Welcome!

Agile Computing Authors: Igor Drobiazko, Elizabeth White, Liz McMillan, Pat Romanski, Dana Gardner

News Feed Item

MY Reports Third Quarter 2012 Unaudited Results

ZHONGSHAN, China, Nov. 16, 2012 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced its unaudited financial results for the third quarter ended September 30, 2012.

Third Quarter 2012 Financial Highlights:

  • Total wind turbine generators ("WTGs") for which revenue was recognized amounted to an equivalent wind power project output of 228MW, or 152 units of 1.5MW WTGs, a decrease of 58.9% compared to Q3 2011.
  • Total revenue was RMB787.8 million (US$125.3 million), a decrease of 58.6% compared to Q3 2011.
  • Gross profit was RMB137.2 million (US$21.8 million), a decrease of 55.1% compared to Q3 2011. Gross margin was 17.4%, compared to 16.0% in Q3 2011.
  • Total comprehensive income was RMB4.9 million (US$0.8 million), a decrease of 94.4% compared to Q3 2011.
  • Basic and diluted earnings per share was RMB0.03 (US$0.005), compared to RMB0.82 in Q3 2011.

Recent Developments

  • Joint Venture with Huaneng Renewables Corporation Limited – On August 31, 2012, the Company announced that its subsidiary, Guangdong Mingyang Wind Power Industry Group Co., Ltd. ("Guangdong Mingyang"), has formed a joint venture with Huaneng Renewables Corporation Limited ("Huaneng Renewables") (HKEx Stock Code: 0958), a leading pure-play renewable energy company in China, to specialize in the development of wind and solar power projects in China and overseas markets.
  • Strategic Cooperation with CGNPC – On September 10, 2012, the Company announced that Guangdong Mingyang has signed a strategic cooperation agreement with China Guangdong Nuclear Power Holding Co., Ltd. ("CGNPC"), a leading clean energy supplier and energy services provider in China, to jointly develop wind and solar power projects.
  • Share Repurchase Program – During the third quarter of 2012, the Company did not make any repurchases under its share repurchase program. Since the inception of the program, the Company had repurchased an aggregate of 3,153,897 ADS, representing 3,153,897 ordinary shares of the Company from the open market for an aggregate consideration of approximately US$8.6 million (excluding commissions).

Mr. Zhang commented, "Our financial performance in the third quarter continued to improve over the previous quarter, with gross margin improving by approximately 2.9% and operating margin improving by 3.0%. Ming Yang intends to provide its customers with the best solutions in wind power generation through a range of customized products and services. We aim to deliver our products and services with higher power generation, higher efficiency and better reliability at lower cost of energy. We are glad that our new order intake during the third quarter was 302MW, including 123 units for our new 2.0MW WTGs, and we look forward to expanding our market presence in the 2.0MW plus WTG market in China."

"During this quarter, we had formed a strategic partnership with Reliance Group of India which is a significant development of our overseas market strategy. We continue to work with key domestic players, including Huaneng Renewables and CGNPC, on wind power project development in China.  Again, this is testament to our commitment of offering superior products and services to our customers."

Mr. Zhang concluded, "We continue to invest for the future, and we believe that our customized business model will continue to help Ming Yang capitalize on market opportunities both in China and overseas markets, and bolster its competitiveness despite challenging market conditions."

Third Quarter 2012 Unaudited Financial Results

Revenue

Revenue in the third quarter of 2012 was RMB787.8 million (US$125.3 million), representing a decrease of 58.6% from RMB1,904.8 million in the corresponding period in 2011. WTGs for which revenue was recognized amounted to an equivalent wind power project output of 228MW, or 152 units of 1.5MW WTGs, compared to 555MW, or 370 units of 1.5MW WTGs, for the corresponding period in 2011. The decrease in revenue in the third quarter was primarily due to the overall weakened market demand for WTGs in China.

As of September 30, 2012, the Company installed 33 units of WTGs which were commissioned through its EPC program but the funding to the project developer was subject to final approval by local banks. As a result, in keeping with its revenue recognition policy, the Company did not recognize revenue of approximately RMB160.0 million (US$25.5 million) for these 33 units of WTGs during this quarter.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2012 was RMB137.2 million (US$21.8 million), representing a decrease of 55.1% from RMB305.6 million for the corresponding period in 2011. Gross margin in the third quarter of 2012 was 17.4%, compared to 16.0% for the corresponding period in 2011. The decline in gross profit was a result of weakened demand overall. The gross margin, however, improved 1.4% year-over-year, primarily due to the favorable mix of higher margin sales contracts for WTGs recognized during the third quarter of 2012.

