Yingli Green Energy Holding Co. Ltd.

Published : June 14th, 2016

Yingli Green Energy Reports First Quarter 2016 Results

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Yingli Green Energy Reports First Quarter 2016 Results

BAODING, China, June 14, 2016 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ('Yingli Green Energy' or the 'Company'), one of the world's leading solar panel manufacturers, known as 'Yingli Solar,' today announced its unaudited consolidated financial results for the quarter ended March 31, 2016.

First Quarter 2016 Consolidated Financial and Operating Summary

  • Total net revenues were RMB2,351.1 million (US$364.6 million), compared to RMB2,110.0 million in the fourth quarter of 2015.
  • Total photovoltaic ('PV') module shipments were 508.1 MW, compared to 504.5MW in the fourth quarter of 2015.
  • Gross profit was RMB469.3 million (US$72.8 million), significantly increased from RMB248.3 million in the fourth quarter of 2015. Gross margin was 20.0%, increased from 11.8% in the fourth quarter of 2015. Gross margin on sales of PV modules was 19.7%.
  • Operating income was RMB186.4 million (US$28.9 million), compared to operating loss of RMB1,120.3 million in the fourth quarter of 2015.
  • On a non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization ('EBITDA') were RMB482.0 million (US$74.8 million).
  • Net income was RMB79.6 million (US$12.3 million) and earnings per American Depositary Share (each representing ten ordinary shares of the Company, the 'ADS') was RMB4.4(US$0.7). On an adjusted non-GAAP basis, adjusted net income was RMB73.3 million (US$11.4 million), and adjusted income per ADS was RMB4.0(US$0.6).

'We are glad to announce that we achieved profitability in the first quarter of 2016, which was our first profitable quarter since the third quarter of 2011. Our gross profit was RMB469.3 million in the first quarter, increased approximately 90% quarter over quarter, representing a gross margin of 20.0%, up from 11.8% in the fourth quarter of 2015. Our income from operations and net income reached RMB186.4 million and RMB79.6 million, respectively, in the first quarter while we had loss from operations and net loss in the previous quarter. By now, we have accumulatively shipped over 15GW of PV modules across the world, marking an important milestone in our development,' commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy.

'Internationally, we focused on major PV markets with relatively higher selling prices in the first quarter in order to improve our profitability. Our shipments to Japan continued to increase and shipments to Japan as a percentage of our total shipments increased to approximately 40% in the first quarter of 2016 from approximately 30% in the fourth quarter of 2015. We expect the strong demand from Japan to continue in 2016 before Japan's announced reduction of subsidies for PV power becomes effective in April 2017. We also had a solid first quarter in the United States with shipments to the U.S. representing approximately 14% of our total shipments in the quarter as compared to approximately 10% in the fourth quarter of 2015, and we expect to maintain our position in the U.S. with orders from a stable base of run rate customers. In China, we have secured orders of approximately 820MW by the end of May due to robust demand in the first half of 2016.'

'In May 2016, we successfully commercialized our bifacial series of monocrystalline modules, which were installed on a 50MW power plant in Datong, Shanxi province under China's 'Top Runner' program and can generate electricity from both the front and rear sides of the cells, allowing power yields of up to 30% more than traditional monocrystalline modules. We plan to continue to focus on high-end products reflecting technological advancements to improve average module gross margin and enhance our position in the competitive domestic market this year.'

'Despite the challenges we face, we have achieved a remarkable improvement in our financial performance in the first quarter of 2016. We endeavor to make every effort to keep such momentum and maintain a healthy operation,' Mr. Miao concluded.

Notes:

1. Total PV module shipments include shipments to the Company's own downstream PV projects of 2.3 MW in the first quarter of 2016. Revenues were not recognized for internal shipments as required by U.S. GAAP. The Company has suspended new development business of downstream PV projects in China since September 2015, and there were no shipments to new downstream PV projects in the first quarter of 2016.

