June 15 (Renewables Now) - Yingli Green Energy Holding (NYSE:YGE) said today its first-quarter (Q1) 2017 solar module shipments have dropped both year-on-year and quarter-on-quarter, thereby dragging down revenues.
The Chinese solar photovoltaic (PV) products manufacturer saw its module shipments fall to 370.9 MW from 635.1 MW in Q4 2016 and 508.1 MW in Q1 2016. Chairman and CEO Liansheng Miao blamed the quarter-on-quarter fall on “the traditional seasonality in China and the soft demand along with the reduction of feed-in-tariff (FiT) in Japan”.
For the second quarter of the year, though, the company forecasts PV module shipments in the range of 950 MW to 1,050 MW.
"Geographically, we have seen a surge of orders from China since late April driven by rise in demand before the expected FiT reduction in China on June 30, 2017, and expect a significant increase of PV module shipments in the second quarter of 2017,” Miao added.
|Figures (in CNY)||Q1 2017||Q4 2016||Q1 2016|
|Gross margin (%)||5||7||20|
|Operating profit (loss)||(103.5m)||(1.8bn)||186.4m|
|Non-GAAP EBITDA (loss)||101.3m||(1.53bn)||483.1m|
|Net profit (loss)||(184.4m)||(1.91bn)||79.6m|
|Adjusted non-GAAP profit (loss)||(191.9m)||(583.1m)||73.3m|
Yingli pointed out that the decrease in average selling prices (ASPs) for PV modules worldwide affected its top line in addition to the decline in shipments, and the decline also hurt its gross margin. Lower shipments to Japan and the US also affected profitability, since these markets offer higher selling prices for PV equipment.
The debt-laden company said that there is still no agreement with the holders of overdue notes issued by one of its units. Baoding Tianwei Yingli New Energy Co Ltd is having trouble repaying CNY 1.4 billion (USD 206m/EUR 184m) of medium-term notes (MTNs) that matured on May 12, 2016 and a roughly CNY-357-million portion of MTNs totalling CNY 1 billion that were due on October 13, 2015.
Also today, Yingli announced that the New York Stock Exchange (NYSE) has accepted its plan for continued listing and granted the company an 18-month extension until August 9, 2018 to regain compliance with the bourse’s rules.
(CNY 1.0 = USD 0.147/EUR 0.132)