Yingli Green Energy Holding Co. Ltd.

Published : September 08th, 2015

Edited Transcript of YGE earnings conference call or presentation 8-Sep-15 12:00pm GMT

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Edited Transcript of YGE earnings conference call or presentation 8-Sep-15 12:00pm GMT

Baoding Sep 8, 2015 (Thomson StreetEvents) -- Edited Transcript of Yingli Green Energy Holding Company Ltd earnings conference call or presentation Tuesday, September 8, 2015 at 12:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Zhenhua Fan

Yingli Green Energy Holding Company Limited - Director of Legal Affairs

* Liansheng Miao

Yingli Green Energy Holding Company Limited - Chairman & CEO

* Robert Petrina

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

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Conference Call Participants

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* Vishal Shah

Deutsche Bank Research - Analyst

* Philip Shen

ROTH Capital Partners - Analyst

* Mahesh Sanganeria

RBC Capital Markets - Analyst

* Patrick Jobin

Credit Suisse - Analyst

* Sheng Zhong

Morgan Stanley - Analyst

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Presentation

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Operator [1]

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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 second-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.

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Zhenhua Fan, Yingli Green Energy Holding Company Limited - Director of Legal Affairs [2]

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Thank you, operator; and thank you, everyone, for joining us today for Yingli's second-quarter 2015 financial results conference call. The second-quarter 2015 earnings release was issued earlier today and available on the Company's website at yinglisolar.com. We have already provided supplemental presentation for today's earnings call which can also be found on our IR website.

On the call today from Yingli Energy are Mr. Miao Liansheng, Chairman and Chief Executive Officer; Mr. Wang Yiyu, Chief Financial Officer; Miss Miao Qing, Vice President of Corporate Communications; Mr. Robert Petrina, Vice President of Sales and Managing Director of Yingli Americas; Mr. Darren Thompson, Vice President of Sales and Managing Director of Yingli Europe; and Miss Jean Tian, IR Director; and Miss Ma Jing, Accounting Manager.

The call today will feature a presentation from Mr. Miao covering business and operational developments. Mr. Petrina and Mr. Thompson will talk about the development of American, European and other emerging markets respectively. And then Mr. Wang 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 amended, and as defined in the US Private Securities Litigations Reform Act of 1995.

These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates, and similar phrases. Such statements are based upon management's current expectations and current marketing 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, performance or achievements, to differ materially from those in the forward-looking statements.

Further information regarding these and other risks, uncertainties or factors, is included in Yingli Green Energy's filings with the SEC. Yingli Green Energy does not undertake any obligation to update any forward-looking statements 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.

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Liansheng Miao, Yingli Green Energy Holding Company Limited - Chairman & CEO [3]

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(interpreted) Welcome, everyone. Thank you for joining us today.

In the first quarter of 2015, due to a number of internal and external factors, Chinese economy began to face some high winds which also brought great challenges to capital-intensive manufacturing industry as well. Nevertheless, the Company is trying to overcome its own challenges and successfully repaid RMB1.2 billion medium-term notes in May.

In the second quarter of 2015, we achieved our previous guidance in terms of shipments and reached a PV module shipments volume of 728 megawatts, bringing our cumulative PV module deliveries to over 14 gigawatts worldwide.

As we pack away the traditional off-season in the first half of 2015, our shipment growth to China and the US resumed rapidly. Among them, China market was still the major growth deliverer, no matter from the perspective of current scale or future development potential. The shipments to China account for 38% of the total volume in the second quarter, representing a sequential increase of 110%.

Accompanied by the inspection of projects installment progress from provincial governments, we expect there will be an installation boom in the second half and that there will be a slight uptick in the average selling price during the period.

In attribute to Yingli's strong brand and recognition, we're deploying more flexible marketing strategies by prioritizing orders with better payment terms and competitive profit margins, aiming to accelerate the working capital turnover.

In the US, the Company achieved remarkable [readouts] in the second quarter. [World] shipment grew by more 35% sequentially, even faced with order delays that were postponed to second half of 2015 as the [readout of] US administrative review process by DOC.

The emerging markets, despite of rising currency and capital market volatility, the fundamentals are strong. The economics of these markets will continue to grow faster than developed countries.

The increasing demand for electric power in the second quarter, demand in Latin America, South East Asia, North Africa and other regions, continued the first quarter's growth rates. In particular, the components continued to perform well in markets such as Venezuela, Honduras and Chile.