2. All non-GAAP measures other than EBITDA exclude, as applicable, share-based compensation, the amortization of the debt discount, the amortization of intangible assets, inventory provision, impairment of long-lived assets and losses on inventory purchase commitments. EBITDA excludes interest, tax expenses, depreciation and amortization. For further details on non-GAAP measures, please refer to the reconciliation table and a detailed discussion of the Company's use of non-GAAP information set forth elsewhere in this press release.

3. For convenience purposes, all references to 'net loss/income' in this press release, unless otherwise specified, represent 'net loss/income attributable to Yingli Green Energy' for all periods presented.

4. On December 28, 2015, the Company effected a change of the ratio of its ADSs to ordinary shares from one (1) ADS representing one (1) ordinary share to one (1) ADS representing ten (10) ordinary shares. Unless otherwise indicated, ADSs and per ADS amount in this press have been retroactively adjusted to reflect the change in ratio for all periods presented.

First Quarter 2016 Financial Results

Total Net Revenues

Total net revenues were RMB2,351.1 million (US$364.6 million) in the first quarter of 2016, compared to RMB2,110.0 million in the fourth quarter of 2015 and RMB2,905.8 million in the first quarter of 2015. Total PV module shipments were 508.1 MW in the first quarter of 2016, compared to 504.5MW in the fourth quarter of 2015 and 754.2MW in the first quarter of 2015.

The increase in total net revenues in the first quarter of 2016 compared to the fourth quarter of 2015 was mainly due to the increase of other revenues especially the sales of PV cells and the higher average selling price of the Company's PV modules compared to the fourth quarter of 2015 mainly as a result of higher proportion of shipments to Japan, where the selling price of PV modules generally is higher than that in other markets. The appreciation of Japanese Yen against Renminbi in the first quarter of 2016 and more shipments to the U.S. with relatively higher selling price also contributed to the higher average selling price of the Company's PV modules in the first quarter of 2016.

Gross Profit and Gross Margin

Gross profit was RMB469.3 million (US$72.8 million) in the first quarter of 2016, significantly increased from RMB248.3 million in the fourth quarter of 2015 and RMB410.8 million in the first quarter of 2015.

Gross margin was 20.0% in the first quarter of 2016, increased from 11.8% in the fourth quarter of 2015 and 14.1% in the first quarter of 2015. Gross margin on sales of PV modules was 19.7% in the first quarter of 2016, increased from 13.5% in the fourth quarter of 2015 and 14.8% in the first quarter of 2015.

The increase in gross profit and gross margin from the fourth quarter of 2015 to the first quarter of 2016 was mainly due to the higher average selling price of the Company's PV modules compared to the fourth quarter of 2015 primarily as a result of higher proportion of shipments to Japan in the first quarter of 2016, where the selling price of PV modules generally is higher than that in other markets. The appreciation of Japanese Yen against Renminbi in the first quarter of 2016 and more shipments to the U.S. with relatively higher selling price of PV modules also contributed to the higher average selling price of the Company's PV modules in the first quarter of 2016.

Operating Expenses

Operating expenses decreased to RMB282.8 million (US$43.9 million) in the first quarter of 2016 from RMB1,368.6 million in the fourth quarter of 2015 and RMB477.2 million in the first quarter of 2015. Operating expenses as a percentage of total net revenues were 12.0% in the first quarter of 2016, compared to 64.9% in the fourth quarter of 2015 and 16.4% in the first quarter of 2015.

The significant decline of operating expenses from the fourth quarter of 2015 to the first quarter of 2016 was mainly due to the provision for prepayments in relation to inventory purchase commitments of RMB488.0 million, provision for doubtful accounts receivables of RMB324.4 million, provision for reserve for inventory purchase commitments of RMB77.7 million as a result of a foreign exchange re-measurement due to the foreign exchange rates between the Renminbi and U.S. dollars, and provision of RMB48.7 million for the settlement payment to Solyndra recorded in the fourth quarter of 2015, while the Company only recorded impairment of prepayment of RMB15.6 million and reversed provision for reserve for inventory purchase commitments of RMB6.6 million as a result of a foreign exchange re-measurement of U.S. dollar denominated provisionin the first quarter of 2016.

