Yingli Green Energy Reports First Quarter 2009 Results
BAODING,
Holding Company Limited (NYSE: YGE) (“Yingli Green Energy” or the “Company”),
one of the world’s leading vertically integrated photovoltaic (“PV”) product
manufacturers, today announced its unaudited consolidated financial results
for the first quarter ended
First Quarter 2009 Consolidated Financial and Operating Highlights
-- Total net revenues were RMB 999.9 million (US$146.3 million).
-- Gross profit was RMB 152.5 million (US$22.3 million) and gross margin
was 15.3%.
-- Operating income was RMB 20.4 million (US$3.0 million) and operating
margin was 2.0%.
-- Net loss(1) was RMB 141.6 million (US$20.7 million) and diluted loss
per ordinary share and per American depositary share ("ADS") was RMB
1.11(US$0.16).
-- On an adjusted non-GAAP(2) basis, net loss(1) was RMB 77.1 million
(US$11.3 million) and diluted loss per ordinary share and per ADS was
RMB 0.61 (US$0.09).
“Due to weakened macroeconomic conditions globally, including tighter
credit for PV system project financing, worse than normal winter weather
conditions in
experienced a tough quarter,” said Mr.
Executive Officer of Yingli Green Energy. “However, our continued research and
development efforts and ability to renegotiate polysilicon supply contracts
allowed us to expand our gross margin by 2.1% quarter-over-quarter.”
“We are pleased that PV-industry veteran Dr. Dengyuan Song joined Yingli
in February as our new chief technology officer. With Dr. Song at the helm, we
have seen continued enhancement of our research and development capability and
operating efficiency. In addition, we recently signed a strategic cooperation
agreement with a prestigious energy research center based in
believe will help us enhance our cell efficiency rate and research and
development capability. We expect that as our cell efficiency continues to
improve through this project, our gross margin will expand further in the
medium term.”
“We currently have access to up to
and international banks and have successfully secured additional lines of
credit. We believe our healthy capital position demonstrates lenders’
confidence in our value proposition and growth potential and allows us to
focus on our execution plans.”
“We believe that the first quarter marked a low point for the entire solar
industry this year, Yingli Green Energy included. However, recent gradual
recovery in major markets, especially in
government policies towards alternative energy in
gives us reasons to remain confident in the future of the global solar
market,” continued Mr. Miao. “We have strategies in place in both developed
and emerging solar markets that we expect to help us leverage our cost-
competitive business model to expand market share. In
European countries, we are utilizing our existing strong sales capacity to
broaden our sales channels and further diversify our customer mix. In
United States
alternative energy, we have entered into cooperation with key U.S. solar
players, including an exclusive supplier framework agreement with AES Solar
Energy Ltd., an affiliate of AES Corporation, for its solar projects in major
PV markets. Also during the first quarter, we established our U.S. subsidiary,
which will be led by
year solar industry veteran. Under Mr. Petrina’s direction we are taking steps
towards opening sales centers on the East and West coasts of
In
the government’s recently announced solar subsidy program. We first entered
the Chinese domestic PV system installation market in 2002, and we believe our
global experience combined with our existing capabilities and on-the-ground
network in
unique opportunity to gain market share in the rapidly growing Chinese solar
market.”
“To compliment these strategies, we recently became a member of PV CYCLE,
a
of end-of-life PV modules. We are very proud that Yingli Green Energy is the
first
speaks to our commitment to reducing the environmental impact of PV production
and the development of a sustainable solar industry,” Mr. Miao continued.
“We are an industry leader in non-silicon production costs. As declining
spot prices for polysilicon continue to cause an industry-wide decline in cost
of polysilicon as a percentage of total costs of PV products, we aim to
leverage our competitive cost structure to further drive gross margins and
gain additional market share. Combined with our vertically integrated business
model and low cost, high quality offerings, this gives us great confidence
that Yingli Green Energy will continue to be a leader in the rapidly growing
global solar market,” Mr. Miao concluded.