For instance, 240 megawatts module supply projects to Chile help us to further consolidate our leading position in the larger American markets where the [owner] company is reputable, NASDAQ-listed company, whose projects are backed by Chile Government and international financial consortium. Besides, we have successfully completed the first phase panel deliveries and the rest world shipments will be accomplished in January 2016.

In consideration of China nationwide delay in subsidy allocation, operating large ground-mounted PV stations for long-term would require significant capital. Accordingly, we will continue to enhance the transmission to less investment and a quicker turnover business model whereby Yingli [mainly] engage in earlier stage development, product design-in, technology consulting and the product management.

Up to now, the Company has divested some project assets by undertaking cooperation with some prestigious firms in the market. The sold and for sale amount has reached 100 megawatts as of now. We believe this strategy will help us further improve our cash flow in the short term.

As a leading enterprise in Hebei Province, as well as top leader in China PV industry, Yingli has committed to all possible efforts to improve its operating fundamentals. Our improvement and transformation have been obtained attention, recognition and dedicated support from all relevant stakeholders. Especially, local government has been working closely to take supportive measures to help the Company to relieve its cash flow pressure. In the meanwhile, we're actively discussing with strategic partners and financial investors to seize opportunities for successful transformation.

Next, Robert and Darren will walk you through the Americas, Europe and other regions.

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Robert Petrina, Yingli Green Energy Holding Company Limited - MD, Americas [4]

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Thank you, Mr. Miao.

After a softer first quarter in the United States as the supply chain adjusted in anticipation of the trade case results, the second quarter has kicked off what will be a two-year period of tremendous growth. The US, various countries in LATAM, as well as the Caribbean, are showing strong demand and segment diversification.

As in the previous quarter, our run rate in residential and commercial business experienced strong demand and regional diversification. Pricing firmed after the softness experienced in the first quarter.

The first administrative review process for the trade case on Chinese sales officially released the new margins in early July, giving Yingli an extremely low rate of 0.79% for the dumping margin, which once again reflects our disciplined and rational approach to the US market.

Coupled with the final determination on countervailing duties, Yingli received the lowest rate among its competitors, thus having an advantage on applicable duties.

In the United States, the second quarter was a significant improvement over the first, and we executed well given the challenges we faced in the second half of the quarter.

Some highlights include utility sales as a percentage of total sales doubled. That's compared to Q1 2015. Sales to residential and distribution customers rose 17% compared to 2015 Q1, achieving our second-best volume quarter ever in the segment. We sold to 39 customers; and as mentioned before, we received a best-in-industry AD/CVD tariff rates.

In Latin America, we continued to benefit from a strong presence through the region and are excited to share with you the following highlights.

We sold to 31 customers across 10 countries in Central America and Brazil; concluded the first phase of a 240 megawatt shipment to Abengoa and Chile.

In the Brazilian [region] market, we saw strong growth fueled by increasing electricity prices and advancements in tax legislation. And in Q2, Yingli was the leading module supplier for the Brazilian DG segment.

Honduras remained the leader in utility-scale products in Central America, with over 40 megawatts in signed contracts during Q2 2015.

100% of the quarter's sales outside of Honduras were for distributed generation, with Panama leading with over 6 megawatts in signed contracts.

And with nearly 1 megawatts in DG projects during Q2 2015, the Caribbean has established itself as a growing market for Yingli.

Looking forward to Q3 and the remainder of 2015, we're confident that demand will remain robust. And now, Darren will walk you through our performance in Europe and other international markets.

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Darren Thompson, Yingli Green Energy Holding Company Limited - MD, Europe [5]

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Thank you, Robert. In Q2, our European operations felt the effects of an increase in the minimum import price, or MIP, that was implemented from April 1, combined with competitors aggressively pricing below the floor price for Chinese imports. As a result, Europe's Q2 share of global shipments halved sequentially and year on year to 8.9%. The increased MIP mitigated to some extent the lower volume shipped given the benefit of high unit margins.

As planned, our restructuring activities in Europe have delivered a greater than 50% headcount reduction that results in a significant decrease in labor and non-labor related expenses for the second half of 2015. We will continue to optimize the organization in terms of headcount, regional deployment and employee competence profile, as we transform into a project development company.

Our core focus on downstream project development has begun to pay off by the recently announced sale of an 18.8 megawatt project in the UK to a London Stock Exchange listed solar investment fund. The solar power plant is located on the former Boxted Airfield in Essex and covers more than 50 acres of land. It was completed and connected to the grid in March 2015, and is expected to produce enough energy to power nearly 5,700 average UK households each year.

This success, and the general health of the UK solar market, has been overshadowed by the recent DEG announcements specific to projects less than 5 megawatts to pull forward the closure of the ROC mechanism by 12 months starting April 2016, combined with the removal of grandfathering and a review of ROC banding.

