ZHONGSHAN, China, April 18, 2016 /PRNewswire/ -- China Ming Yang
Wind Power Group Limited (NYSE: MY) ("Ming Yang" or the "Company"), a leading wind
energy solution provider in China,
today announced its unaudited financial results for the quarter and
the full year ended December 31,
2015.
Fourth Quarter 2015 Operating and Financial
Highlights:
- Total revenue was RMB2,160.3
million (US$333.5 million),
compared to RMB1,996.0 million
in the fourth quarter of 2014.
- Gross profit was RMB342.4 million
(US$52.9 million), compared to
RMB271.9 million in the fourth
quarter of 2014.
- Gross margin was 15.8%, compared to 13.6% in the fourth
quarter of 2014.
- Profit for the period was RMB77.5
million (US$12.0 million),
compared to RMB84.0 million in the
fourth quarter of 2014.
- Total comprehensive income was RMB85.9
million (US$13.3 million),
compared to RMB80.9 million
in the fourth quarter of 2014. Basic and diluted earnings
per share were RMB0.47(US$0.07) and RMB0.46 (US$0.07),
respectively, compared to basic and diluted earnings per share of
RMB0.68 and RMB0.66, respectively, in the fourth quarter
of 2014.
- Total wind turbine generators ("WTG"s) for which revenue was
recognized amounted to an equivalent wind power project output of
626.5MW, representing 159 units of 1.5MW WTGs and 194 units of
2.0MW WTGs, compared to 638MW in the fourth quarter of 2014.
Full Year 2015 Operating and Financial
Highlights:
- Total revenue was RMB6,797.1
million (US$1,049.3 million),
compared to RMB5,872.4 million
in 2014.
- Gross profit was RMB1,103.5
million (US$170.3 million),
compared to RMB813.1 million in
2014.
- Gross margin was 16.2%, compared to 13.8%
in 2014.
- Profit for the year was RMB277.8
million (US$42.9 million),
compared to RMB354.5 million in
2014.
- Total comprehensive income was RMB298.6
million (US$46.1 million),
compared to RMB350.0 million in 2014.
Basic and diluted earnings per share were RMB1.90(US$0.29)
and RMB1.88(US$0.29), respectively, compared to basic and
diluted earnings per share of RMB2.90andRMB2.86, respectively,
in 2014.
- Total wind turbine generators ("WTG"s) for which revenue was
recognized amounted to an equivalent wind power project output of
2,032.5MW, representing 507 units of 1.5MW WTGs and 636 units of
2.0MW WTGs, compared to 1,852MW in 2014.
Mr. Chuanwei Zhang, Chairman and
Chief Executive Officer of Ming
Yang, commented "Driven by the tariff policy, wind energy
operators rushed to install projects within the year and this
resulted in a 66.4% year-over-year growth in terms of
grid-connected power capacity addition, according to National
Energy Administration (the "NEA"). However, during the year, the
wind farm operators faced severe wind curtailment issues,
especially those whose projects are located in the northern part of
China."
"During China's 13th Five-Year-Plan period
(2016-2020), we believe that there will be an opportunity for
Ming Yang to rise to the next level
by innovating on its business model and providing full life-cycle
wind energy solutions to our customers. Recently, a number of new
supportive policies have been rolled out, which we believe will
lead to an improvement in curtailment and subsidy in the future.
Currently, we are striving to develop technologies that can drive
electricity generation while lowering per kWh costs, and we are
confident we will be able to capture the growth opportunities."
Fourth Quarter 2015 Operating Data and Unaudited
Financial Results
Revenue
Revenue in the fourth quarter of 2015 was RMB2,160.3 million (US$333.5 million), compared to RMB1,996.0 million in the fourth quarter
of 2014.The increase was mainly attributable to the
approximately 5.0% and 3.8% increase in average 1.5MW WTG and 2.0MW
WTG selling price on a per KW basis, respectively, in the fourth
quarter of 2015 compared with the corresponding period of 2014.
WTGs for which revenue was recognized in the fourth quarter of
2015 amounted to an equivalent wind power project output of
626.5MW, or 159 units of 1.5MW WTGs and 194 units of 2.0MW WTGs.
