Yingli Green Energy Announces Conversion of US$26.2 Million Convertible Notes
Wednesday, November 03, 2021 2:21 AM

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Management Updates Financial Outlook

BAODING, China, Nov. 3, 2010 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced that in the third quarter of 2010, Trustbridge Partners II, L.P. ("Trustbridge") converted US$26.2 million senior secured convertible notes due 2012 (the "Convertible Notes"). As a result, in the third quarter of 2010, the Company (i) issued an aggregate of 6,000,688 ordinary shares (the "Conversion Shares") to Trustbridge; and (ii) recorded an additional non-cash accounting charge of RMB 50.9 million (US$7.6 million) upon the conversion in the Company's GAAP income statement for the third quarter of 2010. This charge is a non-cash charge that will not impact the Company's cash flow. Further, this non-cash accounting charge will be added back in the Company's non-GAAP net income for the third quarter of 2010. The management also updated its financial outlook, providing upbeat comments on the Company's third quarter and 2010 full year financial outlook.

The Convertible Notes were issued pursuant to a previously announced note purchase agreement entered into between the Company and Trustbridge in January 2009.  Trustbridge, the holder of the Convertible Notes, may, at any time prior to the maturity date of the Convertible Notes, convert the principal amount of the Convertible Notes into ordinary shares of the Company. After the aforementioned conversion, the principal amount of the Convertible Notes outstanding as of the date of this press release is US$14.6 million. Based on the conversion rate of 22,933 ordinary shares per US$100,000 in principal amount of the Convertible Notes, the Company would be required to issue an aggregate of 3,339,525 ordinary shares upon the conversion of the remaining outstanding principal amount of US$14.6 million in the future. The relevant non-cash accounting charge will be amortized over the holding period of the remaining Convertible Notes, or expensed upon their conversion.

"We expect the conversion of the Convertible Notes to further improve our liquidity by reducing our debt level and future interest expense," commented Mr. Zongwei Li, Director and Chief Financial Officer of Yingli Green Energy. "Although our outstanding share capital was diluted as a result of this conversion and a non-cash accounting charge was recorded in connection with this conversion, we believe they have a limited effect on our financial performance in the third quarter of 2010."  Mr. Li further commented, "We expect a mid-20% increase in shipment quarter over quarter in the third quarter of 2010, in line with our previous estimates. With better than expected average selling price and improving operating efficiency of our new 400 MW production lines, we are confident in achieving a 30% to 32% gross margin in the third quarter of 2010, compared to previous estimated range of 28% to 30%."

Mr. Li continued, "Based on strong performance in the past three quarters of 2010 and more clear visibility for the fourth quarter, we expect that our gross margin for 2010 to reach 30% to 32%, compared to the previous estimated range of 28% to 30%."

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB 6.6905 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board as of September 30, 2010. 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 rate, or at any other rate. The percentages stated in this press release are calculated based on Renminbi.

About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar", is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, are expected to start initial production since the middle of 2011 and increase the Company's total capacity to 1.7 GW. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 7,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit http://www.yinglisolar.com.

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," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" 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 Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward- looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy 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.

For further information, please contact:

In China:

Qing Miao

Director, Investor Relations

Yingli Green Energy Holding Company Limited

Tel: +86 312 3100502

Email: ir@yinglisolar.com

In the Americas:

Judy Tzeng Lee

Director of Corporate Development

Yingli Green Energy Holding Company Limited

Phone: +1 510 8473920

Email: judy@yinglisolar.com

In Europe:

Rebecca Jarschel

Brand Manager

Yingli Green Energy Europe GmbH

Telephone: +49 89 540303412

Email: rebecca.jarschel@ygee.eu

SOURCE Yingli Green Energy Holding Company Limited

In China: Qing Miao, Director, Investor Relations, Yingli Green Energy Holding Company Limited, +86 312 3100502, ir@yinglisolar.com, In the Americas: Judy Tzeng Lee, Director of Corporate Development, Yingli Green Energy Holding Company Limited, +1 510 8473920, judy@yinglisolar.com, In Europe: Rebecca Jarschel, Brand Manager, Yingli Green Energy Europe GmbH, Telephone: +49 89 540303412, rebecca.jarschel@ygee.eu

(Source: PR Newswire )
(Source: Quotemedia)


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