Greentech Lead Asia: Yingli Green Energy has earned total net revenues of RMB 2,679.3 million (US$431.4 million) for the quarter ended March 31, 2013.
The total PV module shipment decreased by 6.4 percent from the fourth quarter of 2012.
Overall gross profit was RMB 110.9 million (US$17.8 million), representing a gross margin of 4.1 percent. Gross margin for PV modules was 5.0 percent.
Operating loss was RMB 324.7 million (US$52.3 million), representing an operating margin of negative 12.1 percent. Net loss was RMB 611.8 million (US$98.5 million).
Liansheng Miao, chairman and chief executive officer of Yingli Green Energy, said the strong shipment was primarily supported by the strong European and the U.S. markets and the rapid growth of demand in new markets such as Japan. Europe remained strong as a result of the pull-in demand in the first quarter.
The first quarter of 2013 in the U.S. was Yingli’s second best quarter ever in terms of shipment volumes. The company is going to consolidate its position in all segments of the U.S, Miao said. In this quarter, the shipment to Japan increased significantly due to the vigorous demand before the subsidy adjustment in April.
“The first quarter has historically been slow in China due to seasonality. However, demand picks up quickly as the construction of utility-scale projects accelerates. In addition, we are also actively positioning ourselves for the upcoming opportunities in the distributed generation segment in China.”
Based on current market conditions and forecasted customer demand, the company is confident to accomplish our full year shipment guidance of 3.2 to 3.3 GW, Miao said.
“In addition to expanding our market share and solidifying our market position, we stay committed to improving our profitability through strategically allocating more products to markets where prices are higher and tirelessly pursue further cost savings. At the same time, as our operating cash flow position is on track to gain improvement, we expect to continuously optimize our balance sheet,” Miao concluded.
Yingli Green Energy announced changes to two of its executive officers. Effective immediately, Yiyu Wang will serve as the chief financial officer of the company and cease to be the company’s chief strategy officer.
Zongwei Li will serve as the Company’s chief strategy officer and will cease to be the company’s chief financial officer. In his capacity as chief strategy officer, Li will oversee the Company’s strategic planning with a focus on customized business solutions and value-added services.