Struggling major China-based PV manufacturer Yingli Green Energy has reported a 2017 annual loss of US$510 million and a cash position of only US$58.1 million as going concern issues return.
Yingli Green reported total revenue of US$ 1,285.5 million in 2017, compared to US$1,206.4 million in 2016 on the back of PV module shipments of 2,953MW, compared to 2,170.4MW in 2016.
Although PV module shipments in the fourth quarter of 2017 increased by 40% compared to the third quarter and total PV module shipments in 2017 increased by 36% compared to 2016, the company was impacted by a major decline in ASPs.
As a result, Yingli Green reported a gross margin of only 3.6% for 2017, compared to 13.8% in 2016. Gross profit was US$46.8 million, compared to a gross profit of US$165.9 million in 2016.
The company reported an operating loss of US$452.3 million in 2017, and a net loss of US$510 million, compared to an operating loss of US$251.1 million and a net loss of US$293.6 million in 2016.
The company highlighted again going concern issues and loan and supplier payment defaults in 2017 without any concrete plans to undergo a major restructuring of the company.
Yingli Green reported a net cash position of only US$58.1 million at the end of 2017, down from US$72.9 million at the end of 2016.
There were no financial analyst on Yingli Green's latest earnings call covering fourth quarter and full year results.