Although a negative development, our strategy to diversify our project development activities across several countries in geographic regions largely buffers Yingli from the current uncertainty of the UK market.

This diversification of our downstream activities is evident in our new 50/50 joint venture established in Ghana with the aim to develop a portfolio totaling 100 megawatts of utility scale solar project power plants in West Africa. We anticipate that the first project will be construction ready by early 2017, and the JV will explore financing solutions from banks and other financial institutions to support the project construction phase.

In parallel, the JV also has the scope to develop 50 megawatt portfolio of smaller but faster to execute commercial rooftop projects that will provide incremental cash flow to the JV as early as the first half of 2016.

In Japan, Yingli has recently surpassed the 1 gigawatt milestone of panels shipped since local operations began in 2012. This is a huge achievement in a short space of time. Share of global shipments reduced from 37% to 23% sequentially as a result of a seasonal slowdown and increased shipments to China and emerging markets.

The order book remains solid for the balance of 2015, and has been supplemented by sales of Yingli's Kiwami residential system, and has nearly reached double-figure cumulative megawatts since launch in Q1.

Market penetration will increase given the signing of several new distribution partners and a housing construction partner that plans to install Kiwami into over 400 new-built homes.

Now I'll hand over the call to our CFO, Mr. Wang Yiyu. Thank you.

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [6]

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Thank you, Darren; and hello, everyone. First, I would like to walk you through our financial results for the second quarter of 2015 followed by the guidance for the third quarter and the full-year 2015.

As Ms. Miao mentioned earlier, we delivered 727.9 megawatts of PV module in Q2 2015 in line with our previous guidance, and reached cumulative PV module delivery exceeding 14 gigawatt globally since our inception.

Our total net revenues in Q2 2015 were $438.1 million compared to $468.7 million in Q1 2015. The sequential decrease in total net revenue was mainly due to the slight lower shipments, the decline in the average selling price of PV modules, primarily affected by a higher percentage of shipments to China and the depreciation of the euro and the Japanese yen against RMB in Q2 2015.

Gross profit and gross margin were $27.6 million and 6.3% in Q2 2015 compared to $66.3 million and 14.1% in Q1 2015. The decrease in the gross profit and the gross margin was mainly due to the decline of average selling price of PV module and the increase in unit manufacture cost as a result of lower utilization ratio of production facilities in Q2.

Moving down to the operation line, operating expenses were $56.3 million in Q2 compared to $77 million in Q1; increased by 26.8% sequentially and 43.5% year over year, which mainly attributed by the recognition of again of the US dollar, $22 million from disposal of the land use rights held by Fine Silicon, a wholly subsidiary of Yingli Green Energy.

We continued to reduce marketing expenses and delivered a 50% headcount and significant OpEx reduction across European operation. In addition, the senior management offered to postpone their payment in order to support the Company's cash flow situation and build confidence to overcome the current challenge.

Operating expenses as a percentage of the total revenue were 12.9% in Q2, decrease from 16.4% in Q1. Therefore, our operating loss in Q2 were $28.8 million with an average operating margin of negative 6.6% compared to $10.7 million and a negative 2.3% in Q1.

Foreign exchange loss in Q2 were $1.7 million compared to $21.1 million in Q1. The significant decrease was mainly due to the less fluctuation of currency ratio of euro against the RMB in Q2.

In Q2, EBIT was $32.1 million. It was the [ninth] consecutive quarter that we reported a positive EBIT.

In Q2, our income tax expenses was $37.5 million compared to $0.1 million in Q1. The significant increase mainly resulted from an RMB200 million of valuation allowance on deferred tax assets recognized in this quarter and a reversal of deferred income tax of Fine Silicon, a wholly-owned subsidiary of Yingli Green Energy.

In Q2, our net loss was $96.5 million, and the loss per ordinary share and per ADS was $0.53 on GAAP basis.

Now let's take a quick look at the balance sheet. As of June 30, 2015, our cash and cash equivalents were $92.7 million, decrease from $184.1 million as of March 31, 2015. It is mainly due to the repayment of the medium notes of RMB1.2 billion in May 2015. And restricted cash was $193.8 million compared to [$213.5 million] as of March 31, 2015.

Furthermore, we kept a close relationship with our major banks in China. In the first half of 2015, the major banks continued to support us and our credit line. As of today, we have approximately $1,037 million in unutilized short-term loans and credit, and $187 million committed long-term facilities.

