20.08.09

Yingli Green Energy Holding Co. Ltd.: Second Quarter 2009 Results

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Yingli Green Energy Reports Second Quarter 2009 Results

Shipment Volume Increased 72.3% Quarter over Quarter Income from Operations Increased 424.0% Quarter over Quarter Non-GAAP EPS Increased to RMB 0.91 from a loss per share of RMB 0.61 Quarter over Quarter


BAODING, China, Aug. 19 / Yingli Green Energy Holding Company Limited ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced its unaudited consolidated financial results for the second quarter ended June 30, 2009.

    Second Quarter 2009 Consolidated Financial and Operating Highlights

    -- Total net revenues were RMB 1,498.9 million (US$219.5 million) with a
       PV module shipment volume increase of 72.3% quarter over quarter.
    -- Gross profit was RMB 273.8 million (US$40.1 million), with a gross
       margin of 18.3%.
    -- Operating income was RMB 106.8 million (US$15.6 million), with an
       operating margin of 7.1%.
    -- Net loss(1) was RMB 393.7 million (US$57.6 million) and diluted loss
       per ordinary share and per American depositary share ("ADS") was RMB
       3.03 (US$0.44) as a result of loss on debt extinguishment of RMB 244.7
       million (US$35.8 million) and loss on derivative liabilities of RMB
       204.2 million (US$29.9 million) in the quarter, both of which were
       non-recurring, non-cash charges and had no impact on the Company's cash
       flow.
    -- On an adjusted non-U.S. Generally Accepted Accounting Principles
       ("GAAP")(2) basis, net income was RMB 119.8 million (US$17.5 million)
       and diluted earnings per ordinary share and per ADS was RMB 0.91
       (US$0.14).
    -- Received net proceeds of US$227.4 million through the follow-on
       offering of 18,390,000 ADSs.


"I am pleased to announce that during the second quarter of 2009 we increased our PV module shipments substantially, with growth of 72.3% over the first quarter, allowing us to achieve quarterly net revenue growth of 49.9%," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "The primary factors driving these numbers were the improved global PV project financing environment and pickup in demand for PV products in existing solar markets, especially Germany. This performance was also a result of our efforts to diversify our customer portfolio, enhance our sales channels and strengthen our customer service in key emerging solar markets such as the U.S., China, Italy, South Korea and France."

Mr. Miao continued, "In order to take full advantage of new opportunities, we have been focusing on building a more prominent presence in emerging solar markets around the world. In the U.S., we have established offices in New York and San Francisco, which we expect will serve to enhance both our U.S. business and the quality of support we are able to provide to our fast-growing customer base in North America. We are also optimistic about the emerging opportunities in the China market following recent government initiatives such as the Golden Sun subsidy program, which we believe will stimulate demand in our domestic market, and we believe Yingli Green Energy is well positioned to continue to take advantage of the rapidly growing demand for solar energy in China. Of note, we recently formed a partnership with SDIC Huajing Power Holding Co., Ltd. a company engaged in investment, generation, operation and sale of electric power, to supply PV modules for a 10 MW on-grid solar plant in Dunhuang, Gansu Province, which demonstrates our ability to expand our footprint even in a challenging market."

"The recent announcement of our Project PANDA, which was established to develop high efficiency solar cells, reaffirmed our continuing commitment to our world class research and development initiatives. Project PANDA is progressing smoothly as scheduled, and we believe our efforts on this front will significantly improve the conversion efficiency of crystalline silicon cells from their current levels."

Mr. Miao continued, "Also during the quarter, we further improved our capital structure and strengthened our balance sheet through a recent follow-on equity offering and the early repayment of the ADM Capital loan facility. We also successfully completed an additional 200 MW capacity expansion project in July, bringing our total annual production capacity to 600 MW to support the growing demand for our products. We plan to ramp-up production of our in-house polysilicon plant, Fine Silicon, in late 2009 and expect to see an increasing contribution from our in-house polysilicon manufacturing beginning in 2010. This should help us further expand our cost advantage and strengthen our industry leadership position for the long run."



