges from existing generation and transmission assets and infrastructure. Turning to Japan, we've recorded seven straight quarters of shipments over 120 megawatts, with cumulative shipments exceeding 1.5 gigawatts. We've made solid progress with our residential segment activities, installing nearly 200 homes with Yingli's Kiwami residential system in Q3. In addition, we aim to strengthen our value proposition for residential home owners through our recent partnership with Rinnai, a major appliance manufacturer of water heaters, to create an efficient home energy package. We anticipate strong growth in the residential segment in 2016 in Japan, and we have positioned ourselves to capture this growth through expansion of our home builder and resale channels. Now I'll hand over the call to our CFO, Mr. Wang Yiyu. Thank you. -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [6] -------------------------------------------------------------------------------- Thank you, Darren, Jeff, and hello, everyone. First, I would like to walk you through our financial results for the third quarter of 2015, followed by the guidance for the fourth quarter of 2015 and full year 2015. As Miao mentioned, although we have strong demand from our PV module, for both domestic and overseas markets, the utilization of our production capacity was negatively impact by the stressed cash flow due to the debt repayment in Q3, 2015. Therefore, our shipment of PV module was 460.4 megawatt in Q3, 2015. While our gross margin was 16%, a significant [decrease] from 6.3% in Q2, 2015, this was mainly contributed by the continuous cost control efforts, and also as a result of the impairment charge for the long-lived assets recognized in Q3. Total revenue in Q3, 2015, was $351.5 million, down from $438.1 million in Q2, 2015. The decrease in total revenue was mainly due to a decrease in PV module shipment, which was primarily affected by the low utilization of the Company's production capacity for its in-house PV module. Gross profit and gross margin were $56.2 million and 16% in Q3, 2015, compared to $27.6 million and 6.3% in Q2, 2015. The significant decrease was mainly due to the decrease in the depreciation cost, as a result of recognition of a long-lived asset impairment in Q3 and a slight increase in the average selling price. Excluding the impact of the impairment of the long-lived assets, gross margin in Q3 were 8.6%, slightly higher than Q2, 2015. Moving on to the operating line, operating expenses were $506.7 million in Q3 compared to [$56.4 million] in Q2. The significant increase in operating expenses was mainly included the recognition of the non-cash impairment of long-lived assets in the amount of $598.5 million, which also partially offset by a disposal gain from long-lived assets and the land of Fine Silicon in the amount of [$161.9 million]. Excluding such net impact of the above two mentioned items, the operating expenses would be [$70 million] in Q3, down from [$78.7 million] in Q2. The decrease was attributed to a deduction in selling expenses, but also partially offset by a increase in the G&A expenses, which is a bad debt provision for the sales in the amount of around [$10 million] in Q3. Therefore, our operating loss in Q3 were $450.5 million compared to [$28.9 million] in Q2. Foreign currency exchange gain in Q3 were $5.9 million in Q3, compared to the loss of $1.7 million in Q2. The increase in the foreign exchange gain was mainly due to the depreciation of RMB against US dollar and the euro in Q3. In Q3, the non-GAAP [EBIT] were negative $407.8 million. Excluding the impact from the long-lived assets, we would consecutively report the 10th positive EBIT quarter in the amount of [$26.8 million]. Let's take a quick look at our balance sheet. At September 30, 2015 our cash and cash equivalent were $115.6 million, increased from $92.7 million as of June 30, 2015. The restricted cash were $136.9 million, compared to $193.8 million as June 2015. Furthermore, we have broaden our comprehensive approach with our major lenders in China, which continues to show their support by providing renewal of loans in the amount of [RMB1.1 billion] in Q3. Meanwhile, we still maintain RMB6.8 billion in unutilized short-term lines, and RMB1.3 billion committed long-term facility. In Q3, we successfully repaid a substantial amount of the medium notes, due in October, and are committed to repay the remaining portion of [RMB357 million] by working closely on collection the remaining [composition] relating to the Fine Silicon land. Furthermore, we have been making our best efforts to [accelerate] collection of accounts receivables. Based on the current estimate, the remaining portion of the medium-term notes in the amount of [RMB315 million] should be able to be repaid by the end of Q3 next year. Considering its cash flow challenge, and the national-wide delay to settle the subsidiaries to the downstream solar project, the Company has decided to suspend further developing new project in China until the Company regains its strength in cash flow. And we will continue to assess which the liquidation of the current PV project at different stage to enhance the Company's total cash flow. The proceeds from such liquidation are expected to be used for the Company's general operating purposes. As Miss Miao mentioned, we have already sold 150 megawatts, and approximately another 200 megawatts project in different stage are in the negotiation with our partners. Now, let's move into the guidance for Q4 and full year 2015. While we are consolidating all possible resources to improve the utilization ratio of our production capacity, we will continue to work on balancing all the cash flow resources to repay the remaining portion of the medium-note and other debts. The management expects our PV module shipment in Q4, 2015, to be in the range from 420 megawatts to 440 megawatts. Therefore, for the full year, we expect our total module shipment will be in the range of 2.35 gigawatts to 2.4 gigawatts. Now, I would like to open the call to the questions. Operator, please proceed. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions). Vishal Shah, Deutsche Bank. -------------------------------------------------------------------------------- Vishal Shah, Deutsche Bank Research - Analyst [2] -------------------------------------------------------------------------------- Can you provide some more color on the fourth quarter megawatt guidance? Just curious as to what's driving the sequential decline in fourth quarter megawatts, and where do you see potential growth opportunities as well as slowdown in the fourth quarter? Thank you. -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [3] -------------------------------------------------------------------------------- Thanks for your question. I think for the fourth quarter shipment continue to going down. It's still mainly due to the Company has to concentrate or centralize the resources on settling the due debt in Q4. The market for China and globally are maintain a healthy level. As Miss Miao mentioned, China has proved to be a growing market year by year, and we believe such kind of opportunity will be continue. So we still have a strong demand from US, Japan and other markets. But given the current financial stress the Company is facing, so we have to [balance and maintain] the resources that we are going to use for production versus the financial resources we must use to settle those loans. So this is the main reason that our Q4 shipments are slightly below the Q3. Thank you. -------------------------------------------------------------------------------- Vishal Shah, Deutsche Bank Research - Analyst [4] -------------------------------------------------------------------------------- I appreciate that. And just one other follow-up question on China; can you talk about when you expect subsidy cuts in China and how that's going to impact 2016 demand? What's your expectation on 2016 demand in China? Thank you. -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [5] -------------------------------------------------------------------------------- So the China market will be still very strong in the following years. It's mainly driven by the several reasons. The first is, China Government is very committed to the renewable efforts which they wants to be the renewable to be taken more and more portion of the whole utility profile. The second is, given the pollution issues. So regarding to the feed in tariff trend, based on the current informations and the discussions and communications with the National Energy Administration, NEA, we understood that China somehow will, very slightly, decrease the subsidies for 2016. The range is somehow around, based on the current level, somehow around [RMB0.03 to RMB0.05] for each kilowatt hour, based on the current level for next year. Therefore, after that the feed in tariff level should be in the range of somehow from RMB0.85 to somehow like RMB0.95/RMB0.96. But additional to that, there will be still provisional level subsidiaries will be awarded to the solar projects. So generally, it won't be significantly impact the return of the projects, [we talk] the project in China. Thank you. -------------------------------------------------------------------------------- Vishal Shah, Deutsche Bank Research - Analyst [6] -------------------------------------------------------------------------------- Thank you. -------------------------------------------------------------------------------- Operator [7] -------------------------------------------------------------------------------- Patrick Jobin, Credit Suisse. -------------------------------------------------------------------------------- Patrick Jobin, Credit Suisse - Analyst [8] -------------------------------------------------------------------------------- Just briefly, I want to dive in deeper on sources of cash. I think you mentioned 200 megawatts of projects that you could potentially sell. Just what's the status of those, are those complete and what sources of cash that could be. And then related to that, on the manufacturing side, just given the underutilization and idle capacity you have, is your plan to keep that capacity offline, or is that an asset you could monetize? Thanks. -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [9] -------------------------------------------------------------------------------- Thank you for your question, Patrick. I think, for the current 200 megawatts we are looking for, so given these projects are including different stage approaches, within different stage, and some projects have already been financed, it's still a little bit early to estimate how much will be the proceeds. But I would say, roughly, it should be able to generate cash in the range around RMB400 million maybe to RMB500 million can be generated from such kind of liquidation action. Regarding to your second question, currently, I think the total utilization ratio, including the third-party OEMs, can be reached over 70%. In Q4, actually we see some additional demand from OEM and some external customers. The guidance we are offering is based on the current financial situation we are facing, which means, in order to manufacture more panel and sell more panel, we're continuously looking for some additional flexible resources which can help us to produce more modules. If that doesn't work very well, we still have a chance to do more OEM for third parties which means that, at this moment, we don't have any plan or intention to monetize some of the plant assets or production assets at this moment. Thank you. -------------------------------------------------------------------------------- Patrick Jobin, Credit Suisse - Analyst [10] -------------------------------------------------------------------------------- Thanks. Just a really quick clarifying question to a comment I think made to you, your medium-term notes, did you say that you anticipate a final repayment by Q3 of 2016? And if so, has the agreement been finalized with the debt holders at this stage? -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [11] -------------------------------------------------------------------------------- Yes, the date