China Ming Yang Wind: Unaudited Q1 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 first quarter ended March 31, 2014.

First Quarter 2014 Operating and Financial Highlights:

    Total wind turbine generators ("WTGs") for which revenue was recognized amounted to an equivalent wind power project output of 386.0MW, or 224 units of 1.5MW and 25 units of 2.0MW WTGs, an increase of 57.2% compared to 245.5MW in Q1 2013.
    Total revenue was RMB1,224.0 million (US$196.9 million), an increase of 52.0% compared to RMB805.4 million in Q1 2013.
    Gross profit was RMB192.0 million (US$30.9 million), compared to RMB89.7 million in Q1 2013. Gross margin was 15.7%, an increase of 4.6 percentage points compared to 11.1% in Q1 2013.
    Total comprehensive income was RMB185.8 million (US$29.9 million), compared to that of RMB4.5 million in Q1 2013. Total comprehensive income for the period excluding the one-off gain on loss of control of subsidiaries was RMB61.3 million (US$9.9 million).
    Basic earnings per share and diluted earnings per share were RMB1.54 (US$0.25) and RMB1.51 (US$0.24), respectively, compared to basic and diluted earnings per share of RMB0.19 and RMB0.19 in Q1 2013.

"We have signed new orders of 671.5MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.3GW," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "This continues the trend established in late 2013. Benefiting from the increased demand from our customers we had been able to take advantage of larger economies of scale and our direct cost per kW had continued to decrease by 3.1 percentage points and 6.9 percentage points for our 1.5MW and 2.0MW WTGs respectively, compared with the corresponding period in 2013. Our gross margin for 2.0MW WTGs was approximately 16.6%, which was 1.6 percentage points higher than the gross margin of our 1.5MW WTGs. Our orderbook for the 2.0MW WTGs continues to increase and we expect to continue to benefit from the trend towards higher megawatt WTGs in China."

"As China continues to work towards a cleaner environment, we expect wind power to continue to become a viable alternative to traditional sources of power generation. We have already seen our customers taking advantage of this opportunity, and we expect the upstream supply chain including Ming Yang to be in a stronger position to harness this market trend."

First Quarter 2014 Operating Data and Unaudited Financial Results

Revenue

Revenue in the first quarter of 2014 was RMB1,224.0 million (US$196.9 million), which increased by 52.0% comparing to that of 2013. The recognized revenue of WTGs amounted to an equivalent wind power project output of 386.0MW, or 224 units of 1.5MW and 25 units of 2.0MW WTGs. For the corresponding period of 2013, the output was 245.5MW, or 112 units of 1.5MW, 35 units of 2.0MW, and 3 units of 2.5MW WTGs. The 52.0% increase of total revenue was mainly due to a 66.0% increase in the number of WTGs commissioned compared with the first quarter of 2013.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2014 was RMB192.0 million (US$30.9 million), compared to that of RMB89.7 million in the first quarter of 2013. Gross margin in the first quarter of 2014 was 15.7%, compared to that of 11.1% for the corresponding period in 2013. The improvement in gross margin was because we were able to take advantage of larger economies of scale. On an adjusted basis, should warranty provisions be excluded from cost of sales, our gross margin would be 18.9% for the first quarter of 2014, compared to 14.1% in the corresponding period of 2013.

Selling and Distribution Expenses

Selling and distribution expenses were RMB30.9 million (US$5.0 million) for the first quarter of 2014, compared to RMB31.3 million for the corresponding period in 2013, representing a decrease of 1.3%.

Administrative Expenses

Administrative expenses were RMB68.1 million (US$11.0 million) for the first quarter of 2014, compared to RMB62.2 million for the corresponding period in 2013, representing an increase of 9.6%. The increase in administrative expenses was a combined result of (1) the additional provision for bad debts against trade receivables recorded in the first quarter of 2014, and (2) the effect to exclude administrative expenses incurred by our previously Indian subsidiary, Global Wind Power Limited ("GWPL"), as we deconsolidated GWPL since January 1, 2014 (as detailed below).

Research and Development Expenses

Research and development expenses were RMB19.6 million (US$3.2 million) for the first quarter of 2014, compared to RMB17.7 million for the corresponding period in 2013, representing an increase of 10.5%. The increase was primarily due to more research and development activities carried out in the first quarter of 2014.

Finance Income

Our finance income were RMB37.2 million (US$6.0 million) for the first quarter of 2014, compared to RMB86.8 million for the corresponding period in 2013. The decrease in finance income is mainly because the finance income in the first quarter of 2013 included a gain of RMB49.9 million from the disposal of shares of Huadian Fuxin Energy Corporation Limited (HKEx: 00816).

Finance Expenses

Our finance expenses were RMB41.6 million (US$6.7 million) for the first quarter of 2014, compared to RMB66.1 million for the corresponding period in 2013. The decrease in finance expenses was mainly because the finance expenses in the first quarter of 2013 included interest expenses of RMB16.7 million incurred by GWPL, which we deconsolidated since January 1, 2014.

Gain on Loss of Control of Subsidiaries

There was a gain on losing control of subsidiaries of RMB124.5 million (US$20.0 million) that was recognized during the first quarter of 2014 as a result of our deconsolidation of GWPL and accounted for GWPL as a joint venture under equity method of accounting from January 1, 2014, pursuant to our waiver of certain voting power in GWPL. The gain was recognized as a result of such deconsolidation, which mainly represented the difference between the carrying amount of net liabilities of GWPL, including goodwill allocated to it at the date of deconsolidation, and the carrying amount of GWPL's non-controlling interest and the carrying amount of our investment in GWPL as a joint venture, which was nil, on the same date. There was no such gain in the first quarter of 2013.

Profit Before Income Tax

Profit before income tax was RMB200.5 million (US$32.2 million) for the first quarter of 2014, compared to RMB3.7 million in the corresponding period of 2013.

Income Tax Expense

Income tax expense was RMB13.2 million (US$2.1 million) for the first quarter of 2014, compared to RMB0.1 million in the corresponding period of 2013, primarily due to the profit recorded during the first quarter of 2014 .

Total Comprehensive Income and Earnings per Share

Total comprehensive income for the first quarter of 2014 was RMB185.8 million (US$29.9 million), compared to RMB4.5 million in the corresponding period of 2013.

For the first quarter of 2014, basic earnings per share and diluted earnings per share were RMB1.54 (US$0.25) and RMB1.51 (US$0.24), respectively, compared to basic and diluted earnings per share of RMB0.19 and RMB0.19 for the corresponding period in 2013.

Cash and Cash Equivalents

Cash and cash equivalents as of March 31, 2014 were RMB709.6 million (US$114.1 million), compared to RMB811.8 million as of December 31, 2013.

Business Update

Order Book Update

New Sales Contracts - During the first quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 671.5MW, representing 285 units of 1.5MW WTGs and 122 units of 2.0MW WTGs.

Order Backlog - As of March 31, 2014, the Company's order backlog amounted to 3.3GW, representing 1,361 units of 1.5MW WTGs, 524 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 8.3GW, representing 4,484 units of 1.5MW WTGs, 647 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 have been prepared by management using International Financial Reporting Standards, or IFRSs, as issued by the International Accounting Standards Board. 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 RMB6.2164 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on March 31, 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  

For investor and media inquiries, please contact:

China Ming Yang Wind Power Group Limited

Beatrice Li
Email: ir@mywind.com.cn
http://ir.mywind.com.cn
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