First Quarter 2009 Financial Results
Total Net Revenues
Total net revenues were
quarter of 2009, a decrease of 43.2% from
quarter of 2008 and a decrease of 37.3% from
quarter of 2008. The decrease from the fourth quarter of 2008 was primarily
due to substantial lower shipment volume and lower average selling price,
which were impacted by weaker demand resulting from difficult macroeconomic
conditions globally, including tighter credit for PV system project financing,
worse than normal winter weather conditions in
feed-in tariff policy in
PV module shipments were under contracts denominated in Euros, average selling
price was also negatively impacted by the depreciation of the Euro against the
Renminbi in the first quarter of 2009.
Gross Profit and Gross Margin
Gross profit in the first quarter of 2009 was
million
2008 and a decrease of 61.1% from
2008. Gross margin was 15.3% in the first quarter of 2009, up from 13.2% in
the fourth quarter of 2008 and down from 24.6% in the first quarter of 2008.
The increase in gross margin from the fourth quarter of 2008 was primarily due
to the decrease in unit cost of blended polysilicon in the first quarter of
2009 caused primarily by lower prices of polysilicon purchased in the spot
market and under our long term polysilicon supply contracts, as well as lower
polysilicon usage per watt achieved through the Company’s continued research
and development efforts, which was partially offset by the decline in average
selling price resulting from weakened macroeconomic conditions and the
depreciation of the Euro against the Renminbi.
Operating Expenses
Operating expenses in the first quarter of 2009 were
(
and
expenses compared to the fourth quarter of 2008 was primarily attributable to
the better control of sales and marketing related expenses, partially offset
by higher research and development expenses. Operating expenses as a
percentage of total net revenues increased to 13.2% in the first quarter of
2009 from 7.7% in the fourth quarter of 2008 and 6.9% in the first quarter of
2008, mainly due to the decrease in total net revenues.
Operating Income and Margin
Operating income in the first quarter of 2009 was
(
quarter of 2008 and a decrease of 92.8% from
quarter of 2008. Operating margin decreased to 2.0% in the first quarter of
2009 from 5.6% in the fourth quarter of 2008 and 17.7% in the first quarter of
2008.
Interest Expense
Interest expense was
quarter of 2009, compared to
and
interest expense was consistent with both the increase in long-term bank
borrowings from
million
borrowings from
million
rate for these borrowings in the first quarter of 2009 was 7.97%, which
increased from 7.68% in the fourth quarter of 2008.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was
the first quarter of 2009, compared to a foreign currency exchange gain of
68.7 million
gain of
approximately 6.5% against the Renminbi in the first quarter of 2009, compared
to an approximately 3.4% depreciation of Euro against the Renminbi in the
fourth quarter of 2008, which resulted in a loss upon the revaluation of
accounts receivables and raw material prepayments denominated in Euro at the
end of the quarter. The foreign currency exchange gain in the fourth quarter
of 2008 despite of the Euro depreciation was primarily due to a substantial
gain resulting from foreign currency forward contracts that was realized in
the fourth quarter 2008
Income Tax Benefit
Income tax benefit was
quarter of 2009, compared to
and
the first quarter of 2009 was primarily the result of a deferred tax benefit
recognized in connection with the net operating losses incurred in the quarter,
while the income tax benefit in the fourth quarter of 2008 was primarily due
to an increase of deferred tax assets related to accrued warranty. Under the
Enterprise Income Tax Law and the various implementation rules, Tianwei Yingli
was subject to an enterprise income tax rate of 0% in 2008 and 12.5% for 2009.
Net Income (Loss)
As a result of the factors discussed above, net loss(1) was
million
income(1) of
of
share and per ADS was
compared to diluted earnings per ordinary share and per ADS of
fourth quarter of 2008.
On an adjusted non-GAAP basis, which excludes share-based compensation,
accretion of the non-cash interest expense resulting from the derivative
liability bifurcated from our convertible notes issued in
from the equity component bifurcated from our convertible notes issued in
subsequent change in the fair value of the derivative liability and
amortization of intangible assets arising from purchase price allocation in
connection with a series of acquisitions of equity interests in Tianwei Yingli,
an operating subsidiary of the Company, adjusted non-GAAP net loss(1) was
77.1 million
adjusted non-GAAP net income(1) of
2008. Adjusted non-GAAP diluted loss per ordinary share and per ADS was
0.61
diluted earnings per ordinary share and per ADS of
quarter of 2008.