Mr. Miao concluded, "As we continue to gain the trust of consumers by proving Yingli Green Energy is a leading manufacturer of reliable, bankable products, with a firm commitment to quality and service, we are confident that our global market share will continue to expand in the coming quarters."

Second Quarter 2009 Financial Results

Total Net Revenues

Total net revenues were RMB 1,498.9 million (US$219.5 million) in the second quarter of 2009, an increase of 49.9% from RMB 999.9 million in the first quarter of 2009 and a decrease of 24.6% from RMB 1,987.0 million in the second quarter of 2008. The increase from the first quarter of 2009 was primarily due to increased PV module shipment volume resulting from the improved credit environment in major PV markets, increased brand awareness, continued promotional efforts and improved product bankability, and was partially offset by a lower average selling price.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2009 was RMB 273.8 million (US$40.1 million), an increase of 79.5% from RMB 152.5 million in the first quarter of 2009 and a decrease of 46.5% from RMB 511.8 million in the second quarter of 2008. Gross margin was 18.3% in the second quarter of 2009, up from 15.3% in the first quarter of 2009 despite the decline in average selling price, and down from 25.8% in the second quarter of 2008. The increase in gross margin from the first quarter of 2009 was primarily due to the decrease in the blended cost of polysilicon as a result of lower polysilicon purchase prices and consumption of comparatively higher priced polysilicon inventory as well as decreasing polysilicon usage per watt and non-polysilicon cost in the second quarter of 2009.

Operating Expenses

Operating expenses in the second quarter of 2009 were RMB 167.0 million (US$24.4 million), compared to RMB 132.1 million in the first quarter of 2009 and RMB 116.1 million in the second quarter of 2008. The increase in operating expenses from the first quarter of 2009 was primarily attributable to the increased research and development expenses in connection with the launch of a series of new initiatives, including Project PANDA, and increased selling expenses due to increased marketing and promotional activities in both existing and emerging solar markets. Operating expenses as a percentage of total net revenues were 11.1% in the second quarter of 2009, compared to 13.2% in the first quarter of 2009 and 5.8% in the second quarter of 2008. The decrease in operating expenses as a percentage of total net revenues from the first quarter of 2009 was mainly due to the increase in total net revenues and better control of general and administrative expenses.

Operating Income and Margin

Operating income in the second quarter of 2009 was RMB 106.8 million (US$15.6 million), an increase of 424.0% from RMB 20.4 million in the first quarter of 2009 and a decrease of 73.0% from RMB 395.7 million in the second quarter of 2008. Operating margin was 7.1% in the second quarter of 2009, compared to 2.0% in the first quarter of 2009 and 19.9% in the second quarter of 2008. The increase in operating margin from the first quarter of 2009 was mainly due to increased gross margin and decreased operating expenses as a percentage of net revenues.

Interest Expense

Interest expense was RMB 115.9 million (US$17.0 million) in the second quarter of 2009, compared to RMB 79.0 million in the first quarter of 2009 and RMB 38.0 million(3) in the second quarter of 2008.

After excluding non-cash interest expenses, interest expense was RMB 79.1 million (US$11.6 million) in the second quarter of 2009, compared to RMB 72.2 million in the first quarter of 2009 and RMB 34.8 million in the second quarter of 2008. The weighted average interest rate for the borrowings in the second quarter of 2009 was 6.88%, a decrease from 7.34% in the first quarter of 2009, both measured on a basis excluding non-cash interest expenses. The decrease in weighted average interest rate was a result of the Company's efforts to reduce funding costs.

Foreign Currency Exchange Gain (Loss)

Foreign currency exchange gain was RMB 108.7 million (US$15.9 million) in the second quarter of 2009, compared to a foreign currency exchange loss of RMB 93.6 million in the first quarter of 2009 and a foreign currency exchange loss of RMB 68.2 million in the second quarter of 2008. The foreign currency exchange gain in the second quarter of 2009 was primarily due to the appreciation of the Euro against the Renminbi.