In the fourth quarter of 2014, revenue was recognized for
WTGs with a power output of 638MW, or 280 units of 1.5MW WTGs and
109 units of 2.0MW WTGs.
Gross Profit and Gross Margin
Gross profit was RMB342.4 million
(US$52.9 million), compared to
RMB271.9 million in the fourth
quarter of 2014. Gross margin in the fourth quarter
of 2015 was 15.8%, compared to 13.6% in the fourth
quarter of 2014. The increase in gross margin was mainly
attributable to the increase in gross profit for WTG sales, which
was a combined effect of (1) an approximately 5.0% and 3.8%
increase in average 1.5MW WTG and 2.0MW WTG selling price per KW,
respectively, in the fourth quarter of 2015 compared with
the corresponding period of 2014, and (2) the synergy in reduction
in cost of electrical components as a result of the acquisition of
China Smart Electric Group Limited (RENergy) in May 2015.
On an adjusted basis, should warranty provisions be excluded
from cost of sales, the Company's adjusted gross margin would be
19.4% for the fourth quarter of 2015, compared to 16.6% for the
corresponding period of 2014.
Selling and Distribution Expenses
Selling and distribution expenses were RMB121.2 million (US$18.7
million) for the fourth quarter of 2015, compared to
RMB79.2 million for the corresponding
period in 2014, representing an increase of 53.0% which was mainly due to the increase of
RMB32.6 million (US$5.0 Million) in transportation cost because
(1) more WTGs and blades were delivered in the fourth quarter of
2015, and (2) longer transportation distance was required for some
projects. Besides, there is an increase in share-based compensation
expense by RMB5.8 million
(US$0.9 million) compared to the
fourth quarter of 2014, mainly as a result of certain treasury
stocks being awarded to certain management personnel in
December 2015.
Administrative Expenses
Administrative expenses were RMB151.0
million (US$23.3 million) for
the fourth quarter of 2015, compared to RMB99.0 million for the corresponding period in
2014, representing an increase of 52.5%. The increase in
administrative expenses was mainly due to the combined effect of
(1) provision for doubtful trade and other receivables of
RMB43.5 million (US$6.7 million) being made in the fourth quarter
of 2015 as compared to RMB31.6
million provision in the corresponding period of 2014, and
(2) an increase in share-based compensation expense by RMB19.5 million (US$3.0
million) compared to the fourth quarter of 2014 as a result
of certain treasury stocks being awarded to certain management
personnel in December 2015.
Research and Development Expenses
Research and development expenses were RMB20.6 million (US$3.2
million) for the fourth quarter of 2015, compared to
RMB23.2 million for the corresponding
period in 2014.
Net Finance Income
Finance income was RMB23.6 million
(US$3.6 million) for the fourth
quarter of 2015, compared to RMB48.0
million for the corresponding period in 2014. The decrease
in finance income was mainly attributable to (1) the
decrease in interest income from bank deposits and entrusted
loans; and (2) we did not recognize the finance income of
RMB12.1 million in respect of certain
wind farms of our EPC joint venture in the fourth quarter of 2015
as a result of wind curtailment.
Finance expenses were RMB23.8
million (US$3.7 million) for
the fourth quarter of 2015, compared to RMB38.4 million for the corresponding period in
2014. The decrease in finance expenses was mainly due to
the repayment of RMB1 billion of
the Company's medium-term notes that matured on January 12, 2015, which offset the Company's
increase in interest expense on discounted bills.
Profit Before Income Tax
Profit before income tax was RMB95.6
million (US$14.8 million) for
the fourth quarter of 2015, compared to RMB97.5 million for the corresponding period in
2014.
Income Tax Expense
Income tax expense was RMB18.1
million (US$2.8 million) for
the fourth quarter of 2015, compared to RMB13.5 million for the corresponding period in
2014.
Total Comprehensive Income and Earnings per Share
As a result of the foregoing, total comprehensive income for the
fourth quarter of 2015 was RMB85.9
million (US$13.3 million),
compared to RMB80.9 million for the
corresponding period in 2014.
Basic and diluted earnings per share were RMB0.47 (US$0.07)
and RMB0.46 (US$0.07) for the fourth quarter of 2015,
respectively, compared to basic and diluted earnings per share of
RMB0.68 and RMB0.66, respectively, in the corresponding
period in 2014.