In addition, for the RMB1 billion medium notes to be due in October 2015, based on the current financial situation and the cash flow forecast, we expect the majority of this repayment will be funded by the proceeds of liquidation of the idle land of Fine Silicon, which is a similar practice as to repay the first tranche of medium notes that was due in May 2015.

Currently, we are working closely with the local authorities on the procedures to liquidation [the land]. We are also exploring other options to [accelerate] our cash flow turnover to improve our operating efficiency, including among which disposal of assets, sale of downstream projects, etc.

Now moving to the guidance for Q3 and the full-year 2015. In spite of the robust demand from China, Japan, US and the emerging markets in second half of 2015, we have to balance all our available cash flow resources and the repayment of all the due debts, including the RMB1 billion in October.

We expect that our PV module shipment in Q3 to be in the range from 550 to 580 megawatts. Therefore, for the full year 2015, we expect that our PV module shipment will be in the range from 2.5 to 2.8 gigawatts.

In addition, as a result of lower than expected utilization ratio of certain project facility of the Company, and the expected continuation of such utilization in the remaining quarter of 2015, we have concluded that impairment triggering events have become apparent in the third quarter of 2015, and we have begun the process to perform a [long-lived] asset impairment analysis with respect to those production facilities.

While the impairment analysis has not been completed yet, the Company expects to recognize a significant amount of non-cash impairment charges on those production facilities in the third quarter of 2015, which will have a material adverse effect on the Company's financial result for the third quarter of 2015 in the fiscal year 2015.

Thereafter, we expect the depreciation charge as part of the goods of sales -- cost of goods sales will decline from fourth quarter and [are there now], which will further help us to decrease the manufacture cost of PV modules and improve our profitability.

Now I would like to open the call to questions. Operator, please proceed.

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Questions and Answers

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Operator [1]

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(Operator Instructions). Vishal Shah, Deutsche Bank.

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Vishal Shah, Deutsche Bank Research - Analyst [2]

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Can you maybe talk about the profitability outlook for the third and the fourth quarter? What kind of margins, gross margins, do you expect, and what kind of OpEx reduction do you expect in the third quarter?

Thank you.

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [3]

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Okay. Thanks for your question.

We expect that our internal in-house production costs will continue to drop slightly quarter by quarter; and based on the current expectation, the ASP trend will be also slightly decreased. Based on that, our internal gross margin ratio for the PV module shipment should be in the line of mid double-teen percentage.

We work further to decrease our total OpEx. The total OpEx as a percentage of revenue should be around also around mid-teen double-digit around, say, slightly below -- in the range from 11% to 13% as a percentage of revenue.

Thank you.

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Vishal Shah, Deutsche Bank Research - Analyst [4]

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Thank you.

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Operator [5]

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Philip Shen, ROTH Capital Partners.

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Philip Shen, ROTH Capital Partners - Analyst [6]

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I was wondering if you could provide some additional color on your guidance. You cut your annual guidance substantially. What is driving the shipment volumes lower? Are some meaningful customers moving their business away?

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [7]

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Thanks for your question. The majority reason for the cutting of the guidance is mainly because the Company expected the utilization ratio in the following quarters will not be in a fully running situation. The market is very strong, especially in Q2, Q3 and Q4. It's a normal [procedure]. However, given the Company has repaid big medium notes which was due in May, and will continue to repay another big tranche, RMB1 billion in October, plus the other due debt needs to be paid in the remaining quarters. Therefore, the total operating cash flow or resources that we can use in the production will be negatively impacted. Therefore, we have to cut some of the orders to reflect this kind of challenge.

However, we have been working very hard to [find out things], and we started to accept some OEM orders which can help us to keep the production line busy, but the remaining margin will be slightly lower than our own orders. And also, from accounting perspective, we will not record them as a PV module shipment but the record is relating income and cost in the line of other income and cost.

Thank you.

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Philip Shen, ROTH Capital Partners - Analyst [8]

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Okay. Thanks. As a quick follow-up, in terms of the non-cash impairment charge, if you could provide some details on that as well, that would be helpful. It sounds like the lower utilization might be a factor. How many megawatts do you think might be impaired in terms of your capacity? And can you share what part of your manufacturing capacity is being impaired; wafer cell or module?

Thanks.

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [9]

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Okay. So I think first is that impairment assessment is mainly driven by the reason I mentioned, because we have a big due debt to be paid in the following quarters and also next year. We are working on different options and solutions to try to bring more cash and assess with the cash flow to increase our cash or financial resources.