Balance Sheet Analysis
As of
(
working capital, compared to
million
decreased from
(
prepayments in the previous quarter and favorable changes to the payment
schedules for polysilicon procurement. Long-term bank borrowings increased to
million
2,601.9 million
million
Company had approximately
which
Note Regarding Senior Secured Convertible Notes due 2012 Issued to
Trustbridge
Yingli Green Energy entered into a note purchase agreement with
Trustbridge, an affiliate of Gold Sight International Limited (“Gold Sight”),
the former minority shareholder of Cyber Power, for up to
Notes,
Cyber Power Group Limited (“Cyber Power”). In
issued the first tranche of the Notes in the principal amount of
million
expense and a derivative liability loss relating to the first tranche of the
Notes in the principal amount of
amortized over the term of the Notes. Such interest expense and derivative
liability are non-cash charges and will not impact our cash flow. If the
conversion price of the Notes remains substantially below the market price at
the time of the issuance of the remaining Notes, the Company will be required
to account for the difference as an interest expense, which would have a
material adverse effect on our results for the relevant period. In addition,
the Company will be required to account for any derivative liability gain or
loss relating to the outstanding Notes, which would also have a material
effect on our results for the relevant period.
First Quarter 2009 and Recent Business Highlights
Sales
-- Yingli Green Energy entered into a sales contract with GOLDBECK Solar
GmbH, under which Yingli Green Energy is expected to supply a minimum
of 15 MW and potentially up to 58 MW of PV modules to GOLDBECK Solar in
2009.
-- Yingli Green Energy entered into a three-year exclusive supplier
framework agreement with AES Solar Energy Ltd, a leading global
developer, owner and operator of utility-scale solar plants, for its
solar projects in major PV markets.
Financing
-- Three of Yingli Green Energy's PRC subsidiaries received new short-term
loans totaling RMB 420 million from domestic banks and Baoding Yingli
Group Company Limited ("Yingli Group"), an affiliate of the Company.
-- Yingli Group entered into a strategic cooperation agreement with the
Hebei Branch of Bank of China, under which the Bank of China expects to
grant, subject to internal procedures to be conducted in accordance
with the bank's risk management and operational regulations, credit
facilities in a maximum amount of RMB 6 billion to entities affiliated
with Yingli Group, including three PRC subsidiaries of Yingli Green
Energy.
-- Yingli Green Energy drew down the US$50 million under the three-year
loan facility provided by a fund managed by Asia Debt Management Hong
Kong Limited ("ADM Capital").
-- Yingli Green Energy renewed and enlarged credit lines in an aggregate
amount of RMB 1.1 billion with the Export-Import Bank of China, a
government policy bank of China's central government.
Others
-- The Chief Financial Officer Mr. Zongwei Li was appointed to the
Company's board of directors and Professor Ming Huang to the board's
audit committee; and Mr. George Jian Chuang resigned from the Company's
board.
-- Yingli Green Energy became the first China-based company to join PV
CYCLE, a Brussels-based organization that promotes voluntary take-back
and recycling of end-of-life PV modules.
Business Outlook for Full Year 2009
Based on current market and operating conditions, estimated production
capacity and forecasted customer demand, as well as current exchange rates for
the U.S. dollar, Euro and Renminbi, the Company is updating its PV module
shipment target to be in the estimated range of 450 MW to 500 MW for fiscal
year 2009, which represents an increase of 59.9 % to 77.6 % compared to fiscal
year 2008, subject to, among other factors, the successful installation and
ramp-up of the Company’s additional 200 MW planned expansion in the third
quarter of 2009.
