Yingli Green Reports $293.6 Million Net Loss On Uncertain Future

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The news just keeps getting worse for struggling Chinese solar PV manufacturer Yingli Green Energy, as it finally published its long-awaited fourth quarter and full year 2016 financial results this week, reporting a net loss of $293.6 million and an uncertain 2017.

Yingli Green Energy, also Yingli Solar, has been swimming in hot water for some time now. Already this year the company has faced warnings from the New York Stock Exchange of delisting, and last month announced the formation of a special committee to determine ways the company can repay its financial debts. Published on Thursday, Yingli finally reported its financial earnings for the 2016 fourth quarter, and the full year 2016, and it’s mediocre news at best, troubling at worst.

For the fourth quarter, net revenues and total shipments were well up on the previous quarter, but operating and net losses still mounted. Yingli shipped a total of 635.1 megawatts (MW) of PV modules in the fourth quarter, up from 365.3 MW in the third quarter. Similarly, net revenues were RMB2,041.4 million (US$294.0 million), up from RMB1,459.6 million in the third quarter of 2016.

However, operating losses for the quarter were RMB1,743.7 million (US$251.1 million), and net loss was RMB1,854.7 million (US$267.1 million) and loss per American Depositary Share was RMB102.0 (US$14.7).

“Primarily due to the increased demand from China and Japan, I’m pleased to announce that the Company’s PV module shipments in the fourth quarter of 2016 significantly increased by 74% quarter over quarter to 635.1 MW, concluding the full year 2016 with a total PV module shipments of 2.2 GW, which is in line with our previous guidance,” said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. “In addition, our total revenues in the fourth quarter of 2016 significantly increased by 40% compared to the third quarter of 2016.”

For the full year 2016, Yingli shipped a total of 2,170.4 MW of PV modules. The company is quick to say this was in line with previous guidance — though of course the ‘guidance’ in question was revised guidance from December, dropped from its original expectation of shipping between 2.6 GW and 3.0 GW down to only 2.1 GW to 2.2 GW. It was also down on subdued shipping figures from 2015, in which it shipped a total of only 2,447 MW of solar modules.

Total revenue for the year was RMB8,376.1 million (US$ 1,206.4 million), down from RMB9,965.8 million (US$ 1,538.5 million) in 2015.

Operating losses for the full year 2016 amounted to RMB1,625.8 million (US$234.2 million), while net loss was RMB2,038.6 million (US$293.6 million) and loss per ADS was RMB112.2 (US$16.2).

Looking forward, Yingli estimates PV module shipments for the first quarter to be in the range of 380 MW to 400 MW, and 2.1 GW to 2.2 GW for the full year 2017.

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Joshua S Hill

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

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