Loss on Debt Extinguishment

Loss on debt extinguishment of RMB 244.7 million (US$35.8 million) was recognized in the second quarter of 2009, which was a result of the early repayment in full of the US$50 million three-year loan facility provided by ADM Capital in January 2009. The loss represents the difference between the amount repaid and the carrying value of the loan on the date of the debt repayment. This loss on debt extinguishment was a non-recurring, non-cash charge which had no impact on the Company's cash flow.

Loss on Derivative Liabilities

Loss on derivative liabilities was RMB 204.2 million (US$29.9 million) in the second quarter of 2009, compared to RMB 27.1 million in the first quarter of 2009. Loss on derivative liabilities in the second quarter of 2009 was primarily due to changes in the fair value of the derivative liabilities relating to the embedded conversion feature of the US$20 million convertible notes issued to Trustbridge Partners II, L.P. in January 2009 and warrants issued to ADM Capital in connection with the US$50 million loan facility. The loss on derivative liabilities was a non-recurring, non-cash charge which had no impact on the Company's cash flow.

Income Tax Expense (Benefit)

Income tax expense was RMB 16.0 million (US$2.3 million) in the second quarter of 2009, compared to an income tax benefit of RMB 13.0 million in the first quarter of 2009 and an income tax benefit of RMB 1.7 million in the second quarter of 2008. The income tax expense in the second quarter of 2009 was primarily attributable to the net operating income generated by Tianwei Yingli in the quarter, while the income tax benefit in the first quarter of 2009 was primarily the result of the deferred tax benefit recognized in connection with the net operating losses incurred in the first quarter. Under the PRC Enterprise Income Tax Law and the various implementation rules, Tianwei Yingli was subject to an enterprise income tax rate of 0% in 2008 and 12.5% in 2009, and Yingli Energy (China) Company Limited ("Yingli China"), a wholly-owned subsidiary of the Company, was subject to an enterprise income tax rate of 15% in both 2008 and 2009.

Net Loss (Income)

As a result of the factors discussed above, net loss was RMB 393.7 million (US$57.6 million) in the second quarter of 2009, compared to net loss of RMB 141.6 million in the first quarter of 2009 and net income of RMB 203.9 million in the second quarter of 2008. Diluted loss per ordinary share and per ADS was RMB 3.03 (US$0.44) in the second quarter of 2009, compared to diluted loss per ordinary share and per ADS of RMB 1.11 in the first quarter of 2009.

On an adjusted non-GAAP basis, net income was RMB 119.8 million (US$17.5 million) in the second quarter of 2009, compared to adjusted non-GAAP net loss of RMB 77.1 million in the first quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS was RMB 0.91 (US$0.14) in the second quarter of 2009, compared to adjusted non-GAAP diluted loss per ordinary share and per ADS of RMB 0.61 in the first quarter of 2009.

Balance Sheet Analysis

As of June 30, 2009, Yingli Green Energy had RMB 2,452.7 million (US$359.1 million) in cash and RMB 4,356.4 million (US$637.8 million) in working capital, up from RMB 1,059.7 million in cash and RMB 2,780.4 million in working capital as of March 31, 2009. The increase in cash and working capital was primarily a result of the net proceeds the Company received from its follow-on equity offering completed in June 2009 and improved collection of accounts receivables, attributable to the Company's continued credit risk control efforts and improved product bankability.

Long-term bank borrowings increased to RMB 1,971.9 million (US$288.7 million) as of June 30, 2009 from RMB 1,172.4 million as of March 31, 2009 and short-term borrowings decreased to RMB 1,817.5 million (US$266.1 million) as of June 30 2009 from RMB 2,601.9 million as of March 31, 2009. The change in the balances of short- and long-term borrowings in the second quarter was primarily due to the restructuring of RMB 800 million working capital loans from the Export-Import Bank of China, a government policy bank under the direct leadership of China's central government, into a long-term bank facility.

In the second quarter of 2009, the Company substantially improved its capital structure through the follow-on equity offering, early repayment in full of the ADM Capital loan and the restructuring of short-term bank loans into long-term loan facilities. As of the date of this press release, the Company had approximately RMB 7,373 million in authorized lines of credit, of which RMB 4,872 million had been utilized.