In addition, after taking into consideration the negative impact of
expected decreases in the average selling price of PV modules and further
depreciation of the Euro against the U.S. dollar, the Company currently
expects that its gross margin target for fiscal year 2009 to be in the
estimated range of 23 % to 25 %.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance with
generally accepted accounting principals in
press release includes certain non-GAAP financial measures of adjusted net
income (loss)(1) and adjusted diluted earnings (loss) per ordinary share and
per ADS, each of which is adjusted to exclude items related to share-based
compensation, accretion of the non-cash interest expense resulting from the
derivative liability bifurcated from our convertible notes issued in
2009
issued in
the subsequent change in the fair value of the derivative liability and
amortization of intangible assets arising from purchase price allocation in
connection with a series of acquisitions of equity interests in Tianwei Yingli,
an operating subsidiary of the Company. The Company believes excluding these
items from its non-GAAP financial measures is useful for its management and
investors to assess and analyze the Company’s core operating results as such
items are not directly attributable to the underlying performance of the
Company’s business operations and do not impact its cash earnings. The
Company also believes these non-GAAP financial measures are important to help
investors understand the Company’s current financial performance and future
prospects and compare business trends among different reporting periods on a
consistent basis. These non-GAAP financial measures should be considered in
addition to financial measures presented in accordance with GAAP, but should
not be considered as a substitute for, or superior to, financial measures
presented in accordance with GAAP. For a reconciliation of each of these non-
GAAP financial measures to the most directly comparable GAAP financial measure,
please see the financial information included elsewhere in this press release.
Currency Convenience Translation
Solely for the convenience of readers, certain Renminbi amounts have been
translated into U.S. dollar amounts at the rate of
noon buying rate in
as set forth in the H.10 weekly statistical release of the Federal Reserve
Board, as of
Renminbi amounts could have been, or could be, converted, realized or settled
into U.S. dollar amounts at such rate, or at any other rate. The percentages
stated in this earnings release are calculated based on Renminbi.
Conference Call
Yingli Green Energy will host a conference call and live webcast to
discuss the results at
2009
The dial-in details for the live conference call are as follows:
-- U.S. Toll Free Number: +1-800-510-0219
-- International dial-in number: +1-617-614-3451
-- Passcode: 63021236
A live and archived webcast of the conference call will be available on
the Investors section of Yingli Green Energy’s website at www.yinglisolar.com.
A replay will be available shortly after the call on Yingli Green Energy’s
website for 90 days.
A replay of the conference call will be available until
dialing:
-- U.S. Toll Free Number: +1-888-286-8010
-- International dial-in number: +1-617-801-6888
-- Passcode: 95235763
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE) is one of the
world’s leading vertically integrated PV product manufacturers. Yingli Green
Energy designs, manufactures and sells PV modules and designs, assembles,
sells and installs PV systems that are connected to an electricity
transmission grid or operate on a stand-alone basis. Based in Baoding,
Yingli Green Energy sells its PV modules to system integrators and
distributors located in various markets around the world, including
more information, please visit http://www.yinglisolar.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute “forward-looking” statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and
similar statements. Such statements are based upon management’s current
expectations and current market and operating conditions, and relate to events
that involve known or unknown risks, uncertainties and other factors, all of
which are difficult to predict and many of which are beyond Yingli Green
Energy’s control, which may cause Yingli Green Energy’s actual results,
performance or achievements to differ materially from those in the forward-
looking statements. Further information regarding these and other risks,
uncertainties or factors is included in Yingli Green Energy’s filings with the
U.S. Securities and Exchange Commission. Yingli Green Energy does not
undertake any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required under
applicable law.
(1) Upon adoption of FASB Statement 160 ("SFAS 160"), effective January 1,
2009, net income (loss) has been relabeled and attributed between
noncontrolling interests and Yingli Green Energy. For convenience
purposes, all references to "net income (loss)" in this press release,
unless otherwise specified, represent "net income (loss) attributable
to Yingli Green Energy" for all periods presented.
(2) All non-GAAP measures exclude share-based compensation, accretion of
the non-cash interest expense resulting from the derivative liability
bifurcated from our convertible notes issued in January 2009 and from
the equity component bifurcated from our convertible notes issued in
December 2007 upon the adoption of FSP APB14-1, respectively, and the
subsequent change in the fair value of the derivative liability and
amortization of intangible assets arising from purchase price
allocation in connection with a series of acquisitions of equity
interests in Baoding Tianwei Yingli New Energy Resources Co., Ltd.
("Tianwei Yingli"), an operating subsidiary of the Company. For
further details on non-GAAP measures, please refer to the
reconciliation table and a detailed discussion of the Company's use of
non-GAAP information set forth elsewhere in this earnings release.