However, those options may have some uncertainty, etc. Therefore, we need to -- if this kind of situation continues, we may have a lower utilization ratio for several quarters. So in order to be prudently, or, say, fairly reflect this kind of potential challenge, we will engage a third party to perform an assessment on the impairment of the long-term assets to see, based on some scenario, what will be a result that needed to be charged if this kind of situation continues.

So this is the main reason that we consider to engage in the initiative, this kind of impairment review process.

Regarding to the utilization ratio, in Q3 and Q4 from the orders perspective, we should have enough third-party sales orders to fully support our production utilization ratio. However, given the current cash flow challenge, we plan to take some OEM orders which may represent around 20% to 30% of our total production capacity for Q3, and we plan to use roughly 50% to 60% of our total production capacity for our sales orders. Therefore, the average expected utilization ratio could be in the range from 70% to 90%; depends on the following part of the Q3 how everything goes [up].

In Q4, from the sales order perspective, we still see a strong demand which can support our utilization ratio. But at this moment, we need to search more of additional financial resources to support our own orders. Our target is to accept a higher percentage, say, more than 70%, to support our own orders, and a much less percentage for OEM. But this will be subject to all the works that we are working on relating to repay the medium-term notes, liquidation assets, etc.

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Philip Shen, ROTH Capital Partners - Analyst [10]

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Thank you.

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Operator [11]

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Mahesh Sanganeria, RBC Capital Markets.

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Mahesh Sanganeria, RBC Capital Markets - Analyst [12]

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Can you provide a little bit more details on what are you doing to raise cash? Specifically, how much do you have covered for the tranche that is due in October? And are you considering selling production facilities to raise cash?

Thank you.

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [13]

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Thank you for question. First, we are not considering to selling production facility to raise cash. Regarding to the RMB1 billion medium note to be due in October 2015, at this moment, the majority will be still funded by the sales of the [hydro led] of Fine Silicon. However, we are still working on other options, including sales of downstream projects, liquidation and the cash out of some other investments and assets to provide more resources to repay the medium notes.

Thank you.

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Mahesh Sanganeria, RBC Capital Markets - Analyst [14]

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What's the long-term plan to return to profitability? I think you're in a difficult situation in terms of raising money to pay off the debt and low utilization, and low utilization creates more problem for the profitably. So how do you come over this situation in long term?

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [15]

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I think we will work on through the following efforts and options, and the first is we will continuously to work with existing banks and business partners to fully utilize the resources we have available at this moment.

Second, our Company, we are doing every efforts we have to cash out or liquidation any necessary assets that will not impair the production, including land, downstream projects; including all the early stage and the middle stage projects; and also, including the liquidation of some of investments in some of the joint ventures to generate as much as cash we can.

The third is we have been already started the discussion and communication with several big business partners in China to seek some strategy investors investing in our Company to increase more cash and capital resources to support us, get us through the current challenge.

Thank you.

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Operator [16]

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Patrick Jobin, Credit Suisse.

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Patrick Jobin, Credit Suisse - Analyst [17]

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First just a follow-up, and then another question, but the follow-up being: with even lower volumes in the third quarter and higher OEM mix, shouldn't we expect gross margins to decline or remain under pressure? Yiyu, I think you mentioned mid-teens gross margins in response to an earlier question, or did I mishear that?

And then I have a question. Thanks.

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [18]

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Okay. I think you are right, and the mid teen is for the PV module shipment of our own sales orders. The gross margin that relating to the OEM orders will be slightly -- will be lower than our own module shipment. So putting them together, I think first the total gross margin should be increased in Q3 and Q4; sorry, Q3 and Q4 compared to Q2. It should be in the range slightly above 10%.

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Patrick Jobin, Credit Suisse - Analyst [19]

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Okay. And then you mentioned quicker turnover in less investment businesses. I assume you're referring to like [tolling] agreements for OEM, or are you being more selective for order intake and prioritization? Or are there other ways you're trying to utilize your manufacturing capacity in a capital-light manner?

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [20]

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Yes. I think you are right. You actually already mentioned some efforts we are working on which including we [are likely] to take some orders with more short-term payment schedule, and also to be more in some of other -- like downstream projects, we will selectively to liquidate the project in much earlier stage, or co-develop with some partners to [accelerate] or to release our cash in advancement as much as we can. Maybe let's say to accelerate cash flow, but to compromise some of the margins.

So also in the production facilities, we are also working with some of the partners to run some of the production part together to help us to ease the total operating cash flow we need to run the factory in a full utilization ratio.

Thank you.

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Patrick Jobin, Credit Suisse - Analyst [21]

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Thank you.

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Operator [22]

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Sheng Zhong, Morgan Stanley.