Selling and Distribution Expenses

Selling and distribution expenses were RMB38.1 million (US$6.1 million) for the third quarter of 2012, compared to RMB61.4 million for the corresponding period in 2011, representing a decrease of 37.9%, primarily due to the decreased transportation expenses as a result of fewer number of WTGs deliveries, less bidding charges incurred due to less bidding activities and less share-based compensation expenses incurred during the period.

Administrative Expenses

Administrative expenses were RMB59.3 million (US$9.4 million) for the third quarter of 2012, compared to RMB87.1 million for the corresponding period in 2011, representing a decrease of 31.9%, primarily due to the fact that there was a provision of receivables of RMB28.7 million in the third quarter of 2011 whereas there was a RMB4.7 million (US$0.7 million) provision in the corresponding period in 2012.

Research and Development Expenses

Research and development expenses were RMB23.4 million (US$3.7 million) for the third quarter of 2012, compared to RMB19.2 million for the corresponding period in 2011, representing an increase of 21.9%. This increase was primarily due to the fact that the Company is currently carrying out more wind turbine development projects, resulting in an increase in staff costs with more engineers employed, and higher material consumption and depreciation charges.

Net Finance Expense

Net finance expense was RMB21.0 million (US$3.3 million) for the third quarter of 2012, compared to RMB16.3 million in the corresponding period of 2011.

Profit Before Income Tax Expense

Profit before income tax expense was RMB11.1 million (US$1.8 million) for the third quarter of 2012, compared to RMB131.1 million in the corresponding period of 2011.

Income Tax Expense

Income tax expense was RMB7.9 million (US$1.3 million) for the third quarter of 2012, compared to RMB28.4 million in the corresponding period of 2011.

Total Comprehensive Income and Earnings per Share

Total comprehensive income for the third quarter of 2012 was RMB4.9 million (US$0.8 million), compared to RMB88.4 million in the corresponding period of 2011.

For the third quarter of 2012, basic and diluted earnings per share was RMB0.03 (US$0.005), compared to RMB0.82 for the corresponding period in 2011.

Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2012 were RMB1,470.2 million (US$233.9 million), compared to RMB1,339.5 million as of December 31, 2011.

Business Update

Order Book Update

New Sales Contracts – During the third quarter of 2012, Ming Yang entered into sales contracts for wind power projects with a total output of 302MW, representing 37 units of 1.5MW WTGs and 123 units of 2.0MW WTGs.

Order Backlog – As of September 30, 2012, the Company's order backlog amounted to 2.2 GW, representing 1,136 units of 1.5MW WTGs, 123 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0 MW SCD WTG. Cumulative signed orders since its inception amounted to 5.6GW, representing 3,417 units of 1.5MW WTGs, 123 units of 2.0MW WTGs, 84 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.

Note to the Financial Information

The preliminary unaudited consolidated statements of comprehensive income and consolidated statements of financial position accompanying this press release have been prepared by management using International Financial Reporting Standards, or IFRSs. This 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.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.2848 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on September 28, 2012 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," "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. 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 will host an earnings conference call on Friday, November 16, at 8:00 am Eastern Time (5:00 am Pacific Time / 9:00 pm Beijing Time). The management team will be on the call to discuss the Company's results, operating performance and business outlook and to answer questions.

To access the conference call, please dial:

United States: +1-866-519-4004
International (toll): +65-6723-9381
China, Domestic Mobile: 400-620-8038
China, Domestic: 800-819-0121
Hong Kong: 800-930-346

Please ask to be connected to Q3 2012 China Ming Yang Wind Power Group Earnings Conference Call and provide the following passcode: 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: +1-866-214-5335
International: +61-2-8235-5000
China: 400-692-0026
Hong Kong: 800-901-1596
Passcode: 4572-8707

The replay will be archived for seven days following the earnings announcement until November 24, 2012.

About China Ming Yang Wind Power Group Limited

China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and provides customers with comprehensive post-sales services. 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 2011.