Excluding the impact of such provisions, the decrease of operating expenses was primarily due to more strict and effective control on general and administrative expenses, the adjustments of marketing and sales strategies, and the decrease of research and development activities in the first quarter of 2016. However, selling and research and development expenses may increase in future periods as the Company's PV module shipments and research and development activities increase.

Operating Income (Loss) and Margin

Operating income was RMB186.4 million (US$28.9 million) in the first quarter of 2016, compared to operating loss of RMB1,120.3 million in the fourth quarter of 2015 and operating loss of RMB66.4 million in the first quarter of 2015.

Operating margin was 7.9% in the first quarter of 2016, compared to negative 53.1% in the fourth quarter of 2015 and negative 2.3% in the first quarter of 2015.

EBITDA

On a non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization ('EBITDA') were RMB482.0 million (US$74.8 million) in the first quarter of 2016, compared to negative RMB827.7 million in the fourth quarter of 2015 and RMB199.8 million in the first quarter of 2015.

Interest Expense

Interest expense was RMB176.1 million (US$27.3 million) in the first quarter of 2016, decreased from RMB246.1 million in the fourth quarter of 2015 and RMB236.8 million in the first quarter of 2015, primarily because the Company utilized less financing arrangements and repaid certain short-term borrowings when due in the first quarter of 2016 and the Company's average interest rate decreased to 6.30% in the first quarter of 2016 from 6.92% in the fourth quarter of 2015 and 6.76% in the first quarter of 2015.

Foreign Currency Exchange Gain (Loss)

Foreign currency exchange gain was RMB55.5 million (US$8.6 million) in the first quarter of 2016, compared to foreign currency exchange loss of RMB29.5 million in the fourth quarter of 2015 and foreign currency exchange loss of RMB130.6 million in the first quarter of 2015. The foreign currency exchange gain recognized in the first quarter of 2016 was mainly resulted from the appreciation of Japanese Yen against Renminbi and the fact that the Company had a balance of net current assets denominated in Japanese Yen.

Income Tax Expense

Income tax expense was RMB13.9 million (US$2.2 million) in the first quarter of 2016, compared to RMB132.7 million in the fourth quarter of 2015 and RMB0.5 million in the first quarter of 2015. Income tax expense in the first quarter of 2016 was significantly lower than the fourth quarter of 2015 primarily because there was no allowance of deferred income tax assets in the first quarter of 2016 while such allowance was recorded in the fourth quarter of 2015.

Net Income (Loss)

Net income was RMB79.6 million (US$12.3 million) in the first quarter of 2016, compared to net loss of RMB1,439.0 million in the fourth quarter of 2015 and net loss of RMB363.2 million in the first quarter of 2015. Net margin was 3.4% in the first quarter of 2016, compared to negative 68.2% in the fourth quarter of 2015 and negative 12.5% in the first quarter of 2015. Earnings per ADS was RMB4.4 (US$0.7 ) in the first quarter of 2016, compared to loss per ADS of RMB79.2 in the fourth quarter of 2015 and loss per ADS of RMB20.0 in the first quarter of 2015.

On an adjusted non-GAAP basis, adjusted net income was RMB73.3 million (US$11.4 million) in the first quarter of 2016, compared to adjusted net loss of RMB 842.1 million in the fourth quarter of 2015 and adjusted net loss of RMB 353.0 million in the first quarter of 2015. Adjusted earnings per ADS was RMB4.0(US$0.6) in the first quarter of 2016, compared adjusted loss per ADS of RMB 46.3 in the fourth quarter of 2015 and adjusted loss per ADS of RMB 19.4 in the first quarter of 2015.

