Source from PV-Tech

Yingli Green Energy has reported fourth quarter results in line with its recently revised guidance, while targeting shipments in 2014 of between 4-4.2GW.

The company reported total net revenues in 2013 of US$2.2 billion, up from US$1.82 billion in the previous year. Overall gross profit was US$241.0 million, while the net loss was US$321.2 million, down from just over US$500 million in 2012.

Yingli Green reported total PV module shipments of 3,234.3MW in 2013, up 40.8% from 2,297.1MW in 2012.

Fourth quarter results

Yingli Green reported fourth quarter net revenue of US$613.0 million, up from US$596.3 million in the previous quarter. However, revenue only increased by 2.8% from the previous quarter while module shipment increased by 11.4%, indicating continued ASP declines, which could be attributed to higher shipments within China.

"In light of robust demand from China, the United States, Japan and other markets, our shipments in the fourth quarter increased by approximately 11% quarter over quarter, which drives our shipments for full year 2013 to exceed 3.2GW. We are delighted to be the world's largest PV module supplier for the second consecutive year with a diversified market composition," said Liansheng Miao, chairman and chief executive of Yingli Green Energy. "In the fourth quarter, demand from China continued to grow dramatically due to the explosive growth of downstream business driven by favourable government policies put in place since the beginning of 2013, which helps China rank as the world's largest PV application market. As the demand surged in the US and Japan markets, we continued to solidify our leading position in these markets."

Net loss for the quarter was US$128.2 million, compared with a net loss of US$38.5 million in the third quarter of 2013.

The company noted that an operating loss of US$98.1 million in the fourth quarter was mainly due to inventory purchase commitments under long-term polysilicon supply contracts. Excluding the polysilicon the company would have reported an operating loss of US$18.8 million for the quarter. Gross margin in the fourth quarter was 12.2%.

PV project pipeline

Yingli Green said that its PV project pipeline stood at around 1GW in over 10 Chinese provinces. The company plans to complete between 400MW to 600MW of projects in 2014, though only 25MW in the first quarter of the year.

The company also noted that it had a 200MW pipeline outside China with plans to complete the construction of between 30MW and 50MW in 2014.

Guidance

Yingli Green expects PV module shipments to be in the range of 4GW to 4.2GW in 2014, representing an increase of up to 32.6% compared to 2013.