04.06.13

China Ming Yang Wind Power: Q1 Unaudited Results

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ZHONGSHAN, China - China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, announced its unaudited financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Financial Highlights:

    Total wind turbine generators ("WTGs") for which revenue was recognized amounted to an equivalent wind power project output of 238MW, or 112 units of 1.5MW WTGs and 35 units of 2.0MW WTGs, an increase of 98.3% compared to 120 MW, or 80 units of 1.5MW WTGs in Q1 2012.
    Total revenue was RMB805.4 million (US$129.7 million), an increase of 98.1% compared to RMB406.6 million in Q1 2012.
    Gross profit was RMB89.7 million (US$14.4 million), an increase of 121.3% compared to Q1 2012. Gross margin was 11.1% for Q1 2013, compared to 10.0% in Q1 2012.
    Total comprehensive income was RMB4.5 million (US$0.7 million), compared to total comprehensive loss of RMB116.2 million in Q1 2012.
    Total comprehensive income attributable to shareholders was RMB23.3 million (US$3.8 million), compared to total comprehensive loss attributable to shareholders of RMB114.1 million in Q1 2012.
    Basic and diluted earnings per share was RMB0.19 (US$0.03), compared to basic and diluted loss per share of RMB0.93 in Q1 2012.

Recent Developments

    Share Repurchase Program – During the first quarter of 2013, the Company did not make any repurchases under its share repurchase program. Since the inception of the program, the Company has repurchased an aggregate of 3,153,897 ADS, representing 3,153,897 ordinary shares of the Company from the open market for an aggregate consideration of approximately US$8.6 million (excluding commissions).

"We have positioned Ming Yang to take advantage of the recovery in the market for wind turbine generators in 2013," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "Our 8.7% market share in China in 2012, in terms of newly installed capacity according to Chinese Wind Energy Association, is a clear vindication of our strategy to focus on offering leading edge, large capacity WTGs and innovative business solutions in China."

"As the renewable industry in China continues its recovery and downstream customers see tangible improvement in their subsidy rebates, Ming Yang continues to expect increased market demand from its customers in 2013. During the previous downturn, Ming Yang had increased its market share, and now with the market in recovery, it expects to continue to enhance its leading market position."

"We increased shipment and revenues for our 2.0MW WTGs in the first quarter of 2013. It was the first time that newly signed orders for 2.0MW WTGs exceeded those of 1.5MW WTGs. We expect 2.0MW-class and above WTGs to have firmer pricing and more room for cost reduction. As WTG pricing in China continues to edge slowly upwards, we believe our products are well placed to take advantage of current market opportunities in China and beyond."

First Quarter 2013 Unaudited Financial Results

Revenue

Revenue in the first quarter of 2013 was RMB805.4 million (US$129.7 million), representing an increase of 98.1% from RMB406.6 million in the corresponding period in 2012. WTGs for which revenue was recognized amounted to an equivalent wind power project output of 238MW, or 112 units of 1.5MW WTGs and 35 units of 2.0MW WTGs compared to 120MW, or 80 units of 1.5MW WTGs for the corresponding period in 2012. The increase in revenue in the first quarter was primarily due to the higher number of WTGs commissioned during the period.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2013 was RMB89.7 million (US$14.4 million), representing an increase of 121.3% from RMB40.5 million for the corresponding period in 2012. Gross margin in the first quarter of 2013 was 11.1%, compared to 10.0% for the corresponding period in 2012. The increase was primarily due to the revenue recognition of 2.0MW WTGs which tend to achieve a higher gross margin than our 1.5MW WTGs.

Selling and Distribution Expenses

Selling and distribution expenses were RMB31.3 million (US$5.0 million) for the first quarter of 2013, compared to RMB70.3 million for the corresponding period in 2012, representing a decrease of 55.4%. The decrease was primarily due to the marketing and bidding expenses incurred in the corresponding period in 2012.

Administrative Expenses

Administrative expenses were RMB62.2 million (US$10.0 million) for the first quarter of 2013, compared to RMB50.2 million for the corresponding period in 2012, representing an increase of 23.9%. The increase was primarily due to an increase in amortization of intangible assets.

Research and Development Expenses

Research and development expenses were RMB17.7 million (US$2.8 million) for the first quarter of 2013, compared to RMB18.6 million for the corresponding period in 2012, representing a decrease of 4.5%.

Net Finance Income/(Expense)

Net finance income was RMB20.7 million (US$3.3 million) for the first quarter of 2013, compared to net finance expense of RMB48.2 million in the corresponding period of 2012.

Finance income was RMB86.8 million (US$14.0 million) for the first quarter of 2013, primarily including a gain of RMB49.9 million (US$8.0 million) from the disposal of shares of Huadian Fuxin Energy Corporation Limited (HKEx: 00816) and EPC capital gains of RMB19.1 million (US$3.1 million).

Finance expense was RMB66.1 million (US$10.6 million) for the first quarter of 2013, compared to RMB69.2 million in the corresponding period of 2012, primarily including mid-term notes interest RMB22.8million (US$3.7 million) and bank borrowing interest RMB27.8 million (US$4.5 million).

Profit/(Loss) Before Income Tax Expense

Profit before income tax expense was RMB3.7 million (US$0.6 million) for the first quarter of 2013, compared to a loss before income tax expense of RMB126.0 million in the corresponding period of 2012.

Income Tax (Expense)/Benefit

Income tax expense was RMB0.1 million (US$18.2 thousand) for the first quarter of 2013, compared to an income tax benefit of RMB10.5 million in the corresponding period of 2012.

Total Comprehensive Income/(Loss) and Earning/(Loss) per Share

Total comprehensive income for the first quarter of 2013 was RMB4.5 million (US$0.7 million), compared to total comprehensive loss of RMB116.2 million in the corresponding period of 2012.

Total comprehensive income attributable to shareholders was RMB23.3 million (US$3.8 million), compared to total comprehensive loss attributable to shareholders of RMB114.1 million in the corresponding period in 2012. For the first quarter of 2013, basic and diluted earnings per share were RMB0.19 (US$0.03), compared to basic and diluted loss per share of RMB0.93 for the corresponding period in 2012.

Cash and Cash Equivalents

Cash and cash equivalents as of March 31, 2013 were RMB1,004.9 million (US$161.8 million), compared to RMB1,319.7 million as of December 31, 2012.

Business Update

Order Book Update

New Sales Contracts – During the first quarter of 2013, Ming Yang entered into sales contracts for wind power projects with a total output of 349MW, representing 99 units of 1.5MW WTGs and 100 units of 2.0MW WTGs.

Order Backlog – As of March 31, 2013, the Company's order backlog amounted to 2.2 GW, representing 1,066 units of 1.5MW WTGs, 180 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 6.1GW, representing 3,622 units of 1.5MW WTGs, 222 units of 2.0MW WTGs, 84 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.

Note to the Financial Information

The preliminary unaudited consolidated statements of comprehensive income and consolidated statements of financial position accompanying this press release have been prepared by management using International Financial Reporting Standards, or IFRSs. This preliminary unaudited financial information is not intended to fully comply with IFRSs because it does not present all of the financial information and disclosures required by IFRSs.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.2108 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on March 29, 2013 as set forth in the H.10 weekly statistical release of the Federal Reserve Board. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollar amounts at such a rate or at any other rate.

contact:
China Ming Yang Wind Power Group Limited
Beatrice Li
Tel: +86 760 28138898
Email: ir@mywind.com.cn
http://ir.mywind.com.cn  
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