Foreign Currency Translation Differences
We recorded other comprehensive income of RMB8.4 million (US$1.3
million) for the fourth quarter of 2015 upon translation of
the financial statements of our non-PRC entities into Renminbi, as
a result of depreciation of Renminbi against U.S. dollars. We
recorded other comprehensive loss of RMB3.1
million in the corresponding period in 2014 for such foreign
currency translation difference,
Full Year 2015 Operating Data and Unaudited Financial
Results
Revenue
Revenue in 2015 was RMB 6,797.1
million (US$1,049.3 million),
compared to RMB5,872.4 million
in 2014. The increase was mainly attributable to (1)an
increase in sales of WTGs in 2015; and (2) the approximately 3.5%
and 3.1%increase in average 1.5 MW WTG and 2.0MW WTG selling price
on a per KW basis, respectively, in 2015 compared with the
corresponding period of 2014.
WTGs for which revenue was recognized in 2015 amounted to an
equivalent wind power project output of 2,032.5MW, or 507 units of
1.5MW WTGs and 636 units of 2.0MW WTGs. In 2014, revenue was
recognized for WTGs with a power output of 1,852MW, or 844 units of
1.5MW WTGs and 293 units of 2.0MW WTGs.
Gross Profit and Gross Margin
Gross profit was RMB1,103.5
million (US$170.4 million),
compared to RMB813.1 million in 2014.
Gross margin in 2015 was 16.2%, compared to 13.8% in 2014. The
increase in gross margin was attributable to the increase in gross
margin for WTG sales which was mainly due to the increase of
selling prices and the decrease of production cost as a result of
the synergy effect from acquisition of RENergy. On an adjusted
basis, should warranty provisions be excluded from cost of sales,
the Company's adjusted gross margin would be 19.5% for 2015,
compared to 16.9% in 2014.
Selling and Distribution Expenses
Selling and distribution expenses were RMB325.5 million (US$50.2
million) in 2015, compared to RMB237.2 million in 2014, representing an
increase of 37.2%, which was mainly due to the increase of
RMB84.1 million (US$13.0 million) in transportation fees, because
(1) more WTGs and blades were delivered in 2015; and (2) longer
transportation distance was required for some projects. Besides,
there is an increase in share-based compensation expense as a
result of certain treasury stocks awarded to certain management
personnel in December 2015 as
mentioned above.
Administrative Expenses
Administrative expenses were RMB460.2
million (US$71.0 million) in
2015, compared to RMB243.1 million in
2014, representing an increase of 89.3%. The increase in
administrative expenses was mainly due to the combined effect of
(1)provision for doubtful trade and other receivables of
RMB130.2 million (US$20.1 million) being made in 2015 as compared
to RMB3.6 million provision reversed
in 2014; (2)an increase in share-based compensation expense by
RMB19.5 million (US$3.0 million) compared to 2014 as a result of
certain treasury stocks awarded to certain management personnel in
December 2015; (3) an increase in
staff costs of RMB18.4
million(US$2.8 million) due to
the increased employee headcount for expansion of Beijing Jieyuan
Xinneng Investment Co., Ltd., a wholly owned subsidiary of us and
as a result of our acquisition of RENergy.
Research and Development Expenses
Research and development expenses were RMB94.0 million (US$14.5
million) in 2015, compared to RMB89.5
million in 2014. The increase was due to more research and
development activities carried out in 2015.
Net Finance Income
Finance income was RMB125.7
million (US$19.4 million) in
2015, compared to RMB168.6 million in
2014. The decrease in finance income was mainly attributable to (1)
the decrease in interest income from bank deposits and
entrusted loans; and (2) we did not recognize the finance income of
certain wind farms of our EPC joint venture as mentioned above.
Finance expenses were RMB115.3
million (US$17.8 million) in
2015, compared to RMB173.6 million in
2014. The decrease was mainly due to the decrease in average loan
and the repayment of medium-term notes as mentioned above.
Gain on Loss of Control of Subsidiaries
Gain on loss of control of subsidiaries of RMB124.5
million was recognized in 2014 as a result of our
deconsolidation of GWPL since January 1, 2014. There was no
such gain in 2015.