    Second Quarter 2009 and Recent Business Highlights

    Continued Improvement of Capital Structure
    -- Received the net proceeds of US$227.4 from Yingli Green Energy's
       follow-on offering of 18,390,000 ADSs.
    -- Received two credit facilities, with principal amounts of US$100
       million and RMB 300 million, respectively, from Bank of Communications
       Co., Ltd.
    -- Made an early repayment of the full principal amount of US$50 million,
       together with related accrued interest and fees, to ADM Capital.
    -- Renewed RMB 1 billion credit facility with the Export-Import Bank of
       China and restructured a total of RMB 800 million working capital loans
       into a long-term bank facility.

    Expanded Footprint in Emerging PV Markets
    -- Entered into a strategic sales agreement with Recurrent Energy to
       supply crystalline PV modules through 2012 for expected use in
       Recurrent Energy's distributed solar projects, typically ranging from 2
       to 20 MW, in the U.S., Canada, Europe and other emerging markets.
    -- Signed a sales agreement with the Shanxi subsidiary of China Mobile for
       an off-grid PV system in Shanxi Province.
    -- Selected by Huawei Technologies Co. Ltd. to supply PV modules for its
       base stations.
    -- Selected by SDIC Huajing as the PV module supplier for its 10 MW on-
       grid solar plant in Dunhuang, Gansu Province.
    -- Formed strategic alliance with a subsidiary of China Guangdong Nuclear
       Power Holding Co., Ltd. to develop on-grid solar projects both in China
       and abroad.
    -- Opened two U.S. regional headquarters in New York City and San
       Francisco.
    -- Entered into an agreement with Hainan Provincial Development Holding
       Company Limited ("Hainan Development") to form a joint venture, in
       which Yingli China will hold a controlling stake, to build
       manufacturing facilities with annual production capacity of 100 MW in
       each of polysilicon ingots and wafers, PV cells and PV modules in
       Haikou, Hainan Province.
    -- Entered into an agreement with Hainan Development and Hainan Provincial
       Water Conservancy & Power Group Company Limited to form a joint venture,
       in which Yingli China will hold a minority stake, to develop and
       operate up to 300 MW on-grid solar projects in Hainan Province from
       2009 to 2011.

    Commitment to the Investment in World Class Research and Development
    -- Formed partnerships with the Energy Research Centre of the Netherlands
       and Amtech Systems, Inc. to develop technologies for manufacturing the
       next generation of high efficiency solar cells, known as Project PANDA.

    Others
    -- Signed a sales contract with Elecor, S.A.U. ("Elecor"), a Spanish PV
       system integrator, to supply 9 MW of PV modules from September through
       November 2009.

Business Outlook for Full Year 2009

Given the strong second quarter results and the visibility into the second half of 2009 and based on the current market and operating conditions, the Company reaffirms its PV module shipment target to be in the estimated range of 450 MW to 500 MW for fiscal year 2009, which represents an increase of 59.9% to 77.6% compared to fiscal year 2008.

In addition, by leveraging its competitive cost structure and achieving its market share expansion targets and based on the current market and operating conditions, the Company now is updating its gross margin target for fiscal year 2009 to be in the estimated range of 18% to 20%.


Currency Convenience Translation

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB 6.8302 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 June 30, 2009. 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 rate, or at any other rate. The percentages stated in this press release are calculated based on Renminbi.



About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE - News) is one of the world's leading vertically integrated PV product manufacturers. Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or operate on a stand-alone basis. Based in Baoding, China, Yingli Green Energy sells its PV modules to system integrators and distributors located in various markets around the world, including Germany, Spain, Italy, South Korea, Belgium, France, China and the United States. For more information, please visit http://www.yinglisolar.com .



    For further information, please contact:

    In China:
     Qing Miao
     Director, Investor Relations
     Yingli Green Energy Holding Company Limited
     Tel:   +86-312-3100-502
     Email: ir@yinglisolar.com

     Courtney Shike
     Brunswick Group LLC
     Tel:   +86-10-6566-2256
     Email: cshike@brunswickgroup.com

    In the United States:
     Katie Cralle
     Brunswick Group LLC
     Tel:   +1-212-333-3810
     Email: kcralle@brunswickgroup.com
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