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Sheng Zhong, Morgan Stanley - Analyst [23]

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I saw you have improvement on your working capital. So is it because the industry payment term improved, or because you are taking more orders off OEM production?

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [24]

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I think it's a result that -- generally, it's a result from our core principle which Miss Miao mentioned, [assess] ratio of cash flow with less investment. So we try to pick the most efficient and effective way through the whole operation chain, starting from procurement, production and sales to increase cash flow, which finally will help us to increase the working capital.

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Sheng Zhong, Morgan Stanley - Analyst [25]

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Okay. I understand. So can you give more -- some more details about what the payment terms of the OEM production is -- what the difference will be with your own orders?

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Yiyu Wang, Yingli Green Energy Holding Company Limited - CFO [26]

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The OEM payment term were almost like cash payment, because we don't need to invest in the majority materials. The OEM partners who have provided their materials. So we just need to invest in some of the necessary cost of components like electricity, labor, and some small assets; and the collection of these OEM revenue will be very short, almost like a monthly collection, which is very fast.

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Sheng Zhong, Morgan Stanley - Analyst [27]

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Okay. Thank you.

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Operator [28]

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Ladies and gentlemen, that concludes your call today. Now I would like to transfer the call back to Miss Miao Qing for closing remarks.

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Qing Miao, Yingli Green Energy Holding Company Limited - Director, IR [29]

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Thank you. If you have any additional questions, please feel free to contact either myself or anyone else from Investor Relations team, and we will see you next week at SPI.

Thank you.

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Editor [30]

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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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Yingli Green Energy Holding Co. Ltd.

CODE : YGE
ISIN : US98584B1035
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Yingli Green is based in China.

Yingli Green is listed in Germany and in United States of America. Its market capitalisation is US$ 261.7 millions as of today (€ 224.0 millions).

Its stock quote reached its highest recent level on May 15, 2009 at US$ 9.62, and its lowest recent point on November 30, 2012 at US$ 1.25.

Yingli Green has 181 764 000 shares outstanding.