Profit Before Income Tax
Profit before income tax was RMB332.1
million (US$51.3 million) in
2015, compared to RMB399.0 million in
2014.
Income Tax Expense
Income tax expense was RMB54.4
million (US$8.4 million) in
2015, compared to RMB44.5 million in
2014.
Total Comprehensive Income and Earnings per Share
As a result of the foregoing, total comprehensive income for
2015 was RMB298.6 million
(US$46.1 million), compared to
RMB350.0 million in 2014.
Basic and diluted earnings per share were RMB1.90 (US$0.29)
and RMB1.88 (US$0.29) for 2015, respectively, compared to
basic and diluted earnings per share of RMB2.90 and RMB2.86, respectively, in 2014.
Foreign Currency Translation Differences
We recorded other comprehensive income of RMB20.8 million (US$3.2
million) in 2015 upon translation of the financial
statements of our non-PRC entities into Renminbi, as a result of
depreciation of Renminbi against U.S. dollars. We recorded other
comprehensive loss a loss of RMB 4.5
million in 2014 for such foreign currency translation
difference.
Cash and Cash Equivalents
Cash and cash equivalents as of December
31, 2015 were RMB1,697.9
million (US$262.1 million),
compared to RMB2,169.8 million as of
December 31, 2014.
Recent Business Developments
- MY launched the our 2.0MW WTG with the largest rotor
diameter – In November 2015, MY's
latest 2.0MW product featuring its 121 meter blades design was
unveiled and is expected to provide customers with a new solution
to reduce per kWh costs. This new product has been certificated by
China General Certification and TUV Rheinland.
- MY completed the design of the MY SCD3.0MW-135 WTG –
This next generation of 3.0MW SCD products is a successor to the
existing MY SCD3.0-121 product. With the aim of providing a
solution to wind projects in low-wind onshore regions where land
geography and transportation are difficult for conventional
products, a pilot installation of this new product is targeted to
be completed and grid connected in mid-2016.
- MY announced strategic rollout for technology upgrade –
Ming Yang has been working closely
with the Energy Research Centre of the
Netherlands (ECN) to develop a cutting-edge model-based
control system to boost power generation of various WTG products
while ensuring reliability. In addition, MY acquired the core
technology of the SCD gearbox by soliciting a seasoned in-house
research team and cooperating with a German research firm.
Business Updates
Order Book Updates
- New Sales Contracts -- During the fourth quarter of
2015, Ming Yang entered into sales
contracts for wind power projects with a total output of 642.0 MW,
representing 66 units of 1.5MW WTGs, 246 units of 2.0MW WTGs and 17
units of 3.0MW WTGs.
- Order Backlog -- As of December 31, 2015, the
Company's order backlog was approximately 3.7GW, representing 357
units of 1.5MW WTGs, 1,505 units of 2.0MW WTGs, 53 units of 3.0MW
SCD WTGs.
Industry Updates
- During the year of 2015, the newly installed grid-connected
wind power capacity in China was
33.0GW, a record high, according to statistics compiled by the
National Energy Administration (the "NEA"). According to a draft
consultation paper issued by the NEA, by the end of the
13th FYP period (2016-2020), the cumulative wind power
installation in China is expected
to reach 250GW. The NEA later also announced that total approved
wind project construction in China
will amount to 30.8GW in 2016.
- According to data published by the NEA, China's electricity consumption in 2015
recorded a marginal increase of 0.5% while the total power
generating capacity from all energy sources rose 10.4% compared to
the previous year, implying an increasing electricity oversupply.
Affected by this, during the year of 2015, average wind curtailment
surged by 7 percentage points to 15% and average wind energy
utilization hours declined by 8.7% on a year-over-year basis.
- In December 2015, the NDRC
announced the tariff cut by lowering the wind power benchmark
tariffs for new projects by RMB0.01-0.04 per kWh in 2016 and further reducing
the tariff by RMB0.02-0.03 per kWh in
2018, depending on the locations and grid-connection time of the
wind projects, with the aim to make the price of wind power
competitive against coal power.
