Yingli Green Energy reports Q4 and full year 2010 results

BAODING, CHINA: Yingli Green Energy Holding Co. Ltd, a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand Yingli Solar, announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2010.

Q4 2010 consolidated financial and operating highlights
* Total net revenues were RMB 4,066.2 million ($616.1 million) and PV module shipment increased by 21.6% quarter over quarter, reaching a historical high.
* Gross profit was RMB 1,337.7 million ($202.7 million), representing a gross margin of 32.9 percent.
* Operating income was RMB 943.5 million ($142.9 million), representing an operating margin of 23.2 percent.
* Net income was RMB 554.4 million ($84 million) and diluted earnings per ordinary share and per American depositary share were RMB 3.46($0.52).
* On an adjusted non-GAAP(2) basis, net income was RMB 598.3 million ($90.7 million) and diluted earnings per ordinary share and per ADS were RMB 3.73($0.57).
* In October 2010, through one of its operating subsidiaries in China, the company has become the first China-based solar company to have completed a successful registration of RMB 2.4 billion and issuance of RMB 1.0 billion medium-term notes on the PRC inter-bank debenture market.
* In December 2010, the Company re-purchased an aggregate of $171.3 million principal amount of its zero coupon convertible senior notes due 2012 for a total cash consideration of $199.4 million based on a yield to put of 5.125 percent. The company only had $1.2 million Notes outstanding due December 2012.
* The company has been selected to supply approximately 70 percent of the total amount of 272 MW PV projects under the Golden Sun Program, which is sponsored by the Ministry of Finance of China, and received an advance payment of RMB 749.4 million, or 35 percent of the total purchase price in December 2010. The majority of the shipments are scheduled to be delivered by the company in the second half of 2011.