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12/1/2015Yingli Congratulates UN on COP21 Climate Change Summit in Pa...
11/30/2015Yingli and R.Power Expand Joint Project Pipeline in Poland t...
11/26/2015Yingli Gives Preliminary Q3 View, Lowers Shipment Guidance
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11/25/2015Yingli Green Energy Announces Results of 2014 Annual General...
11/23/2015Is Yingli Green (YGE) Set to Disappoint in Q3 Earnings?
10/20/2015Yingli (YGE) is Overbought: Is A Drop Coming?
10/19/2015Yingli Green Energy to Hold Annual General Meeting on Novemb...
10/13/2015Yingli Green Energy Repaid Substantial Amount of Mid-Term No...
10/2/2015China Stock Roundup: Alibaba to Up Stake in Paytm, China Uni...
9/30/20154:42 am Yingli Green Energy annouces debt restructure plans
9/30/2015Yingli Green Energy Plans to Restructure Repayment Plan for ...
9/30/2015Chinese Solar Company Threatens Default as Xi Makes Green Pu...
9/25/2015Yingli Solar to Supply 130 MW Panels, Expand in China
9/24/2015Zacks Industry Outlook Highlights: Trina Solar and Yingli Gr...
9/24/20156:31 am Yingli Green Energy signs several agreements with Qi...
9/23/2015Are China Worries, Oil Prices a Threat to Renewables?
9/17/2015Yingli Signs Its Largest Solar Panel Supply Agreement to Dat...
9/14/2015Why Yingli Green Energy (YGE) Could Be Positioned for a Slum...
9/14/2015Yingli Partners with PWRstation to Introduce Solar Power Sol...
9/11/2015The Zacks Analyst Blog Highlights: Yingli Green Energy Holdi...
9/10/2015China Stock Roundup: Yingli Green Posts Wider Loss, JD.com t...
9/9/2015Why Roth Capital Is Selling Yingli Green Energy
9/9/2015Company News for September 09, 2015
9/8/2015Edited Transcript of YGE earnings conference call or present...
9/8/2015Mid-Morning Market Update: Markets Open Higher; Media Genera...
9/8/2015Yingli Green Incurs Wider-than-Expected Q2 Loss, Cuts View
9/8/2015Solar Maker Yingli Green Energy Posts Big Loss
9/8/2015Yingli Green Energy Holding (YGE) Misses on Q2 Earnings
9/8/2015Yingli Green Energy Reports Second Quarter 2015 Results
9/7/2015Will Yingli Green (YGE) Disappoint Again in Q2 Earnings?
9/4/2015Yingli and Namene Form JV for Africa-based Solar Projects
9/4/2015The Zacks Analyst Blog Highlights: PetroChina, Qihoo 360 Tec...
9/3/2015China Stock Roundup: PetroChina's 1H15 Earnings Drop, QIHU P...
9/3/2015Yingli and Namene Form Joint Venture to Develop Utility-Scal...
9/1/2015Yingli Green (YGE) Q2 Preliminary Results: Margins Shrink
8/28/2015Yingli Green Energy Announces Preliminary Financial Results ...
8/19/2015Yingli Receives Notice Regarding NYSE Continued Listing Crit...
8/13/2015The Zacks Analyst Blog Highlights: China Southern Airlines, ...
8/12/20155 China Stocks to Watch After Currency Devaluation
8/6/2015China Stock Roundup: Ctrip, Noah Holdings Earnings Up Y/Y, B...
8/6/20151:18 am Yingli Green Energy sells 18.8 MW Solar Power Plant ...
8/6/2015Yingli Announces Sale of 18.8 MW Solar Power Plant in the UK...
7/21/2015UPCOMING DEADLINE: Levi & Korsinsky, LLP Reminds Shareholder...
7/21/2015Yingli to Build a 50 MW Solar Power Plant in Shanxi Province...
7/21/2015IMPORTANT SHAREHOLDER REMINDER: Goldberg Law PC Announces Se...
7/21/2015IMPORTANT SHAREHOLDER REMINDER: Goldberg Law PC Announces Se...
7/21/2015IMPORTANT SHAREHOLDER REMINDER: Goldberg Law PC Announces Se...
7/21/2015IMPORTANT SHAREHOLDER REMINDER: Goldberg Law PC Announces Se...
7/21/2015IMPORTANT SHAREHOLDER REMINDER: Goldberg Law PC Announces Se...
7/20/2015SECURITIES ALERT: The Rosen Law Firm Reminds Yingli Green En...
7/20/2015SHAREHOLDER ALERT: The Law Offices of Vincent Wong Remind In...
7/17/2015SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders W...
7/15/2015SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholder...
7/14/2015Glancy Prongay & Murray LLP Reminds Investors Of The Upcomin...
7/14/2015Yingli Solar Introduces New 1500V Utility-Scale Solar Panel
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7/13/2015What Makes Yingli Green Energy Holding (YGE) a Strong Sell? ...
7/10/2015Yingli Supplies 240 MW of Solar Panels for Latin America's L...
7/10/2015Yingli Green Energy Comments on U.S. Department of Commerce'...
7/10/20156:31 am Yingli Green Energy reports that it is supplying 240...
7/9/2015Yingli Green Energy Comments on U.S. Department of Commerce'...
7/8/2015Yingli Solar and Partners Power School and Clinic in Rural L...
7/7/2015SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholde...
7/3/2015SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders W...
7/2/2015China Stock Roundup: Baidu to Invest $3.2B in Nuomi, CNOOC's...
7/2/2015SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notify In...
7/1/2015Yingli Green Energy Issues Project Bonds for Solar Project -...
7/1/2015Deutsche Bank Bullish On Solar Stocks, Notes 'Weakness Provi...
6/30/2015Yingli Brings Solar Investment Opportunity to the Chinese Pu...
6/26/2015Yingli Solar to Supply 40MW Panels for 2 Honduras Projects -...
