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Yingli Green Energy Filed Extension for 2015 Form 20-F and Disclosed Preliminary Financial Results for Full Year 2015

BAODING, China, April 29, 2016 /PRNewswire/ -- Yingli Green Energy Holding Company Limited YGE, -1.00% ("Yingli Green Energy" or the "Company"), one of the world's leading solar panel manufacturers, known as "Yingli solar," today announced that it has filed with the Securities and Exchange Commission a Form 12b-25 (the "Form 12b-25") to extend by fifteen days the due date for filing its annual report on Form 20-F for the fiscal year ended December 31, 2015 (the "2015 Form 20-F") and disclosed preliminary, unaudited financial results for full year 2015.

The Company is unable to file the 2015 Form 20-F on or before the prescribed due date of May 2, 2016 without unreasonable effort or expense, because the Company needs more time to prepare and review its consolidated financial statements as of and for the year ended December 31, 2015 and notes thereto, to finalize the assessment of its internal control over financial reporting and to finalize its other disclosures, including those related to the Company's liquidity, as further discussed below. The Company's management expects that the 2015 Form 20-F will be filed on or before May 16, 2016.

The Company disclosed in the Form 12b-25 that, while the Company has not yet finalized its consolidated financial statements as of and for the year ended December 31, 2015 to be included in the 2015 Form 20-F nor the other disclosures required therein, the Company anticipates the following significant changes in results of operations from the last fiscal year will be reflected in the consolidated financial statements to be included in the 2015 Form 20-F.

The Company estimates that its net loss in 2015 was in the range of RMB 5.8 billion to RMB 5.9 billion, increased from net loss of RMB 1.3 billion in 2014. The expected increase of net loss in 2015 was primarily resulted from the following significant changes:

  • The decrease of net revenues. The Company estimates that its total net revenues in 2015 was in the range of RMB10.0 billion to RMB10.2 billion, decreased from net revenue of RMB 12.9 billion in 2014. The expected decrease in total net revenues year-over-year was primarily due to the decrease of PV module shipments (excluding PV module shipments to the Company's own downstream PV projects in China) from 3,101MW in 2014 to 2,357 MW in 2015 as a result of the lower utilization rate of the Company's production capacity in certain quarters of 2015 due to tight cash flow as well as the decline of selling price of PV modules around the world, especially in China.
  • The decrease of gross profit. The Company estimates that gross profit in 2015 was in the range of RMB 1.1 billion to RMB 1.2 billion, decreased from RMB 2.2 billion which was mainly due to the lower utilization rate of the Company's...

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