Yingli Profits Fall By a Third in 4Q

Solar manufacturer Yingli Green Energy Holding Company Limited (NYSE: YGE) announced decreased revenues and profits for 4Q08.

Unaudited results for the quarter ending December 31, 2008 include net revenues were RMB 1,761.2 million (US$258.1 million), a decrease of 20.3% from RMB 2,209.8 million in 3Q08 and an increase of 21.2% from RMB 1,453.2 million in 4Q07.

Net income was RMB 100.6 million (US$14.7 million), a decrease of 33.3% from RMB 150.8 million in 3Q08 and a decrease of 27.3% from RMB 138.4 million in 4Q07.

Diluted earnings per ordinary share and per American depositary share (ADS) were RMB 0.79 (US$0.12)

Full Year 2008 Consolidated Financial and Operating Highlights:

• PV module shipments were 281.5 megawatts (MW), compared to previous guidance of 270 MW to 280 MW.
• Total net revenues were RMB 7,553.0 million (US$1,107.1 million), compared to the Company’s previous guidance of US$1,053 million to US$1,106 million.
• Net income was RMB 682.1 million (US$100.0 million) and fully diluted earnings per ordinary share and per ADS were RMB 5.27 (US$0.77).

The company reaffirmed that its PV module shipment target is expected to be in the estimated range of 550 MW to 600 MW for fiscal year 2009, which represents an increase of 96.1% to 113.9% compared to 2008, subject to, among other factors, the successful installation and ramp-up of the Company’s additional 200 MW planned expansion in 3Q09.

Company executives said the average selling price for its modules would decline 10% to 15% in the first quarter from 4Q08, according to a Reuters report.

The average selling price in 4Q was about $3.19 per watt.