Balance Sheet Analysis

As of March 31, 2016, the Company had RMB548.4 million (US$85.0 million) in cash and cash equivalents, decreased from RMB1,240.7 million as of December 31, 2015. The change was primarily due to the repayment of certain short-term borrowings when they became due in the first quarter of 2016.

As of March 31, 2016, the Company had RMB342.7 million (US$53.1 million) in restricted cash, decreased from RMB346.9 million as of December 31, 2015.

As of March 31, 2016, the Company's accounts receivable had decreased to RMB2,727.9 million (US$423.1 million) from RMB2,922.5 million as of December 31, 2015. Days sales outstanding were 104 days in the first quarter of 2016, compared to 125 days in the fourth quarter of 2015.

As of March 31, 2016, the Company's accounts payable had decreased to RMB3,466.6 million (US$537.6 million) from RMB 3,960.5million as of December 31, 2015. Days payable outstanding were 166 days in the first quarter of 2016, compared to 191 days in the fourth quarter of 2015.

As of March 31, 2016, the Company's inventory had decreased to RMB1,416.2 million (US$219.6 million) from RMB1,484.3 million as of December 31, 2015. Inventory turnover days were 68 days in the first quarter of 2016, compared to 72 days in the fourth quarter of 2015.

As of the date of this press release, the Company's subsidiaries had approximately RMB2,433 million in unutilized short-term lines of credit and approximately RMB1,710 million in committed long-term facilities. The Company's subsidiaries have been actively communicating with lending banks for the renewal or rollover of their borrowings. Recently, some of the lending banks have signed agreements with the Company's subsidiaries to extend their borrowings and reduce the interest rates on their borrowings from such banks. In addition, the Company and its subsidiaries are exploring financing options to continue to manage the Company and its subsidiaries' liquidity and to enhance their financial flexibility.

Updates on Repayment of Medium-Term Notes and Alternative Financing Plans

As of the date of this press release, the Company's subsidiaries had medium-term notes, or MTNs, of RMB 2,057.0 million outstanding, including RMB 357.0 million of the MTNs issued in 2010, which became due on October 13, 2015; RMB1.4 billion of the MTNs issued in 2011, which became due on May 12, 2016; and RMB 300.0 million of the MTNs issued in 2012, which will become due on May 3, 2017. The Company has had meetings with the noteholders several times and is still negotiating with the noteholders about revisions to the repayment schedules of the MTNs. The Company proposed to the noteholders not to require its subsidiaries to repay the MTNs before they have the ability to do so. The Company is also discussing with the noteholders and potential funding sources about various alternative financing plans for repayment of the MTNs, such as 1) introduction of strategic investors to invest in the Company or its subsidiaries, 2) introduction of new creditors to grant new borrowings to the Company or its subsidiaries, and 3) sales of certain long-lived assets including land use rights to get additional funds. Any plan for sale of long-lived assets, if executed, may take more than one year to complete. The Company expects such alternative financing plans, if successfully completed, will further increase its liquidity and improve its debt-to-equity ratio.

Business Outlook for Second Quarter 2016

Based on current market conditions, the Company's current operating conditions, estimated production capacity and forecasted customer demand, the Company expects its PV module shipments to be in the estimated range of 580MW to 620MW for the quarter ending June 30, 2016. The Company also expects its gross margin in the second quart of 2016 to be in the estimated range of 18% to 20%.