6/25/2015China Stock Roundup: Baidu to Sell Senior Notes, Alibaba Add...
6/24/2015Yingli Solar to Supply 40 MW of Solar Panels to Sybac Solar ...
6/19/2015The Zacks Analyst Blog Highlights: Alibaba, Netflix, Qihoo 3...
6/18/2015Yingli Solar, LONGi Tie Up to Build Monocrystalline Products...
6/18/2015China Stock Roundup: Alibaba to Launch China's Version of Ne...
6/18/2015Edited Transcript of YGE conference call or presentation 20-...
6/17/2015SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing o...
6/17/2015Yingli Partners with LONGi on Vertically Integrated Producti...
6/17/20156:31 am Yingli Green Energy signs a framework agreement with...
6/16/2015Yingli Green's 50MW Solar Plant to Support Utility Grid - An...
6/15/2015Yingli Connects a 50 MW Solar Power Plant to the Utility Gri...
6/12/2015TRADING ALERT: The Rosen Law Firm Reminds Yingli Green Energ...
6/12/2015China Stock Roundup: Yingli Green, LightInTheBox Earnings Di...
6/12/2015SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders W...
6/12/2015SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholder...
6/5/2015Is a Shakeout Coming in Chinese Solar Stocks?
6/4/2015What to Expect From Yingli Earnings
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4/23/2015The Guggenheim Solar ETF Extends Its Gains on April 22
4/23/2015China Stock Roundup: China Mobile Reports Mixed Results, Sin...
4/23/2015Yingli Green Energy Announces Agreement to Sell Its Idle Lan...
4/23/2015Pakistan's Parliament House Goes Solar with Yingli Green Ene...
4/20/2015Yingli to Develop a 50 MW PV Power Plant in China
4/20/20156:59 am Yingli Green Energy has obtained a $48 mln financing...
4/14/2015Trina Solar Modules to Power Japan's Largest Solar Project -...
4/14/2015Bion Environmental Looks to Clean Up Chesapeake Bay Mess
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4/10/2015Trina Solar to Ship 9.9 MW Modules to a Panama Solar Farm - ...
4/9/2015Yingli Green Supplies 15.5 MW Solar Panels to New Jersey - A...
4/9/2015Bank Of America Offers Solar Picks: Downgrades Trina, Yingli...
4/7/2015What Makes Yingli Green Energy Holding (YGE) a Strong Sell? ...
4/7/2015Yingli Green Energy Powers 15 MW of Solar Projects for Marin...
3/28/2015Yingli Joins Earth Hour 2015 to Fight Air Pollution in China
3/27/2015The Zacks Analyst Blog Highlights: China Petroleum and Chemi...
3/26/2015China Stock Roundup: Sinopec Misses on Earnings, China Mobil...
3/26/2015JinkoSolar (JKS) to Offer 104-MW PV Modules to Swinerton - A...
3/26/2015Company News for March 26, 2015 - Corporate Summary
3/26/2015Yingli Green Energy Down on Wider-Than-Expected Q4 Loss - An...
3/25/2015The Advantages of Investing in Yieldcos
3/25/2015Yingli posts bigger-than-expected loss, strong yuan weighs
3/25/2015Yingli Green Misses Both Q4 Earnings & Revenue Estimates - T...
3/25/2015Solar panel maker Yingli posts smaller 4th-qtr loss as costs...
3/25/2015Yingli Green Energy Reports Fourth Quarter and Full Year 201...
3/24/2015First Solar has plenty of room to grow—but will it grow?
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3/23/2015Will Yingli Green (YGE) Disappoint this Earnings Season? - A...
3/20/2015What to Watch in the Week Ahead and on Monday, March 23
3/19/2015First Solar shines, trading at a discount to solar power pee...
3/19/2015First Solar faces some must-know challenges
3/19/2015First Solar’s strong balance sheet sets it apart from its pe...
3/17/2015First Solar’s strong Systems segment offsets a fall in Compo...
3/17/2015JA Solar Supplies Modules to Phase II of Guatemala Project -...
3/17/2015Yingli Solar to Add 50MW of Solar Power in Hubei Province - ...
3/16/2015Yingli Green Energy Begins Construction of a 50 MW Solar Pow...
3/12/2015Solar Stocks To Watch Following JA Solar's Q4 Report
3/10/2015Yingli Green Energy to Announce Fourth Quarter and Full Year...
3/9/2015JinkoSolar Inks Deal with CMBC Worth RMB 3 Billion - Analyst...
3/2/2015Yingli Green Energy Extends its FC Bayern Munchen Youth Cup ...
2/13/2015Yingli Brings the FC Bayern Youth Cup to Beijing
1/6/2015Yingli Green Energy Goes Beyond Targets for Reducing Greenho...
12/17/2014Yingli Green Energy Comments on U.S. Department of Commerce'...
12/8/2014Yingli, Kasikornbank, Huawei and Solventia Solar Energy Plan...
12/3/2014Yingli Green Energy Announces Changes to Its Board of Direct...
11/25/2014Yingli Green Energy Supplies 72 MW of Solar Panels to Solarc...
11/18/2014Yingli Green Energy Supports China Policy to Expand Distribu...
11/17/2014Yingli Green Energy Announces Results of 2013 Annual General...
11/12/2014Yingli Green Energy powers Bolivia's largest solar project
11/11/2014Yingli Green Energy Recognized by Silicon Valley Toxics Coal...
11/10/2014Yingli Green Energy to Announce Third Quarter 2014 Financial...
10/22/2014Yingli Green Energy Hosts Fifth Annual Global Investor Day i...
10/21/2014Yingli Solar Surpasses 2,000 MW of Solar Panel Deliveries in...
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NYSE (YGE)
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