- In January 2016, China's Ministry of Finance and National
Development and Reform Commission (NDRC) jointly announced to raise
the renewable energy fund fee for conventional power generation,
from RMB 1.5 cents per kWh to
1.9 cents per kWh. This initiative is
set to address the current subsidy shortfall and further promote
renewable energy in China.
- In March 2016, the NEA announced
the renewable energy quota system which specifically requires each
province to generate 5-13% (national average: 9%) power output from
non-hydro renewable energy sources by 2020. To provide provinces
with a realistic solution to meet their targets, the NEA further
proposed a market-oriented green certificate system where
conventional power plants could pay to acquire certain green
certificates from new energy firms to help achieve the target
instead of setting up wind farms or solar farms on their own.
Note to the Financial Information
The preliminary unaudited consolidated statements of operations
and comprehensive income and consolidated statements of financial
position accompanying this press release (collectively the
"preliminary unaudited financial information") have been prepared
by management using accounting policies that are consistent with
the 2014 annual financial statements which were prepared in
accordance with International Financial Reporting Standards, or
IFRSs, as issued by the International Accounting Standards
Board. The preliminary unaudited financial information is not
intended to fully comply with IFRSs because it does not present all
of the financial information and disclosures required by IFRSs. The
preliminary unaudited financial information is also subject to
finalization of impairment of EPC projects and purchase price
allocation of RENergy acquisition,
Going Private Transaction
As previously announced the Company's board of directors
received a preliminary non-binding proposal letter, dated
November 2, 2015, from its chairman
and chief executive officer, Mr. Chuanwei
Zhang, to acquire all of the outstanding ordinary shares not
already beneficially owned by him in a "going-private" transaction
for US$ 2.51 per ADS or ordinary
share in cash.
On February
2, 2016, the Company entered into a definitive
agreement and plan of merger (the "Merger Agreement") with
Zhongshan Ruisheng Antai Investment Co., Ltd, a limited liability
company incorporated under the laws of the People's Republic of China ("Holdco"),
Regal Concord Limited, a business company with limited liability
incorporated under the laws of the British Virgin Islands and a wholly owned
subsidiary of Holdco ("Parent") and Regal Ally Limited, an exempted
company with limited liability incorporated under the laws of the
Cayman Islands and a wholly owned
subsidiary of Parent ("Merger Sub"). Pursuant to the Merger
Agreement, Merger Sub will be merged with and into our company and
cease to exist, with our company continuing as the surviving
company.
The Company's board of directors, acting upon the unanimous
recommendation of the special committee, which was comprised solely
of independent and disinterested directors unaffiliated with any
members of the management of the Company, approved the Merger
Agreement and the merger and resolved to recommend that our
shareholders vote to authorize and approve the Merger Agreement and
the merger. The special committee negotiated the terms of the
Merger Agreement with the assistance of its financial and legal
advisors.
The merger is subject to various closing conditions, including a
condition that the Merger Agreement be authorized and approved by
an affirmative vote of shareholders representing two-thirds or more
of the ordinary shares present and voting in person or by proxy as
a single class at a meeting of the our shareholders convened to
consider the authorization and approval of the Merger
Agreement.
Currency Conversion
Solely for the convenience of readers, certain Renminbi amounts
have been translated into U.S. dollar amounts at the rate
of RMB6.4778toUS$1.00, the noon buying rate in New
York for cable transfers of Renminbi for U.S. dollars
on December 31, 2015 as set forth in the H.10 weekly
statistical release of the Federal Reserve Board. No representation
is intended to imply that the Renminbi amounts could have been, or
could be, converted, realized or settled into U.S. dollar amounts
at such a rate or at any other rate.
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", "to be", "expects",
"anticipates", "future", "intends", "plans", "believes",
"estimates", "target", "goal", "strategy" 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 Ming Yang's control,
which may cause Ming Yang's actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Actual results or events
may differ from those anticipated or predicted in this press
release, and the differences may be material. Further information
regarding these and other risks, uncertainties or factors is
included in Ming Yang's filings with
the U.S. Securities and Exchange Commission. Ming Yang 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.
Conference Call
Ming Yang's senior management
will host a conference call on Monday, April 18,
2016 at 8:00 am (Eastern)/ 5:00
am (Pacific)/ 8:00 pm (China) to discuss its results and recent
business activities.