Non-GAAP Financial Measures

To supplement the financial measures calculated in accordance with GAAP, this press release may include certain non-GAAP financial measures of adjusted gross profit, adjusted gross margin, adjusted operating expenses adjusted operating profit or loss, adjusted operating margin, adjusted net income (loss), adjusted diluted earnings (loss) per ordinary share and per ADS and EBITDA, each of which (other than EBITDA) is adjusted to exclude, as applicable, items related to share-based compensation, interest expense related to the changes in the fair value of the interest-rate swap and the amortization of the debt discount, the amortization of intangible assets, inventory provision, impairment charge on long-lived assets, gain on disposal of long lived assets and land use rights, provision for prepayments in relation to inventory purchase commitments, and provision for reserve for inventory purchase commitments. EBITDA excludes interest, tax expenses, depreciation and amortization. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's on-going performance as such items are not directly attributable to the underlying performance of the Company's business operations and/or do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.4480 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board as of March 31, 2016. No representation is intended to imply that these translated Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollar amounts at such rate, or at any other rate. The percentages stated in this press release are calculated based on Renminbi amounts.

Conference Call

Yingli Green Energy will host a conference call and live webcast to discuss the results at 8:00 AM Eastern Daylight Time on June 14, 2016, which corresponds to 8:00 PM Beijing/Hong Kong time on the same day.

The dial-in details for the live conference call are as follows:

U.S. Toll Free Number: +1-866-519-4004
International Dial-in Number: +1-845-675-0437
Passcode: 23897615

A live and archived webcast of the conference call will be available on the Investors section of Yingli Green Energy's website at www.yinglisolar.com. A replay will be available shortly after the call on Yingli Green Energy's website for 90 days.

A replay of the conference call will be available until June 22, 2016 by dialing:

U.S. Toll Free Number: +1-855-452-5696
International Dial-in Number: +1-646-254-3697
Passcode: 23897615

About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), known as 'Yingli Solar' or 'Yingli', is one of the world's leading photovoltaic (PV) module manufacturers. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and PV module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 15 GW solar panels to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute 'forward-looking' statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'target' and similar statements. 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. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. 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.

For further information, please contact:

Jean Tian
Investor Relations Director
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
Email: [email protected]

YINGLI GREEN ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

As of December 31, 2015

As of March 31, 2016

RMB

RMB

US$

ASSETS

Current assets:

Cash and restricted cash

1,587,675

891,023

138,186

Accounts receivable, net

2,922,479

2,727,938

423,067

Inventories

1,484,314

1,416,178

219,631

Prepayment to suppliers

426,718

547,180

84,860

Prepaid expenses and other current assets

1,982,196

2,079,488

322,501

Total Current assets

8,403,382

7,661,807

1,188,245

Long-term prepayment to suppliers

555,520

514,866

79,849

Land, property, plant and equipment, net

6,846,482

6,698,653

1,038,873

Project assets

720,286

739,709

114,719

Land use rights

411,732

409,662

63,533

Intangible assets, net

58,360

58,297

9,041

Investments in affiliated companies

459,721

458,558

71,116

Other assets

184,799

191,914

29,765

Total assets

17,640,282

16,733,466

2,595,141

LIABILITIES AND SHAREHOLDERS'
EQUITY/(DEFICIT)

Current liabilities:

Short-term borrowings, including current portion of
medium-term notes and long-term debt

9,124,183

8,710,505

1,350,885

Accounts payable

3,960,458

3,466,642

537,631

Other current liabilities and accrued expenses

2,576,076

2,521,983

391,126

Total Current liabilities

15,660,717

14,699,130

2,279,642

Long-term debt, excluding current portion

2,405,898

2,349,616

364,395

Medium-term notes

300,000

300,000

46,526

Accrued warranty liability, excluding current portion

753,270

768,848

119,238

Other liabilities

3,232,548

3,265,413

506,422

Total liabilities

22,352,433

21,383,007

3,316,223

Shareholders' deficit:

Ordinary shares

13,791

13,791

2,139

Additional paid-in capital

7,246,760

7,247,042

1,123,921

Accumulated other comprehensive income

180,025

177,849

27,582

Treasury stock

(127,331)

(127,331)

(19,747)

Accumulated deficit

(13,252,929)

(13,173,362)

(2,043,015)

