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Yingli Green Energy revenues $432.2 million

Staff writer |
Yingli Green Energy Holding Company Limited announced its unaudited consolidated financial results for the quarter ended March 31, 2014.

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Total net revenues were RMB 2,686.8 million ($432.2 million) in the first quarter of 2014, compared to RMB 3,711.1 million in the fourth quarter of 2013 and RMB 2,679.3 million in the first quarter of 2013.

Total PV module shipments (including 6.1 MW shipments for PV systems to the Company's own downstream power plants in China) were 630.8 MW in the first quarter of 2014, a decrease of 32.9% from that in the fourth quarter of 2013. Revenues were not recognized for 6.1 MW of internal shipments as required by U.S. GAAP. The decrease of PV module shipments was primarily due to a soft demand in China market as the result of a traditional seasonality and a slightly delayed PV module shipment schedule for projects in Algeria.

In the first quarter of 2014, the average selling price of PV modules improved slightly from that in the fourth quarter of 2013 as the Company optimized its geographic distribution for sales of PV modules.

Overall gross profit was RMB 421.3 million ($67.8 million) in the first quarter of 2014, compared to RMB451.7 million in the fourth quarter of 2013 and RMB110.9 million in the first quarter of 2013.

Overall gross margin was 15.7% in the first quarter of 2014, up from 12.2% in the fourth quarter of 2013 and 4.1% in the first quarter of 2013. Gross margin for sales of PV module was 16.8% in the first quarter of 2014, compared to 13.1% in the fourth quarter of 2013.

The increase in gross profit margin was mainly due to the change of geographic mix of PV module sales with the portion of sales to higher price markets up as well as our continuously enhanced cost control in the first quarter of 2014.

Operating expenses were RMB 550.2 million ($88.5 million) in the first quarter of 2014, compared to RMB 1,045.9 million in the fourth quarter of 2013 and RMB 435.6 million in the first quarter of 2013. In the first quarter of 2014, the Company recognized a non-cash bad debt provision of RMB 76.1 million ($12.2 million) relating to several customers.

The operating expenses in the fourth quarter of 2013 included a non-cash provision of RMB 480.2 million on the Company's inventory purchase commitment under its long-term polysilicon supply contracts.

Operating expenses as a percentage of total net revenues were 20.5% in the first quarter of 2014, compared to 28.2% in the fourth quarter of 2013 and 16.3% in the first quarter of 2013.

Operating loss was RMB 129 million ($20.7 million) in the first quarter of 2014, compared to RMB 594.2 million in the fourth quarter of 2013 and RMB 324.7 million in the first quarter of 2013.

Operating margin was negative 4.8% in the first quarter of 2014, compared to negative 16.0% in the fourth quarter of 2013 and negative 12.1% in the first quarter of 2013.


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