Yingli Green reports record revenue and shipments: Panda cells at 19.89% efficiency

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Yingli Green exceeded financial guidance for its fourth quarter and full-year results. PV module shipments increased by 102.% year over year to 1,061.6MW, exceeding guidance previously given of 1,020MW to 1,040MW. Module shipments in 2009 had been 525.3MW. Total net revenue in the fourth quarter reached US$616.1 million, while PV module shipments increased by 21.6% quarter over quarter, a new record.

Total net revenues for 2010 were US$1,893.9 million, exceeding previous guidance of US$1,780 million to US$1,810 million. Commercial production of its advanced Panda cells had reached efficiencies of 19.89%, the company claimed. Yingli Green noted that 80% of sales had been in Europe for 2010.

“Europe continued to be the region with the largest demand for PV products in 2010 where we generated approximately 80% of our global sales. In addition to our strong presence in existing European markets, we also achieved great success in fast growing markets such as Italy, France, Greece and the UK,” commented Liansheng Miao, chairman and CEO of Yingli Green Energy. “In 2011, we expect to generate around 60% of our global sales in Europe. We are confident to further diversify our market exposure by combining our strong regional sales efforts with our partners' strong channel building capabilities.”

Gross profit was US$629.2 million, representing a gross margin of 33.2%, exceeding guidance of 32.0% to 32.5%.

The company noted that it had increased capacity by 400MW in polysilicon ingots and wafers, PV cells, and PV modules in the third quarter of 2010 to support demand and included 300MW Panda cell production capacity in Baoding and 100MW production capacity in Hainan.

Commercial production of Panda cells had reached a new cell efficiency historical high, of 19.89%.

Yingli Green also highlighted that it had been selected to supply approximately 70% of the total amount of 272MW PV projects under the Golden Sun Program in China, which was organised via a bidding process. The majority of shipments to these projects are scheduled to be delivered in the second half of 2011. The company noted that it had received an advance payment of RMB 749.4 million, or 35% of the total purchase price in December 2010.

Yingli Green gave 2011 guidance related to PV module shipments of between 1,700MW – 1,750MW, representing an increase of 60.1% to 64.8% compared to fiscal year 2010.

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