To access the conference call, please dial:
|
United
States:
|
+1-845-675-0437
|
|
International
(toll):
|
+65-6713-5090
|
|
Mainland
China:
|
400-620-8038 /
800-819-0121
|
|
Hong
Kong:
|
+852-3018-6771
|
To access international Toll Free Dial-In numbers:
|
Hong
Kong:
|
800-906-601
|
|
United
States:
|
+1-866-519-4004
|
Please ask to be connected to 4Q2015 China Ming Yang Wind Power
Group Limited Earnings Conference Call and provide the following
pass code: Ming Yang.
Ming Yang will also broadcast a
live audio webcast of the conference call. The broadcast will be
available by visiting the "Investor Relations" section of the
Company's web site at http://ir.mywind.com.cn.
Following the earnings conference call, an archive of the call
will be available by dialing:
|
United
States:
|
+1-855-452-5696
|
|
International:
|
+61-2-8199-0299
|
|
Mainland
China:
|
400-602-2065 /
400-632-2162 / 800-870-0206 / 800-870-0205
|
|
Hong
Kong:
|
800-963-117
|
|
Passcode:
|
9018-9052
|
The replay will be archived for seven days following the
earnings announcement until April 25, 2016.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a
leading wind energy solution provider in China, focusing on
designing, manufacturing, selling and servicing megawatt-class wind
turbines, including cutting-edge SCD (Super Compact Drive)
solutions, and providing post-sales value-added maintenance and
technology upgrade services to wind farm owners. Ming Yang cooperates with aerodyne
Energiesysteme, one of the world's leading wind turbine design
firms based in Germany, to co-develop wind turbines. In terms
of newly installed capacity, Ming
Yang was a top 10 wind turbine manufacturer worldwide and
the largest non-state owned wind turbine manufacturer
in China in 2015.
For further information, please visit the Company's
website: ir.mywind.com.cn.
For investor and media inquiries, please contact:
China Ming Yang Wind Power Group Limited
Chao Zhang
+86-760-2813-8677
Email: ir@mywind.com.cn
http://ir.mywind.com.cn
|
CHINA MING YANG
WIND POWER GROUP LIMITED
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
|
|
(Amounts expressed
in thousands, except share and ADS data)
|
|
|
For the
three-month period ended December 31,
|
|
For the year ended
December 31,
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
RMB
'000
|
|
RMB
'000
|
|
USD
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
USD
'000
|
|
Revenue
|
1,995,988
|
|
2,160,251
|
|
333,485
|
|
5,872,439
|
|
6,797,068
|
|
1,049,286
|
|
Cost of
sales
|
(1,724,045)
|
|
(1,817,877)
|
|
(280,632)
|
|
(5,059,375)
|
|
(5,693,593)
|
|
(878,939)
|
|
Gross
profit
|
271,943
|
|
342,374
|
|
52,853
|
|
813,064
|
|
1,103,475
|
|
170,347
|
|
Other
income
|
9,722
|
|
47,334
|
|
7,307
|
|
33,085
|
|
100,252
|
|
15,476
|
|
Selling and
distribution expenses
|
(79,153)
|
|
(121,234)
|
|
(18,715)
|
|
(237,178)
|
|
(325,483)
|
|
(50,246)
|
|
Administrative
expenses
|
(99,024)
|
|
(150,977)
|
|
(23,307)
|
|
(243,068)
|
|
(460,227)
|
|
(71,047)
|
|
Research and
development expenses
|
(23,229)
|
|
(20,600)
|
|
(3,180)
|
|
(89,504)
|
|
(94,022)
|
|
(14,514)
|
|
Profit from
operations
|
80,259
|
|
96,897
|
|
14,958
|
|
276,399
|
|
323,995
|
|
50,016
|
|
Finance
income
|
47,984
|
|
23,578
|
|
3,640
|
|
168,634
|
|
125,709
