25.11.14

China Ming Yang Wind Power: Q3 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, today announced its unaudited financial results for the third quarter ended September 30, 2014.

Third Quarter 2014 Operating and Financial Highlights:

    Total wind turbine generators ("WTGs") commissioned for which revenue was recognized amounted to an equivalent wind power project output of 524.5MW, or 187 units of 1.5MW and 122 units of 2.0MW WTGs, an increase of 80.9% compared to 290.0MW in Q3 2013.
    Total revenue was RMB1,716.8 million (US$279.7 million), an increase of 78.7% compared to RMB960.8 million in Q3 2013.
    Gross profit was RMB225.6 million (US$36.8 million), compared to RMB126.5 million in Q3 2013. Gross margin was 13.1%, a decrease of 0.1 percentage point compared to 13.2% in Q3 2013.
    Total comprehensive income was RMB71.5 million (US$11.6 million), compared to total comprehensive loss of RMB71.3 million in Q3 2013.
    Basic and diluted earnings per share were RMB0.58 (US$0.09) and RMB0.57 (US$0.09), respectively, compared to basic and diluted loss per share of RMB0.43 and RMB0.43, respectively, in Q3 2013.

Third Quarter 2014 Operating Data and Unaudited Financial Results

Revenue

Revenue in the third quarter of 2014 was RMB1,716.8 million (US$279.7 million), an increase of 78.7% as compared to that of the corresponding period in 2013. Revenue of WTGs amounted to an equivalent wind power project output of 524.5MW, or 187 units of 1.5MW and 122 units of 2.0MW WTGs. For the corresponding period of 2013, the output was 290.0MW, or 136 units of 1.5MW and 43 units of 2.0MW WTGs. The 78.7% increase in revenue was mainly due to a 72.6% increase in the number of WTGs commissioned compared with the third quarter of 2013.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2014 was RMB225.6 million (US$36.8 million), compared to that of RMB126.5 million in the third quarter of 2013. Gross margin in the third quarter of 2014 was 13.1%, compared to that of 13.2% for the corresponding period in 2013. On an adjusted basis, should warranty provisions be excluded from cost of sales, our adjusted gross margin would be 16.3% for both the third quarter of 2014 and the corresponding period of 2013.

Selling and Distribution Expenses

Selling and distribution expenses were RMB67.9 million (US$11.1 million) for the third quarter of 2014, compared to RMB70.3 million for the corresponding period in 2013, representing a decrease of 3.4%. The decrease in selling and distribution expenses was primarily attributable to lower transportation expense incurred for each WTG as the Company set up production plants near the wind farms since the fourth quarter of 2013.

Administrative Expenses

Administrative expenses were RMB38.4 million (US$6.3 million) for the third quarter of 2014, compared to RMB82.7 million for the corresponding period in 2013, representing a decrease of 53.5%. The decrease in administrative expenses was a combined result of (1) the reversal of provision for bad debts against trade and other receivables in the third quarter of 2014 as we received settlements from customers for some of the long-outstanding doubtful trade receivables; and (2) our administrative expenses in 2013 included administrative expenses incurred by our previously consolidated Indian subsidiary, Global Wind Power Limited ("GWPL"), which we deconsolidated since January 1, 2014.

Research and Development Expenses

Research and development expenses were RMB24.5 million (US$4.0 million) for the third quarter of 2014, compared to RMB27.9 million for the corresponding period in 2013, representing a decrease of 12.2%. The decrease was primarily attributable to less research and development activities carried out in the third quarter of 2014.

Finance Income

Finance income was RMB39.8 million (US$6.5 million) for the third quarter of 2014, compared to RMB32.1 million for the corresponding period in 2013. The increase in finance income was mainly attributable to the increase in interest income from bank deposits and entrusted loans.

Finance Expenses

Finance expenses were RMB50.8 million (US$8.3 million) for the third quarter of 2014, compared to RMB65.2 million for the corresponding period in 2013. The decrease in finance expenses was mainly due to finance expenses incurred by GWPL in the third quarter of 2013 which did not occur in the current quarter.

Profit / (Loss) Before Income Tax

Profit before income tax was RMB85.9 million (US$14.0 million) for the third quarter of 2014, compared to loss before income tax of RMB75.0 million for the corresponding period in 2013.

Income Tax (Expense) / Benefit

Income tax expense was RMB14.4 million (US$2.3 million) for the third quarter of 2014, compared to income tax benefit of RMB3.8 million for the corresponding period in 2013, primarily due to the profit recorded during the third quarter of 2014 .

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

Total comprehensive income for the third quarter of 2014 was RMB71.5 million (US$11.6 million), compared to total comprehensive loss of RMB71.3 million for the corresponding period in 2013.

For the third quarter of 2014, basic and diluted earnings per share were RMB0.58 (US$0.09) and RMB0.57 (US$0.09), respectively, compared to basic and diluted loss per share of RMB0.43 and RMB0.43, respectively, for the corresponding period in 2013.

Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2014 were RMB1,678.7 million (US$273.5 million), compared to RMB811.8 million as of December 31, 2013.

Wind-solar complimentary solutions

The company has identified the opportunity in obtaining future WTG orders and wind farm resources through a joint offering of wind-solar complimentary solutions together with RedSolar New Energy Technology Company Limited ("RedSolar"), a company controlled by Chairman and CEO Mr. Chuanwei Zhang. RedSolar is specialized in high-efficiency high concentration photovoltaics ("HCPV") solar modules.

RedSolar imported certain manufacturing equipment through the Company. As of September 30, 2014 the amount due from RedSolar is approximately RMB132 million and these amounts are expected to be settled before December 31, 2014.

Business Update

Order Book Update

New Sales Contracts - During the third quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 648.0MW, representing 324 units of 2.0MW WTGs.

Order Backlog - As of September 30, 2014, the Company's order backlog amounted to 3.7GW, representing 1,187 units of 1.5MW WTGs, 873 units of 2.0MW WTGs, 59 units of 3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 9.5GW, representing 4,650 units of 1.5MW WTGs, 1,155 units of 2.0MW WTGs, 79 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 operations and comprehensive income and consolidated statements of financial position accompanying this press release (collectively the "preliminary unaudited financial information") have been prepared by management using International Financial Reporting Standards, or IFRSs, as issued by the International Accounting Standards Board. The 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 RMB6.1380 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on September 30, 2014 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.


About China Ming Yang Wind Power Group Limited

China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyne Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2013.

For further information, please visit the Company's website: ir.mywind.com.cn
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