Yingli Green Energy announced its consolidated financial results for the quarter and full year ended December 31, 2013. In 4Q13, the total net revenues reached RMB 3.7 billion (approximately US$613 million), and 2013’s total net revenues were RMB 13.4 billion (approximately US$2.21 billion). Increased PV module shipment in 2013 (around 40% more YoY) counted a huge amount of the revenues, and the net loss was lower y0y.
Fourth Quarter 2013 Consolidated Financial and Operating Summary
- Total net revenues were RMB 3,711.1 million (US$613.0 million).
- Total PV module shipments (including shipments for PV systems) increased by 11.4% from the third quarter of 2013.
- Overall gross profit was RMB 451.7 million (US$74.6 million), representing a gross margin of 12.2%. Excluding the year-end tax adjustment, gross margin for sale of PV modules would be 14.2%.
- Operating loss was RMB 594.2 million (US$98.1 million), representing an operating margin of negative 16.0%, including a provision of RMB 480.2 million (US$79.3 million) on the Company's inventory purchase commitment under long-term polysilicon supply contracts. Excluding such non-cash charge, operating loss would be RMB 114.0 million (US$18.8 million) and operating margin would be negative 3.1%.
- Net loss was RMB 776.2 million (US$128.2 million) and loss per ordinary share and per American depositary share ("ADS") was RMB 4.95 (US$0.82). On an adjusted non-GAAP basis, net loss was RMB 289.9 million (US$47.9 million) and loss per ordinary share and per ADS was RMB 1.85 (US$0.31).
Full Year 2013 Consolidated Financial and Operating Summary
- Total net revenues were RMB 13,418.1 million (US$2,216.5 million).
- Total PV module shipments (including shipments for PV systems) increased by 40.8% year over year to 3,234.3 MW.
- Overall gross profit was RMB 1,458.9 million (US$241.0 million), representing an overall gross margin of 10.9%. Excluding the year-end tax adjustment, gross margin for sale of PV modules was 11.8% on an adjusted non-GAAP basis.
- Operating loss was RMB 1,118.4 million (US$184.7 million), representing an operating margin of negative 8.3%, including a provision of RMB 480.2 million (US$79.3 million) on the Company's inventory purchase commitment under long-term polysilicon supply contracts. Excluding such non-cash charge, operating loss would be RMB 638.2 million (US$105.4 million) and operating margin would be negative 4.8% on an adjusted non-GAAP basis.
- Net loss was RMB 1,944.4 million (US$321.2 million) and loss per ordinary share and per ADS was RMB 12.41 (US$2.05).
- On an adjusted non-GAAP basis, net loss was RMB 1,440.1 million (US$237.9 million) and loss per ordinary share and per ADS was RMB 9.19 (US$1.52).