I mentioned is a very conservative estimation, because we are working very hard to [accelerate] all the relating procedures to collect the remaining amount relating to the liquidation of the land of Fine Silicon. So this date is the most conservative date. We have been very open to communicate such kind of facts and all the expectations with the debt holders. At this moment, we did not sign any official agreement, given this is not somehow necessary for those medium-notes debt, but they also did not take any other actions. They are somehow maintaining a quarterly communication with us to ensure all the procedures are under control. So, at this moment, somehow, as I say, we have reached a mutual consensus based on the current facts. -------------------------------------------------------------------------------- Patrick Jobin, Credit Suisse - Analyst [12] -------------------------------------------------------------------------------- Thank you. -------------------------------------------------------------------------------- Operator [13] -------------------------------------------------------------------------------- (Operator Instructions). Philip Shen, ROTH Capital Partners. -------------------------------------------------------------------------------- Justin Clare, ROTH Capital Partners - Analyst [14] -------------------------------------------------------------------------------- Justin Clare; I'm on for Phil today. I just wanted to clarify on the medium-term notes bit. In Q3, do you expect to be able to make the medium-term note payment that is due in May of 2016? Is that included in what you're talking about? -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [15] -------------------------------------------------------------------------------- I think the first thing of your question, there's two medium notes. The first is we have one medium note and that should be repaid in October, which we paid the majority, and the remaining roughly RMB357 million was extended, actually was delayed, and we expect to pay them in next Q3, which is conservative. Meanwhile, we have another [RMB1.4 billion] medium notes to be due in middle of next year, around the middle of May next year. This is two tranches of medium notes. -------------------------------------------------------------------------------- Justin Clare, ROTH Capital Partners - Analyst [16] -------------------------------------------------------------------------------- Right. So I just wanted to clarify, for the tranche that's due in May, how do you expect to meet that payment? Do you think you will be able to make it on time, or you are working through potentially restructuring payments for that? -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [17] -------------------------------------------------------------------------------- At this moment, we are still using the following ways. So we try to liquidate all the assets that are not relating to the production facility, such as our downstream projects, such like other assets we are holding the investment, we invest in some joint ventures. The second is, we are working with the bank very closely to see if there's any actual finance we can receive to rotate the loan or partially rotate the loan. So we are working with several potential strategy investors in China to see if they can bring additional financial resources to the Company to help the Company to enhance our cash position and also, to enhance the repayment of the loan. So it's a combination, say, actions we continue to take to ensure we can smoothly repay the loan, or at least make the loan holders feel comfortable based on what we will do. Thank you. -------------------------------------------------------------------------------- Justin Clare, ROTH Capital Partners - Analyst [18] -------------------------------------------------------------------------------- Okay, thanks. And maybe just one more. I wanted to better understand the impact to your financials that 150 megawatts sale in Q4 will have. How much cash was generated from that? And were those fully completed projects? -------------------------------------------------------------------------------- Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [19] -------------------------------------------------------------------------------- No, I think there's 150 megawatts we already sold which is not in Q4, and we have another 200 megawatts project which are in different stages, which means some are close to completion, some are in the very early stage. For those projects, we are now in the period to negotiate with some [buyers] to sell them. So it's still a little bit early to expect that the total cash flow proceeds we may get, but roughly estimated should be somehow in the range from RMB400 million to RMB500 million for these 200 megawatts. -------------------------------------------------------------------------------- Justin Clare, ROTH Capital Partners - Analyst [20] -------------------------------------------------------------------------------- Okay, great. Thank you. That's it for me. -------------------------------------------------------------------------------- Operator [21] -------------------------------------------------------------------------------- And that concludes our call today. Now, I would like to transfer the call back to Ms. Miao Qing for closing remarks. -------------------------------------------------------------------------------- Qing Miao, Yingli Green Energy Holding Company Limited - Director, IR [22] -------------------------------------------------------------------------------- Thank you, everyone, for participating in the call and we're extremely sorry for having some technical problems in upload our earnings release later than expected. Next time, we will do better. Thanks. Thank you, everyone. Bye-bye. -------------------------------------------------------------------------------- Editor [23] -------------------------------------------------------------------------------- Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this Event.
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