Total Yingli Green Energy shareholders' deficit

(5,939,684)

(5,862,011)

(909,120)

Non-controlling interests

1,227,533

1,212,470

188,038

Total shareholders' deficit

(4,712,151)

(4,649,541)

(721,082)

Total liabilities and shareholders' deficit

17,640,282

16,733,466

2,595,141

YINGLI GREEN ENERGY HOLDINGS COMPANY LIMITED AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Comprehensive Income

(In thousands, except for ordinary shares, per ordinary share and per ADS data)

For the three month ended

March 31, 2015

December 31, 2015

March 31, 2016

RMB

RMB

RMB

US$

Net revenues:

Sales of PV modules

2,682,294

1,727,375

1,833,474

284,348

Other revenues

160,955

382,669

517,576

80,269

Total net revenues

2,905,756

2,110,044

2,351,050

364,617

Cost of revenues:

Cost of PV modules sales

(2,284,443)

(1,493,587)

(1,472,018)

(228,291)

Cost of other revenues

(156,230)

(368,175)

(409,751)

(63,547)

Total cost of revenues

(2,494,917)

(1,861,762)

(1,881,769)

(291,838)

Gross profit

410,839

248,282

469,281

72,779

Selling expenses

(208,263)

(234,916)

(182,854)

(28,357)

General and administrative expenses

(134,915)

(483,069)

(85,550)

(13,268)

Research and development expenses

(134,058)

(84,858)

(21,030)

(3,262)

Provision for prepayments in relation to inventory purchase
commitments

-

(488,023)

-

-

Provision for reserve for inventory purchase commitments

-

(77,705)

6,598

1,023

Total operating expenses

(477,236)

(1,368,571)

(282,836)

(43,864)

Income (loss) from operations

(66,397)

(1,120,289)

186,445

28,915

Interest expense

(236,820)

(246,120)

(176,131)

(27,316)

Interest income

5,427

5,553

1,069

166

Foreign currency exchange gain(loss)

(130,632)

(29,473)

55,491

8,606

Other income(expenses)

36,141

37,437

12,536

1,944

Income (loss) before income taxes

(392,281)

(1,352,892)

79,410

12,315

Income tax expense

(500)

(132,716)

(13,935)

(2,161)

Net income (loss)

(391,781)

(1,485,608)

65,475

10,154

Less : Loss attributable to the non-controlling interests

29,609

46,611

14,092

2,186

Net income (loss) attributable to Yingli Green Energy

(363,172)

(1,438,997)

79,567

12,340

Weighted average ordinary shares outstanding

Basic

181,763,770

181,763,770

181,763,770

181,763,770

Diluted

181,763,770

181,763,770

181,763,770

181,763,770

Income (loss) per ordinary share

Basic

(2.00)

(7.92)

0.44

0.07

Diluted

(2.00)

(7.92)

0.44

0.07

Income (loss) per ADS

Basic

(20.0)

(79.2)

4.4

0.7

Diluted

(20.0)

(79.2)

4.4

0.7

Net income (loss)

(392,781)

(1,485,608)

65,475

10,154

Other comprehensive income (loss)

Foreign Currency exchange translation adjustment, net of nil tax

11,768

(53,999)

(3,147)

(488)

Cash flow hedging derivatives, net of nil tax

431

(1,180)

-

-

Comprehensive income (loss)

(380,582)

(1,540,787)

62,328

9,666

Less : Comprehensive loss attributable to the non-controlling interest

28,632

43,554

15,063

2,335

Comprehensive income (loss) attributable to Yingli Green Energy

(351,950)

(1,497,233)

77,391

12,001

Reconciliation of Non-GAAP measures to GAAP measures

For the three month ended

March 31, 2015

December 31, 2015

March 31, 2016

RMB

RMB

RMB

US$

Non-GAAP income (loss)

(352,982)

(842,126)

73,251

11,361

Share-based compensation

(10,190)