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

Beatrice Li
Email: [email protected]
http://ir.mywind.com.cn

Fleishman-Hillard

Nora Yong
T: +852-2530-0228
E: [email protected]

Hon Gay Lau
T: +852-2530-0228
E: [email protected]


 

 

CHINA MING YANG WIND POWER GROUP LIMITED


UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


(Amounts expressed in thousands, except share and ADS data)






For the three months ended




September 30,


September 30,


September 30,





2011


2012


2012





RMB'000


RMB'000


USD'000












Revenue                                                                                    


1,904,809


787,793


125,349



Cost of sales


(1,599,223)


(650,616)


(103,522)



Gross profit


305,586


137,177


21,827



Other income


6,410


13,765


2,190



Selling and distribution expenses


(61,375)


(38,129)


(6,067)



Administrative expenses


(87,076)


(59,271)


(9,431)



Research and development expenses


(19,159)


(23,366)


(3,718)



Profit from operations


144,386


30,176


4,801



Finance income


16,490


47,162


7,504



Finance expense


(32,793)


(68,185)


(10,849)



Share of gain of associates


2,977


1,909


304



Profit before income tax expense


131,060


11,062


1,760



Income tax expense


(28,388)


(7,932)


(1,262)



Profit for the period


102,672


3,130


498












Other comprehensive (loss)/income for the period :









Foreign currency translation differences -  foreign operations


(14,232)


1,794


285



Total comprehensive income for the period


88,440


4,924


783












Profit/(loss) attributable to:









Shareholders of the Company


101,908


3,477


553



Non-controlling interests


764


(347)


(55)





102,672


3,130


498



Total comprehensive income/(loss) attributable to:









Shareholders of the Company


87,676


5,271


838



Non-controlling interests


764


(347)


(55)





88,440


4,924


783



Basic and diluted earnings per share(1)


0.82


0.03


0.005



_____________________________________

(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 of ordinary shares outstanding during the relevant period.


 

 

CHINA MING YANG WIND POWER GROUP LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts expressed in thousands)



As of

December 31, 2011


As of

September 30, 2012



RMB '000


RMB '000


USD '000

Assets







Non-current assets







Property, plant and equipment


497,777


559,825


89,076

Intangible assets


74,837


98,469


15,668

Lease prepayments


207,321


236,708


37,664

Investments in associates


43,637


36,721


5,843

Investments in jointly controlled entities


255,870


394,720


62,805

Other investment


-


6,000


955

Trade and other receivables


462,961


1,012,415


161,089

Prepayments


40,290


125,146


19,912

Deferred tax assets


134,386


166,485


26,490

Total non-current assets


1,717,079


2,636,489


419,502

Current assets







Fair value through profit or loss


-


165,089


26,268

Inventories


1,837,821


1,677,811


266,964

Trade and other receivables


5,203,995


4,483,413


713,374

Prepayments


91,022


172,815


27,497

Other current assets


5,239


17,756


2,825

Pledged bank deposits


252,795


236,943


37,701

Cash and cash equivalents


1,339,496


1,470,218


233,932

Total current assets


8,730,368


8,224,045


1,308,561

Total assets


10,447,447


10,860,534


1,728,063








Equity







Issued share capital


850


850


135

Reserve for own shares


(42,108)


(55,113)


(8,769)

Capital reserves


3,627,441


3,663,494


582,913

Translation reserves


(58,358)


(53,732)


(8,550)

Retained earnings


253,711


113,693


18,090

Total equity attributable to shareholders of the Company


3,781,536


3,669,192


583,819

Non-controlling interests


117,153


113,806


18,108

Total equity


3,898,689


3,782,998


601,927

Liabilities







Non-current liabilities







Bond payable


-


984,681


156,677

Deferred tax liabilities


2,209


2,088


332

Provisions


206,293


243,789


38,790

Trade payables


120,243


58,880


9,369

Deferred income


175,215


254,710


40,528

Total non-current liabilities


503,960


1,544,148


245,696








Current liabilities







Trade and other payables


4,595,516


3,724,885


592,682

Short-term bank loans


632,000


1,116,590


177,665

Income tax payable


35,908


7,493


1,192

Provisions


146,774


137,539


21,884

Deferred income


27,783


31,894


5,075

Deferred revenue


606,817


514,987


81,942

Total current liabilities


6,044,798


5,533,388


880,440








Total liabilities


6,548,758


7,077,536


1,126,136

Total equity and liabilities


10,447,447


10,860,534


1,728,063

 

SOURCE China Ming Yang Wind Power Group Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...