|
|
19,406
|
|
Finance
expenses
|
(38,384)
|
|
(23,844)
|
|
(3,681)
|
|
(173,591)
|
|
(115,280)
|
|
(17,796)
|
|
Net finance income
/ (expense)
|
9,600
|
|
(266)
|
|
(41)
|
|
(4,957)
|
|
10,429
|
|
1,610
|
|
Gain on disposal of
subsidiaries
|
7,831
|
|
-
|
|
-
|
|
3,786
|
|
163
|
|
25
|
|
Gain on loss of
control of subsidiaries
|
-
|
|
-
|
|
-
|
|
124,460
|
|
-
|
|
-
|
|
Share of loss of
associates
|
(155)
|
|
(1,041)
|
|
(161)
|
|
(672)
|
|
(2,445)
|
|
(377)
|
|
Profit before
income tax
|
97,535
|
|
95,590
|
|
14,756
|
|
399,016
|
|
332,142
|
|
51,274
|
|
Income tax
expense
|
(13,489)
|
|
(18,120)
|
|
(2,796)
|
|
(44,524)
|
|
(54,357)
|
|
(8,391)
|
|
Profit for the
period / year
|
84,046
|
|
77,470
|
|
11,960
|
|
354,492
|
|
277,785
|
|
42,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) / income for the period /
year
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign operations -
foreign currency translation differences
|
(3,137)
|
|
8,401
|
|
1,297
|
|
(4,481)
|
|
20,780
|
|
3,208
|
|
Total
comprehensive income for the period / year
|
80,909
|
|
85,871
|
|
13,257
|
|
350,011
|
|
298,565
|
|
46,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the
Company
|
84,290
|
|
72,957
|
|
11,263
|
|
358,513
|
|
273,703
|
|
42,253
|
|
Non-controlling
interests
|
(244)
|
|
4,513
|
|
697
|
|
(4,021)
|
|
4,082
|
|
630
|
|
84,046
|
|
77,470
|
|
11,960
|
|
354,492
|
|
277,785
|
|
42,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share(1)
|
0.68
|
|
0.47
|
|
0.07
|
|
2.90
|
|
1.90
|
|
0.29
|
|
Diluted earnings per
share(2)
|
0.66
|
|
0.46
|
|
0.07
|
|
2.86
|
|
1.88
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the
Company
|
81,153
|
|
81,358
|
|
12,560
|
|
354,032
|
|
294,483
|
|
45,461
|
|
Non-controlling
interests
|
(244)
|
|
4,513
|
|
697
|
|
(4,021)
|
|
4,082
|
|
630
|
|
80,909
|
|
85,871
|
|
13,257
|
|
350,011
|
|
298,565
|
|
46,091
|
|
__________________________________
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
calculation of the basic earnings per share is based on the
profit attributable to the shareholders of the Company and the
weighted average number of ordinary shares outstanding during the
relevant periods.
|
|
(2) The
calculation of diluted earnings per share is based on
the profit attributable to shareholders of the Company and
weighted
average number of ordinary shares outstanding after adjustment for
the effects of all dilutive ordinary shares during the relevant
periods.
|
|
(3) The
reconciliation of adjusted gross margin (to exclude warranty
provision from cost of sales) is as below:
|
|
|
For the
three-month period ended December 31,
|
|
For the year ended
December 31,
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
Revenue
(A)
|
1,995,988
|
|
2,160,251
|
|
333,485
|
|
5,872,439
|
|
6,797,068
|
|
1,049,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
(B)
|
(1,724,045)
|
|
(1,817,877)
|
|
(280,632)
|
|
(5,059,375)
|
|
(5,693,593)
|
|
(878,939)
|
|
Less: warranty
provision
|
59,101
|
|
77,638
|
|
11,985
|
|
182,034
|
|
224,715
|
|
34,690
|
|
Cost of sales
excluding warranty provision (C)
|
(1,664,944)
|
|
(1,740,239)
|
|
(268,647)
|
|
(4,877,341)
|
|
(5,468,878)
|
|
(844,249)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
[D=(A+B)/A]
|
13.6%
|
|
15.8%