787

(282)

(44)

Provision for reserve for inventory purchase commitments

-

(77,705)

6,598

1,023

Provision for prepayments in relation to inventory purchase
commitments

-

(488,023)

-

-

Inventory provision

-

(31,930)

-

-

Net income (loss) attributable to Yingli Green Energy

(363,172)

(1,438,997)

79,567

12,340

Non-GAAP diluted income (loss) per ordinary share

(1.94)

(4.63)

0.40

0.06

Reconciliation of EBITDA measures to loss before income tax & minority interest measures

Income (loss) before income taxes and non-controlling interest

(392,281)

(1,352,892)

79,410

12,315

Interest expense

236,820

246,120

176,131

27,316

Interest income

(5,427)

(5,553)

(1,069)

(166)

Depreciation

355,570

280,597

224,381

34,799

Amortization for land use rights and intangible assets

5,140

3,987

3,161

490

EBITDA

199,822

(827,741)

482,014

74,754

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yingli-green-energy-reports-first-quarter-2016-results-300284195.html

SOURCE Yingli Green Energy Holding Company Limited

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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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Annual reports of Yingli Green Energy Holding Co. Ltd.
2007 Annual report
Financials of Yingli Green Energy Holding Co. Ltd.
8/23/2016Yingli Green Energy Reports Second Quarter 2016 Results
Corporate news of Yingli Green Energy Holding Co. Ltd.
7/27/2016Yingli's PID Resistant TwinMAX Dual Glass Modules Passes IEC...
7/6/2016Yingli Partners with Its Time Foundation to Power Remote Sch...
7/5/2016Yingli Announces Progress and its Support to the Advancement...
7/1/2016Yingli Connects a 50 MW "Top Runner" PV Project in Shanxi Pr...
6/29/2016Yingli Announces Progress from Recent Meeting of the Holders...
6/14/2016Why Investors Are Buzzing About Apple, Alibaba, Netflix, and...
6/14/2016Yingli Green Energy Reports First Quarter 2016 Results
6/6/2016Yingli Green Energy Announces Preliminary Financial Results ...
5/16/2016Yingli Green Energy Files Its Annual Report on Form 20-F
5/11/2016Yingli Green Energy Reports Fourth Quarter and Full Year 201...
5/4/2016Yingli Green Energy to Announce Fourth Quarter and Full Year...
4/29/2016Yingli Green Energy Filed Extension for 2015 Form 20-F and D...
4/21/2016Yingli's New PV Module Series for 1500 Volt Projects Now Ava...
4/18/2016Yingli Awarded "TUV Rheinland Star for 2015 PV Module Energy...
4/14/2016Yingli Host The Fourth FC Bayern Munich Youth Cup Japan Sele...
4/12/2016Yingli Signs an Exclusive Solar Panel Supply Agreement for P...
4/6/2016Yingli Announces Update from Recent Meetings with Holders of...
4/4/2016Yingli Solar Reaches Settlement with Solyndra on Antitrust L...
3/23/2016Yingli Solar Publishes 2015 Corporate Sustainability Report
1/15/2016China Stock Roundup: PetroChina Partners with Chevron; China...
12/17/2015Yingli Green Energy Announces ADS Ratio Change
12/17/20155:17 am Yingli Green Energy will change the ratio of its ADS...
12/2/2015Edited Transcript of YGE earnings conference call or present...
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
11/25/2015Yingli Green Energy Announces Preliminary Financial Results ...
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
7/14/2015Newly Launched Solar Start-Up Amplify Energy Provides Innova...
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
5/20/2015Yingli shares recover as it reassures investors about debt
4/24/2015The Zacks Analyst Blog Highlights: China Mobile, China Petro...
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
4/14/2015Yingli Green Energy Participates in 2015 China PV Industry D...
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?
3/24/2015JinkoSolar to Supply PV Modules to Hybrid Energy Project - A...
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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