(3) Our previously reported unaudited first quarter 2008 and fourth
quarter 2008 financial results have been revised to reflect an
increase in interest expense from RMB 48 million to RMB 52 million in
the fourth quarter of 2008 and from RMB 34 million to RMB 38 million
in the first quarter of 2008 due to the adoption and retroactive
application of Financial Accounting Standards Board Staff Position
Accounting Principles Board 14-1 ("FSP APB 14-1"), "Accounting for
Convertible Debt Instruments That May Be Settled in Cash upon
Conversion (Including Partial Cash Settlement)".
(4) Our previously reported unaudited fourth quarter 2008 financial
results have been revised to reflect a decrease in the income tax
benefit from RMB 17 million to RMB 3 million due to a revised
calculation of deferred taxes resulting from a change in the enacted
income tax rate from 15% to 25% for calendar years starting from 2012
in respect of Tianwei Yingli. Further, our previously reported
unaudited financial results as of December 31, 2008 have been revised
to reflect an increase in deferred tax asset of RMB 10 million and an
increase in deferred tax liability of RMB 24 million accordingly. We
have also made certain reclassification of deferred taxes between
current and non current.
For further information, please contact:
In China:
Qing Miao
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86-312-3100-502
Email: ir@yinglisolar.com
Courtney Shike
Brunswick Group LLC
Tel: +86-10-6566-2256
Email: yingli@brunswickgroup.com
In the United States:
Katie Cralle
Brunswick Group LLC
Tel: +1-212-333-3810
Email: kcralle@brunswickgroup.com
YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December 31,
2008
(As adjusted)(1) March 31, 2009
RMB RMB US$
ASSETS
Current assets:
Cash and restricted cash 1,218,148 1,362,355 199,382
Accounts receivable, net 1,464,973 1,899,735 278,028
Inventories 2,040,731 2,355,364 344,709
Prepayments to suppliers 774,014 453,124 66,315
Prepaid expenses and other
current assets 563,267 524,061 76,696
Total current assets 6,061,133 6,594,639 965,130
Prepayments to supplier 674,164 628,413 91,969
Property, plant and equipment, net 3,385,682 4,414,888 646,122
Land use rights 63,022 270,100 39,529
Goodwill and intangible assets, net 666,429 651,248 95,311
Investment in and advances to
an affiliate 192,537 21,128 3,092
Long-term other assets 24,829 23,695 3,468
Total assets 11,067,796 12,604,111 1,844,621
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Short-term bank borrowings,
including current portion
of long-term bank borrowings 2,044,200 2,601,915 380,792
Accounts payable 628,903 914,022 133,768
Other current liabilities and
accrued expenses 84,563 128,720 18,838
Advances from customers 51,933 54,883 8,032
Dividend payable 10,956 10,956 1,604
Other amounts due to related
parties 8,864 103,719 15,179
Total current liabilities 2,829,419 3,814,215 558,213
Deferred income taxes 59,300 52,427 7,673
Deferred income 14,346 12,864 1,883
Convertible senior notes 1,214,814 1,300,125 190,274
Long-term bank borrowings,
excluding current portion 662,956 1,172,432 171,586
Embedded derivative liability -- 108,914 15,940
Accrued warranty cost,
excluding current portion 114,691 123,648 18,096
Total liabilities 4,895,526 6,584,625 963,665
Shareholders' equity:
Ordinary shares 9,922 9,958 1,457
Additional paid-in capital 3,724,358 3,743,441 547,856
Accumulated other comprehensive
income 31,206 22,973 3,362
Retained earnings 1,011,633 870,068 127,335
Total Yingli Green Energy
shareholders' equity 4,777,119 4,646,440 680,010
Noncontrolling interests 1,395,151 1,373,046 200,946
Total shareholders' equity 6,172,270 6,019,486 880,956
Total liabilities and
shareholders' equity 11,067,796 12,604,111 1,844,621
(1) Reflects retrospective application of SFAS 160, "Noncontrolling
Interests in Consolidated Financial Statements-an amendment of ARB
No.51." and retrospective application of FSP APB 14-1, "Accounting
for Convertible Debt Instruments that May be Settled in Cash upon
Conversion (Including Partial Cash Settlement)."
YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except for share, ADS, per share and per ADS data)
Three months ended
March 31, December 31,
2008 (As 2008 (As
adjusted)(1) adjusted)(1) March 31, 2009
RMB RMB RMB US$
Net revenues:
Sales of PV modules 1,572,256 1,716,180 998,009 146,059
Sales of PV systems 547 19,940 4 1
Other revenues 22,242 25,079 1,886 276
Total net revenues 1,595,045 1,761,199 999,899 146,336
Cost of revenues:
Cost of PV modules sales (1,183,318) (1,503,267) (844,706) (123,623)
Cost of PV systems sales (270) (14,145) (16) (2)
Cost of other revenues (19,189) (10,853) (2,690) (394)
Total cost of revenues (1,202,777) (1,528,265) (847,412) (124,019)
Gross Profit 392,268 232,934 152,487 22,317
Selling expenses (36,515) (35,514) (30,881) (4,520)
General and administrative
expenses (64,492) (76,381) (75,470) (11,045)
Research and development
expenses (8,598) (23,243) (25,756) (3,769)
Total operating expenses (109,605) (135,138) (132,107) (19,334)
Income from operations 282,663 97,796 20,380 2,983
Other income (expense):
Interest expense (37,698) (51,658) (79,005) (11,563)
Interest income 5,191 3,747 1,352 198
Foreign currency exchange
gain (loss) 66,316 68,664 (93,635) (13,704)
Other income (expense) 2,037 414 (23,123) (3,384)
Income (loss) before income
taxes 318,509 118,963 (174,031) (25,470)
Income tax benefit 652 3,051 12,989 1,901
Net income (loss) 319,161 122,014 (161,042) (23,569)
Less: earnings (losses)
attributable to the
noncontrolling interests (98,948) (39,976) 19,477 2,851
Net income (loss)
attributable to
Yingli Green Energy 220,213 82,038 (141,565) (20,718)
Weighted average shares and
ADSs outstanding
Basic 127,336,911 127,447,821 127,864,391 127,864,391
Diluted 129,576,705 128,119,081 127,864,391 127,864,391
Earnings (loss) per share and
per ADS
Basic 1.73 0.64 (1.11) (0.16)
Diluted 1.70 0.64 (1.11) (0.16)
Reconciliation of Non-GAAP measures to GAAP measures
Three months ended
March 31, December
2008 31, 2008 March 31, 2009
RMB RMB RMB US$
Non-GAAP income (loss)
attributable to Yingli
Green Energy 246,210 111,385 (77,116) (11,286)
Share-based compensation
attributable to Yingli
Green Energy (9,449) (12,880) (15,352) (2,247)
Amortization of intangible
assets attributable to Yingli
Green Energy (13,213) (13,286) (15,191) (2,223)
Loss on embedded derivative
liability attributable to
Yingli Green Energy -- -- (27,100) (3,966)
Non-cash interest expenses
attributable to Yingli
Green Energy (3,335) (3,181) (6,806) (996)
Net income (loss) attributable
to Yingli Green Energy 220,213 82,038 (141,565) (20,718)
Non-GAAP diluted earnings
(loss) per share and per ADS 1.90 0.86 (0.61) (0.09)
Share-based compensation per
share and per ADS (0.07) (0.10) (0.12) (0.02)
Amortization of intangible
assets per share and per ADS (0.10) (0.10) (0.12) (0.02)
Loss on embedded derivative
liability per share and per ADS -- -- (0.21) (0.03)
Non-cash interest expenses per
share and per ADS (0.03) (0.02) (0.05) (0.00)
Diluted earnings (loss) per
share and per ADS 1.70 0.64 (0.87) (0.16)
(1) Reflects retrospective application of SFAS 160, "Noncontrolling
Interests in Consolidated Financial Statements-an amendment of ARB
No.51." and retrospective application of FSP APB 14-1, "Accounting
for Convertible Debt Instruments that May be Settled in Cash upon
Conversion (Including Partial Cash Settlement). "
SOURCE Yingli Green Energy Holding Company Limited