|
|
15.8%
|
|
13.8%
|
|
16.2%
|
|
16.2%
|
|
Adjusted gross
margin[E=(A+C)/A]
|
16.6%
|
|
19.4%
|
|
19.4%
|
|
16.9%
|
|
19.5%
|
|
19.5%
|
|
CHINA MING YANG
WIND POWER GROUP LIMITED
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
(Amounts expressed
in thousands)
|
|
|
As
of
|
|
As
of
|
|
December 31, 2014
|
December
31, 2015
|
|
RMB
'000
|
|
RMB
'000
|
|
USD
'000
|
|
Assets
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
781,224
|
|
1,020,170
|
|
157,487
|
|
Intangible
assets
|
76,426
|
|
639,715
|
|
98,755
|
|
Lease
prepayments
|
344,563
|
|
337,701
|
|
52,132
|
|
Investments in
associates
|
69,936
|
|
87,745
|
|
13,545
|
|
Investments in joint
ventures
|
867,848
|
|
988,196
|
|
152,551
|
|
Other
investment
|
30,000
|
|
30,000
|
|
4,631
|
|
Trade and other
receivables
|
1,076,040
|
|
1,262,307
|
|
194,867
|
|
Prepayments
|
120,842
|
|
265,708
|
|
41,018
|
|
Deferred tax
assets
|
222,343
|
|
297,644
|
|
45,948
|
|
Total non-current
assets
|
3,589,222
|
|
4,929,186
|
|
760,934
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Inventories
|
2,015,820
|
|
3,052,529
|
|
471,229
|
|
Trade and other
receivables
|
4,454,126
|
|
6,734,963
|
|
1,039,699
|
|
Prepayments
|
104,104
|
|
83,809
|
|
12,938
|
|
Other current
assets
|
15,015
|
|
21,604
|
|
3,335
|
|
Pledged bank
deposits
|
306,883
|
|
426,503
|
|
65,841
|
|
Cash and cash
equivalents
|
2,169,810
|
|
1,697,872
|
|
262,106
|
|
Total current
assets
|
9,065,758
|
|
12,017,280
|
|
1,855,148
|
|
Total
assets
|
12,654,980
|
|
16,946,466
|
|
2,616,082
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Issued share
capital
|
864
|
|
1,053
|
|
163
|
|
Reserve for own
shares
|
(39,386)
|
|
-
|
|
-
|
|
Capital
reserves
|
3,721,039
|
|
4,343,480
|
|
670,518
|
|
Translation
reserves
|
(78,704)
|
|
(57,924)
|
|
(8,943)
|
|
Accumulated
losses
|
(173,829)
|
|
99,874
|
|
15,418
|
|
Total equity
attributable to shareholders of the
Company
|
3,429,984
|
|
4,386,483
|
|
677,156
|
|
Non-controlling
interests
|
48,169
|
|
84,098
|
|
12,982
|
|
Total
equity
|
3,478,153
|
|
4,470,581
|
|
690,138
|
|
Liabilities
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Deferred tax
liabilities
|
13,961
|
|
31,471
|
|
4,858
|
|
Provisions
|
198,949
|
|
343,802
|
|
53,074
|
|
Trade and other
payables
|
298,410
|
|
376,183
|
|
58,072
|
|
Deferred
income
|
309,398
|
|
346,697
|
|
53,521
|
|
Total non-current
liabilities
|
820,718
|
|
1,098,153
|
|
169,525
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Bond
payable
|
999,749
|
|
597,671
|
|
92,265
|
|
Trade and other
payables
|
5,649,670
|
|
8,181,457
|
|
1,262,999
|
|
Short-term bank
loans
|
551,450
|
|
658,541
|
|
101,661
|
|
Income tax
payable
|
44,309
|
|
177,850
|
|
27,455
|
|
Provisions
|
301,966
|
|
284,571
|
|
43,930
|
|
Deferred
income
|
67,652
|
|
68,372
|
|
10,555
|
|
Deferred
revenue
|
741,313
|
|
1,409,270
|
|
217,554
|
|
Total current
liabilities
|
8,356,109
|
|
11,377,732
|
|
1,756,419
|
|
|
|
|
|
|
|
Total
liabilities
|
9,176,827
|
|
12,475,885
|
|
1,925,944
|
|
Total equity and
liabilities
|
12,654,980
|
|
16,946,466
|
|
2,616,082
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/my-reports-fourth-quarter-and-full-year-2015-unaudited-results-300252789.html
SOURCE China Ming Yang Wind Power Group Limited
